By In an impressive display of financial prowess, Hong Kong Exchanges & Clearing (HKEX) announced a 31% increase in net profit for the first half of the year. This remarkable achievement was largely driven by a surge in net investment income, which was directly influenced by higher interest rates.
HKEX’s net profit soared to HK$6.31 billion (US$806.6 million) from HK$4.84 billion in the previous year. This surge in profitability was complemented by a 5% increase in revenue, amounting to HK$9.73 billion, primarily attributed to the exceptional performance in the derivatives markets.
Despite a challenging global initial public offering (IPO) market, Hong Kong’s performance remained impressive, as evidenced by the company’s relatively stable average daily turnover, which experienced only a modest 16% decline during the first half of the year, standing at HK$115.5 billion.
The period also witnessed 33 issuers successfully raising HK$17.9 billion, further reinforcing Hong Kong’s resilience and attractiveness as an IPO market.
HKEX’s Chief Executive, Nicolas Aguzin, expressed optimism for the future, stating, “Looking forward, whilst the macro landscape will continue to shape market sentiment, we are pleased to see encouraging signs of a revival in our IPO market, matched by a very healthy pipeline.”
These results are undoubtedly a testament to HKEX’s unwavering commitment to delivering exceptional financial performance and positioning themselves as a leader in the industry.
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