Latest news with #BonnieChanYiting
South China Morning Post
30-04-2025
- Business
- South China Morning Post
HKEX reports best quarter after China's ‘DeepSeek moment' spurred market's rerating, IPOs
Hong Kong Exchanges and Clearing (HKEX), operator of Asia's third-largest stock market, said its first-quarter profit reached a record high, thanks to more new listings and increased turnover. Advertisement On Wednesday, HKEX said its first-quarter net profit rose 37 per cent to HK$4.08 billion (US$526 million), or HK$3.23 per share, from HK$2.97 billion a year earlier. Analysts, according to a consensus estimate compiled by Bloomberg, expected the company to report a profit of HK$3.99 billion. In the first quarter of 2021, HKEX reported a then-record profit of HK$3.84 billion. 'The renewed global interest in China opportunities that picked up in the second half of 2024 continued to build momentum into 2025, boosted by exciting developments in artificial intelligence and innovation,' said CEO Bonnie Chan Yiting in a statement. 'The vibrancy of Hong Kong's capital raising activity during the quarter continued to underscore the attractiveness of our markets, which ranked in the world's top five IPO venues and recorded two of the largest follow-on offerings since April 2021.' Bonnie Chan Yiting, CEO of HKEX. Photo: Nora Tam She also noted the growth momentum continued in the second quarter with a healthy pipeline of 120 listing applications, strengthening Hong Kong's position as a leading global fundraising venue
South China Morning Post
25-03-2025
- Business
- South China Morning Post
Hong Kong market seen funding more ‘jaw-dropping' Chinese start-up innovations
Hong Kong's capital markets are poised to provide the long-term funding that will help start-ups in mainland China deliver more 'jaw-dropping' innovations in coming years, speakers at an investment summit said on Tuesday. Advertisement 'China has many enterprises that are low-key, but they are not 'lying flat', as many of them are working very hard on various innovation and technology developments,' Bonnie Chan Yiting, CEO of bourse operator Hong Kong Exchanges and Clearing (HKEX) , said on the opening day of the three-day HSBC Global Investment Summit 2025 in Hong Kong. Thanks to recent listing reforms , HKEX is ready to support biotechnology and other technology firms in raising funds in Hong Kong, even if some of them have not yet earned any income, she said during a panel discussion. 'Hong Kong, where many institutional investors and sovereign funds trade, can provide the long-term funding needed by these start-ups to provide more jaw-dropping technology breakthroughs in future,' she said. Li Yimei, CEO of China Asset Management, said many investors were investing for short-term returns, so the Chinese government recently called on insurance companies to invest more in stocks to provide long-term funding for these start-ups. Advertisement 'For investors, it is the beginning of a long-term journey to invest in China's innovation story, yielding benefits in the future,' she said. 'They need to be patient as many of these technology developments need huge sums of investment for many years to achieve a breakthrough. But [ artificial intelligence start-up] DeepSeek has proven that Chinese start-ups have the ability to deliver technological breakthroughs.'
South China Morning Post
23-03-2025
- Business
- South China Morning Post
Top Hong Kong women CEOs talk about the beloved school that fuelled their success
When Bonnie Chan Yiting interviewed for the top job at Hong Kong Stock Exchanges and Clearing (HKEX), she recited a lyric from her school song 'to home, to country, to the world' to showcase the 'service mindset' that her alma mater instilled in her. Advertisement In fact, Chan used it in two successful interviews – one for the CEO position and the other for the head of listing position when she returned to the city's bourse in January 2020, after about a decade specialising in capital markets law at Davis Polk & Wardwell. 'It is very seldom that one would refer to the school hymn during an interview, but I did,' Chan said earlier this month at a symposium to mark the centenary celebration of Maryknoll Convent School. 'I told them the school taught me a service mindset [and] that where there is an opportunity, we should pay back. And I think at that time, I reached a point in my career that I really wanted to pay back.' The line in the school song – 'to home, to country, to the world; we call this our first duty' – was in her thoughts when she decided in 2019 to quit private law practice amid months of social unrest to resume her career at the stock exchange. Maryknoll Convent School (Primary Section) on Waterloo Road, a stone's throw from Kadoorie Hill in Kowloon, Hong Kong. Photo: Franke Tsang Maryknoll Convent, an all-girls Catholic school, was founded in 1925 by the Maryknoll Sisters of St Dominic. It aims to instil trust and integrity in its students and an appreciation for cooperative teamwork and respect for others. They are taught to have moral, ethical and religious values, to be compassionate and capable of serving the society. Advertisement Cordelia Chung, chairwoman of the school foundation, said the symposium not only celebrated the school's legacy but also set the stage for continued dialogue and action on redefining beauty, empowering women, and building a more sustainable and inclusive future.
