HONG KONG, Oct 23 Reuters Hong Kong39;s bourse operator reported a 7 rise in thirdquarter profit on Wednesday, ahead of forecasts, as China39;s stimulus package and interest rate cuts by global central banks fuelled trading and listing activities.
The profit attributable to shareholders of Hong Kong Exchanges and Clearing Ltd HKEX rose to HK3.15 billion 405.30 million, up from HK2.95 billion in the third quarter of last year.
It was above analysts39; forecasts of HK3.09 billion compiled by LSEG.
HKEX said revenues in the third quarter rose 6 to HK4.85 billion, mainly due to rising trading and listing fees underpinned by China39;s stimulus package announcements in late September and global central banks39; monetary policy easing.
The bourse39;s ninemonth revenue and profit was its secondbest ever, CEO Bonnie Chan said in an earnings release.
HKEX is looking to attract more trades and deals to the largest offshore listing hub for Chinese enterprises, despite weaker growth prospects for the world39;s secondlargest economy.
Companies are rushing to float in Hong Kong, riding the strengthening market momentum. The financial centre last week recorded its busiest week for new initial public offering launches in almost two years, giving bankers and investors confidence a twoyear share sale freeze could be easing.
China Resources Beverage shares leapt 13.5 on their Hong Kong trading debut on Wednesday after the company raised 540 million in the city39;s secondlargest IPO of…