Hong Kong exchange’s third-quarter profit up 7%, beating estimates
HONG Kong’s bourse operator reported a 7 per cent rise in third-quarter profit on Wednesday, ahead of forecasts, as China’s stimulus package and interest rate cuts by global central banks fuelled trading and listing activities.
The profit attributable to shareholders of Hong Kong Exchanges and Clearing (HKEX) rose to HK$3.15 billion (S$534 million), compared with HK$2.95 billion in the third quarter of last year.
It was above analysts’ forecasts of HK$3.09 billion compiled by LSEG.
HKEX said revenues in the third quarter rose 6 per cent to HK$4.85 billion, mainly due to rising trading and listing fees underpinned by China’s stimulus package announcements in late September and global central banks’ monetary policy easing.
The bourse’s nine-month revenue and profit was its second-best ever, CEO Bonnie Chan said in an earnings release.
HKEX is looking to attract more trades and deals to the largest offshore listing hub for Chinese enterprises, despite weaker growth prospects for the world’s second-largest economy.
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