Hong Kong Exchanges & Clearing Ltd. (HKEX) on Wednesday reported report earnings for the primary six months of the 12 months as plenty of Chinese language firms depart the US market and search listings within the metropolis.
The trade stated its web revenue rose 1% to a report HK$5.23 billion ($674 million), or HK$4.15 per share within the first half of 2020, beating analysts’ estimates of HK$4.9 billion in a Bloomberg ballot. It additionally reached a report income of HK$8.78 billion, up 2% 12 months on 12 months.
“HKEX had a very good first half, set against a turbulent and volatile macro backdrop, reporting record half-yearly revenue and other income, and profit,” HKEX CEO Charles Xiaojia Li stated in a press release. “With high cash market turnover, robust trading volumes and a notable number of IPOs, including a number of sizable secondary listings, I am confident that HKEX will continue to play a major role in connecting China and connecting the world.”
The Hong Kong market noticed 64 preliminary public choices within the first six months of the 12 months, with a complete IPO quantity of HK$92.8 billion, up 22% over the identical time from final 12 months. That makes Hong Kong one of many world’s high three IPO locations, following Nasdaq and Shanghai.
E-commerce platform JD.com and cell video games firm NetEase, which have been each initially listed on Nasdaq, made their secondary listings in Hong Kong in June. NetEase raised a complete of HK$21.09 billion from issuing about 171 million new shares in its Hong Kong itemizing whereas JD.com raised HK$34.6 billion.
After Alibaba Group Holding Ltd. went public on the Hong Kong Inventory Change final 12 months, its digital-payments affiliate Ant Group is rumored to be on monitor to boost $10 billion in a Hong Kong IPO as quickly as this month. The corporate said final month that it has kicked off a concurrent IPO course of in Hong Kong and Shanghai.
Li stated he couldn’t affirm the rumor however there are quite a lot of IPOs in queue this 12 months. Although the needs of those IPOs are totally different, the arrival of recent firms will proceed to inject recent blood into the Hong Kong inventory market., he stated on Wednesday throughout the HKEX’s interim outcomes media convention name.
“I can’t comment specifically on Ant Financial or ByteDance, but almost all the reports you see will eventually come to list in Hong Kong. It is only a matter of time,” Li stated.