A HONG KONG listing by Saudi Aramco would help the oil giant secure huge Chinese demand for its US$100 billion share sale, said the head of Hong Kong Exchanges & Clearing (HKEX) Ltd. 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 looked for the partial listing of the state firm’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 initial public offering [IPO],” Charles Li said in Singapore.

“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 affecting 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.

“Basically in a few weeks, we will 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.” (SD-Agencies)

A HONG KONG listing by Saudi Aramco would help the oil giant secure huge Chinese demand for its US$100 billion share sale, said the head of Hong Kong Exchanges & Clearing (HKEX) Ltd. 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 looked for the partial listing of the state firm’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 initial public offering [IPO],” Charles Li said in Singapore.

“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 affecting 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.

“Basically in a few weeks, we will 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.” (SD-Agencies)