By Martin Mou
Hong Kong Exchanges & Clearing Ltd. reported full-year results today. Here's what we watched:
NET PROFIT: Net profit rose 1% to 9.39 billion Hong Kong dollars (US$1.21 billion), but missed a FactSet forecast of HK$9.54 billion.
REVENUE: Revenue and other income grew 3% to a record HK$16.31 billion on the back of higher net interest income, investment income and income from the stock connect. But revenue growth was partially offset by decreases in trading and clearing fees due to weaker trading turnover.
WHAT WE WATCHED:
--IPOs: HKEX topped global exchanges in terms of IPO funds raised for the seventh time in 11 years. Hong Kong was home to the IPOs of 183 companies last year, including Alibaba, which raised a total of HK$314.2 billion.
--TRADING VOLUMES: HKEX said the macro environment dampened investor confidence last year, leading to falls in trading volumes. The cash market average daily turnover dropped 19%, while trading volumes for the derivatives and commodities markets also recorded moderate declines.
Write to Martin Mou at martin.mou@wsj.com
(END) Dow Jones Newswires
February 26, 2020 05:13 ET (10:13 GMT)
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