Brazilian Vale debut as first depository receipts trading in HK

21:32, December 08, 2010      

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Brazilian miner Vale started trading on the Hong Kong stock exchange on Wednesday in the form of Hong Kong depositary receipts (HDR), the first company to list HDR in the city after a regulatory framework for the issue of these securities was established 2008.

Vale said its secondary listing on the main board of the Hong Kong stock exchange as HDR, which was divided into the Common Depositary Receipts and the Class A Preferred Depositary Receipts, was made by way of introduction. The listing was not to raise money, it said.

Currently, Vale is traded in Brazil, New York and Paris. With primary listing in Brazil, Vale has its shares represented by American depositary receipts in New York and Paris.

Wrapping up its debut in Hong Kong, the Common Depositary Receipts closed at 265.2 HK dollars after opening at 270 HK dollars, while the Class A Preferred Depositary Receipts ended at 233 HK dollars from 236.6 HK dollars.

Analysts said HDR ended in quiet trade volume because investors prefer China-related concepts nowadays and they were not familiar with a miner far away from South America.

However, Vale, the second largest metals and mining company in the world and the largest in the Americas, said in filing to the Hong Kong stock exchange, they believed a secondary listing in Hong Kong was a significant step in raising profile in Asia.

Vale said further expansion of business presence in China will form a key part of its development strategies.

In 2009, the company's sales to China reached 9.0 billion U.S. dollars, representing 37.6 percent of its total revenue. (1 U.S. dollar equals 7.76HK dollars)

Source: Xinhua

(Editor:张茜)

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