香港联交所2011工作报告

Charles Li Chief Executive Vincent Kwong Deputy Chief Financial Officer 22 March 2012 HKEx Investor Presentation The 15th Credit Suisse Asian Investment Conference – 22 Appendix4 Strategic Plan Update3 Financial Review2 Business Review1 Agenda 3 2011 – Key Achievements 3 IPOs – Globally # 1 for 3rd year in a rowIPOs – Globally # 1 for 3rd year in a row Established RMB equities trading infrastructureEstablished RMB equities trading infrastructure Upgraded cash trading system to AMS/3.8Upgraded cash trading system to AMS/3.8 Launched BRICS allianceLaunched BRICS alliance Completed important market consultationsCompleted important market consultations 4 2011 Annual Results 7,566 1,612 5,037 7,855 1,823 5,093 4.68 4.20 4.73 4.25 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 ($ million) Revenue and other income Operating expenses Profit attributable to shareholders Basic earnings per share Dividend per share ($) 55 2012 pipeline remains robust – 79 applications under review or approved as of 29 Feb 2012 IPO Funds Raised by Various Exchanges in 2011 (in US$bil) Source: Dealogic (figures include funds raised by REITs; full value of dual listing deals are allocated to the respective exchanges) HKEx remains World’s Largest IPO Exchange for the 3rd Year in a Row 36.2 31.4 26.2 19.4 16.3 10.7 7.6 5.3 4.7 3.6 HKEx NYSE SZSE LSE SHSE NASDAQ SGX BME BM&F KRX 6 2011 Securities and Derivatives Trading 6 2009-2011 Securities ADT Source: HKEx statistics Recent ADT momentum showing pick-up over Nov-Jan ADT ADT in billion $ ADT in billion shares 2009-2011 Derivatives ADV (In ‘000 contracts) 398 468 572 176 173 207 222 295 366 2009 2010 2011 Futures contracts traded Options contracts traded Trading volume of shares growing, but value flat due to market decline Derivatives turnover reached all time high 77 Appendix Strategic Plan Update Business Review Agenda 1 3 4 Financial Review2 8 Financial Highlights ($ million, unless stated otherwise) 2011 % of revenue & other income 2010 % of revenue & other income Y-o-Y Change Results Revenue and other income 7,855 100% 7,566 100% +4% Operating expenses (1,823) (23%) (1,612) (21%) +13% Profit before taxation 6,032 77% 5,954 79% +1% Taxation (939) (12%) (917) (12%) +2% Profit attributable to shareholders 5,093 65% 5,037 67% +1% Basic earnings per share $4.73 $4.68 +1% Diluted earnings per share $4.72 $4.67 +1% Interim dividend per share $2.16 $1.89 +14% Final dividend per share $2.09 $2.31 -10% Total dividend per share $4.25 $4.20 +1% Dividend payout ratio 90% 90% - Average daily turnover of Cash Market $69.7 bn $69.1 bn +1% Capex 743 99 +6.5x Revenue and PAT moved in tandem with ADT Capex and operating expenses rose due to implementation of various strategic initiatives 2,843 2,936 945 949 1,569 1,663 612 685 670 637 455 595 472 390 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 9 Revenue and Other Income Breakdown ($ million) Trading fees and trading tariff Stock Exchange listing fees Clearing and settlement fees Depository, custody and nominee services fees Market data fees Other revenue and other income Net investment income  Trading and clearing fees increased due to increase in market activities  Market data revenue declined due to lower per-quote fees  Other revenue and other income rose due to forfeiture of unclaimed dividends held by HKSCC Nominees  Net investment income decreased due to lower fair value gains 10 Operating Expenses Breakdown Operating costs increased due to implementation of strategic initiatives 892 1,030 265 302 210 217 15 16 16 35 107 90 107 133 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 ($ million) Staff costs and related expenses IT and computer maintenance expenses Premises expenses Product marketing and promotion expenses Legal and professional fees Depreciation Other operating expenses 11 Results by Quarter 64.8 61.8 86.5 72.675.9 71.1 62.9 59.3 1,714 1,740 1,837 2,275 1,907 2,065 1,945 385 391 402 434 442 474 467 440 1,127 1,131 