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.