Analysts believe that the expansion of Hong Kong Exchanges & Clearing Ltd.'s (HKEX) non-equity business is crucial for boosting its stock, as record trading volumes and new listings have provided little uplift. Investors have been hesitant to invest in HKEX, partly due to regulatory concerns over cross-border investment flows and quality control of new stock listings. The bourse operator's new business growth will be a key focus when it reports earnings later Wednesday.