Hong Kong Exchanges and Clearing revenue flat in third quarter
Hong Kong Exchanges and Clearing Ltd. (0388.HK), operator of the Hong Kong Stock Exchange, said on Friday its revenue and profit were basically unchanged year-on-year in the third quarter, as the average daily turnover traded on the exchange fell.
The company reported third-quarter revenue of HK$7.47 billion ($952 million) for its core business, down slightly from HK$7.48 billion a year earlier. Its profit also fell slightly to HK$4.86 billion from HK$4.9 billion over that period.
Average daily trading volume on the Hong Kong Stock Exchange during the quarter fell 11% to HK$254 billion from HK$286 billion a year earlier. Within that total, about HK$107 billion in average daily trading volume came from Mainland China-based investors buying Hong Kong stocks through the south stock connect program, down 30% year-on-year. Average daily trading for Hong Kong-based investors buying stocks on the Shanghai and Shenzhen stock exchanges, known as the northbound stock connect, rose 15% year-on-year in the quarter to 310 billion yuan.
The benchmark Hang Seng Index rose 7.6% in this year’s third quarter, compared with an 11.6% rise in the same quarter a year earlier.
Hong Kong Exchanges and Clearing’s stock fell 2.3% to close at HK$385.60 on Friday after publication of the results. The stock is down 5.4% this year.
By Doug Young
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