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Posts Tagged ‘HKEx’

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.

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