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4-Traders Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Hong Kong Exchanges and Clearing Limited    0388   HK0388045442

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Hong Kong listing for Aramco could attract huge Chinese demand: HKEX CEO

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11/29/2017 | 02:57pm CET
FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama

A Hong Kong listing by Saudi Aramco would help the oil giant secure huge Chinese demand for its $100 bln share sale, said the head of Hong Kong Exchanges & Clearing (HKEX) on Wednesday, as the world's leading stock exchanges pitch for the business.

Saudi Aramco said in October that exchanges such as New York, London, Tokyo, and Hong Kong have all been looked at for the partial listing of the state company's shares.

"It's going to provide compelling benefit because they are able to use the listing to anchor very massive Chinese demand at the IPO," Charles Li told Reuters in an interview in Singapore, where HKEX opened its first overseas office.

"It will become a great platform for the two major sovereigns to use as a potential platform for a broader level of financial or strategic investment decisions," Li added, referring to China and Saudi Arabia.

"It is a compelling case that they are unlikely to ignore but they also have many other factors in the decision process," he said, declining to share details of Aramco's feedback.

Li also said that he expects companies with dual class shares to be listed on Hong Kong's main board.

"We should basically in a few weeks, hopefully be able to announce a structure where we will have a chapter inside the main board that allows companies to list in Hong Kong, with weighted voting rights structures."

The Asian financial hub's exchange operator is looking to attract more new economy companies in order to remain a global listings powerhouse.Hong Kong was the world's biggest initial public offering (IPO) venue in 2016 but has been struggling to attract new companies this year, with the bulk of those listing from property and financial sectors.HKEX (>> Hong Kong Exchanges and Clearing Limited) had unveiled a proposal in June for a new board that would allow companies with share structures providing special voting rights, and those yet to make a profit, to list.Li said Hong Kong's financial secretary had indicated that Hong Kong was likely to take in applications under the new voting structure in the second half of next year."We are coming to a general agreement that this is the direction to go and we are ready to go," he said.Competition is heating up. In Singapore, the exchange's new regulatory unit is considering introducing dual class shares listing on SGX (>> Singapore Exchange Limited) but is yet to take a decision, months after a key advisory panel recommended the move.

(Reporting by Anshuman Daga; Editing by Jason Neely and Elaine Hardcastle)

By Anshuman Daga

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Financials ( HKD)
Sales 2017 12 996 M
EBIT 2017 8 657 M
Net income 2017 7 329 M
Finance 2017 114 B
Yield 2017 1,84%
P/E ratio 2017 49,36
P/E ratio 2018 42,38
Capi. / Sales 2017 19,3x
Capi. / Sales 2018 24,7x
Capitalization 365 B
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Hong Kong Exchanges and Cl Technical Analysis Chart | 0388 | HK0388045442 | 4-Traders
Technical analysis trends HONG KONG EXCHANGES AND CL
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 264  HKD
Spread / Average Target -10%
EPS Revisions
Managers
NameTitle
Xiao Jia Li CEO & Ex-Officio Executive Director
Chung Kong Chow Chairman
Chi Kin Tai Co-Chief Operating Officer
Kwok Keung Lee Co-Chief Operating Officer
John F. Killian Chief Financial Officer
Sector and Competitors
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HONG KONG EXCHANGES AND CLEARING LIMITED21.92%46 767
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INTERACTIVE BROKERS GROUP, INC.5.74%25 723
DEUTSCHE BOERSE0.72%23 258
LONDON STOCK EXCHANGE-2.58%18 019