HKEX’s new boss makes IPOs, market efficiency and corporate governance top priority
- Bourse operator’s first-half profit jumps 26 per cent to HK$6.61 billion (US$852.9 million), but misses analysts’ estimates of HK$7.5 billion
- New CEO Nicolas Aguzin says he wants to establish ‘customer-centric culture’
The profit, however, fell short of estimates despite an increase in market turnover and slew of tech companies from mainland China listing in the city.
HKEX chief executive Nicolas Aguzin, who joined in May from JPMorgan, said he would like to introduce measures to improve market efficiency and corporate governance to ensure Hong Kong’s role as an IPO hub and connector between the world and China.
“China’s capital market including stocks and bonds are likely to increase to US$100 trillion in 10 years’ time, which is estimated to be 300 per cent of GDP,” he said in his first media briefing to discuss the results. “We will do our best to build up our infrastructure to attract companies around the world to list in Hong Kong.”
HKEX, which operates Asia’s largest stock market by market cap, said its first-half profit rose 26 per cent year on year to HK$6.61 billion (US$852.9 million), missing analysts’ estimates of HK$7.5 billion. The HKEX, however, beat the previous six-month profit record of HK$6.34 billion posted in the second half of last year. It was also the fourth year in a row that the HKEX had broken its first-half earnings record.