Middle East firms eyeing HK for listing

Middle East companies consider Hong Kong an ideal listing destination, according to a report by the Hong Kong Trade Development Council and CCB International Capital.

The report said many firms in the United Arab Emirates and Saudi Arabia eye the city as their first choice when it comes to securing funding, building stronger ties with Asia, with China in particular, and enjoying greater global recognition.

The research, conducted from June to October this year, suggests that several Middle East business sectors in particular - energy and renewable energy, healthcare and high-tech, infrastructure and finance - will benefit the most from a Hong Kong listing.

This came as Hong Kong Exchanges and Clearing (0388) revealed a total of 64 companies raised a combined HK$40.9 billion from initial public offerings in the city as of December 15.

HKEX said the total market value of Hong Kong's securities dropped 12.7 percent to HK$31.12 trillion as of November from the end of last year.

The total turnover also declined 23 percent to HK$23.65 trillion by the end of November, compared to the end of 2022; the average daily turnover decreased 15.5 percent to HK$105.56 billion during the same period.

Separately, iMotion Automotive Technology (Suzhou) (1274), a provider of autonomous driving systems, lost 12.8 percent in its trading debut yesterday.

iMotion raised HK$656 million at a price of HK$29.65 per share

Another debutant Henan Jinyuan Hydrogenated Chemicals (2502) plunged too, losing 27.5 percent. The chemical supplier raised HK$288 million from its Hong Kong IPO.