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Economy

HK Stock Exchange looks to attract more overseas companies

(Xinhua)
Updated: 2010-02-04 15:23

MOSCOW: The Hong Kong Stock Exchange is redoubling its efforts to attract more companies from outside Asia, said its chairman on Wednesday.

The world's economic gravity is shifting, although slowly, from the West to the East, and the shift is not only for business, but also investment appetite, Ronald Arculli, chairman of the Hong Kong Stock Exchange, told Xinhua.

Companies currently listed in Hong Kong are mainly from China's mainland, Hong Kong and Taiwan. But the exchange has been expanding its territories by wooing companies outside Asia.

"We need to explain to companies that the world economy really sets in Asia, not only China, but India as well," said Arculli, who is attending a forum in Moscow.

"We will be calling on several different companies in Russia, not necessarily those of natural resources, but businesses in other areas as well (to come to the Hong Kong Stock Exchange)."

Arculli is visiting after the United Company RUSAL (UC RUSAL) went for an Initial Public Offering in Hong Kong on January 27. It was the first Russian company listed in Hong Kong.

UC RUSAL's decision signaled a growing focus on the Chinese market and an expanding investment appetite, Arculli said.

The Hong Kong Stock Exchange has had inquiries from other Russian companies in fields like gold mining, logistics and investment banking.

While the exchange will continue to focus on China's mainland, it also eyes markets beyond Asia in places like Russia, Australia and Canada, said Arculli.