Surging global demand for Chinese stocks led Hong Kong’s exchange operator to its highest-ever quarterly profits, as investors renewed their optimism over Chinese technology companies and new listings.

Net profit at Hong Kong Exchanges and Clearing rose 36 per cent year on year in the first quarter to HK$4.1bn (US$528mn) on revenues of HK$5.5bn, up 42 per cent from the same period last year. Earnings per share rose by almost a dollar to HK$3.23.

The exchange has benefited from a spate of initial public offerings and rising interest from mainland Chinese and global investors in Hong Kong-listed shares, especially of technology companies, driven by optimism over China’s progress in artificial intelligence and hopes of greater fiscal stimulus from Beijing.