HKEX(HKXCY)

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香港交易所信息显示,美国银行在哔哩哔哩-W的持股比例于04月21日从7.47%降至7.03%。
news flash· 2025-04-24 09:09
香港交易所信息显示, 美国银行在 哔哩哔哩-W的持股比例于04月21日从7.47%降至7.03%。 ...
HKEX(00388) - 2024 Q4 - Earnings Call Transcript
2025-03-17 10:12
Hong Kong Exchanges and Clearing (00388) Q4 2024 Earnings Call March 17, 2025 06:12 AM ET Company Participants Ricky Choi - Managing Director, Head of Group Strategy & Investor RelationsBonnie Y CHAN - CEOVanessa LAU - COO & Group CFOGary Lam - Head of Greater China Financials ResearchGurpreet Sahi - Executive DirectorKatherine NG - Head of ListingMichael Li - Managing Director Conference Call Participants Charles Zhou - Stock Analyst Ricky Choi Good afternoon, ladies and gentlemen. Welcome to HKEX twenty t ...
香港交易所20250310
2025-03-11 07:35
Summary of Hong Kong Exchanges and Clearing Limited (HKEX) Conference Call Industry Overview - The Hong Kong stock market has experienced a significant rise driven by multiple factors including themes, valuations, capital flows, and policies, benefiting from favorable conditions and central government support for Hong Kong as a financial center [2][3] - The performance of the Hang Seng Index has been strong, with an increase of over 20% within two months, reaching a three-year high [3] Key Insights and Arguments - The stock price of HKEX is highly correlated with Average Daily Turnover (ADT), which is a key indicator of its profitability, influenced by market average PE and daily turnover rate [2][4] - In 2024, there is an expected increase in the proactive allocation of southbound funds to Hong Kong stocks, with a significant recovery in ADT, particularly in Q4, reaching a historical high as of March 7, 2025 [2][10] - The current daily turnover rate in the Hong Kong stock market is at a historical high, slightly above the historical valuation mean, indicating high market activity driven by turnover rate [2][10] - The strategic position and policy benefits of HKEX are crucial for its growth potential and sustainability, especially following the 2018 listing mechanism reform that significantly changed the market structure [2][12] Performance Metrics - As of March 7, 2025, HKEX has seen a cumulative increase of 22% since the beginning of the year, with a 19% rise post-Chinese New Year, although slightly lower than the Hang Seng Index's 20% increase [5][8] - The correlation between HKEX's net profit and ADT is historically high at 89%, indicating that ADT is a core driver of profitability [5][8] - The ADT has shown a significant rebound, with expectations for a strong correlation to continue into 2025, which will likely enhance performance [8][14] Market Dynamics - The ADT can be broken down into market capitalization multiplied by the average turnover rate, with the latter being influenced by the company's profitability and average PE [6] - Since 2019, the increasing market capitalization of new economy companies has made the technology sector increasingly influential on overall valuation [7] - The market has seen a shift in the proportion of southbound funds, which have become more active, particularly in Q4, contributing significantly to market turnover [10][12] Future Outlook - The sustainable growth of HKEX is expected to rely on its strategic positioning and policy advantages, with a notable absence of significant policy changes in recent years compared to historical levels [12] - The market is projected to see a continued increase in the proportion of technology stocks, which could reach around 50% in the current market cycle [12][13] - The forecast for HKEX's net profit in 2025 is approximately HKD 14.3 billion, reflecting a 10% year-on-year increase, with a target price set at HKD 419, maintaining a buy rating [4][14] Additional Important Points - High dividend strategies and the strong performance of leading platform companies like Alibaba, Tencent, and Xiaomi have significantly contributed to the current market rally, with these companies accounting for over 20% of daily trading volume [4][12] - The Hong Kong market is positioned as a key player in China's economic landscape, with a high number of potential IPOs, particularly in the biotech and technology sectors, indicating a robust future for the market [13]
高盛:交易所(0388.HK)启动减少证券市场最小价差的咨询,维持买入评级
香港金融发展局· 2024-07-02 02:23
Investment Rating - The report maintains a "Buy" rating on Hong Kong Exchanges (HKEX) with a 12-month target price of HK$345, indicating an upside potential of 37.9% from the current price of HK$250.20 [7][12][14]. Core Insights - HKEX has initiated a consultation on reducing minimum spreads in the Hong Kong Securities market to lower transaction costs and enhance liquidity, aligning with the HKSAR government's budget speech on improving market efficiency [2][3]. - The proposed changes will be implemented in two phases, with Phase 1 targeting price bands between HK$10 and HK$50, reducing minimum spreads by 50% to 60%, and Phase 2 focusing on price bands between HK$0.5 and HK$10, reducing spreads by 50% [3][4]. - The expected impact of these changes is significant, with over 75% of the market (by average daily trading volume) projected to achieve optimal bid-ask spread levels after the implementation of the proposed changes [4][6]. Summary by Sections Consultation Details - The consultation period for the proposed changes will end on September 20, 2024, with a timeline for implementation that