Hong Kong looks set to become the next hot destination for secondary listings but history appears to cast doubt on the benefits of such moves.
When the Brazilian mining group Vale cross-listed its shares in the Chinese city in December, it claimed that it was a milestone that would have “positive effects on liquidity, shareholder base and pricing of our shares”.
But so far that has not been the case. Asian investors have shunned Vale’s Hong Kong-listed stock, just as they have shunned shares in Prudential since the London-listed insurer took a secondary listing in Hong Kong a year ago.
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