Hong Kong bourse profits surged 20% to $2.4b in Q3

Stock listing fees surged 29%.

Reuters reports that Hong Kong Exchanges and Clearing Ltd. (HKEx) profits surged 20% YoY to $2.4b in Q3 on the back of higher trading and stock listing volumes brought about by a slew of Chinese share sales, according its financial statement.

Trading fees rose 16% to $1.5b in Q3, whilst stock listing fees surged 29% to $456m on the back of sweeping reforms to improve the attractiveness of the Hong Kong bourse.

Also read: Hong Kong set to vault to the top of global IPO league with $300b haul

As a result, the number of companies filing to go public in Hong Kong has expanded by almost three-fold in 2018 after the stock exchange operator opened up to biotech and firms with weighted voting rights structures.

Total funds raised by IPOs in the first nine months of 2018 skyrocketed by 174% YoY to $240b, data from PwC show, on the back of a strong pipelinen from retail, consumer goods and services sectors.

“These results reflect the continued role that HKEX plays as the world’s centre for IPOs and as Asia’s most vibrant and liquid capital market. Despite global macro economic and political headwinds, we look forward to the rest of the year with confidence,” Charles Li, chief executive HKEX said in a statement.

Here’s more from Reuters:

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