Hong Kong Exchanges & Clearing Third-Quarter Profit Rose 30% — Update
By Sherry Qin
Hong Kong Exchanges & Clearing's third-quarter net profit saw steady growth, supported by higher net investment income.
The exchange operator said on Friday that its third-quarter net profit grew 30% compared with the same period a year earlier to 2.95 billion Hong Kong dollars (US$377.1 million). That compared with a 31% on year increase in the first half of the year.
Core revenue rose 9% to HK$4.70 billion in the third quarter, it said, thanks to increased net investment income, though it was partially offset by lower listing fees. HKEX's listing fees for equity products decreased by HK$66 million, mainly due to a fall in the number of forfeitures, it said. The headline average daily turnover edged 1% higher to HK$98.4 billion.
"The macro backdrop remains fragile, but the business is in good shape and is well-positioned to capitalize on slowly improving market sentiment," Chief Executive Nicolas Aguzin said in a statement.
HKEX raised HK$24.6 billion with 47 new listings in the first nine months of the year, down 67% on year, and attributed it to the overall weakness in the global market for initial public offerings.
However, HKEX's IPO pipeline remained strong, with 115 active applications as at Sept. 30, it said. Going into the fourth quarter there are early signs of renewed activity in the global fund-raising market, it added.
Write to Sherry Qin at sherry.qin@wsj.com
(END) Dow Jones Newswires
October 20, 2023 00:52 ET (04:52 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
5 Things We Learned From the Q1 Earnings Season
-
After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains
-
After Earnings and a Big Selloff, Is Shopify Stock a Buy, a Sell, or Fairly Valued?
-
Cisco Earnings: Positive Guidance and Splunk Inclusion Align With Our Long-Term Thesis
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing
-
Going Into Earnings, Is Nvidia Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Arista Stock a Buy, a Sell, or Fairly Valued?
-
A Cheap Dividend Aristocrat to Buy Before It Bounces Back