Hong Kong stock exchange operator profit surges 44% to $5.04b in H1

Record revenues from trading and jumbo listings boosted HKEX half-year earnings.

Hong Kong Exchanges and Clearing (HKEX) opened the year on strong financial footing after profits surged 44% YoY to $5.04b in the first half of the year on the back of robust trading volumes and new share sales.

Revenue and other income surged 32% YoY to $8.19b amidst higher trading and clearing fees. Operating expenses also rose 12% YoY to $1.92b

The average daily turnover value in the securities market and the average daily volume of futures and options trading in the Hong Kong derivatives market also ballooned by 67% YoY and 58% YoY respectively to $126.6b and 1,233,398 contracts in H1.

“Our IPO market also saw increased activity, with deals (including listing transfers from GEM to Main Board) up by 50 per cent during the period, despite a 6 per cent decline in the funds raised,” HKEX chairman Laura Cha said in a statement.

Also read: Hong Kong raises record US$19.2b in summer IPO haul

The bourse booked higher stock exchange listing fees worth $47m in H1 with $28m from annual listing fees of listed companies and $19m in initial listing fees due to a number of newly listed companies.

The move comes after the bourse implemented its largest listing reform in over two decades last April which paved the way for new economy companies with weighted voting rights (WVR) structure and biotech firms with no track record of profitability.

Hong Kong’s bid to avoid losing out to New York and Nasdaq in luring tech titans appeared to have paid off with Chinese smartphone maker Xiaomi and China Tower already making their debut in addition to a number of firms eyeing a float in the SAR.

Also read: Hong Kong can expect at least 15 more blockbuster IPOs in second half of the year

HKEX declared an interim dividend per share of $3.64.

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