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Hong Kong Exchanges and Clearing Limited (HKXCY)

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49.42-1.38 (-2.72%)
As of 10:00AM EST. Market open.
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Previous Close50.80
Open49.76
Bid0.00 x 0
Ask0.00 x 0
Day's Range49.16 - 49.76
52 Week Range25.91 - 51.59
Volume1,224
Avg. Volume24,918
Market Cap62.364B
Beta (5Y Monthly)1.11
PE Ratio (TTM)51.43
EPS (TTM)0.96
Earnings DateN/A
Forward Dividend & Yield0.96 (1.88%)
Ex-Dividend DateAug 31, 2020
1y Target EstN/A
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  • Hong Kong to launch Synapse platform in 2022 to ease settlement process for overseas investors trading Chinese shares via stock connects
    South China Morning Post

    Hong Kong to launch Synapse platform in 2022 to ease settlement process for overseas investors trading Chinese shares via stock connects

    Bourse operator Hong Kong Exchanges and Clearing (HKEX) will launch Synapse, a new settlement platform, in 2022 to help international investors settle mainland Chinese trades according to the country's "tough" settlement requirements.Synapse will standardise and streamline settlement workflows for international investors when they trade mainland shares listed in Shanghai or Shenzhen through the two stock connect schemes linking these markets with Hong Kong.The platform will allow fund managers, stockbrokers, global and local custodians to interact with each other on an electronic network, so that they have to hire fewer people and incur lower costs to settle trades according to China's settlement requirements.Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.Currently, international investors need to hire more people to settle trades involving mainland Chinese shares, as Beijing requires all stock trading to be settled within the same day of the transaction. This is called "T+0" and is tougher settlement cycle. Internationally, settlements can be made two days after a transaction, or T+2."The T+0 rule in China is a very tough requirement. Many international investors need to hire more people to meet the tight settlement time," Glenda So, head of post trade at HKEX, said during an online media briefing on Tuesday. "Some international investors avoid investing in mainland markets due to this stringent settlement requirement."Glenda So, head of post trade at Hong Kong Exchanges and Clearing. Photo: Handout alt=Glenda So, head of post trade at Hong Kong Exchanges and Clearing. Photo: HandoutThe new platform will save time and human resources for such investors, and will encourage others to trade mainland Chinese shares via the two stock connects, she added."Synapse is our latest stock connect innovation, and will be of major benefit to global investors when they trade through the northbound stock connect," said Charles Li Xiaojia, HKEX's chief executive.Fund managers have welcomed the move. "The stock connects have virtually become the channel of choice for many international investors," said Sally Wong, the chief executive of Hong Kong Investment Association. "Any initiative that can enhance the efficiency of the investment cycle and enable better risk management is welcomed by investors." Hong Kong is the key to unlock China's stocks, Charles Li saysThe planned launch of Synapse came as international investment in mainland A shares through Hong Kong reported a record turnover.The average daily turnover from northbound trading - buying of Chinese stocks by international investors - reached 90 billion yuan (US$13.6 billion) in the first nine months of this year, doubling from a year earlier, according to HKEX's third-quarter result announcement this month.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2020 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2020. South China Morning Post Publishers Ltd. All rights reserved.

  • Hong Kong stock exchange aims to modernise IPO process, slashing times for debutants to list as it strives to protect global crown
    South China Morning Post

    Hong Kong stock exchange aims to modernise IPO process, slashing times for debutants to list as it strives to protect global crown

