45 - Hong Kong Exchanges and Clearing

A Slew of Chinese IPOs has been good news for the operator of Hong Kong’s bourse. The exchange revamped its regulations this year to attract more companies from mainland China. Companies can now register dual-class shares in Hong Kong, allowing executives to raise money without diluting ownership—incentives that enticed big names such as Xiaomi and Meituan. Hong Kong’s “stock connect” arrangements, which open mainland China’s markets to foreign investors, are also driving growth. Revenue hit a record $1 billion in the six months through June.