Hong Kong Exchanges & Clearing just posted one of its strongest results in years. First-half profits were up almost 40% compared with a year ago. Trading volumes are higher, IPOs are returning, and southbound flows from mainland investors have tripled.
For a market that a lot of people had written off, the numbers tell a very different story.
The exchange is the clearest barometer you can find. It doesn’t create demand; it reflects it. If HKEX is printing record profits, it means investors are showing up again and capital is moving through the system. That is the kind of signal you look for when you suspect a market may be turning the corner.