1,220 1,559 1,238 1,346 1,237 1,272 1,938 0 20 40 60 80 100 120 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 0 500 1,000 1,500 2,000 2,500 Average daily turnover value on the Stock Exchange ($bn) Revenue and other income ($mil) Operating expenses ($mil) Profit attributable to shareholders ($mil) ($ billion – ADT Only) ($ million) 1212 Appendix Financial Review Business Review Agenda 1 4 2 Strategic Plan Update3 13 2012 – Key HKEx Strategies 13 Business Drivers Business Drivers Essential Infrastructure Investment Essential Infrastructure Investment Chapter 1Chapter 1 Chapter 2Chapter 2 Chapter 3Chapter 3 Next Generation Data Center Next Generation Data Center Hosting Services Hosting Services IT Upgrades IT Upgrades RMB and Moving Beyond EquitiesRMB and Moving Beyond Equities Critical Implementation YearCritical Implementation Year HKEx Strategic Vision 14 CHAPTER 1 CHAPTER 2 CHAPTER 3 Financial Players and Corporates Financial Players and Corporates IssuersInvestors Issuers with China Nexus Investors Issuers HKD Equity RMB Equity Fixed Income, Currency and Commodities China International Key Business Drives – Seizing the Opportunities 15 Near-term visibility may be limited, but we must capitalise on our unique position Chapter 1 Chapter 2 Chapter 3 M a r k e t C a p × T u r n o v e r N e w A s s e t C l a s s e s China Add-on’s Structural uplift in ADT International listings Cross-border market access Financial derivatives Commodities China IPOs RMB products OTC clearing Chapter 1 – Key Business Drivers 16 China IPOs  New Issues from China still strong…  …but a mature growth story International Listings  Incremental growth leveraging on existing platform  Great branding effect China Add-on’s  Financial Institutions (FIs): strengthen capital adequacy  Non-FIs: funding growth and overseas expansion Chapter 1 17 Robust Fund Raising Story Continues… 17 ($bil) 26 52 59 97 166 334 292 66 248 450 260 39 59 155 185 136 191 298 361 394 409 230 64 111 214 282 302 525 591 427 642 859 490 77% 77% 86% 79% 91% 91% 85% 73% 83% 50% 37% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 IPO Follow-on % of China IPOs …but IPOs are mature growth story Chapter 1 18 52% 37% 12% Mainland Enterprises US$10.0bil Switzerland US$2.5bil Italy US$1.3bil Luxembourg US$206mil Japan By Introduction England & Wales International Listing Hong Kong Four overseas jurisdictions were recognised in 2011: Canada-Alberta, France, Guernsey and Italy 2011 IPO Funds Raised Selected International Listings Chapter 1International Listings Becoming A Key Driver By Introduction USA HK Listed Shares Controlled by Major Shareholders: HK$10 trn HK Public Free Float: HK$10 trn 19 Chapter 1China Add-On’s – Potential for Substantial Future Sell-down Source: Estimates only, from Thomson Reuters, ETNet and HKEx statistics Domestic Shares of H-share Companies – Controlled by Major Shareholders: HK$9 trn Public Free Float Non Public Free Float Total Hong Kong and International Issuers HK$6 trn (64%) HK$3 trn (36%) HK$9 trn Red-Chip HK$1 trn (31%) HK$3 trn (69%) HK$4 trn Non-H Mainland Private Enterprises HK$0.7 trn (35%) HK$1 trn (65%) HK$2 trn H-Share – Hong Kong Listed Shares HK$3 trn (53%) HK$2 trn (47%) HK$5 trn H-Share – Domestic Shares HK$2 trn (14%) HK$9 trn (86%) HK$11 trn Domestic Shares of H-share Companies – Public Free Float: HK$2 trn Controlled by Major Shareholders Chapter 2 – Key Business Drivers 20 RMB Products  Critical to the sustainable growth of offshore RMB  Prepare for the arrival of Mainland investors Cross-border Market Access  Huge need for Mainland investors to go offshore driven by domestic economic growth Structural Uplift in ADT  Higher velocity from Mainland investors will drive ADT Chapter 2 21 HKEx has the potential to substantially increase velocity as China opens capital account LTM ADT & Velocity of Major Global Exchanges (in US$bil) Source: WFE, as of 31 January 2012 = LTM average velocity 113.7 75.0 3.7 13.4 14.7 11.5 6.0 17.3 8.1 5.5 3.5 2.3 1.1 NASDAQ NYSE BM&F LSE SHSE SZSE HKEX TSE KRX ASX TWSE NSE SGX 291% 125% 65% 129% 108% 218% 55% 179% 84% 111% 66% 44% 45% Potential Impact of Mainland Investors Chapter 2 * * Excludes structured products 22 RMB Products – Recent Developments RMB Infrastructure RMB Products Largely Completed  Readiness of brokers, service providers, systems, regulations  About 90% of market is ready to trade RMB equity  RMB Equities Trading Support Facility (TSF) Launch slowed down by Market Conditions  Dual Tranche Dual Counter (DTDC) RMB Equity Model  Potential issuance of RMB bonds and equity in Hong Kong by H-share companies  BRICS Alliance Chapter 2 23 Jan 2012 Launch of RMB Trading Support Facility (TSF) Oct 2010 Listing of the first RMB bond – Asian Development Bank Mar 2011 RMB Readiness Testing with participants – 365 EPs and 35 CPs are ready Apr 2011 Listing of the first RMB REIT – Hui Xian REIT (RMB10.5 bil) RMB Bond RMB REIT Other RMB Products RMB Equity Sep 2011 Introduced Dual Tranche Dual Counter (DTDC) - RMB equity listing model to the market Full Year 2011 Listing of 9 RMB bonds by 7 companies 2011 . . .2010 Oct Jan Apr Jul Oct Jan 2012 Chapter 2RMB Capability – Laying the Foundation Feb 2012 First RMB Gold ETF listed – Hang Seng RMB Gold ETF RMB ETF 24 Different Models & Facilities to Support the Listing & Trading of RMB Equities 2424 RMB + HKD RMB RMB HKD RMB HKD IPO Trading STSC Single Tranche Single Counter Supported by DTDC Dual Tranche Dual Counter TSF RMB Equities Trading Support Facility STSCSTSC DTDCDTDC Will also be used for follow-on offerings Chapter 2 Launch of RMB equities....awaiting market conditions to pick up 25 RQFII  Expands CNH product suite  Enhances yield on CNH  Facilitates RMB ETFs on A-Share underlying Cross-border ETFs  Gives Mainland investors access to Hong Kong underlying at index level  Increases familiarity with HKEx equity market  HKEx-listed RMB ETFs on A-Share underlying provide currency neutrality Potential JV  Landmark cooperation between three Chinese exchanges (HKEx, SHSE, SZSE)  Potentially gives HKEx access to futures on Mainland underlying Chapter 2Cross-border Market Access – Why is it Important? Benefits of aligned opening hours will begin to emerge as cross-market access increases 26 Chapter 2Offshore RMB – Progress on 3 Critical Steps Step 1 – RMB flows out of the Mainland ■ Size of CNH pool by 31 Jan 2012 was RMB 576 bil ■ 8.9% of trade settlement executed in RMB in 1H 2011 ■ China’s ODI in non- financial sectors reached US$60 bil in 2011 Step 2 – RMB circulates offshore ■ Product curve: Moving from Deposits / Insurance / Bonds to Equity / Structured Products ■ RMB 234 bil of Dim Sum Bonds outstanding to date* ■ Potential issuance of RMB products in Hong Kong by H- share companies ■ HKMA eases regulations to allow banks to expand CNH business Step 3 – RMB flows back onshore ■ Streamlined approval procedures to send RMB proceeds back to Mainland ■ The first batch of RQFII quota to invest mainly in fixed income ■ Expanded RQFII quota to facilitate RMB ETFs on A- share underlying Source: Chinese Government’s Official Web Portal; HKMA website * As of 27 Feb 2012 Substantial progress but still early days in a long march 27 BRICS Exchanges Alliance 27 South AfricaBrazil Russia ChinaIndia + Chapter 2 Cross-listing of key index futures Development of cross-market products Slow start expected, but a strategic partnership initiative 2828  Hong Kong continues to rank as the world’s top financial center  HKEx has the opportunity to lead Hong Kong into new asset classes Equities Fixed Income & Currency Commodities Hong Kong’s Financial Markets – Future Vision Chapter 3 29 Chapter 3 – Why Now? China’s influence and relevance in global market is larger Extension of Hong Kong value proposition “China meets international” to new asset classes China is internationalizing fast China needs access to financial and commodity derivatives markets in RMB and Asian time zone Incremental driver of CNH growth But these are also globally competitive sectors But these are also globally competitive sectors Chapter 3 30 Size of the Opportunity Offshore RMB will be the transformational driver Chapter 3 OTC Clearing Financial Derivatives Commodities IRS & FX RMB FX Derivatives Sectors? Value Chain? Business Models? 