Hong Kong exchange's first-half profit jumps nearly 40% to record
The revenue of Hong Kong Exchanges and Clearing (0388.HK), opens new tab (HKEX) reached HK$14.1 billion in the past six months, up 33% on the year, it said in a stock exchange filing.
It declared an interim dividend of HK$6, up from HK$4.36 last year, while earnings per share rose to HK$6.74 from HK$4.84.
HKEX said its average daily equities turnover, or buying and selling of stocks, rose 122% in the half to be worth HK$222.8 billion ($28.54 billion). South-bound stock trading, where mainland investors trade Hong Kong shares, was up nearly 200%.
HKEX chief executive Bonnie Chan said cash market, derivatives and stock connect volumes reached new heights that helped push half-yearly revenue and profit to their best ever.
"We enter the second half of 2025 with new initiatives ... to further enhance the competitiveness and attractiveness of our markets," Chan said, adding that the first half also saw a record number of IPO and listing applications.
Hong Kong's Hang Seng Index (.HSI), opens new tab is up almost 25% year to date, making it one of the world's best performing major equities markets.
Analysts say the surge in the benchmark index has been driven by foreign investors' return to buying Chinese stocks, despite U.S President Donald Trump's April tariffs package and geopolitical tension between the two countries.
($1=7.8068 Hong Kong dollars)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
21 minutes ago
- The Independent
Chinese hotel launches rent-a-dog services where guests can hire a canine companion for £51 a night
In Wuhan, China, one hotel is offering a surprising twist on the traditional guest experience: dogs as the ultimate room service. For 499 yuan (£51) a night, visitors to the Country Garden Phoenix Hotel can share their room with a golden retriever, husky, or West Highland terrier, all trained and vetted to provide comfort and company to pet-loving guests, a report in China Daily stated. The service, which began quietly in July, has quickly gained traction among domestic travellers, with over 300 people signing up in the first few weeks, the hotel's general manager, identified as Mr Dong, told China Daily. For many guests, it brings warmth to their lonely stays and a brief but meaningful connection with a pet, all without the responsibilities of ownership. The service comes as part of the rapidly expanding pet economy in China, where urban pet ownership has surged in the last few years. As of 2024, the country's urban pet supplies market reached a staggering 300.2bn yuan (£30bn), marking a 7.5 per cent increase year-on-year, reported The Global Times. The number of urban pets has climbed to 124 million and is expected to surge further, with the market predicted to hit 400bn yuan (£41bn) by 2027, according to the China Pet Industry White Paper 2025. This shift has seen a boost in pet-related services and products, including pet cafés, specialised grooming, dog yoga, pet cloning, and now, rentable hotel dogs. 'I was initially concerned that the puppy might be too energetic,' one traveller, who asked to remain anonymous, said. 'But it was gentle and well-behaved. The moment I called its name, it came running.' To opt into the programme, guests must book one of the hotel's 'pet-themed' rooms and then choose their dog for the night after signing a formal agreement. The hotel currently 'employs' 10 dogs, which are a mix of retrievers, terriers, and huskies, all selected for their calm temperament. Some are raised by the hotel itself, while others are brought in by private owners or training institutions. The primary idea behind the programme is to give the dogs a form of meaningful stimulation while providing guests with emotional comfort, particularly those who love animals but cannot keep them at home due to living conditions, work hours, or rental restrictions. The hotel says dogs have health evaluations and assessments for behavioural issues before being used in the scheme, as well as being trained to follow basic commands. The programme was 'perfect' for owner Ms Fang, who sent her 14-month-old Samoyed Naicha to the hotel earlier this summer. 'I used to send Naicha to pet cafés so it wouldn't get lonely when I am at work. Left alone at home, Naicha will get restless, chew furniture and need an energy outlet,' she said, adding that the hotel staff regularly send her videos showing Naicha interacting with guests or playing with hotel workers and other dogs. While the concept is appealing on paper and has generally been well-received, there have been some concerns. Legally, the hotel would bear full liability for any harm caused by the dogs, unless a guest acted with gross negligence or deliberately provoked the animal, lawyer Du Xingyue of Shanghai Yingdong Law Firm told the South China Morning Post. They advised that hotels offering such services should hire professional trainers, improve staff readiness for pet-related emergencies, and ensure that the dogs' temperaments are thoroughly assessed. Despite government efforts to increase the country's fertility rate, pets now outnumber young children in China. In 2024, China officially had more pets than children under the age of four, according to a Goldman Sachs report cited by Xinhua News Agency. The report estimated that one in every eight urban residents in China now owns a pet, underscoring the country's changing demographics and lifestyle preferences.