includes a 6-month observation period for Phase 1 before moving to Phase 2 [3][6]. Market Impact - The bid-ask spread reduction is expected to affect over 280 securities, representing approximately 29% of equity average daily trading (ADT) in Phase 1 and 24% in Phase 2, based on data from 2021-2023 [4][6]. - A reduction of 15 basis points in bid-ask spread is anticipated to improve trading velocity by 18 percentage points, potentially increasing HKEX's ADT by 30% [6][12]. Financial Projections - The report projects a 7% compound annual growth rate (CAGR) in HKEX's ADT from 2024 to 2026, indicating that the anticipated changes are not heavily reliant on improvements in Chinese corporate earnings [6][12]. - Revenue projections for HKEX are estimated to grow from HK$20.52 billion in FY23 to HK$23.64 billion by FY26, with earnings per share (EPS) expected to increase from HK$9.37 to HK$10.50 over the same period [14].
HKEX(HKXCY) - 2022 Q1 - Earnings Call Presentation
2022-05-30 19:14
2022 Q1 Results Analyst Presentation Nicolas Aguzin Chief Executive Officer, HKEX Group Vanessa Lau Group Chief Financial Officer, HKEX Group 27 April 2022 Q3 2021 Key Highlights Disclaimer The information contained in this document is for general informational purposes only and does not constitute an offer, solicitation, invitation or recommendation to subscribe for or purchase any securities, or other products or to provide any investment advice or service of any kind. This document is solely intended for ...
HKEX(HKXCY) - 2022 Q1 - Earnings Call Transcript
2022-04-27 17:00
Financial Data and Key Metrics Changes - In Q1 2022, revenues were HKD 4.7 billion, down 1% from Q4 2021 and 21% lower year-on-year [6][12] - Profit remained broadly flat at HKD 2.7 billion compared to Q4 2021 but was down 31% year-on-year [6][12] - Core business revenue, excluding net investment income, was HKD 4.8 billion, up 7% against Q4 but down 16% versus the record Q1 last year [11][12] - EBITDA was HKD 3.5 billion, down 28% year-on-year [14] Business Line Data and Key Metrics Changes - Cash and derivatives business showed resilience despite weak market sentiment, with stock Connect ADT rising 27% from the previous quarter [6][7] - Bond Connect ADT reached a record quarterly high [7] - Trading volumes on the Hong Kong Futures Exchange and the LME saw solid growth, particularly in newer products like Hang Seng TECH Index Futures [13] Market Data and Key Metrics Changes - Hong Kong's IPO market was impacted by the macro environment, but the pipeline remained strong with over 150 active applications, including 10 SPAC applications [8][25] - Average daily trading (ADT) in cash markets rose 16% from the preceding quarter [23] Company Strategy and Development Direction - The company aims to build the marketplace of the future, focusing on three strategic imperatives: connecting China and the world, connecting capital with opportunities, and connecting today with tomorrow [29][30][32] - New initiatives include launching thematic ETFs and modernizing operations and infrastructure [26][28] - The company is committed to sustainability, with an increase in green and ESG-related bond listings [28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing market volatility and geopolitical fragility but expressed confidence in the company's strong fundamentals and clear strategy [22][35] - The gradual relaxation of pandemic-related restrictions globally is seen as a cautious optimism for future performance [35] Other Important Information - The company is focused on enhancing its product ecosystem and exploring new opportunities in collaboration with Mainland partners [41][75] - The company plans to continue investing in technology, talent, and risk management to support its strategic initiatives [20][36] Q&A Session Summary Question: Insights from the trip to Mainland China and product ecosystem priorities - Management emphasized the importance of Hong Kong as a connector to global markets and discussed ongoing initiatives like ETF Connect [42][43] Question: Sustainability of margin funds AUM increase - Management indicated that the increase in margin funds AUM is linked to trading volumes and volatility, with rising interest rates expected to benefit investment income [40][46] Question: Economics behind SPAC listings - Management explained that SPACs provide an alternative market access method, with listing fees and trading activity expected to increase post-de-SPAC transaction [52][55] Question: IPO pipeline outlook - Management noted the IPO pipeline has grown to around 180 applications, with varying timelines for companies to access the market [60][62] Question: Earnings volatility reduction plans - Management acknowledged the need for stability in revenue streams and highlighted the success of new derivative products in generating activity [80]
HKEX(HKXCY) - 2020 Q4 - Earnings Call Presentation
2021-02-27 13:13
2020 Annual Results Analyst Presentation Calvin Tai Interim Chief Executive, HKEX Group Romnesh Lamba Co-President, HKEX Group Vanessa Lau Group Chief Financial Officer, HKEX Group 24 February 2021 Disclaimer The information contained in this document is for general informational purposes only and does not constitute an offer, solicitation, invitation or recommendation to subscribe for or purchase any securities, or other products or to provide any investment advice or service of any kind. This document is ...
