Hong Kong Exchanges and Clearing Ltd delivered record profit in the second quarter as initial public offering and trading boomed.

The bourse’s second-quarter profit rose 41 percent to HK$4.44 billion ($570 million), according to a statement Wednesday. Core revenue rose to HK$6.64 billion.

The Hong Kong Special Administrative Region’s stock market 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.

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Average daily turnover of equity products almost doubled in the period from a year earlier to HK$220 billion, according to the bourse. Southbound turnover, or flows from the mainland into the SAR, soared 154 percent while flows the other way to Shanghai and Shenzhen rose 19 percent.

Share sales in Hong Kong 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 Hong Kong listings amid geopolitical turbulence.

“While we celebrate these achievements, we must remain vigilant in the face of external uncertainties, including tariffs, geopolitical risks, and interest rate fluctuations,” said Chairman Carlson Tong in a statement. “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.”

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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 24 percent.