Shares of Hong Kong Exchanges and Clearing (0388) rose to nearly HK$300 yesterday on hopes that US-listed mainland stocks will decamp to Hong Kong amid escalating Sino-US tensions. Wong advised against investors jumping in and buying HKEx shares for the time being because the valuation is already very high. "In terms of the price-to-earnings ratio, HKEx is in fact one of the highest-valued stock exchange companies in the world," Wong said. "People may think that more and more big technology or internet giants will come back to Hong Kong." Hong Kong's IPO market ranked first globally by number of IPOs in the first quarter, with 39 listings that raised HK$14.4 billion.

Source: The Standard June 04, 2020 02:37 UTC