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HONG KONG: Hong Kong Exchange's Chairman Ronald Arculli has denied that getting a listing in the city is an easy option, despite his expectation that more Russian companies will seek an IPO in Hong Kong this year.

"If anyone thinks that coming to Hong Kong is an easier option than at other exchanges, they better think again...," he advised. In fact, the perception among the aspiring debutants is quite the opposite, he claimed, citing recently listed RUSAL Ltd, the Russian aluminum production colossus as an example: "Despite the fact that they seem to be complaining that we were a little bit more tough, a little bit more stringent than other exchanges, at the end of the day it worked out well for them," Arculli told Bloomberg yesterday.

"RUSAL's listing has definitely aroused the interest of Russian businesses, both private and state-owned, about Hong Kong," he said, "Until they actually put in the forms, I won't count my chickens."

Russian companies may raise $2 billion selling shares in Hong Kong in the second half of this year, Arculli said earlier this month.

"I'd like to see five, 10 companies from Russia list here," Arculli said. "That's probably being a bit overly optimistic, but it won't surprise me if it happens," he said.

RUSAL, meanwhile, is set to record the worst first-month return of any new offering since China South City Holdings Ltd, which lost 34 percent in the month after it debuted on September 30 last year.

RUSAL declined for the fourth straight trading day in Hong Kong, extending losses since its debut to more than 30 percent.

The shares fell 6.7 percent to HK$7.47 at the close of trading yesterday on the Hong Kong stock exchange. The city's key Hang Seng Index fell 0.6 percent.

"The main problem with RUSAL is its debt," said Kenny Tang, an analyst at Redford Assets Management in Hong Kong, explaining, "It relies on the short-term funding and facilities from the banks for its operation, which might be a concern for investors. They are worried about RUSAL's cash flows after the listing."

RUSAL, barred from marketing to retail investors because of that concern, won investments from Hong Kong billionaire Li Ka-shing and New York hedge-fund manager Paulson & Co.

The company, which signed an accord in December with 70 creditors in Russia's biggest corporate loan restructuring, cut its debt this month after paying $2.14 billion to banks and billionaire shareholder Mikhail Prokhorov from the cash raised by the initial share sale.

The Moscow-based company's debt declined to $12.9 billion, according to a February 4 statement. It gave overseas lenders $1.46 billion, Prokhorov $278 million, Russian banks $253 million, and paid $152 million in fees.

Trading in shares of Moscow-based RUSAL, the first Russian company to list in Hong Kong, will be key to Asian investors' perception of further share sales from companies located in Russia, Reinout Koopmans, Deutsche Bank AG's head of equity capital markets for emerging Europe, said earlier this month.

State-run OAO Russian Railways is among companies from the nation seeking to tap the Hong Kong market as early as this year.

China Daily/Bloomberg News

(HK Edition 02/19/2010 page2)