HKEX reports 27% fall in first-half profit, revenue slid 18%
HKEX reports 27% fall in first-half profit, revenue slid 18%

HKEX reports 27% fall in first-half profit, revenue slid 18%

 

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The Hong Kong Exchanges and Clearings, the operator of Hong Kong’s stock exchanges and the London Metal Exchange, reported a 27% fall in profit for the first half of 2022 to HK$4.8 billion ($612 million), from HK$6.6 billion in the same period last year.

Revenue fell 18% to HK$8.9 billion from last year’s HK$10.9 billion.

The weaker performance was “set against a fragile global macro economic backdrop, ongoing geopolitical tensions, market volatility and the continued impact of the pandemic,” said Nicolas Aguzin, CEO of HKEX.

Average daily turnover in Hong Kong’s securities market declined by 27% in the first half to HK$138.3 billion, from a record high in the first six months of 2021. Listing activities crumbled as Covid restrictions curbed bankers’ travels to the mainland, with uncertainties over a new offshore listing rule and US-China audit spats weighing on investor sentiment.