    Hong Kong Exchanges and Clearing (HKEX) is proposing a revamp that would drastically speed up the process of initial public offerings, helping the city maintain its edge as a hub for stock market listings.The modernisation would involve replacing time-consuming paper subscriptions with an electronic system that would cut the so-called IPO settlement process by 80 per cent and bring the city's stock market in line with its counterparts in the US and Europe.The proposal would digitalise the IPO process with a new platform called Fast Interface for New Issuance (FINI), according to a statement released by HKEX, the bourse operator, on Monday. If it gets the go-ahead as scheduled in the second quarter of 2022, it will allow companies, regulators, bankers and brokers to interact when handling the entire settlement process.Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.It would shorten the settlement process - the gap between the pricing of an IPO and its trading date - from five business days to just one day."The new proposal will enhance market efficiency and reduce market risks," said Tom Chan Pak-lam, chairman of the Institute of Securities Dealers, an industry body for local stockbrokers.HKEX is collecting views on the idea until January 15, it said in the statement.It is the latest effort by the HKEX to boost its IPO credentials, after it lost the jumbo IPO of Ant Group earlier this month. The bourse, which has been the largest IPO market worldwide seven times in the past 11 years, introduced sweeping listing reforms in 2018, which have attracted more tech giants with multiple classes of voting rights, as well as pre-profit biotech firms.However, the logistics of the IPO process has not changed in more than two decades.Charles Li Xiaojia, chief executive of HKEX, proposes introducing a new IPO settlement platform in 2022. Photo: Xiaomei Chen alt=Charles Li Xiaojia, chief executive of HKEX, proposes introducing a new IPO settlement platform in 2022. Photo: Xiaomei Chen"For the last decade, Hong Kong has been the IPO capital of the world. It is vitally important that we continue to protect our global leadership position in the next decade and beyond by innovating and advancing our market infrastructure," said Charles Li Xiaojia, the outgoing chief executive of HKEX, who will step down next month."FINI will secure our continued attractiveness and competitiveness as the global listing market of choice and we look forward to working with the Hong Kong IPO community on this exciting initiative," he said in Monday's statement.An increasing number of US-listed technology firms are likely to follow in the footsteps of Alibaba Group Holding to launch a secondary listing in Hong Kong, making it even more important for HKEX to shorten the IPO settlement period, Li said during a teleconference on Monday. Alibaba owns the Post."After this reform goes ahead, Hong Kong will leapfrog all other exchanges globally to have the shortest IPO settlement cycle," Li said. While he did not disclose how much users will need to pay for using this platform, he said, "people can expect not to spend too much money".The advantage of the new platform is that retail investors can pay after the allotment, instead of having to pay in full in advance for the shares they want. Their brokers would only need to pay a 10 per cent deposit at the time of subscription under the proposal.At present, many retail investors who subscribe to Hong Kong listings prefer to apply by post with an accompanying cheque, even though online services are available. The process is labour intensive, requiring staff to handle physical forms, cheques, oversee refunds and distribute share certificates.The manual processing of retail investors' subscriptions is one reason a typical flotation takes five days to settle in Hong Kong, a system known as "T+5", as shares in the city can only start trading five days after the subscription period ends.The proposed reform would allow Hong Kong to catch up with many markets in Britain, the US and continental Europe that enable trading within one day of the close of subscription, a process known as "T+1".The proposed FINI would handle everything from regulators' approval and investors subscriptions to pricing and share allotment - all the steps preceding a newly listed company being ready to "strike the gong" to mark its trading debut on the exchange."The new move is welcomed by listed companies as it will help speed up the IPO process," said Mike Wong Ming-wai, chief executive of the Chamber of Hong Kong Listed Companies.However, Chan of the Institute of Securities Dealers, sounded a word of warning."It may hurt many of the stockbrokers as it will cut down the interest income from IPO loans after shortening the settlement time," he said.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2020 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2020. South China Morning Post Publishers Ltd. All rights reserved.

  • Hong Kong exchange operator HKEX breaks quarterly profit record for a second time in a row, nets US$430 million as trade volumes surge
    South China Morning Post

    Hong Kong exchange operator HKEX breaks quarterly profit record for a second time in a row, nets US$430 million as trade volumes surge

