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Hong Kong is the "Listing Venue of Choice". One of the reasons is the Hong Kong Exchanges and Clearing Limited (HKEx) ranked No.1 in Initial Public Offering (IPO) funds raised for three consecutive years, according to the Assistant Vice President of the Issuer Marketing Department of HKEx, Mr Michael Chan.
Speaking today (March 5, Toronto time) at a business luncheon in Toronto, Mr Chan said despite the negative global economic environment, Hong Kong has dominated the IPO market since 2009. In 2011, about US$33 billion IPO funds were raised in Hong Kong. "HKEx has been among the top five global listing markets since 2002. Its strong track record reflects the market's liquidity, breadth and depth - a critical factor for potential issuers to choose the listing destination," he said.
The luncheon, hosted by the Hong Kong Economic and Trade Office (HKETO) in Toronto, together with the Hong Kong-Canada Business Association (HKCBA) (Toronto Section), was attended by more than 100 representatives from the local financial sector.
Mr Chan also cited the example of Calgary's oil explorer Sunshine Oilsands Limited which has entered the Hong Kong market with the biggest IPO so far this year in the Asian financial market. The other major international corporations, which have taken HKEx's competitive advantage for international listings in recent years, included AIA, Glencore, Prada, Rusal, Samsonite and MGM China, etc.
"HKEx is the market of choice in Asia for companies seeking to go public and raise funds," said Mr Chan. "Hong Kong is ranked the No.1 global IPO market for three consecutive years and regarded as the world's top international financial centre by the World Economic Forum. Besides, Wall Street Journal ranked Hong Kong the No.1 free economy in the world. The Economist Intelligence Unit and Ernst & Young also named Hong Kong the No.1 globalised economy."
He added that Hong Kong is also the designated RMB offshore centre with support from the Chinese Central Government. By end of 2011, Hong Kong RMB deposits have been accumulated to RMB627 billion.
"As China's international financial centre, Hong Kong is the country's key link to the global market and plays a pivotal role in the Mainland's economic development," he said. "We have an established legal system, favourable tax regime and financial infrastructure. "We also maintain a strong and transparent regulatory framework and an accessible financial platform."
In her remarks at the luncheon, the Director of the HKETO, Miss Gloria Lo, also said that Hong Kong would continue to consolidate its global fund raising platform, seeking to attract and facilitate listing and secondary listings in Hong Kong by overseas companies.
"Financial service is one of the four pillar industries in Hong Kong," said Miss Lo. "Hong Kong enjoys a close economic and trade relations with Canada and we would always welcome interested Canadian companies to list in Hong Kong."
Speaking at the luncheon today also included the Honorary Advisor of the Federation of Hong Kong Business Associations Worldwide, Mr David Matheson.
Ends/Tuesday, March 6, 2012
Issued at HKT 09:48
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