CEO of Hong Kong stock market vows to continue talks with Saudi Aramco

Ikaba Koyi WebFG News | 07 Sep, 2017 12:14 | | |

hong kong kowloon peninsula skyline night city

Hong Kong Exchanges & Clearing chief executive Charles Li pledged to continue talks with Saudi Aramco to woo the oil major to its trading venue, particularly now given the bourse’s planned IPO investment link with China.

Li told Reuters that “the talk will never stop” in trying to woo Aramco, with China now one of the largest buyers of oil from the Middle Eastern Kingdom.

Earlier this year, Li said the stock exchange would use its position as a gateway to mainland Chinese investors in order to clinch the listing.

Aramco's attractions for all of the world's main trading exchanges were enormous, with Saudi authorities thought to be planning to list close to 5% of the firm's shares in a dual-listing in Riyadh and on a second as yet undecided venue, potentially raising up to $100bn.

Aramco was thought to be favouring New York over London for its foreign listing, according to reports, but financial and legal advisors had recommended London as a less riskier option.

For his part, Li pointed out the benefits of having access to an additional liquidity pool supported by domestic Chinese liquidity.

"Having a rival liquidity pool that is supported by domestic Chinese liquidity that trades and invests at a very different valuation [...] allows them to walk on two legs globally at different clocks of trading," Li said.

More news

16:33 Eurozone consumer confidence jumps in November

Consumer confidence in the single currency bloc shot higher in November, according to the executive arm of the European Union.

16:24 Thursday preview: UK GDP, ECB minutes, results from Centrica, Cineworld, Severn Trent

Thursday's market volumes will be thinner as the US gets fatter on Thanksgiving, while the UK chews over the second reading for gross domestic product and likely further analysis of the Chancellor's Budget, while corporate results include Centrica, Severn Trent and Cineworld.

15:52 Budget: New tax breaks aim to revive North Sea oil and gas producers

Chancellor Philip Hammond has announced new tax breaks to encourage investment in North Sea oil and gas producers.

15:47 Budget: Hammond targets first-time buyers as growth forecasts are cut

Philip Hammond scrapped stamp duty on almost all first-time property purchases as he sought to inject good news into his Budget after a series of cuts to the outlook for the economy.

15:38 Treasury facing £300m phone bill after mobile network court challenge

The Treasury was facing the prospect of a rather expensive mobile phone bill on Wednesday, after a £300m appeal against a significant increase in annual license fees was upheld.

15:30 Gfinity losses widen as it invests in product

Esports entertainment business Gfinity saw revenue increase 64% to £2.37m in the year to 30 June, it reported on Wednesday, with its loss before tax widening to £5.3m from £3.1m.

15:25 Rambler installs Scott Britton as manager at Ming Mine

Rambler Metals and Mining announced the appointment of Scott Britton as its new general manager at the Ming Copper-Gold Mine in Baie Verte, Newfoundland and Labrador, Canada on Wednesday.

15:20 Ferrum Crescent granted three-year extension at Toral

Europe-focussed lead-zinc explorer Ferrum Crescent announced on Wednesday that, following a formal application to the Director-General of Mines of the Province of Leόn, its exploration licence on the Toral lead-zinc project has been renewed for a further three-year term to November 2020.

15:16 Totally acquisition Vocare wins contract extension with NHS Vale of York

Out-of-hospital services provider Totally has been awarded a two year contract extension ‘in-principle’ to 31 March 2020 with NHS Vale of York Clinical Commissioning Group, it announced on Wednesday.

15:30 Budget: Chancellor unveils stamp duty cut, housebuilder's planning probe

A range of new housing policies were proposed by Chancellor Philip Hammond in his Budget statement, including more funds for smaller housebuilder, a probe into potential holding of land by major housebuilders and a stamp duty cut for first-time buyers.