    Bourse operator Hong Kong Exchanges and Clearing (HKEX) said on Wednesday that it had recorded its biggest ever quarterly profit in the third quarter.Rising market turnover, record stock connect revenue as well as a wave of US-listed mainland Chinese technology giants seeking listings in the city amid rising political tensions between Washington and Beijing have boosted HKEX, which operates Asia's third-largest stock market and owns the London Metal Exchange.The company reported that its net profit for the quarter stood at HK$3.34 billion (US$430.8 million), or HK$2.65 per share, compared with HK$2.2 billion a year ago. It also broke its record for quarterly profit for a second consecutive three-month period, after reporting a profit of HK$2.97 billion in the April to June period, its previous highest quarterly number.Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.The outlook for HKEX remained positive despite a share price drop following the suspension of Ant Group's mega initial public offering (IPO) last week, analysts said. They expected the exchange operator to report a full-year record profit for a third consecutive year. According to a Bloomberg consensus estimate, it was expected to see its full-year net profit grow 17 per cent to HK$10.95 billion."The outlook for HKEX's role as an IPO hub remains positive. The postponement of Ant's listing might have a short-term negative impact on HKEX's share price. However, the trend for the many US-listed mainland technology giants to return home to list in Hong Kong will continue," said Kenny Ng Lai-yin, a securities strategist at Everbright Sun Hung Kai.HKEX reports a record profit for the third quarter on the back of high turnover and strong IPO fundraising. Photo: Warton Li alt=HKEX reports a record profit for the third quarter on the back of high turnover and strong IPO fundraising. Photo: Warton LiHKEX shares closed 4 per cent lower, at HK$365.4 on Wednesday after the result was announced during the lunch break. The Hang Seng Index was down 0.3 per cent.HKEX's third-quarter result beat an analysts' forecast of HK$3.23 billion compiled by Bloomberg. For the first nine months of this year, its net profit has risen 16 per cent to HK$8.58 billion, from HK$7.41 billion a year earlier.Its core business revenue rose 21 per cent to HK$12.6 billion in the first nine months this year, as trading fees and settlement fees increased because of surging market turnover, which averaged HK$125.7 billion a day over this period, 39 per cent higher than a year earlier. In the third quarter alone, the average daily turnover rose 83 per cent year on year. Total listing fees rose 15 per cent to HK$1.43 billion during the first nine months this year, with 104 IPOs raising a total of HK$215.9 billion, a sum that is 61 per cent higher than a year earlier.The mega flotations on the Hong Kong exchange this year include Chinese bottled water giant Nongfu Spring, which achieved a record-breaking IPO after it locked up as much as HK$677 billion in capital from small investors in late August. Overall, the retail tranche of its offering was overbought 1,147 times. It raised HK$9.60 billion in IPO proceeds.Earlier, US-listed e-commerce platform JD.com and mobile games company NetEase raised more than US$7 billion between them from their secondary listings in June. More are expected to come after the bourse announced a plan last month to further extend a listing reform to allow more US-listed technology giants to seek secondary listings here."HKEX performed well in the first nine months of 2020, despite a volatile macro backdrop," chief executive Charles Li Xiaojia said in his last results announcement before he steps down at the end of next month. "We remain on track with the delivery of our Strategic Plan 2019-2021, well-placed to capture future growth opportunities and fully focused on managing costs and risks. With robust trading volumes, a strong IPO pipeline, and an expanding product portfolio, I am confident that HKEX will play an increasingly important role in global markets."Li said he would only start exploring his new career options in January, but stressed that he would remain in the financial sector here."I am a Hong Kong person. Hong Kong is my home. I will stay in Hong Kong and I will not go anywhere else," he said in the teleconference on Wednesday afternoon. "I will stay in finance as I have my own passion in the financial sector."He is disappointed not to see Ant Group's listing during his tenure, but believes the fintech giant will return to list when mainland China's new regulatory rules are introduced.The two stock connect schemes continued to bring additional revenue to the exchange. The average daily turnover from northbound trading, which refers to the trading of A shares listed in Shanghai and Shenzhen through the Hong Kong exchange, reached 90 billion yuan (US$13.6 billion) in the first nine months this year, doubling from a year earlier.This was offset by a 31 per cent decline in net investment income to HK$1.48 billion, from HK$2.16 billion a year earlier, due mainly to lower valuations of HKEX's investment portfolio in global stocks and bonds.HKEX's costs during the first nine months rose 11 per cent to HK$3.2 billion as a result of higher staff and IT costs, as the exchange was in the process of digitising its operations process to cut down costs and to enhance efficiency. It was also due to the increased headcount arising from the acquisition of BayConnect in June last year.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2020 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2020. South China Morning Post Publishers Ltd. All rights reserved.