From Breakingviews - Hong Kong bourse’s profit pop looks passive
. Chinese regulators are tightening up approval of mainland companies that want to go public in the financial hub. As for volumes, average daily turnover last quarter was down 9% year-on-year while trading by investors in mainland shares through Hong Kong's Stock Connect Scheme was down 8% in the same period.
Thus while technically the last quarter was HKEX’s second-best ever in revenue terms, investors booed; HKEX shares fell 1.5% the following morning. Aguzin can take the win for now, but shoring up the city’s IPO and equities markets is the biggest obstacle to long-term success.Hong Kong Exchanges and Clearing reported first-quarter results on April 26. Net profit amounted to HK$3.4 billion , up 28% from a year ago, with revenue and other income rising 19% year-on-year to HK$5.56 billion.
Shares of HKEX climbed more than 2% before paring back to 1.23% at the end of the trading day on April 26.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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