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HKEX's Q3 profit up 52% on trading revenue, listings boost
HONG Kong's stock exchange operator posted a 52 per cent rise in third-quarter net profit on Wednesday, lifted by higher trading revenue and listing fees.
Hong Kong Exchanges and Clearing's (HKEX) profit for the three months ended September was HK$3.45 billion (S$599.22 million), up from HK$2.2 billion a year ago, it said in a filing to its subsidiary, the Stock Exchange of Hong Kong.
Trading volumes were boosted by a slew of large listings on the bourse this year, including secondary listings by New York-listed names like Chinese tech firms Netease and JD.com.
Trading revenue, which accounts for the largest share of HKEX's revenue, was 40 per cent higher in the three-month period compared to a weak quarter a year before when anti-government protests weighed on sentiment in Hong Kong.
However, the bourse last week suffered a setback in its bid to top global initial public offering (IPO) league tables after Ant Group's record joint Hong Kong-Shanghai listing was suspended at the last minute.
"With robust trading volumes, a strong IPO pipeline, and an expanding product portfolio, I am confident that HKEX will play an increasingly important role in global markets," said HKEX chief executive Charles Li in the filing. REUTERS