South China Morning Post
08-03-2025
- Business
- South China Morning Post
China's Seven Titans vs Wall Street's Magnificent Seven: DeepSeek sparks stocks re-rating
When Bonnie Chan Yiting was in Davos six weeks ago for the World Economic Forum's (WEF) annual confab, the Swiss ski resort was abuzz with a groundbreaking app that a little-known artificial intelligence (AI) start-up had released half a world away in China. Advertisement Hangzhou-based DeepSeek rolled out its namesake app on January 20, providing its low-cost large language model (LLM) for free on the same day that the WEF got under way. Within two days, DeepSeek had overtaken OpenAI's ChatGPT as the most downloaded freeware app on the iOS app store in the US. On Wall Street and elsewhere, DeepSeek sparked a re-rating of Chinese stocks, unleashing a torrent of money into the world's second-largest capital market. 'In the last two weeks, the world [has been] waking up to [the realisation] that the valuation that they've been attaching to the top bucket of US stocks over the last two years may need some revisiting, especially with the arrival of DeepSeek,' Chan, the CEO of Hong Kong Stock Exchanges and Clearing, said at a conference in Kuala Lumpur on February 17, recounting the buzz in Davos. HKEX CEO Bonnie Chan speaks at the SCMP China Conference in Kuala Lumpur on February 17. Photo: Nora Tam Nvidia, the dominant maker of the chips that power AI applications, lost US$600 billion of value on January 27 when its stock plunged 17 per cent , as investors realised that LLMs could be developed at a fraction of the cost in terms of high-powered computing. The stock has retreated by another 4 per cent since then, reinforcing the reassessment of US technology stocks. Advertisement 'As soon as you realise that the same [leading edge] technology [such as in AI] can be created with a lot less cost, people start wondering whether the valuation allocated to that stock is a reasonable one,' Chan said. 'Hopefully with that review, [investors] are going to realise the attractiveness of stocks in this region.'
South China Morning Post
27-02-2025
- Business
- South China Morning Post
Hong Kong bourse operator HKEX reports record annual profit on surging turnover, IPOs
Hong Kong Exchanges and Clearing (HKEX), which operates Asia's third-largest stock exchange, reported record annual profit on higher market turnover and a surge in new listings amid a market rally that started in September. Advertisement Net profit in 2024 increased 10 per cent to HK$13 billion (US$1.7 billion), or HK$10.32 per share, compared with HK$11.9 billion a year earlier, the company said in a stock exchange filing on Thursday. It also surpassed the previous record of HK$12.5 billion in 2021, and was better than the market expectation of HK$12.94 billion. HKEX proposed paying a second interim dividend of HK$4.9 per share, bringing the total to HK$9.26 for the year, versus HK$8.41 in 2023, and maintaining the payout at 90 per cent of earnings. Profit in the final three months of 2024 jumped 46 per cent to HK$3.78 billion, from HK$2.6 billion a year earlier, driven by the stock market rally since September when interest rates began to fall and China announced stimulus measures to support the economy and the property market. This was higher than the market estimate of HK$3.7 billion. Advertisement 'HKEX achieved significant strategic progress in 2024, with the implementation of key initiatives to enhance its market microstructure and listing franchise,' CEO Bonnie Chan Yiting said in her first full-year result announcement after taking over from Nicolas Aguzin in March last year.
