HONG KONG: Hong Kong’s stock exchange, seen as one of the potential big winners from a bill last week by the United States Senate to limit listings of Chinese companies, Hong Kong Exchanges & Clearing Ltd (HKEX), now faces what could be an even more rocky year than 2019, when political unrest cooled trading and brought revenue growth to a near standstill.
The bourse’s shares on Friday had their biggest tumble in a year, as investors absorbed Beijing’s proposal to impose security legislation on the semi-autonomous city. Protesters held their biggest rally in months over the weekend, with more demonstrations planned for later in the week. The bill also raises uncertainty over the city’s status as a financial hub, stirring doubts about the prospects of foreign investments and fears of capital flight.
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