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The Secretary for Financial Services and the Treasury, Mr Frederick Ma, promoted Hong Kong's strengths and services as an international financial centre among Kazakhstani Government officials and business leaders in Almaty today (May 11) during his two-day visit to the country.
As well as meeting senior government officials, Mr Ma took part in a conference on listing in Hong Kong which was organised by Hong Kong Exchanges and Clearing Limited(HKEx) and the Agency of the Republic of Kazakhstan on Regulation of Activities of the Regional Financial Centre of Almaty City (RFCA) to promote understanding of Hong Kong's securities market among government officials and companies in Kazakhstan.
Participating in the conference was also a 60-strong delegation from Hong Kong's financial services sector which comprised international investment bankers, lawyers, accountants and valuers.
Addressing more than 200 guests at a conference luncheon, Mr Ma encouraged Kazakhstani companies to make use of Hong Kong's listing platform to raise capital.
"As Kazakhstani enterprises develop in tandem with the rapid economic growth, Hong Kong which is a major international financial centre located at the heart of Asia with close ties with the Mainland, provides an ideal capital formation and global investment platform,"he said.
Noting that Hong Kong was a bridge to opportunities on the Mainland, Mr Ma said investors who were eyeing the growing Mainland market would certainly find Hong Kong's equity market an invaluable investment platform.
He said Hong Kong had a lot to offer to Kazakhstani enterprises in terms of liquidity, quality and cost-effectiveness.
"We have a large, liquid and deep stock market attracting both Hong Kong and international investors. More than 40% of the total trading volume of our stock market comes from overseas investors. Our fund-raising capability is well-proven," he said.
"Our regulatory regime is fully in line with international standards. Kazakhstani enterprises may list in Hong Kong not only for funding, but also for the quality stamp well recognised by the international financial community.
"It is more cost-effective to list in Hong Kong compared with other international financial centres, such as the US, in terms of professional fees and underwriting fees, etc. In other words, you get the same service at a lower cost."
"I am sure Kazakhstan's rapid economic growth and Hong Kong's expertise in financial services would make a perfect match," Mr Ma said.
Last December, the President of the Republic of Kazakhstan, Mr Nazarbayev Nursultan Abishevich, and other senior government officials visited Hong Kong. An MoU establishing official co-operation was signed between HKEx and the RFCA. A seminar was also organised to promote Hong Kong as the preferred listing venue among the Kazakhstani business community.
Ends/Friday, May 11, 2007
Issued at HKT 18:19
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