Hong Kong’s Stock Exchange Hit Hard by Market Rout

Operator HKEX has underperformed city’s benchmark index this year but has plans that could boost activity

Hong Kong Exchanges & Clearing has proposed a rule change that would allow more early-stage companies to list.Photo: jerome favre/Shutterstock

Hong Kong’s stock market has performed badly this year—but its stock-exchange operator has done even worse.

The shares of Hong Kong Exchanges & Clearing Ltd. are down 43% since the start of the year, even after a rally so far in November. That is a bigger drop than that of Hong Kong’s benchmark Hang Seng Index, which has fallen 30% in the year to date. It also compares poorly with its global peers—no major exchange operator has lost more value this year.

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