atans1

Russians prefer HKEx

In Uncategorized on 01/07/2010 at 5:25 am

FT reports Renaissance Capital, the Moscow-based investment bank, is opening an office in Hong Kong in expectation that a wave of Russian companies will choose to sell shares in the city.

The move comes five months after Rusal, the aluminium group controlled by Oleg Deripaska, became the first Russian company to list on the Hong Kong stock exchange.

“There are a lot of large Russian companies looking at Hong Kong as a destination for a listing,” said Jeremy Sparrow, chief executive of RenCap’s Hong Kong office, the bank’s first in Asia.

“We’re going to encourage as many companies from emerging markets, primarily in resources and oil and gas, to come and look at Hong Kong,” he said. Mr Sparrow said clients were seeking to tap deeper pools of cash in China as the “apex” of financial markets began to move east from traditional centres in the west still struck by crisis. “It’s where the money is,” he said.

According to PwC, Hong Kong last year overtook London and New York as the world’s biggest centre for flotations, with companies raising about $32bn through initial public offerings.

SGX has no excuse missing out on Russians to HKSx.

About these ads

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 199 other followers

%d bloggers like this: