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shaunthehuat
2021-08-11

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Hong Kong Bourse Sees Drop in Quarterly Profit as IPOs Slow

Hong Kong Exchanges & Clearing Ltd.reported a drop in profit in the second quarter as a boom in init

Hong Kong Bourse Sees Drop in Quarterly Profit as IPOs Slow

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AlvinTham
·2021-08-11
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Profit rose 26% in the first six months in the year.</p>\n<p>“The macro backdrop will remain challenging in the months ahead, but we remain resolutely focused on continuing to enhance the attractiveness of our markets, responding to the needs of our customers and driving our business forward,” Chief Executive Officer Nicolas Aguzin said in his debut earnings statement since taking the job in May.</p>\n<p>After a boom in IPOs and trading over the past year, activity slowed in the second quarter, raising investor concerns over the bourse’s outlook for the rest of the year. The city first stamp-duty hike since 1993, which contributed to a selloff in Hong Kong’s $6.5 trillion market and sent HKEX shares tumbling earlier this year, also took effect from this month.</p>\n<p>In the second quarter, new listings raised a total of HK$74.8 billion on the exchange, a 4% drop from a year earlier, the bourse has said.</p>\n<p>China’s plan to overhaul the way it regulates overseas IPOs as part of broad campaign to tighten oversight of companies such as Didi Global Inc. and ByteDance Ltd. may benefit Hong Kong. Beijing plans to exempt companies going public in Hong Kong from first seeking the approval of the country’s cybersecurity regulator, removing one hurdle for businesses to list in the Asian financial hub instead of the U.S., according to people familiar with the matter.</p>\n<p>Shares of HKEX have gained 22% this year, outperforming the benchmark Hang Seng Index. Analysts had an average 12-month target price of HK$544.88, implying an upside of 5.3%.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hong Kong Bourse Sees Drop in Quarterly Profit as IPOs Slow</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHong Kong Bourse Sees Drop in Quarterly Profit as IPOs Slow\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-11 16:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-08-11/hong-kong-bourse-first-half-profit-gains-26-on-trading-ipos><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Hong Kong Exchanges & Clearing Ltd.reported a drop in profit in the second quarter as a boom in initial public offerings and trading at the start of the year waned.\nNet income fell to HK$2.77 billion ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-08-11/hong-kong-bourse-first-half-profit-gains-26-on-trading-ipos\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"00388":"香港交易所"},"source_url":"https://www.bloomberg.com/news/articles/2021-08-11/hong-kong-bourse-first-half-profit-gains-26-on-trading-ipos","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129500818","content_text":"Hong Kong Exchanges & Clearing Ltd.reported a drop in profit in the second quarter as a boom in initial public offerings and trading at the start of the year waned.\nNet income fell to HK$2.77 billion ($356 million), compared with the HK$2.97 billion a year earlier, according to Bloomberg calculations from its first-half statement. Profit rose 26% in the first six months in the year.\n“The macro backdrop will remain challenging in the months ahead, but we remain resolutely focused on continuing to enhance the attractiveness of our markets, responding to the needs of our customers and driving our business forward,” Chief Executive Officer Nicolas Aguzin said in his debut earnings statement since taking the job in May.\nAfter a boom in IPOs and trading over the past year, activity slowed in the second quarter, raising investor concerns over the bourse’s outlook for the rest of the year. The city first stamp-duty hike since 1993, which contributed to a selloff in Hong Kong’s $6.5 trillion market and sent HKEX shares tumbling earlier this year, also took effect from this month.\nIn the second quarter, new listings raised a total of HK$74.8 billion on the exchange, a 4% drop from a year earlier, the bourse has said.\nChina’s plan to overhaul the way it regulates overseas IPOs as part of broad campaign to tighten oversight of companies such as Didi Global Inc. and ByteDance Ltd. may benefit Hong Kong. Beijing plans to exempt companies going public in Hong Kong from first seeking the approval of the country’s cybersecurity regulator, removing one hurdle for businesses to list in the Asian financial hub instead of the U.S., according to people familiar with the matter.\nShares of HKEX have gained 22% this year, outperforming the benchmark Hang Seng Index. 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