HKEX posts record HK$5.38 billion quarter on AI IPO surge
Business
Hong Kong Exchanges and Clearing (HKEX) just had its best-ever quarter, earning HK$5.38 billion ($686 million) in the three months ended June, well above what analysts expected.
The big boost came from more trading activity and a wave of IPOs, especially from Chinese companies linked to the artificial intelligence buildout choosing Hong Kong to go public.
HKEX core revenue jumps 17%
HKEX's core business revenue jumped 17%, as global investors showed growing interest.
CEO Bonnie Chan highlighted Hong Kong's unique spot connecting international money with China's tech scene.
Even so, HKEX shares have stayed flat this year due to broader market weakness.
Looking ahead, analysts are increasingly focusing on the company's expansion of its non-equity business.