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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Hong Kong Exchanges and Clearing Limited    388   HK0388045442

HONG KONG EXCHANGES AND CLEARING LIMITED

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Hong Kong bourse sees secondary listing boost as H1 profit rises

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08/19/2020 | 09:45am EDT
FILE PHOTO: Chief Executive of Hong Kong Exchange and Clearing (HKEX) Charles Li speaks during a Reuters Breakingviews event in Hong Kong

Hong Kong Exchanges and Clearing Ltd (HKEX) sees a trend of secondary listings by New York-listed Chinese companies bolstering its prospects, as the bourse reported a 1% increase in first-half profit on Wednesday.

E-commerce giant Alibaba completed its secondary listing in Hong Kong last year. Other companies including travel giant Ctrip and Baidu were considering Hong Kong listings, Reuters reported earlier this year.

HKEX hopes to attract more U.S.-listed Chinese firms, making use of a 2018 rule change that eased restrictions on secondary listings, and potentially benefiting from escalating Sino-U.S. political tensions.

"The growing trend of U.S.-listed Chinese companies seeking secondary listings on the exchange has brought, and will continue to bring, diversity and vibrancy to Hong Kong's capital markets," HKEX Chairman Laura Cha said in the results filing.

Chinese tech firms Netease and JD.com raised a combined $7.6 billion in secondary listings this summer, more than the other 61 Hong Kong IPOs combined in the first half, according to Refinitiv.

HKEX Chief Executive Charles Li said he was pushing for reforms of the "stock connect" schemes linking Hong Kong with mainland Chinese exchanges to allow investors there to trade in shares of companies such as Alibaba and other Chinese "returnee" companies in Hong Kong.

The scheme currently shuts out mainland investors from certain companies with secondary listings and different governance structures, such as Alibaba.

HKEX's average daily securities turnover in the first half rose 20% year-on-year, as market volatility boosted trading and clearing fees that make up more than half of the company's revenue.

However, a drop in investment income, due to losses on certain investment schemes, particularly in March, meant first-half net profit was HK$5.23 billion ($673.5 million), compared with HK$5.21 billion a year earlier.

HKEX was fifth among global exchanges ranked by the amount raised by companies in IPOs in the first half, according to Refinitiv data. It was second when including secondary listings.

Average daily volume of lots traded on the HKEX's subsidiary the London Metal Exchange rose by 1% to 625,000.

By Alun John and Noah Sin


Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED 1.19% 309.92 Delayed Quote.46.12%
BAIDU, INC. 0.81% 133.93 Delayed Quote.5.96%
HONG KONG EXCHANGES AND CLEARING LIMITED -0.54% 368 End-of-day quote.45.45%
NETEASE, INC., -1.94% 85.87 Delayed Quote.40.02%
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Financials
Sales 2020 18 523 M 2 390 M 2 390 M
Net income 2020 11 004 M 1 420 M 1 420 M
Net cash 2020 74 112 M 9 563 M 9 563 M
P/E ratio 2020 42,3x
Yield 2020 2,12%
Capitalization 468 B 60 373 M 60 376 M
EV / Sales 2020 21,3x
EV / Sales 2021 17,0x
Nbr of Employees 2 182
Free-Float 94,1%
Chart HONG KONG EXCHANGES AND CLEARING LIMITED
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Hong Kong Exchanges and Clearing Limited Technical Analysis Chart | MarketScreener
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Technical analysis trends HONG KONG EXCHANGES AND CLEARING LIMITED
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 399,53 HKD
Last Close Price 370,00 HKD
Spread / Highest target 24,9%
Spread / Average Target 7,98%
Spread / Lowest Target -31,4%
EPS Revisions
Managers
NameTitle
Xiaojia Li CEO & Executive Director
Romnesh Lamba Co-President
Chi Kin Tai Co-President & Chief Operating Officer
May Lung Cha Non-Executive Chairman
Vanessa Lau Group Chief Financial Officer
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