By Martin Mou

Hong Kong Exchanges & Clearing Ltd. said Wednesday its 2020 net profit jumped 23%, as revenue grew to a record high on the back of a China-fueled boom in trading and new listings.

Net profit increased to 11.51 billion Hong Kong dollars (US$1.48 billion), while revenue, including investment income, rose 18% to HK$19.19 billion, the exchange operator said.

The net profit exceeded a FactSet estimate for HK$11.37 billion

Both profit and revenue reached a new record high for the third year in a row, HKEX added.

Chinese investors and companies were a driving force behind the strong performance. Daily average turnover on the stock connection linking Hong Kong with mainland China more than doubled last year, lifting the headline daily average trade turnover 49% to HK$129.5 billion.

In the primary market, HKEX ranked second globally in terms of raised funds in initial public offerings, it said.

Last year, the city hosted a number of high-profile secondary listings by Chinese tech companies whose shares were already trading in New York, including online-retailer JD.com and gaming company NetEase. A slate of biotech companies also chose to list in Hong Kong.

Write to Martin Mou at martin.mou@wsj.com

(END) Dow Jones Newswires

02-23-21 2338ET