Hong Kong exchange operator HKEX breaks quarterly profit record for a second time in a row, nets US$430 million as trade volumes surge
- Company breaks quarterly record for second consecutive three-month period after reporting a profit of HK$2.97 billion in the April to June quarter
- Third-quarter result beats an analysts’ forecast of HK$3.23 billion compiled by Bloomberg
Rising market turnover, record stock connect revenue as well as a wave of US-listed mainland Chinese technology giants seeking listings in the city amid rising political tensions between Washington and Beijing have boosted HKEX, which operates Asia’s third-largest stock market and owns the London Metal Exchange.
The company reported that its net profit for the quarter stood at HK$3.34 billion (US$430.8 million), or HK$2.65 per share, compared with HK$2.2 billion a year ago. It also broke its record for quarterly profit for a second consecutive three-month period, after reporting a profit of HK$2.97 billion in the April to June period, its previous highest quarterly number.
“The outlook for HKEX’s role as an IPO hub remains positive. The postponement of Ant’s listing might have a short-term negative impact on HKEX’s share price. However, the trend for the many US-listed mainland technology giants to return home to list in Hong Kong will continue,” said Kenny Ng Lai-yin, a securities strategist at Everbright Sun Hung Kai.
