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HKEX marks the third straight drop in quarterly profit

Net income on Hong Kong’s stock exchange has dropped 8.6% in the three months through December to HKD2.67bn (USD342m) from a year earlier. This marks the worst quarterly earnings at Hong Kong Exchanges & Clearing Ltd. in two years as China tightened scrutiny on offshore listings and widened a crackdown that has wiped out more than USD1.5tr of market value last year. Some major companies also put their initial public offering plans on ice after China imposed cybersecurity checks, causing the HKEX to drop from the global top three IPO venues. HKEX Chairman Laura Cha said the global economic recovery is expected to continue throughout 2022, although numerous challenges posed by uncertainty surrounding the pandemic recovery, ongoing geopolitical risks, restrictions on travel, and upcoming interest rate hikes will all affect business in the year ahead.

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