HKEX chief executive says positive sentiment returns to IPO market
The Hong Kong Exchanges and Clearing Limited (HKEX) remained one o Kong
f the world’s premier capital raising venues throughout 2022, with positive sentiment returning to the IPO market in the second half, according to the HKEX Chief Executive Officer Nicolas Aguzin.
Aguzin said in the HKEX’s 2022 final results released yesterday that a total of 90 new companies from a range of sectors and geographies successfully joined the Hong Kong markets in 2022, raising HKD104.6 billion ($13.33 billion), 65% of which was for the new economy sector, putting Hong Kong in the top four markets globally in 2022.
According to the HKEX, it recorded 18,456 million Hong Kong dollars in revenue and other income for 2022, 12% lower than the record in 2021.
Core business revenue was down 9% against 2021, reflecting reduced trading and clearing fees, lower depository fees and listing fees, which was partly offset by the increase in net investment income from margin funds and higher trading fees from the derivatives market, it showed.
Northbound Bond Connect average daily trading reached a record high of 32.2 billion RMB ($4.67 billion), up 21% compared with 2021, according to a Xinhua dispatch.
Laura Cha Shih May-lung, chairperson of the HKEX, said that 2022 was a good year of strategic progress for the HKEX, and a significant number of important strategic initiatives were accomplished or announced during the year, which have positioned the HKEX well to continue to lead and shape the development of the region’s global capital markets.
Asian markets up
Asian stock markets rose yesterday following Wall Street’s biggest one-day decline in two months after notes from a Federal Reserve meeting showed officials expect to keep U.S. interest rates high to fight stubborn inflation.
Shanghai, Hong Kong and Seoul advanced. Japanese markets were closed for a holiday. Oil prices and the U.S. dollar gained.
Wall Street sank Wednesday after notes from the Federal Reserve’s latest board meeting showed members expect “ongoing increases” in its key lending rate to slow the economy. That dampened hopes that cuts might start as early as late this year.
“The need for ‘higher for longer’ rates was made plain,” said Vishnu Varathan of Mizuho Bank in a report.
The Shanghai Composite Index gained 0.1% to 3,294.68 and the Hang Seng in Hong Kong advanced 0.5% to 20,524.60.
The Kospi in Seoul rose 1.2% to 2,447.70 while Sydney’s S&P-ASX 200 shed 0.3% to 7,289.70.
New Zealand and Jakarta advanced while Singapore declined.
Global stock prices have been declining on worries inflation might not be cooling as quickly or smoothly as traders hoped. MDT/Agencies
