HONG KONG (Reuters) - Hong Kong's bourse operator reported a 7% rise in third-quarter profit on Wednesday, ahead of forecasts, as China's stimulus package and interest rate cuts by global central banks fuelled trading and listing activities.
The profit attributable to shareholders of Hong Kong Exchanges and Clearing Ltd (HKEX) rose to HK$3.15 billion ($405.30 million), up from HK$2.95 billion in the third quarter of last year.
It was above analysts' forecasts of HK$3.09 billion compiled by LSEG.
HKEX said revenues in the third quarter rose 6% to HK$4.85 billion, mainly due to rising trading and listing fees underpinned by China's stimulus package announcements in late September and global central banks' monetary policy easing.
The bourse's nine-month revenue and profit was its second-best ever, CEO Bonnie Chan said in an earnings release.
HKEX is looking to attract more trades and deals to the largest offshore listing hub for Chinese enterprises, despite weaker growth prospects for the world's second-largest economy.
Companies are rushing to float in Hong Kong, riding the strengthening market momentum. The financial centre last week recorded its busiest week for new initial public offering launches in almost two years, giving bankers and investors confidence a two-year share sale freeze could be easing.
China Resources Beverage shares leapt 13.5% on their Hong Kong trading debut on Wednesday after the company raised $540 million in the city's second-largest IPO of the year.
Shares in Horizon Robotics, which raised $696 million in Hong Kong's biggest IPO of 2024, are set to begin trading on Thursday.($1 = 7.7721 Hong Kong dollars)
(Reporting by Selena Li; Editing by Muralikumar Anantharaman and Jamie Freed)