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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Hong Kong Exchanges and Clearing Limited    0388   HK0388045442

HONG KONG EXCHANGES AND CLEARING LIMITED (0388)
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Hong Kong listing for Aramco could attract huge Chinese demand: HKEX CEO

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11/29/2017 | 02:57pm CEST
FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama

SINGAPORE (Reuters) - A Hong Kong listing by Saudi Aramco would help the oil giant secure huge Chinese demand for its $100 bln share sale, said the head of Hong Kong Exchanges & Clearing (HKEX) on Wednesday, as the world's leading stock exchanges pitch for the business.

Saudi Aramco said in October that exchanges such as New York, London, Tokyo, and Hong Kong have all been looked at for the partial listing of the state company's shares.

"It's going to provide compelling benefit because they are able to use the listing to anchor very massive Chinese demand at the IPO," Charles Li told Reuters in an interview in Singapore, where HKEX opened its first overseas office.

"It will become a great platform for the two major sovereigns to use as a potential platform for a broader level of financial or strategic investment decisions," Li added, referring to China and Saudi Arabia.

"It is a compelling case that they are unlikely to ignore but they also have many other factors in the decision process," he said, declining to share details of Aramco's feedback.

Li also said that he expects companies with dual class shares to be listed on Hong Kong's main board.

"We should basically in a few weeks, hopefully be able to announce a structure where we will have a chapter inside the main board that allows companies to list in Hong Kong, with weighted voting rights structures."

The Asian financial hub's exchange operator is looking to attract more new economy companies in order to remain a global listings powerhouse.Hong Kong was the world's biggest initial public offering (IPO) venue in 2016 but has been struggling to attract new companies this year, with the bulk of those listing from property and financial sectors.HKEX (>> Hong Kong Exchanges and Clearing Limited) had unveiled a proposal in June for a new board that would allow companies with share structures providing special voting rights, and those yet to make a profit, to list.Li said Hong Kong's financial secretary had indicated that Hong Kong was likely to take in applications under the new voting structure in the second half of next year."We are coming to a general agreement that this is the direction to go and we are ready to go," he said.Competition is heating up. In Singapore, the exchange's new regulatory unit is considering introducing dual class shares listing on SGX (>> Singapore Exchange Limited) but is yet to take a decision, months after a key advisory panel recommended the move.

(Reporting by Anshuman Daga; Editing by Jason Neely and Elaine Hardcastle)

By Anshuman Daga

Stocks mentioned in the article
ChangeLast1st jan.
HONG KONG EXCHANGES AND CLEARING LIMITED 3.35% 216 End-of-day quote.-10.67%
SINGAPORE EXCHANGE LIMITED 2.16% 7.08 End-of-day quote.-4.84%
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Financials (HKD)
Sales 2018 15 627 M
EBIT 2018 10 864 M
Net income 2018 9 137 M
Finance 2018 82 065 M
Yield 2018 3,20%
P/E ratio 2018 28,27
P/E ratio 2019 24,96
EV / Sales 2018 11,5x
EV / Sales 2019 10,1x
Capitalization 261 B
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Technical analysis trends HONG KONG EXCHANGES AND CL
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 290  HKD
Spread / Average Target 39%
EPS Revisions
Managers
NameTitle
Charles Xiaojia Li CEO & Ex-Officio Executive Director
May Lung Cha Chairman
Chi Kin Tai Joint Chief Operating Officer & Head-Clearing
Kwok Keung Lee Joint Chief Operating Officer
John F. Killian Chief Financial Officer
Sector and Competitors
1st jan.Capitalization (M$)
HONG KONG EXCHANGES AND CLEARING LIMITED-10.67%32 355
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