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Hong Kong Exchanges' profit drop signals slowing bull run

China's crackdown on tech and education companies hangs over IPO outlook

HKEX CEO Nicolas Aguzin said markets have been “jittery” amid Beijing’s regulatory interventions. (Courtesy HKEX)

HONG KONG -- Hong Kong Exchanges & Clearing faces a murky earnings outlook after posting its first drop in quarterly profit in more than a year on Wednesday, with initial public offerings poised to lose steam.

The world's most valuable stock exchange operator, which saw its own share price climb 40% over the past year as investors poured into the market, is now being buffeted by China's crackdown on the technology and education sectors.

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