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HKEX 2019 Interim Results

Date 14/08/2019

Financial Highlights

  • Revenue and other income up 5 per cent compared with 1H 2018, driven by: 
    1. An increase in net investment income, including fair value gains on collective investment schemes and higher interest income, and record half-yearly revenue and other income from Stock Connect; -
    2. These more than offset a reduction in trading and clearing fees driven by lower Cash Market turnover  
  • Operating expenses up 2 per cent against 1H 2018 due to higher staff and IT costs, partly offset by lower premises expenses as a result of adopting the new accounting standard for leases2  
  • EBITDA margin was 77 per cent, the same as in 1H 2018 and 3 per cent higher than the full 2018 fiscal year

Strategic Highlights

  • Stock Connect Northbound ADT saw a record half-yearly high in 1H 2019, more than double that of the previous record achieved in 2H 2018. This follows the successful inclusion of China A shares in MSCI and FTSE Russell indexes  
  • MSCI licence agreement signed for the launch of MSCI China A index futures  
  • Derivatives Markets trading hours extension, from 1 a.m. to 3 a.m., was rolled out in June 2019  
  • Bond Connect ADT grew significantly to RMB6.6 billion, 94 per cent higher than 1H 2018  
  • Successful completion of the acquisition of a majority stake in Ronghui Tongjin, a Shenzhen-based financial markets technology firm, in June 2019

Charles Li, Chief Executive said:

“HKEX had a solid first half in 2019 despite a more challenging political and economic backdrop. Record Stock Connect revenue, a robust IPO pipeline and good returns from investment income offset some macro-driven softness in Cash Market volumes. We were also pleased to see encouraging performances from Bond Connect and our Derivatives Market. We continue to focus on executing our 3-year strategic plan, maintaining good cost discipline and capturing further growth opportunities.”

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