November 6, 2019 / 4:29 AM / a month ago

Hong Kong exchange Q3 profit drops 8% on lower trading fee

HONG KONG, Nov 6 (Reuters) - Hong Kong Exchanges and Clearing Ltd (HKEX), the stock exchange operator in the Asian financial hub, on Wednesday posted an 8% drop in third-quarter profit, as a surge in listing fee failed to offset the slide in income from trading.

HKEX, which scrapped its surprise $39 billion approach for the London Stock Exchange Group in October, reported a net profit of HK$2.2 billion ($280.87 million), down from HK$2.4 billion a year ago, the company said in a statement.

Market sentiment in Hong Kong, which was earlier hit by the Sino-U.S. trade war and months of often violent protests in the city, has started to pick up recently on the back of a series of large IPOs.

$1 = 7.8327 Hong Kong dollars Reporting by Alun John and Sumeet Chatterjee; Editing by Himani Sarkar

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