Hong Kong Exchanges and Clearing Limited (HKG: 0388) runs the Hong Kong stock exchange, one of the world’s largest with a total market capitalisation of $38 trillion as of Dec-2019. It provides world-class facilities for trading and clearing of securities and derivatives in various asset classes including equities, commodities, fixed income, and currency.  In this article, I will share more about its businesses, latest earnings, historical financials, and competitive strengths. Business Overview  Hong Kong Exchanges and Clearing Limited (HKEX) positions itself as the financial market operator that facilitates capital flow between China and the international market. Leveraging Hong Kong’s status as an international financial centre, it has been the primary fund-raising hub for mainland Chinese companies and a connector for international funds entering the Chinese equity market.  The group has five revenue streams: Cash Equity – trading of equity products and listing of new companiesEquity and Financial Derivatives – trading...