HKEX Posts Quarterly Profit Growth as IPO, Trading Activity Pick Up

By Kimberley Kao

Hong Kong Exchanges & Clearing's net profit and revenue rose in the third quarter as trading activity improved, showing signs of a recovery.

The stock-exchange operator said Wednesday that net profit climbed 6.5% from a year earlier to 3.145 billion Hong Kong dollars, equivalent to US$404.7 million. That beat the HK$3.06 billion consensus estimate of analysts polled by Visible Alpha.

Revenue increased 3.3% to HK$4.85 billion on higher trading and clearing fees from higher volumes across the cash, derivatives and commodities markets, it said. The headline average daily turnover rose 21% to HK$118.8 billion.

HKEX raised HK$42.2 billion from 15 new listings in the third quarter, more than triple the funds raised in the first half of the year.

The Hong Kong exchange operator said its initial public offering pipeline remains healthy, with 96 active applications as of September.

Write to Kimberley Kao at [e-mail]

(END) Dow Jones Newswires

10-23-24 0041ET