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Markets

Hong Kong market operator's profit surges on IPO and trading booms

HKEX's net income rises 70% ahead of new chief executive's arrival

Hong Kong Exchanges & Clearing said its net profit reached 3.84 billion Hong Kong dollars ($494.74 million) in the first three months of the year, up 70% from HK$2.26 billion a year earlier, as average daily turnover surged 86%.

"HKEX has had a strong start to 2021, reporting record quarterly revenue and other income and profit," Calvin Tai, the operator's interim chief executive, said in a statement. "This was driven by a buoyant IPO market and very robust trading volumes."

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