Hong Kong’s stock exchange churned out a record profit last quarter and beat estimates, as the bourse rode a trading boom spurred by global market volatility and a spate of local listings.

Hong Kong Exchanges and Clearing Ltd reported net income of HK$4.08 billion ($526 million) in the three months ending March 31, up 37 percent from a year earlier, according to a statement Wednesday. That was ahead of the HK$3.98 billion average estimate of four analysts.

“The renewed global interest in China opportunities that picked up in the second half of 2024 continued to build momentum into 2025, boosted by exciting developments in artificial intelligence and innovation,” HKEX Chief Executive Officer Bonnie Chan said in the statement.

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Hong Kong’s dealmakers are optimistic of a flurry of secondary listings this year. Among closely-watched listings is battery maker Contemporary Amperex Technology Co Ltd’s mooted $5 billion-plus offering, which may become the largest globally in 2025.

HKEX’s quarterly revenue jumped 32 percent to HK$6.86 billion. The latest profit surpassed the previous record of HK$3.84 billion set in the first quarter of 2021. The exchange’s shares have risen 16 percent this year versus a 10 percent increase in the city’s benchmark Hang Seng Index.

Core business revenue surged 36 percent in the latest quarter from a year earlier, reflecting an increase in trading and clearing fees from higher volumes in stocks, derivatives and commodities.

Hong Kong’s cash trading turnover has more than doubled to an average of HK$249 billion year-to-date from the year-earlier period. It surged to a new high of HK$621 billion in early April.

A total of 17 companies debuted on the exchange in the first quarter, up from 12 a year earlier, and total fundraising surged, HKEX said.