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Hong Kong to lure Saudi Aramco and other Middle Eastern enterprises to float on its bourse

October 25, 2022

Hong Kong's financial authorities were reaching out to Saudi Aramco in an effort to float it on the Hong Kong stock exchange (HKEX), per the South China Morning Post. Hong Kong's financial secretary, Paul Chan, told the Post on Monday that HKEX is in direct contact with the Saudi Arabian sovereign wealth fund and that financial regulators stand ready to help them if they are interested. In 2018, Hong Kong competed with exchanges in New York and London to bring the world's largest oil company, Aramco, to its exchanges. However, the giant eventually opted to list on the Saudi stock exchange in late 2019, raising $25.6 billion in IPO. Hong Kong wants not only Saudi Aramco, but also other Middle Eastern companies to be listed there.  “In the Middle East, there are a lot more companies than Saudi Aramco. There are other companies, some are family owned, but very big, very successful, and some in specialized sectors. So I think going forward, we can explore further as to the attractiveness of Hong Kong for them to get a listing,” said Chan. In the face of escalating geopolitical tensions, the finance chief believes there is a mutual need on both sides to diversify away from the US and Europe. Chan also raised the possibility of entering into free-trade agreements or investment protection and promotion agreements with partners in the region. Chan told the Post that Aramco feels interested and excited about the possibility of coming over to Hong Kong for a listing. "It is because by listing in Hong Kong, they will be able to access international investors, as well as the investors from the mainland,” he explained. This is part of Hong Kong's ongoing efforts to revive its economy. Economic growth in Hong Kong has slowed due to factors such as the COVID-19 pandemic as well as trade and geopolitical tensions with the US. In the past two years, the city's stock market has been locked in a downward trend, and the Hang Seng Index even hit a new low since April 2009 on Monday. To revive the economy as well as to enhance its competitiveness as an international financial hub, the city rolled out a series of measures in October, including attracting more talent and investment, fixing social and economic problems, and more.https://en.pingwest.com/w/10919


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