It's not hard when you have government gifted statutory monopoly and are also given control of listing and clearing regulations. The government ban on any comp

It's not hard when you have government gifted statutory monopoly and are also given control of listing and clearing regulations. The government ban on any competition to HKEX means that their net profit margin was 61% last year. As activist investor David Web put it: "On top of that, HKEX doesn’t even do its job well as an exchange, because it has been exempted from the Competition Ordinance and has fees, profit margins and archaic practices that only a monopoly could get away with."[2] >Exchanges don't do clearing True, but this is HKEX, which stands for Hong Kong Exchanges and Clearing. They operate 4 clearing houses in HK. update: 61% was first 9-months. Fully year was 58%[1] [1] https://www.hkex.com.hk/-/media/HKEX-Market/News/News-Release/2019/190227news/1902273news.pdf https://www.hkex.com.hk/-/media/HKEX-Market/News/News-Releas... [2] https://webb-site.com/articles/listing170915.asp https://webb-site.com/articles/listing170915.asp