A stockbroker in Hong Kong has seen its best profit each month as the flood of sales and public offerings strengthened the issue as the new chief executive took over.
Hong Kong Exchanges and Clearing said Wednesday that post-tax profits jumped 70% a year in the first year in HK $ 3.8bn (US $ 490m) as business start-ups driven by interest rates and grading rates rose to more than a quarter to HK $ 5.5bn. Investments are earning HK $ 418m from a loss for the first quarter of 2020.
The performance of the first quarter bourse benefited from a number of top IPOs and Chinese companies, including the Kuaishou frequency video, which raised more than $ 5bn in February.
Chinese companies selling in New York have also added to the sale of big tickets in Hong Kong this year. Talented groups Baidu and the Bible was one of the companies that developed the second list of cities in the city as U.S. officials prepare coercive groups who failed to follow household accounting calculations.
“HKEX started strong until 2021,” he said Calvin Tai, a senior official, described the “positive IPO market and strong trade growth… against the economic and political crisis”.
HKEX shares, which have doubled in the last 12 months, have not changed slightly in daytime trading in Hong Kong following the results.
Hong Kong’s role as an economic center in Asia has remained he doubted Beijing enacted a national security law for the city last year.
But efforts to exchange in Shanghai and Shenzhen for international production, which have been a source of concern for HKEX, have already been made. only progress. China’s deep hatred for Washington has boosted Hong Kong’s share of the country’s foreign exchange earnings.
“Hong Kong is still a maritime market all the way to China. Close to the sea but still to the sea, “said HKEX insider. The Shanghai exchange” plans to repatriate other countries are not in doubt for Hong Kong as the domestic market is still plagued by a shortage of funds for companies other than the coastal resins “.
Profits at HKEX were also boosted by the Chinese exports to Shanghai and Shenzhen, which he picked up the shares in the Hong Kong market through a program called stock connect.
HKEX also reported a daily decline of approximately HK $ 61bn through mainland businesses in the first three months of 2021, which helps to take the daily exchange rate to a record HK $ 224bn.
Foreign trade in Chinese stocks and bonds through affiliate programs also led to a rise in interest rates of Rmb127bn (US $ 20bn) and Rmb25bn, respectively.
But Louis Tse, Wealthy Securities’ chief operating officer, said interest rates plummeted in the early part of the second quarter as the mainland’s business base stabilized and Beijing overthrew Chinese technical groups, most of which operate in Hong Kong.
“People [record regulatory] Alibaba’s crackdown sent shockwaves through the media, “Tse said.
Tai, a longtime senior, was responsible for overseeing the change after his departure instead Charles Li, who worked on the project for ten years and started programs with affiliate shares.
Nicolas Aguzin, a former banker at JPMorgan, and planning to take a kidney at HKEX in May.