HKEx achieves rise in earnings
Source: Agencies |
March 3, 2011, Thursday
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Print Edition
Print Edition
HONG Kong Exchanges & Clearing Ltd, the world's largest exchange operator by market value, posted a 21 percent rise in fourth-quarter earnings, roughly in line with estimates, and said it is aiming for strategic alliances to boost growth.
HKEx said it would not be surprising to see mergers of leading exchanges in the quest for strategic flexibility and synergy, but the move would intensify competition among exchanges.
"We may seek strategic alliances with technology providers, industry participants, and our regional and global counterparts to expedite our growth initiatives," HKEx Chairman Ronald Joseph Arculli said in a statement.
"Any alliance we pursue would need to present strategically compelling benefits consistent with our focus on markets in Greater China," he added.
HKEx had said it would like to replicate IntercontinentalExchange's model of buying up businesses in the commodities futures space, looking to put a US$5 billion war chest to work as a wave of consolidation sweeps the industry. It also looked to the Shanghai and Shenzhen stock exchanges for closer cooperation, but current regulations make such an arrangement unfeasible.
HKEx reported a net profit of HK$1.56 billion (US$200.5 million) for the October-December quarter, according to Reuters calculations based on the company's full-year results, up 21 percent as compared with HK$1.29 billion from a year earlier.
The result was roughly in line with expectations for a quarterly net profit of HK$1.61 billion from 17 analysts polled by Thomson Reuters.
For the full year, net profit was HK$5.04 billion, up 7 percent year on year, the exchange said.
Average daily stock market turnover - a key determinant of exchange revenue - rose 11 percent last year to HK$68.58 billion.
Hong Kong saw 141 IPOs last year, raising HK$449 billion, up from 93 IPOs in 2009 that raised HK$248 billion.
Last month Australia's ASX Group Ltd had a small rise in its first-half profit.
HKEx said it would not be surprising to see mergers of leading exchanges in the quest for strategic flexibility and synergy, but the move would intensify competition among exchanges.
"We may seek strategic alliances with technology providers, industry participants, and our regional and global counterparts to expedite our growth initiatives," HKEx Chairman Ronald Joseph Arculli said in a statement.
"Any alliance we pursue would need to present strategically compelling benefits consistent with our focus on markets in Greater China," he added.
HKEx had said it would like to replicate IntercontinentalExchange's model of buying up businesses in the commodities futures space, looking to put a US$5 billion war chest to work as a wave of consolidation sweeps the industry. It also looked to the Shanghai and Shenzhen stock exchanges for closer cooperation, but current regulations make such an arrangement unfeasible.
HKEx reported a net profit of HK$1.56 billion (US$200.5 million) for the October-December quarter, according to Reuters calculations based on the company's full-year results, up 21 percent as compared with HK$1.29 billion from a year earlier.
The result was roughly in line with expectations for a quarterly net profit of HK$1.61 billion from 17 analysts polled by Thomson Reuters.
For the full year, net profit was HK$5.04 billion, up 7 percent year on year, the exchange said.
Average daily stock market turnover - a key determinant of exchange revenue - rose 11 percent last year to HK$68.58 billion.
Hong Kong saw 141 IPOs last year, raising HK$449 billion, up from 93 IPOs in 2009 that raised HK$248 billion.
Last month Australia's ASX Group Ltd had a small rise in its first-half profit.
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