Hong Kong moved unexpectedly to raise taxes on share trading by 30%, putting a damper on the city’s stock-exchange operator just as it was unveiling record annual sales and profits.
A surge in trading and new listings has buoyed
Hong Kong Exchanges and Clearing Ltd.
, which has grown to become the world’s largest exchange operator based on its own market valuation, and the fourth-biggest by value of companies listed on its exchange.
The group’s ascendance also reflects the rise of China’s financial markets to become some of the world’s biggest and most important after those in New
