HKEX’s 13% Drop in Profit Shows Challenges for New CEO Chan
- Derivatives trading, Northbound Stock Connect are bright spots
- Exchange has struggled with lack of IPOs, low trading volumes
This article is for subscribers only.
Hong Kong stock exchange’s profit slid 13% in the first quarter, underscoring the uphill battle faced by new Chief Executive Officer Bonnie Chan as she navigates a moribund landscape for trading and stock offerings.
Hong Kong Exchanges & Clearing Ltd. reported net income of HK$2.97 billion ($379 million) in January through March, according to a public filing Wednesday. That beat the consensus estimate of HK$2.81 billion in a Bloomberg survey of analysts. Core revenue slid 7% in the period.