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 to its global peers—no major exchange operator has lost more value this year.