Reuters
22 minutes ago
- Reuters
Estee Lauder forecasts annual profit below estimates as tariffs hit
Aug 20 (Reuters) - Estee Lauder (EL.N), opens new tab forecast annual profit below Wall Street estimates on Wednesday, as the cosmetics giant grapples with persistent weakness in the U.S. and China markets and tariff uncertainty, sending its shares down about 9% in premarket trading. The company also said it expects a hit of about $100 million to its 2026 profit from tariff-related headwinds. The Trump administration's unpredictable trade policies have strained consumers' wallets as well as put an operational strain on businesses, forcing companies to find ways to counter tariff impact while devising strategies to reignite growth. Estee's organic net sales for the fourth quarter fell 13%, compared with an 8% rise a year ago, primarily hurt by weakness in the skincare and makeup segments. To revive sales, Estee Lauder has been accelerating new launches in categories including skincare, introducing new luxury price tiers, increasing investments and implementing cost-savings measures, under new CEO Stephane de La Faverie, who took up the top job earlier this year. The MAC lipstick maker has previously said it expects to take restructuring charges between $1.2 billion and $1.6 billion, before taxes in 2026. The company expects full-year adjusted earnings per share to be in the range of $1.90 to $2.10, compared with analysts' estimates of $2.21, according to data compiled by LSEG.
Reuters
22 minutes ago
- Reuters
India stocks set for modest gains as US tariffs, foreign outflows cloud outlook
BENGALURU, Aug 20 (Reuters) - Pressured by U.S. tariffs and foreign investor outflows, India's stock markets will manage to eke out only modest gains by year-end, according to a Reuters poll of equity analysts who have pushed back their forecast for a new record high to 2026. Foreign investors have sold more than a net $13 billion of Indian stocks this year, including around $2.4 billion in the first half of August after U.S. President Donald Trump raised tariffs on Indian exports to 50% - among the steepest imposed on any U.S. trading partner. The 5.2% rise in the blue-chip Nifty 50 (.NSEI), opens new tab index so far this year lags broader Asian (.MIAPJ0000PUS), opens new tab and emerging markets (.MIEF00000PUS), opens new tab, which have gained 17.2% and 18.2%, respectively. If the trend continues it would be the first time in five years that the Nifty underperformed those indices. The Nifty 50 is forecast to rise about 3.9% to 25,834 by the end of this year, before reaching 26,500 by mid-2026 and 27,950 by end-2026, according to an August 8-20 poll of 20 equity analysts. Those forecasts are lower than in the previous quarterly survey, with a new record high now not seen until 2026. The BSE Sensex is seen climbing to 85,100 this year, 86,875 by mid-2026 and 91,370 by end-2026. "Until foreign investors are confident in the Indian economy and earnings...I don't think we'll see a substantial rise from here. The danger is they will use every rise to dump their stocks," said Yogesh Kalinge, associate director of research at A.K. Capital Services. "Trump keeps firing tariff volleys, the wind changes every week and honestly it's just hope and speculation keeping this market afloat." Around a third of analysts who usually take part in the poll did not provide forecasts this quarter, with some saying the market has become increasingly difficult to predict. Rajat Agarwal, Asia equity strategist at Societe Generale, who did participate, said weak economic data, tariff uncertainty and tepid earnings meant foreign inflows may take time to return. While India is the world's fastest-growing major economy, expected to expand 6.4% this fiscal year, its listed companies have reported only single-digit profit growth for five straight quarters. That is a sharp slowdown from the 15-25% expansion recorded between 2020-21 and 2023-24, a period over which the Nifty 50 rose around 160%. No major improvement is expected over the coming quarters. A majority of analysts, 16 of 21, said corporate earnings in the Indian stock market would edge up only marginally in the second half of 2025 from the first half, while two expected a significant increase. An expected cut to the goods and services tax (GST) in October to boost household consumption may also help shore up earnings, although analysts say the full impact will take time to filter through the economy. Valuations remain a concern. India's Sensex trades at 23 times forward earnings, among the world's highest, nearly matching Wall Street's S&P 500, LSEG data showed. HDFC Securities senior derivative analyst Subash Gangadharan said the GST cut was a positive step but would have limited impact given already sky-high valuations, and predicted the Nifty 50 to fall to 22,000 by end-2025. (Other stories from the Reuters Q3 global stock markets poll package)
