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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Hong Kong Exchanges and Clearing Limited    0388   HK0388045442

HONG KONG EXCHANGES AND CLEARING LIMITED

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HKEX trading fee drops as protests dent sentiment, but CEO hopeful of big IPOs

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08/14/2019 | 06:51am EDT
FILE PHOTO: The name of Hong Kong Exchanges and Clearing Limited is displayed at the entrance in Hong Kong

HONG KONG (Reuters) - Hong Kong Exchanges and Clearing Ltd (HKEX) reported a 21% drop in trading fee for the first half of the year, as the Sino-U.S. trade war and political unrest in the Asian financial hub hurt market sentiment.

Charles Li, CEO of the stock exchange operator, told reporters on Wednesday that Hong Kong would weather the latest turmoil as it had previous ones including the SARS epidemic in 2003. "We seem to be quite resilient. I personally have strong confidence that we will walk out of this, quite ok," Li said.

Ten weeks of increasingly violent clashes between police and pro-democracy protesters, angered by a perceived erosion of freedoms, have plunged Hong Kong into its worst crisis since it reverted from British to Chinese rule in 1997.

"This is not helpful. As a financial centre, trust and confidence are important. In this regard we clearly need to sort this issue out," Li said.

HKEX's trading fee, which accounts for half its revenue, fell to HK$952 million ($121.3 million) in the six months ended June. Revenue fell 11% to HK$1.9 billion.

Profit, however, rose 3% to HK$5.21 billion for the period, as listing fee rose 6.7% to HK$475 million due to higher overall number of listed companies on the bourse, HKEX said.

Concerns over China's slowdown, amid a tit-for-tat Sino-U.S. tariff war, have also dragged on Hong Kong's economy.

Apprehension over capital outflows triggered by escalating political unrest has also put pressure on the Hong Kong currency.

Last month, HKEX suffered a setback after Anheuser-Busch InBev pulled a planned Hong Kong listing of its Asia Pacific unit, in what would have been the world's biggest IPO of 2019. AB InBev aimed to sell as much as $9.8 billion in Budweiser stock.

"I will not comment on any specific listings. I am hopeful and hoping that we will see them again at some point in the future," Lee said, replying to a question on the outlook for IPOs after the failed listing.

When asked if the protests would delay other issues such as Alibaba's planned $20 billion Hong Kong listing, Li said: "I am confident that companies like that (Alibaba) ultimately will find a home here, because this is home and I think they will come. I don't know when."

(Writing by Anshuman Daga; Reporting by Lukas Job and Sumeet Chatterjee; Editing by Gopakumar Warrier and Himani Sarkar)

By Lukas Job

Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING 4.57% 174.6 Delayed Quote.27.38%
ANHEUSER-BUSCH INBEV 1.33% 85.63 Delayed Quote.48.41%
HONG KONG EXCHANGES AND CLEARING LIMITED 2.94% 245 End-of-day quote.7.17%
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Financials (HKD)
Sales 2019 16 671 M
EBIT 2019 11 515 M
Net income 2019 9 824 M
Finance 2019 60 704 M
Yield 2019 2,87%
P/E ratio 2019 31,1x
P/E ratio 2020 28,4x
EV / Sales2019 14,8x
EV / Sales2020 11,4x
Capitalization 307 B
Chart HONG KONG EXCHANGES AND CLEARING LIMITED
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Technical analysis trends HONG KONG EXCHANGES AND CL
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 279,66  HKD
Last Close Price 245,00  HKD
Spread / Highest target 38,8%
Spread / Average Target 14,1%
Spread / Lowest Target -12,2%
EPS Revisions
Managers
NameTitle
Charles Xiaojia Li CEO & Ex-Officio Executive Director
May Lung Cha Chairman
Chi Kin Tai Joint Chief Operating Officer & Head-Clearing
Kwok Keung Lee Joint Chief Operating Officer
John F. Killian Chief Financial Officer
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