-- Hong Kong is turning to oil-rich Saudi Arabia for new funds to help offset a growing list of challenges facing its stock market.Americans Are Racking Up ‘Phantom Debt’ That Wall Street Can’t TrackThe Saudi Tadawul Group and Hong Kong Exchanges & Clearing Ltd. are co-organizing a conference Thursday at a very opportune time given the city needs fresh stock listings and fund inflows to boost its status as a financial hub.
The appeal of closer ties with China are clear from the Saudi Arabian side too. Crown Prince Mohammed bin Salman is working to increase foreign ownership and pump liquidity in publicly-traded stocks under the kingdom’s Vision 2030 agenda. Since November, investors in Hong Kong have been able to gain exposure to the Saudi market through the CSOP Saudi Arabia ETF, the first exchange-traded fund of its kind in Asia. The ETF debuted with more than $1 billion in assets and the backing of Saudi Arabia’s sovereign wealth fund. Even so, it only attracted around $12 million in funds from its inception through April 24, according to calculations from Bloomberg Intelligence.
Hong Kong announced on Thursday it’s working with Saudi Arabia to launch an ETF in Riyadh that tracks Hong Kong’s stock indexes. Formal negotiations have begun for an “investment promotion and protection agreement” between the two hubs, said Michael Wong, Hong Kong’s deputy financial secretary. When asked about the potential for Saudi Arabian companies to cross list in Hong Kong, Saudi stock exchange CEO Al-Rumaih said “we want to have a path ready for them in case they decide to do so.”US confronts China over Volt Typhoon cyber espionage
日本 最新ニュース, 日本 見出し
Similar News:他のニュース ソースから収集した、これに似たニュース記事を読むこともできます。
ソース: SaltWire Network - 🏆 45. / 63 続きを読む »
ソース: BNNBloomberg - 🏆 83. / 50 続きを読む »