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HKEX reports its best second quarter on record as IPOs, stock trading revive in Hong Kong
- Net profit rose 9 per cent to HK$3.16 billion (US$405 million) as the market operator recorded its first quarterly growth in nine months
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Hong Kong Exchanges and Clearing Limited (HKEX) reported its best second quarter on record, as initial public offerings (IPOs) and stock trading returned amid a leadership change at the city’s bourse.
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Net profit at the operator of the world’s fourth-largest stock market rose 9 per cent to HK$3.16 billion (US$405 million), or HK$2.49 per share, in the three months ended June, in line with market estimates. Sales increased 8 per cent to HK$5.4 billion during the quarter, also meeting analysts’ forecasts.
The results were the market operator’s first quarterly growth in nine months, marking an auspicious start for Bonnie Chan Yiting, who took over as HKEX’s chief executive in March. Carlson Tong Ka-shing, a veteran accountant and regulator, took over as the exchange’s chairman on April 24.
HKEX shares fell 1.5 per cent to HK$228.60 after the exchange reported its earnings. The stock has fallen by 14 per cent this year.
Hong Kong’s benchmark Hang Seng Index rose 7 per cent in the second quarter, recovering from a 14-per cent slump in 2023 and a 3-per cent decline in the first three months.
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Listing activity returned to the city that was the world’s top IPO destination in seven of the previous 15 years. Eighteen companies, including the artificial intelligence-powered drug researcher QuantumPharm, raised a combined HK$8.6 billion during the second quarter, 79 per cent more than the first three months, according to HKEX data.
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