- All-round Ashwin powers India to big Test win over Bangladesh
- NZ chase 275 to win first Sri Lanka Test after Patel bags six
- Ashwin bags six wickets as India hammer Bangladesh in first Test
- Nascent French government under pressure on multiple fronts
- Angry French cognac makers see red over Chinese tariffs threat
- Protect the prosciutto: Italy battles swine fever
- UN holds 'Summit of the Future' to tackle global crises
- Marxist leader set to become Sri Lanka's next president
- From blades to pull-up bars: UK charity tackles knife crime
- Swiss vote on pensions and environment protections
- No pain, no gain: Chinese pro wrestlers fight for recognition
- UAE leader seeks to deepen 'strategic' ties in US visit during Mideast crisis
- Hezbollah takes heavy hits but still fighting Israel
- Floods, landslides hit central Japan months after major quake
- All Blacks coach Robertson demands better finishing
- Argentina edge South Africa to keep title hopes alive
- Biden says China 'testing us,' in hot mic remarks to Quad allies
- Dubois destroys Joshua to retain IBF world heavyweight crown
- Guardiola says critics want Man City wiped 'from face of the Earth'
- Biden says 'Quad' is 'here to stay' despite challenges
- Dubois knocks out Joshua to retain IBF world heavyweight crown
- Vinicius helps 'faster' Madrid overturn stubborn Espanyol
- Zelensky to press US on long-range missile strikes inside Russia
- PSG drop first points in draw at Reims
- Vinicius, Mbappe on target as Madrid crush plucky Espanyol
- Jeeno leads Ko by two at LPGA Queen City Championship
- Bottega Veneta goes for 'E.T.' chic as Madonna pops into D&G
- Messi, Miami frustrated by New York late leveler
- Musk's X platform takes first step toward lifting Brazil ban
- 'Business as usual' for Australia match-winner Carey amid boos
- Israeli jets pound Lebanon after deadly Beirut strike
- Ten Hag bemoans Man Utd's lack of killer instinct in Palace stalemate
- France's Macron appoints new government in shift to right
- Cheika proud of Leicester grit after winning start as boss
- Profligate Man Utd pay price in 0-0 draw at Palace
- Kane, Olise run riot as Bayern thump Bremen
- Diaz fires Liverpool top of Premier League, Man Utd held at Palace
- LIV champion Rahm out of LIV Team semis with severe flu
- Slot surprised by tearful Nunez's moment of magic
- Title rivals Norris, Verstappen on 'cool' front row for Singapore GP
- Biden talks China with 'Quad' leaders in hometown summit
- Juve and Napoli play out goalless draw in early Serie A title tussle
- Alcaraz fears tennis tour grind will 'kill us'
- Carey sparks recovery as Australia thrash England in 2nd ODI
- Leclerc, Sainz lament 'disappointing' Saturday in Singapore
- Bottega Veneta holds investors' aces as Madonna pops into D&G
- Beirut digs for victims at building flattened in Israeli strike
- Verstappen stages protest over 'ridiculous' swearing punishment
- Bayern boss Kompany lauds 'special talent' Olise
- Diaz fires Liverpool top of Premier League, Spurs bounce back
Hong Kong exchange profits plunge amid IPO drought, virus woes
Hong Kong's stock exchange on Wednesday reported its biggest quarterly drop in profits for six years as tightened Chinese regulations strangled new listings and the city struggled with its worst-ever coronavirus outbreak.
Hong Kong Exchanges and Clearing (HKEX) announced a net income of HK$2.67 billion ($340 million) for the three months ended March -- 31 percent down on-year -- with quarterly revenue down 21 percent at HK$4.69 billion.
The exchange operator has now seen four consecutive drops in quarterly profits.
"We were not immune to global market sentiment, which resulted in some softness in the IPO market, reduced valuations in our investment portfolio and pricing volatility in our commodities market," said HKEX chief executive Nicolas Aguzin.
The bourse raised HK$14.9 billion in initial public offerings in the first quarter, down 89 percent on the same period last year.
In recent years Hong Kong experienced an IPO bonanza, helped in part by trade tensions between Washington and Beijing as Chinese companies sought to list closer to home.
But increased scrutiny by Chinese regulators of industries like gaming, education, property and Big Tech has dramatically curbed enthusiasm for IPOs.
Last month, Chinese conglomerate Dalian Wanda Group delayed a planned Hong Kong listing of its shopping mall unit owing to market volatility, according to Bloomberg.
Aguzin said that HKEX's IPO pipeline remained "incredibly strong", with the bourse reporting 150 active applications as of the end of March.
The exchange "demonstrated its robustness and resiliency despite ongoing market volatility and geopolitical fragility" in the past quarter, Aguzin added.
HKEX shares were down 0.30 percent in Wednesday afternoon trade, having lost 29 percent since the start of the year.
Bloomberg Intelligence analyst Sharnie Wong earlier noted that HKEX's IPO fundraising declined as Chinese issuers may be deterred by "regulatory challenges and risk-off sentiments".
In March, the bourse listed Hong Kong's first special purpose acquisition company (SPAC) -- popular investment vehicles sometimes called "blank cheque" companies.
HKEX started to allow SPAC listings this year, subject to a strict framework, with 10 applications in the works by the end of the quarter.
The introduction of SPACs in Hong Kong was a boost to the competitiveness of the underperforming bourse, following in the steps of regional rival Singapore.
Many Hong Kong firms have reported grim first-quarter results as the city imposed strict controls to tackle its worst-ever coronavirus outbreak fuelled by the Omicron variant.
Like Shanghai and Shenzhen, Hong Kong's stock exchange overall is in the midst of a slump and has fallen 22 percent in the past six months.
R.Adler--BTB