HKEX (00388.HK)  -10.000 (-2.342%)    Short selling $354.78M; Ratio 8.476%   announced its 1Q24 results ended March 2024. Net profit was $2.97 billion, down 12.9% YoY, but still higher than the forecasts of 6 brokers as complied by our reporters, which ranged from around $2.7 billion to $2.841 billion (YoY drop of 16.6% to 20.8%). Basic EPS was $2.35.

Revenue and other income for 1Q amounted to $5.201 billion, down 6.4% YoY, also higher than the upper end of the forecasts by the 4 brokers complied by our reporters, which ranged from $4.9 billion to $5.0 billion. HKEX explained that it was mainly due to the strong base in 1Q23, which was a quarter that benefited from a strong recovery in economic activity after the pandemic. The value represented a 7% increase when compared with 4Q23.

Related NewsG Sachs Raises HKEX TP to HKD500, Lifts EPS Forecasts
Net investment income from Corporate Funds was $535 million, down 3% YoY. Revenue from its core business dropped 7% YoY during the period, reflecting lower trading and clearing fees as a result of the decline in average daily turnover (ADT) on the Stock Exchange, lower net investment income from Margin Funds and Clearing House Funds, and lower listing fee income. This was partly offset by an increase in LME trading and clearing fee income, driven by higher revenue and fees.

Bonnie Chan, the newly appointed Group CEO, said that although the stock market had continued to weaken as a result of the macro market sentiment, the ADT in March and April this year had picked up significantly, signalling a recovery in investor confidence.

ADT of the Stock Exchange reached $99.4 billion in 1Q, down 22% YoY. ADT on the Northbound (Shanghai/Shenzhen) Stock Connect was RMB133 billion, hiking 37%. ADT of the Northbound Bond Connect reached a quarterly high of RMB45.2 billion, lifting 22%. ADT of the Southbound (Hong Kong) Stock Connect plummeted 17% to $31 billion.

Related NewsCiti Estimates HK Stablecoin Mkt Size at ~USD16B, +/- USD8B upon Different Instruments
The average daily volume (ADV) of derivatives contracts traded on the Futures Exchange and stock options contracts traded on the Stock Exchange reached 855,000 and 645,000 contracts respectively in 1Q, representing a YoY growth of 14% and a decline of 3%. The chargeable ADV of metals contracts traded on the LME recorded a growth of 31% to 659,000 lots.



(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-08-01 16:25.)

Related NewsUBS Predicts US Weighted Avg. Tariff Rate on Imports to Rise to 18%+, Reiterates Overweight on CN Mkt Though Mkt Overlooking Risks