IPO Drought Places HKEX Among World’s Worst-Performing Bourses

(Bloomberg) — Hong Kong Exchanges & Clearing Ltd. is among the worst-performing listed bourses worldwide this year as China’s extended corporate clampdown and pandemic-related woes have caused large initial public offerings to disappear.

The exchange’s shares have retreated about 28% in 2022, just behind those of Moscow’s bourse and cryptocurrency platform Coinbase Global Inc. The HKEX is due to report earnings Wednesday, with first-quarter net income expected to slump 23%, according to an average of six estimates compiled by Bloomberg.