HKEX(HKXCY) - 2020 Q4 - Earnings Call Transcript
2021-02-26 20:03
Financial Performance - The company reported total revenue and other income of $19.19 billion, an increase of 18% year-on-year, with core business revenue up by 24% driven by trading and clearing fees in the cash market [6][13] - Profit attributable to shareholders reached a record high of $11.5 billion, up 23% year-on-year, with earnings per share (EPS) and dividend per share also at record levels, both up 22% from 2019 [7][13] - Net investment income decreased by 18% to $2.2 billion compared to $2.7 billion in 2019, reflecting a challenging investment backdrop [7][21] Business Segment Performance - The IPO market remained strong, with the company ranking second globally, raising HKD 400 billion (approximately $50 billion), the highest in the last decade [8][34] - Stock Connect revenue reached a new record high of $1.9 billion, contributing to 10% of the total revenue, with both Northbound and Southbound average daily turnover (ADT) more than doubling compared to 2019 [19][20] - Listing fees increased by 16% with 154 new company listings in 2020, while corporate items were down due to lower net investment income [20] Market Data - The company experienced record average daily turnover (ADT) of $129.5 billion, reflecting strong market activity [13] - The Southbound Stock Connect has shown significant growth, contributing to liquidity in the market [66][71] Company Strategy and Industry Competition - The company aims to leverage the emerging new economy sector, focusing on tech and biotech stocks, which have become increasingly significant in the market [27][30] - The company is expanding its Stock Connect program and enhancing its product ecosystem, including the introduction of MSCI contracts to establish itself as a risk management center for the region [40][41] - The company is also focusing on sustainable finance, having launched the first multi-asset sustainable investment product platform in Asia [45][46] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism about the strong IPO pipeline and anticipated a busy year ahead, despite potential challenges from the low interest rate environment [48][50] - The management acknowledged the impact of the recent stamp duty increase but emphasized the overall robustness of the market and the need for a comprehensive approach to maintain competitiveness [56][60] Other Important Information - The company has made significant investments in talent and technology to support growth and operational resilience, with operating expenses up 8% excluding charitable donations [23][94] - The company is working on initiatives such as ETF Connect and Asia Index Futures to enhance its offerings and meet market demand [88] Q&A Session Summary Question: Insights on the recent stamp duty tax hike - Management was not consulted regarding the stamp duty change and expressed disappointment, noting that the market's robustness is driven by various factors beyond costs [56][58] Question: Potential for further stamp duty changes - Management could not speculate on whether the stamp duty change would be one-off or if further hikes might occur, emphasizing the need to focus on current market conditions [63][65] Question: Breakdown of strong trading volumes - Management indicated that approximately 25% of the strong trading volumes are driven by new economy stocks, with overall positive market sentiment contributing to the increase [66][67] Question: Plans to mitigate the impact of increased costs - Management highlighted that while transaction costs are significant, improvements in market efficiency and execution certainty have been made, which may help cushion the impact [76][78] Question: Impact of stamp duty on investor behavior - Management believes that the recent changes will not significantly alter investor behavior, as many investors prefer trading in Hong Kong for time zone advantages [80][82] Question: Update on Southbound Stock Connect and related initiatives - Management confirmed ongoing work on initiatives like ETF Connect and Asia Index Futures, with no specific timetable yet available [88][89]