Hong Kong Exchanges and Clearing Ltd is estimated to post a record profit for the second straight quarter, buoyed by an initial public offering and trading boom.

The bourse’s second-quarter profit could jump 32 percent to HK$4.16 billion ($540 million), according to five analysts surveyed by Bloomberg. Revenue is seen rising 27 percent to HK$6.9 billion. The exchange is scheduled to release earnings around noon on Wednesday.

The stock market in the Hong Kong Special Administrative Region has boomed this year, with its benchmark index surging and share sales posting a strong recovery as Chinese mainland firms flock to raise capital. That in turn has boosted trading volumes, one of the main drivers of earnings for the exchange.

ALSO READ: HK tops global IPO rankings with 42 new listings in H1

Average daily turnover more than doubled in the period from a year earlier to HK$242 billion. Southbound turnover, or flows from the mainland into the HKSAR, soared 154 percent while flows the other way to Shanghai and Shenzhen rose 19 percent, according to Sharnie Wong and Lucy Wang, analysts at Bloomberg Intelligence.

Share sales in the HKSAR have topped $46 billion this year, including a $5 billion deal from Contemporary Amperex Technology Co Ltd, according to Bloomberg-compiled data. Strong momentum is expected to carry through into the second half as more mainland firms pivot to listings in the HKSAR.

The bourse has also rolled out a series of measures to ease listings, including lowering revenue requirements and easing minimum float requirements, adding further momentum to the market.

READ MORE: First IPO under HKEX new rules oversubscribed

Meanwhile, the plunge in interest rates in the city is likely to weigh on the exchange’s investment income.

HKEX’s shares have risen 47 percent this year, beating the benchmark Hang Seng Index’s gain of 25 percent.