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    388   HK0388045442

HONG KONG EXCHANGES AND CLEARING LIMITED

(388)
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HKEX's First-Quarter Net Surged on Trading, IPO Boom

04/28/2021 | 12:58am EDT

By Martin Mou

Hong Kong Exchanges & Clearing Ltd. said Wednesday its first-quarter net profit rose 70% from a year earlier, when financial markets had been battered by the pandemic.

Net profit surged to 3.84 billion Hong Kong dollars (US$494.7 million), as revenue and other income climbed 49% to HK$5.96 billion, a record for the first quarter, the exchange operator said.

A China-fueled boom in trading and new listings was a driving factor behind the company's strong first-quarter results.

The headline daily trading turnover soared 86% to HK$224.4 billion, the highest ever for the quarter, while funds raised in initial public offerings in the city rose more than nine times to HK$136.6 billion, the third highest globally, HKEX said.

In early 2021, mutual funds from mainland China, which raised huge sums of money from retail investors seeking higher returns, poured into Hong Kong stocks for their relatively attractive valuations and for investments into companies which weren't listed on the mainland, such as Tencent Holdings.

The Asian financial hub also continued to host secondary listings of Chinese companies whose shares were already trading in the U.S., in addition to first-time listings. In February, Kuaishou Technology, a rival to TikTok, raised US$5.4 billion in its Hong Kong IPO, which was the world's largest in more than a year at the time.

Write to Martin Mou at martin.mou@wsj.com

(END) Dow Jones Newswires

04-28-21 0057ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 0.21% 34869.37 Delayed Quote.13.69%
HONG KONG EXCHANGES AND CLEARING LIMITED -0.29% 475 End-of-day quote.11.76%
KUAISHOU TECHNOLOGY -6.28% 81.4 End-of-day quote.0.00%
TENCENT HOLDINGS LIMITED 0.96% 464.6 End-of-day quote.-17.62%
All news about HONG KONG EXCHANGES AND CLEARING LIMITED
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09/06OPEN-OUTCRY TRADING RETURNS : London Metal Exchange reopens trading floor after 18 months
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Analyst Recommendations on HONG KONG EXCHANGES AND CLEARING LIMITED
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Financials
Sales 2021 22 459 M 2 886 M 2 886 M
Net income 2021 13 830 M 1 777 M 1 777 M
Net cash 2021 64 226 M 8 253 M 8 253 M
P/E ratio 2021 43,5x
Yield 2021 2,05%
Capitalization 601 B 77 208 M 77 225 M
EV / Sales 2021 23,9x
EV / Sales 2022 20,4x
Nbr of Employees 2 204
Free-Float 94,0%
Chart HONG KONG EXCHANGES AND CLEARING LIMITED
Duration : Period :
Hong Kong Exchanges and Clearing Limited Technical Analysis Chart | 388 | HK0388045442 | MarketScreener
Technical analysis trends HONG KONG EXCHANGES AND CLEARING LIMITED
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 27
Last Close Price 475,00 HKD
Average target price 552,45 HKD
Spread / Average Target 16,3%
EPS Revisions
Managers and Directors
Alejandro Nicolas Aguzin Chief Executive Officer & Director
Romnesh Lamba Co-President
Chi Kin Tai Co-President, COO & Executive Director
Bik Yun Lau Group Chief Financial Officer
May Lung Cha Non-Executive Chairman
Sector and Competitors