Wednesday, 2023 December 6

KEY STAT | HKEX posts best-ever Q1 results on the back of strong tech IPO pipeline

Hong Kong Exchanges & Clearing (HKEX: 388) reported its best-ever results for the first quarter of this year. Revenue reached USD 760 million, up 49% year-on-year, generating a net profit of USD 490 million for the quarter, up 70%.

“This was driven by a buoyant IPO market and very robust trading volumes,” said Calvin Tai, interim chief executive of the bourse. HKEX raised a total of USD 17.6 billion in IPOs in Q1, 95% of which it attributed to the new economy and biotech companies.

In 2021, the exchange continues to be a preferred listing destination for Chinese internet businesses, including US-listed Chinese companies that are looking for secondary listings.

The top three public offerings by funds raised have been short video app Kuaishou (HKEX: 1024), internet giant Baidu (NASDAQ: BIDU; HKEX: 9888), and long-video streaming platform Bilibili (NASDAQ: BILI; HKEX: 9626).

Both stock connect programs with Shanghai and Shenzhen recorded historical highs in revenue, contributing a total of USD 95 million, 82% more than in Q1 2020.

This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.

Julianna Wu
Julianna Wu
Data visualist & writer

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