Please click on each headline for the latest news on Hong Kong and China:
Russian company in Hong Kong's largest new listing
Russian aluminum company Rusal has raised US$2.24 billion (HK$17.4 billion) from its initial public offering (IPO) in Hong Kong, making it the first Russian company to list in the city. It is not only the largest new listing in Hong Kong by an issuer from outside Greater China, but also the largest IPO globally year-to-date.
The Rusal offering was priced at HK$10.80 per share, which was the mid-point of the original price range, but the bottom of the slightly tighter guidance range of HK$10.80 to HK$12 that the bookrunners went out with towards the end of the bookbuilding. It was reported that more than 350 institutional investors had came into the deal, which was more than two times covered.
Meanwhile, Mongolia-based coal miner SouthGobi Energy Resources has also raised HK$2.89 billion (US$373 million) from a separate share sale that was very well received. While SouthGobi has all its mining operations in Mongolia, the company is Canadian and it is already listed in Toronto. The Hong Kong stock exchange has worked hard in recent years to broaden the line-up of new listings beyond companies from Greater China.
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March Seminar on "Listing and Capital Raising in Hong Kong"
Co-organized by Hong Kong Exchanges and Clearing Limited, Hong Kong Trade Development Council, Hong Kong Economic and Trade Office and Invest Hong Kong, a morning seminar on "Listing and Capital Raising in Hong Kong for Mineral and Natural Resources Companies" will be held March 8 at the Metro Toronto Convention Centre (Room 717B, South Building).
For mining and natural resources companies planning to raise funds, this seminar will provide them with an opportunity to better informed of Hong Kong's securities market - one of the most active and liquid markets in the world. In 2009, US$31 billion was raised through new listings in Hong Kong, which was the top global IPO fund raising centre for the year.
Special guest speakers at the seminar include: Prof K.C. Chan, Secretary for Financial Services and the Treasury of the Government of Hong Kong Special Administrative Region, and Ronald Arculli, Chairman of HKEx.
Senior executives of HKEx and intermediary firm representatives and advisors will also be present to offer complimentary advice and insights on "Why and how mining companies can list in Hong Kong" including such practical subjects as "Preparing for IPO in Hong Kong ¡V the process and common issues" and "How mining companies can attract investors in Asia through listing in Hong Kong". On experience-sharing, the President & CEO of SouthGobi Energy Resources, Alexander Molyneux, will discuss with the audience the "Benefits of dual listing on HKEx".
Pre-registration is required. For event details, please contact Andrew Yui, HKTDC Toronto Office at email: andrew.yui@hktdc.org or Tel: (416) 366-3594
Hong Kong and Shanghai sign MOU to advance financial co-operationg
With an aim to actively promote dual development and co-operation between financial services in Hong Kong and Shanghai, Hong Kong and Shanghai recently signed a Memorandum of Understanding Concerning Advancing Hong Kong-Shanghai Financial Co-operation (MOU). The MOU allows both places to capitalize on their respective strengths to contribute to financial reform on the Mainland China.
According to the MOU, the two cities would strengthen financial co-operation under the framework of the Hong Kong/Shanghai Economic and Trade Co-operation Conference and with the advice and support of the state's financial authorities.
The MOU outlines three directions for advancing co-operation, by setting out (1) the overall objectives for advancing financial co-operation between Hong Kong and Shanghai, (2) priority areas for advancing financial co-operation between Hong Kong and Shanghai, and (3) advancing co-operation concerned improving the dialogue and exchanges between the financial services of Hong Kong and Shanghai.
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Global economic growth for 2010
The World Bank revised upwards its forecast on the global economic growth for 2010 to 2.7% from the 2% announced in June 2009, but the World Bank also warned that the global economic recovery may lose momentum in the second half of 2010 given that the impact of fiscal stimulus wanes, credit conditions remains tight and high unemployment persists.
In Hong Kong, seasonally adjusted unemployment rate came down further to 4.9% in October-December 2009. Sentiments among the large private businesses also improved further, with general optimism across all sectors surveyed as indicated by the latest Quarterly Business Tendency Survey. Meanwhile, Hong Kong was named the world's freest economy for the 16th consecutive year by the Heritage Foundation.
In Asia-Pacific, Singapore's non-oil domestic exports jumped for the second straight month in December, by 26% over a year earlier, amid rising global demand for its electronic and pharmaceutical output. Thanks to the strong Chinese demand, the value of Taiwan's export orders surged by a record 52.6% year-on-year in December 2009.
Two new facilities opened at Hong Kong Airport
Hong Kong International Airport (HKIA) recently officially launched two new facilities: the SkyPier, a new cross-boundary ferry terminal; and the North Satellite Concourse, which is equipped with 10 bridge-served parking stands for narrow-bodied aircraft. The facilities have been soft-opened since mid-December 2009.
Dr Marvin Cheung, Chairman of the Airport Authority Hong Kong, said at the grand opening of the two new facilities that the SkyPier and North Satellite Concourse are part of HKIA's near-term growth projects to enhance service levels and meet future demand. "The SkyPier efficiently conveys passengers travelling between the Pearl River Delta and the world via HKIA," he said, "while the North Satellite Concourse enables about 98% of our passengers to embark and disembark airplanes in an indoor, weatherproof environment."
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