Hong Kong Exchanges and Clearing Ltd

00388: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$327.00	Ynj	Nnrddvc

HKEx Ends Fiscal 2021 With a Weak Fourth Quarter

Michael Wu

Feb 25, 2022

With subdued investor sentiment resulting in a lower level of trading activities, HKEx ended the year with a weak fourth quarter. Revenue in the fourth quarter was HKD 4.3 billion compared with HKD 5.1 billion last quarter as the cash market, including equity derivatives, average daily turnover, or ADT, in the fourth quarter was 24% lower against last quarter at HKD 126.6 billion. On a full-year basis, revenue was 3% below our forecast and lower investment income saw net profit at HKD 12.5 billion, compared with our forecast of HKD 13.5 billion and Refinitiv consensus of HKD 13 billion.

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