Hong Kong Exchange IPO Applications From Russian Companies

Hong Kong Stock Exchange (Hong Kong Exchanges and Clearing Limited, HKEx) received applications for IPO from several Russian companies, said the Managing Marketing Director of the Exchange Lawrence Fok to journalists today. 

Russia is currently not included in the list of permitted jurisdictions at the Exchange, that means countries whose companies can conduct IPO directly. In particular, RUSAL, the first Russian company with IPOin Hong Kong, specifically for this purpose registered the company in a recognized jurisdiction of the Exchange. Currently, this list of jurisdictions  includes Australia, British Virgin Islands, the Canadian province of British Columbia and Ontario, Cyprus, Germany, Jersey, Luxembourg, Singapore and the United Kingdom.  

In February, HKEx Ronald Arkulli stated that within the next few years, from five to ten Russian companies may hold an IPO on the Stock Exchange of Hong Kong, despite a significant drop in stock price of RUSAL after the initial placement. 

GDS RUSAL started in Hong Kong on January 27. The company obtained from the placement 2,143 billion dollars, that have been transferred to creditors of the company.


The major buyers of Rusal IPO were VEB (3,15%), NR Investment Limited (0,48%), Paulson & Co Inc. (0,47%), Asian companies of billionaire Robert Kuok (0.09%).

Nat Lawyer
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