Hong Kong Exchange Profit Drops Most in Almost Three Years
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Hong Kong’s stock exchange suffered its worst slide in profit in almost three years as the Asian financial hub is buffeted by social unrest and political tension between the U.S. and China.
Facing turmoil on multiple fronts, trading slid in the quarter and the number of stock listings was down more than a third in the first nine months compared with same period in 2018. Net income at Hong Kong Exchanges & Clearing Ltd. fell almost 10% to HK$2.21 billion ($282 million) in the three months through September from a year earlier, it said on Wednesday. That was the biggest drop since the last three months of 2016.