HKEX Suffers Profit Decline as China Crackdown Roils Market
- Hong Kong Exchange sees flat revenue as investments decline
- Bourse saw record initial public offerings in first 9 months
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Hong Kong’s stock exchange reported its second consecutive quarterly profit decline against a backdrop of a widening crackdown by China on a broad range of sectors that roiled markets and triggered delays of major initial public offerings.
Dragged down by falling investments, net income at Hong Kong Exchanges & Clearing Ltd. fell to HK$3.25 billion ($418 million) in the three months through September from HK$3.35 billion a year earlier, according to the bourse. Revenue was flat in the quarter, while the amount raised in initial public offerings slid 40% from a year earlier.