Hong Kong officials are making a renewed push to convince Aramco to list its shares in the city
Hong Kong officials are making a renewed push to convince Saudi Arabia’s national oil company to list its shares in the city,John Lee, Hong Kong’s chief executive, led a large delegation of government officials, bankers and other executives to Saudi Arabia this week, part of a wider tour of the Middle East. Mr. Lee told Amin Nasser, chief executive of oil giant Aramco, that Hong Kong’s stock exchange would welcome a secondary listing by the company.
Hong Kong officials are now vying for a second chance at winning a secondary listing. If Aramco chooses to list in Hong Kong, the deal would be a boon for the city, which has beento sell shares on the local exchange. The deal could inspire more Middle Eastern companies to consider the city as a listing venue, said John Moore, capital markets partner at law firm Slaughter and May in Hong Kong.
Aramco could tap demand from investors in mainland China by listing in Hong Kong, although only if it opts for a dual-primary listing in the city, rather than a conventional secondary listing. In December, Hong Kong’s securities regulators said foreign companies that meet market-capitalization criteria and other requirements with primary listings in Hong Kong could—for the first time—be eligible for inclusion in the Stock Connect trading link with mainland China.
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