HKEX profit jumps to record high on surging IPOs and turnover, beating market estimates
Hong Kong Exchanges and Clearing (HKEX) profit jumped to a record amid a boom in initial public offerings (IPOs) and sizzling stock market turnover in the second quarter, according to a stock exchange filing on Wednesday. Quarterly net profit for the operator of Asia’s third-largest stock market soared 21 per cent year on year to HK$5.38 billion (US$686 million), or HK$4.26 per share, higher than…
Hong Kong Exchanges and Clearing (HKEX) reported a record-breaking profit of HK$5.38 billion for the second quarter, a 21% increase year-on-year, surpassing market expectations. The exchange operator's first-half profit also hit a new record, reaching HK$10.57 billion, a 24% jump from the previous quarter. Analysts had forecast HK$4.96 billion for the quarter, and HK$10.15 billion for the half-year.
The surge in IPOs and stock market turnover played a significant role in the company's impressive performance. HKEX's revenue and investment income in the first half grew by 19% to HK$16.7 billion. The company announced an interim dividend of HK$7.43 per share, a 24% increase compared to the previous year. HKEX CEO Bonnie Chan Yiting attributed the success to the growing demand for access to China's innovation economy and Asia's growth prospects, despite macro and geopolitical uncertainties.
Shares in HKEX rose 0.3% to HK$406.4 following the results announcement, but the company's stock has declined 1.4% this year. The bourse operator's revenue and investment income in the second quarter jumped 18% to a record HK$8.5 billion, beating market estimates.
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