31 Infrastructure – 2012 is a Critical Implementation Year To preserve our franchise and grow, we have to invest Fiscal Regime  Enhanced fiscal discipline  Internally funded  No planned changes to dividend policy  Higher capex  Potential change in margin structure  Reduced cash flow in interim Required Investment  Essential infrastructure investment to preserve current revenue  Building blocks for incremental revenue  Increased headcount and operating expenses  Strengthened project management Essential Infrastructure 32 I n f r a s t r u c t u r e I n f r a s t r u c t u r e M a r k e t S t r u c t u r e M a r k e t S t r u c t u r e P l a t f o r m P l a t f o r m SDNet2 Hosting Services New Trading Hours Part 1 New Trading Hours Part 1 T + 2 Finality T + 2 Finality New Trading Hours Part 2 New Trading Hours Part 2 AMS/3.8 Market Data System Market Access Gateway AMS/3.8 Market Data System Market Access Gateway Consolidated Data Center Consolidated Data Center Clearing House Risk Management Clearing House Risk Management After Hours Futures Trading After Hours Futures Trading Essential Infrastructure Essential Infrastructure Investment – A Comprehensive Plan Derivative Trading System Upgrade 33 2012 – Key HKEx Strategies 33 Business Drivers Essential Infrastructure Investment Chapter 1 Chapter 2 Chapter 3  Globally leading IPO market  International listings continue  China add-on’s expected to enhance float  RMB infrastructure completed  Awaiting market improvement  …and cross- border flows  Moving beyond equities  Potentially transforming Hong Kong’s market  …but globally competitive  Essential to preserve our franchise and grow business  2012 is a critical implementation year  Capital expenditure and headcount will have financial impact 3434 Questions and AnswersQuestions and Answers 3535 Appendix – Additional Financial Information4 36 Quarterly Trend - Revenue and Other Income 653 632 657 901 765 700 801 670 221 204 232 288 246 221 247 235 365 362 358 484 418 409 441 395 73 247 141 151 72 322 192 99169 166 160 175 168 164 159 146108 96 115 136 127 119 111 125 174 140 111 130 155 130 33 108 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Trading fees and trading tariff Stock Exchange listing fees Clearing and settlement fees Depository, custody and nominee services fees Market data fees Other revenue Net investment income Other income ($ million) 1,714 1,740 1,837 2,275 2,065 1,9381,945 *1,907Total * Including net investment loss of $6 million for the third quarter of 2011 ^ Other income represents the forfeiture of unclaimed cash dividends held by HKSCC Nominees Limited. ^ 37 Quarterly Trend - Operating Expenses * Other costs include product marketing and promotion expenses, legal and professional fees and other operating expenses. 209 212 224 247 244 274 275 237 64 64 67 70 72 77 73 80 53 52 53 52 52 54 55 5627 26 26 28 26 24 20 2032 37 32 37 48 44 47 45 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Staff costs and related expenses IT and computer maintenance expenses Premises expenses Depreciation Other costs* ($ million) 385 391 402 434 474442Total 467 440 38 9.3 10.6 3.8 4.1 24.9 30.7 2.5 2.8 2010 2011 Net Investment Income by Funds Net Investment Income ($ million) Average Amount of Funds Available For Investment ($ billion) 200 121 1 15 257 250 14 4 2010 2011 Corporate Funds Cash Collateral Margin Funds Clearing House Funds 472 390Total 40.5 48.2Total 39 2011 Results - Net Investment Return by Funds 2.16% 1.13% 0.02% 0.37% 1.04% 0.81% 0.54% 0.15% 1.17% 0.81% 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 Corporate Funds Cash collateral Margin Funds Clearing HouseFunds HKEx Group Total