Russian firms not on HK listing radar
HONG KONG - Billionaire Oleg Deripaska, who listed his United Co Rusal in Hong Kong this year, says the city is Russia's best chance to tap into Asian economic growth. Investors, who have watched debt-laden Rusal slump, are yet to be persuaded.
"Hong Kong is the gateway to Asia," Deripaska said. "I focus more and more on Asia because I believe we can do better business in Asia than in struggling economies" such as the United Kingdom.
The challenge for Russian companies seeking to follow Deripaska to Hong Kong will be to show Asian investors why they should care, at a time when initial public offerings (IPOs) worldwide struggle. Funds from RCM Asia Pacific Ltd to Samsung Investment Trust say Russian IPOs don't fit with their Asia-focused investment strategy.
