HKEX profit jumps to record high on surging IPOs and turnover, beating market estimates

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Hong Kong Exchanges and Clearing (HKEX) posted record quarterly profits driven by a surge in IPO activity and higher market turnover. The results exceeded analysts’ expectations, marking the second consecutive quarter of significant profit growth.

Hong Kong Exchanges and Clearing (HKEX) profit jumped to a record amid a boom in initial public offerings (IPOs) and sizzling stock market turnover in the second quarter, according to a stock exchange filing on Wednesday. Quarterly net profit for the operator of Asia’s third-largest stock market soared 21 per cent year on year to HK$5.38 billion (US$683.4 million), or HK$4.26 per share, higher than analysts’ estimate of HK$4.96 billion. It was the second consecutive quarter of record profit for...