(Bloomberg) — Hong Kong’s stock exchange beat market estimates with a 21% rise in second-quarter net income, fueled by robust trading volumes and a jump in initial public offerings.
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Hong Kong Exchanges & Clearing Ltd. reported record net income of HK$5.38 billion ($686 million) in the three months ended June, according to a statement on Wednesday. That compared with a consensus estimate of HK$4.91 billion, according to data compiled by Bloomberg. Core business revenue rose 17% in the quarter as trading and initial public offerings extended a winning streak, the exchange said.
“Looking ahead, despite persistent macro and geopolitical uncertainties, the long-term opportunity for HKEX and for Hong Kong remains compelling as global capital increasingly seeks access to China’s innovation economy and Asia’s growth prospects,” said Chief Executive Officer Bonnie Chan, whose contract was renewed this week for a three-year term from March 2027.
The exchange has been delivering record earnings as the city has benefited from Chinese companies linked to the artificial intelligence buildout moving Hong Kong deals to a higher gear. However, analysts are increasingly focusing on the company’s expansion of its non-equity business.
Hong Kong’s market regulator has also stepped up warnings to investment banks over filing sloppy applications for share sales. HKEX’s shares are little changed so far this year in a weak broader market.
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