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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

(0388)
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End-of-day quote. End-of-day quote Stock Exchange of Hong Kong - 09/17
232.6 HKD   -1.02%
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Hong Kong Stock Exchange Makes $37 Billion Offer for LSE -- Update

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09/11/2019 | 06:14am EDT

By Steven Russolillo and Ben Dummett

The operator of Hong Kong's stock exchange made an unsolicited proposal to acquire the London Stock Exchange Group PLC in a deal valued at nearly $37 billion.

Hong Kong Exchanges and Clearing Ltd. said a combination of two of the world's largest exchange operators would create a global leader in capital flows and financial data by connecting developed and emerging markets in the east and west.

The offer is aimed at thwarting a merger between the LSE and financial-information provider Refinitiv Holdings Ltd. Last month, the LSE said it planned to acquire Refinitiv for $14.5 billion in stock from a consortium led by private-equity firm Blackstone Group Inc. Including debt, the merger would be worth about $27 billion.

The London Stock Exchange said it would consider the HKEX proposal and that it remains committed to the proposal to acquire Refinitiv.

An HKEX deal would be conditional on the LSE dropping its bid for Refinitiv, according to a person familiar with the matter.

HKEX said its offer--valued at GBP29.6 billion in cash and stock--represents a 22.9% premium to the LSE's closing stock price on Tuesday. It proposed paying roughly a quarter of the purchase price in cash and the rest in stock. The total enterprise value for LSE, which includes debt, would be GBP31.6 billion.

LSE shares, which have soared following the Refinitiv deal announcement, jumped as much as 16% in Wednesday trading before trimming some gains.

The combination of the two exchanges "will redefine global capital markets for decades to come," HKEX Chief Executive Charles Li said Wednesday. "Both businesses have great brands, financial strength and proven growth track records."

"We believe we have put forward a proposal that is ambitious, far-reaching, and could have a transformative effect on global financial markets," he added.

The proposed merger comes at a time of heightened sensitivity in Hong Kong, which has grappled with months of unrest over China's encroachment over the territory.

Write to Steven Russolillo at steven.russolillo@wsj.com and Ben Dummett at ben.dummett@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
BLACKSTONE GROUP INC 0.00% 53.52 Delayed Quote.79.54%
HONG KONG EXCHANGES AND CLEARING LIMITED -1.02% 232.6 End-of-day quote.1.75%
LONDON STOCK EXCHANGE -0.38% 7350 Delayed Quote.80.95%
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Financials (HKD)
Sales 2019 16 340 M
EBIT 2019 11 538 M
Net income 2019 9 535 M
Finance 2019 51 058 M
Yield 2019 2,93%
P/E ratio 2019 30,7x
P/E ratio 2020 27,1x
EV / Sales2019 14,7x
EV / Sales2020 9,72x
Capitalization 292 B
Chart HONG KONG EXCHANGES AND CLEARING LIMITED
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Technical analysis trends HONG KONG EXCHANGES AND CL
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 267,16  HKD
Last Close Price 232,60  HKD
Spread / Highest target 35,9%
Spread / Average Target 14,9%
Spread / Lowest Target -9,72%
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
Sector and Competitors
1st jan.Capitalization (M$)
HONG KONG EXCHANGES AND CLEARING LIMITED1.75%37 724
INTERCONTINENTAL EXCHANGE INC23.79%51 491
LONDON STOCK EXCHANGE80.95%32 068
DEUTSCHE BÖRSE AG32.49%27 849
B3 SA BRASIL BOLSA BALCAO0.00%21 614
NASDAQ21.71%16 350