Rusal sees dismal HK trading on first day
Source: Agencies |
January 28, 2010, Thursday
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Print Edition
Print Edition
SHARES of Russian aluminum giant UC Rusal tumbled on their first day of trading in Hong Kong yesterday following a US$2.2 billion initial public offering clouded by concerns over the company's massive debts.
Rusal's shares were nearly 11 percent down from their IPO price of HK$10.80 (US$1.38) by the close of trading.
Its owner, Oleg Deripaska, Russia's richest man before the financial crisis, called the lackluster performance "reasonable" given recent declines in global markets.
The IPO attracted criticism that Hong Kong regulators were undermining the Chinese territory's credibility as a financial hub by allowing a company struggling with nearly US$15 billion in debt to list shares.
Hong Kong, eager to broaden its limited role as a center for Chinese IPOs by attracting more foreign companies, declined the listing before reversing course. However, regulators imposed a host of restrictions on the offering that barred retail investors.
Deripaska said more Russian companies would turn to Hong Kong to raise capital.
Rusal's shares were nearly 11 percent down from their IPO price of HK$10.80 (US$1.38) by the close of trading.
Its owner, Oleg Deripaska, Russia's richest man before the financial crisis, called the lackluster performance "reasonable" given recent declines in global markets.
The IPO attracted criticism that Hong Kong regulators were undermining the Chinese territory's credibility as a financial hub by allowing a company struggling with nearly US$15 billion in debt to list shares.
Hong Kong, eager to broaden its limited role as a center for Chinese IPOs by attracting more foreign companies, declined the listing before reversing course. However, regulators imposed a host of restrictions on the offering that barred retail investors.
Deripaska said more Russian companies would turn to Hong Kong to raise capital.
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