These two years have been the most controversial point in the 20 years since the listing of the Hong Kong Stock Exchange.

At the same time, a number of executives were called to the ICAC for coffee, staging a realistic version of the "anti-corruption storm". Li Xiaojia, who has carried out a series of drastic reforms to the HKEx, announced that he had stepped down.

There is no doubt that the pressure on HKEx, both internally and externally, is unprecedented.

However, under multiple pressures, the HKEx handed over its most eye-catching semi-annual report in its history.In the first half of 2020, income and other income increased by 2% compared with the first half of 2019, and the profit attributable to shareholders reached 5.233 billion yuan, both reaching semi-annual highs.

Behind the bright results, the HKEx has become the most eye-catching capital market in the world-attracting the world's top companies to list in Hong Kong for the second time, NetEase, Inc, JD.com, BABA …... At the same time, a number of outstanding Internet and biomedical companies have chosen the Hong Kong Stock Exchange as their listing place, including Meituan, XIAOMI, Junshi Bio, Yongtai Bio, and so on.

Behind this, it is led by Li Xiaojia, which opened the door of different rights of the same shares of the HKEx and carried out the results of the new IPO deal in the biomedical sector.

Will it be any comfort for Li Xiaojia to receive such a report card before stepping down as chief executive of the HKEx?

The strongest semi-annual report in the history of the HKEx has arrived.

Just now, HKEx released its strongest semi-annual report in its history.

According to the announcement of the HKExIncome and other income in the first half of 2020 increased by 2% over the first half of 2019, reaching a semi-annual high.。Specifically, the average daily turnover increased by 20 per cent, resulting in an increase in transaction and settlement fees and a 13 per cent increase in revenue from major businesses compared with the first half of 2019. Meanwhile, revenue and other income from the Shanghai-Shenzhen-Hong Kong Stock Connect reached a semi-annual high of 743 million yuan, up 46 per cent from the first half of 2019.

During the period, the profit attributable to shareholders reached 5.233 billion yuan, a semi-annual high, up 1 per cent from the first half of 2019.

However, net investment income fell by 681 million in the first half of the year. HKEx explained that this was due to a sharp sell-off in the global market in March 2020, resulting in a fair value loss of operating expenditure of 6 per cent in the collective investment plan announced in the first quarter compared with the first half of 2019. This is due to the annual salary adjustment and the increase in the number of employees after the acquisition of Hong Kong Financial Technology in June 2019, as well as an increase in information technology costs and professional fees.

In addition, EBITDA1's profit margin was 76 per cent, down 1 per cent from the first half of 2019 but up 1 per cent from fiscal year 2019.

Li Xiaojia, chief executive of HKEx, said, "Hong Kong Exchanges and Clearing got off to a good start in the first half of this year. Despite macroeconomic fluctuations, our operating income and profit still hit a semi-annual high." With the increase in turnover in the spot market, the turnover of the Shanghai-Shenzhen-Hong Kong Stock Connect continued to hit record highs, and there was a steady stream of new shares listed, including a number of large stocks that came to Hong Kong for secondary listing, offsetting the decline in investment income due to fluctuations in the valuation of the investment portfolio. "

The share price has "taken the lead" by 52%.

In fact,Judging from the performance of the secondary market, the HKEx has given "big red envelopes" to many investors in advance.

Since the beginning of the year (as of August 19), HKEx shares have bucked the trend by 51.61%, while the Hang Seng index has fallen more than 10% over the same period.

The bank looks as high as HK $462.

What is worth paying attention to is that many institutions have given a more positive attitude towards the follow-up development momentum of the HKEx.

In August, Credit Suisse published a research report that believed that HKEx had a unique financial position connecting the mainland and the world, and expected its after-tax net profit to grow at a compound annual growth rate of 16.6% in 2020-22.So give it to him for the first time「Outperform the big market」Rating, the target price is HK $462.

Credit Suisse points out that after the listing reform, HKEx has become increasingly attractive to new listings in Hong Kong, with stock trading activity expected to rise from 90 per cent this year to 94 per cent in 2021-2022, and HKEx is expected to benefit from positive factors such as derivatives and further diversification of ETF's product portfolio.

It is not a unique instance, but has its counterpart.

Recently, CICC published a research report pointing out that due to the listing process of new economy companies in Hong Kong or the Chinese companies represented by BABA, the stock of Hong Kong stocks is still continuing to convert after the completion of the secondary listing of Hong Kong stocks, and the further expansion of trading volume in the local market is expected to help stimulate profits.Raise the target price of the HKEx by 15% to HK $446。

CICC said that the Hang Seng Technology Index may contribute nearly half of the transactions in the market, accompanied by the dual drive of market capitalization growth and structural increase in turnover, as well as the continued promotion of derivatives such as interconnection expansion and MSCIA stock futures, helping to diversify the income structure and form a positive catalyst on trading volume.

CICC continued to raise HKEx's profit forecasts for 2020 and 2021 by 4.6 per cent and 9.3 per cent to HK $11.4 billion and HK $14.1 billion.

Hong Kong marketOr becomeChina's「NASDAQ」

What is noteworthy is that, in the view of many investors, with the return of US-listed stocks, Hong Kong stocks will usher in unprecedented opportunities.

Recently, Li Yaozhu, head of the international business department of the Guangdong Development Fund, said in a dialogue with Futu Information.With the "return tide" of US-listed stocks, Hong Kong stocks may usher in a new round of structural market. In addition, with the listing of more and more high-quality technology stocks, the Hong Kong market is expected to become China's "NASDAQ" in the future.

Li Yaozhu stressedChinese Internet companies and biopharmaceutical companies will be medium-and long-term investment opportunities in the Hong Kong market.The rise of the new economy is very different from the economic recovery in 2016. The economic recovery is cyclical, while the rise of the new economy is more long-term. It is expected that Hong Kong growth stocks will usher in medium-and long-term investment opportunities.

The share of the market capitalization of Chinese New economy companies in Hong Kong will increase rapidly in the future. Some of the funds invested in China's new economy will be attracted to the Hong Kong market. It turns out that these funds are hoarded in US stocks, and they will flow back to Hong Kong stocks in the future. In the future, there will be more capital and more active trading in the Hong Kong market, and it is possible that the Hong Kong market will be built into the "NASDAQ of China".

The most direct beneficiary of all this is the Hong Kong Stock Exchange.