not vested
HKEX 'still doing well' as net shrinks 13pc to $2.2bby Stella Zhai
Hong Kong Exchange and Clearing's (0388)
first-quarter net profit shrank by 13 percent over a year ago to HK$2.26 billion as gains from higher trading volumes were offset by a net investment loss of HK$47 million.
Basic earnings per share were HK$1.8 for the first quarter this year, a 14 percent decrease from a year ago.
The bourse's revenue slid 7 percent from a year earlier to HK$4 billion, with core business revenue rising 19 percent.
HKEX's fees from
trading rose 45 percent compared with the first quarter of 2019 as average
daily trading turnover surged 20 percent amid high market volatility triggered by the new coronavirus pandemic.
But these gains were outweighed by the
loss on investments as compared to gains of HK$882 million a year earlier due to a global markets rout.
The Stock Connect delivered record revenue for the exchange of HK$404 million in the first quarter,
up 74 percent from a year earlier, as both northbound and southbound trading rose to all-time highs.
The average daily trading value of the Bond Connect reached a record quarterly high of 19.3 billion yuan (HK$21.1 billion), a more than threefold increase from a year before.
Meanwhile, Hong Kong's initial public offering market ranked first globally by number of IPOs in the first quarter, with 39 company listings, raising HK$14.4 billion and ranking fourth globally, HKEX said in a statement.
Chief executive Charles Li Xiaojia, who is stepping down next year, said despite the first quarter being one of the most volatile and uncertain periods in recent times, HKEX's core businesses in cash, derivatives, and commodities have had a good quarter.
The news of Li's departure was detrimental to share price performance, said Thomas Kwok Ka-on, the head of equity business at Chief Securities.
Laura Cha Shih May-lung, the chairman of HKEX, announced at the annual general meeting that the stock exchange would not apply for the government's Employment Support Scheme, as it was still performing well financially.
Source: The Standard
https://www.thestandard.com.hk/section- ... c-to-$2.2b
It's all about "how much you made when you were right" & "how little you lost when you were wrong"