The management of Hong Kong Exchanges and Clearing (HKEX) dismissed concerns over lackluster trading and static listing activities that led to a profit slump, as the bourse, led by a new executive team, navigates broader international connections and stimulating measures.

HKEX’s net income slid 13 percent year-on-year to HK$2.97 billion ($379.2 million) for the January-to-March period, according to a public filing on Wednesday.

Revenue in the first quarter declined 6 percent year-on-year to HK$5.2 billion, mainly due to shrinking trading and listing income.

According to an exchange statement, Carlson Tong Ka-shing, the former chairman of KPMG China, took over as HKEX’s chairman, effective following the conclusion of its annual general meeting on Wednesday

However, HKEX’s newly appointed CEO, Bonnie Chan Yiting, said the group demonstrated its “strength and resilience”, citing strongly performed derivatives and commodities trading and “significant growth” in the cross-border Connect programs, which link the city and the mainland.

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“Looking ahead, despite the prevailing backdrop, we are optimistic about HKEX’s ability to capitalize on the long-term growth of China, the considerable opportunities to connect with the fast-growing capital hubs of Southeast Asia and the Middle East, and the continuing exciting developments in technology in our industry and beyond,” said Chan, who succeeded Nicolas Aguzin in March.

According to an exchange statement, Carlson Tong Ka-shing, the former chairman of KPMG China, took over as HKEX’s chairman, effective following the conclusion of its annual general meeting on Wednesday.

As for muted listing activities, Hong Kong’s IPO fundraising amount dropped 30 percent year-on-year to HK$4.7 billion in the first quarter, data from Deloitte shows.

The Asian hub, with its IPO market hitting a new low not seen since the same period in 2009, slid to 10th position on the fundraising list globally in the first three months, according to Deloitte’s IPO report, published in early April.

In her last annual general meeting, then outgoing HKEX Chairperson Laura Cha Shih May-lung said the city’s IPO slowdown are only “cyclical” issues, adding that the city boasts an IPO pipeline of around 100 listing applications under review.

While the global financial markets will continue to be affected by the economic environment and geopolitics, it is believed that the HKEX can strengthen its unique role of connecting the country with the world, thus enhancing the Hong Kong market’s competitiveness, Cha said before stepping down from the chairman role.

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Last year, HKEX opened its New York and London offices to extend its reach. She stressed that HKEX will never slow its international development, adding that the exchange will consider any measures conducive to stimulating trading volume.