Hong Kong exchange's FY profit rises 28%, meets estimates

[HONG KONG] Hong Kong Exchanges & Clearing Ltd (HKEX) posted a 28 per cent rise in 2017 profit on Wednesday, bolstered by a jump in fees it levies on trading and stock listing as more Chinese companies tapped the Asian financial hub to raise funds.

The stock exchange operator said profit rose to HK$7.4 billion (S$1.25 billion), up from HK$5.8 billion in 2016, meeting the average estimate of 18 analysts polled by Thomson Reuters.

HKEX has been working on a broader plan to woo big privately owned Chinese technology companies to list in Hong Kong, including giants such as Alibaba Group Holding and Baidu that are listed in New York.

In spite of Hong Kong's role as the world's biggest equity capital-raising centre for four of the last 10 years, it has fallen well behind New York, its arch-rival, in the battle for hot tech stocks and other growth sectors.

REUTERS