Hong Kong stock exchange enjoys upbeat 2019 despite protests

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Hong Kong stock exchange enjoys upbeat 2019 despite protests HKEX HKEXGroup HongKongProtests covid19 virus

The trade war and political unrest may have plunged Hong Kong into a recession last year but the stock exchange reported a surprisingly buoyant 2019 on Wednesday, retaining its status as the world's biggest initial public offering market.[HONG KONG] The trade war and political unrest may have plunged Hong Kong into a recession last year but the stock exchange reported a surprisingly buoyant 2019 on Wednesday, retaining its status as the world's biggest initial public offering market.

However, Hong Kong Exchanges and Clearing warned of an uncertain 2019 as the deadly coronavirus sweeps the globe. The firm posted a 1 per cent increase in net income and a 3 per cent increase in revenue, despite an 18 per cent drop in trading as Hong Kong was hit by seven straight months of huge, sometimes violent pro-democracy protests.

"Despite a challenging political and economic backdrop, we are reporting record revenue and other income, and profit, for the second consecutive financial year," Charles Li, chief executive of HKEX, said in a note attached to the bourse's annual earnings. Bolstering what was otherwise a grim economic year for the city was the city's lynchpin role as an IPO market, especially for Chinese businesses, as well as growth in Stock Connect, which links to Shanghai and Shenzhen exchanges.

 

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