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People's Daily Online>>China Business

Hong Kong to attract more mineral company listings

(Xinhua)

20:34, November 29, 2011

HONG KONG, Nov. 29 (Xinhua) -- Hong Kong's Financial Secretary John Tsang said on Tuesday efforts in attracting mineral company listings here have been well received, with 169 companies listed being pure metals and mining or energy companies.

As of the end of September, companies listed in the Hong Kong stock exchange engaged in the mining and resource sectors account for about 17 percent of total market capitalization, which is about 2.1 trillion US dollars, Tsang said giving remarks during a local event.

In June last year, HKEx introduced new listing rules for resource companies, aiming to strengthen the role as the key international capital market for mining and natural resources firms.

Tsang quoted Robert Friedland, Executive Chairman of Ivanhoe Mines, as saying that Hong Kong would "become the largest mining finance market in the world."

HKEx is reviewing all requirements for overseas companies, including those seeking secondary listings in Hong Kong to broaden the source of listings, said Tsang.

He said this will help entrepreneurs achieve a more diversified business portfolio, rather than being overly reliant on our traditional developed markets in the West.

In October, the HKEx, together with exchanges in Brazil, Russia, South Africa and India, announced an initiative to develop products that track the exchanges in the so-called BRICS group of emerging economies, namely Brazil, Russia, India, China and South Africa.

A common factor among BRICS economies is natural resources, in terms of both demand and supply, Tsang said.

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