男女羞羞视频在线观看,国产精品黄色免费,麻豆91在线视频,美女被羞羞免费软件下载,国产的一级片,亚洲熟色妇,天天操夜夜摸,一区二区三区在线电影

Companies

Vale debuts in Hong Kong

By Helen Yuan and Fox Hu (China Daily)
Updated: 2010-12-09 11:13
Large Medium Small

Vale debuts in Hong Kong

Representatives from the Hong Kong Special Administrative Region, Hong Kong Exchanges and Clearing Ltd, and Vale SA attend a listing ceremony for the Brazilian mining company at the Hong Kong Stock Exchange on Wednesday.[Photo/Agencies]

Mining giant seeks to attract Asian investors by increasing regional profile

HONG KONG - Vale SA, the world's biggest exporter of iron ore, debuted on the Hong Kong Stock Exchange on Wednesday, as the Rio de Janeiro-based company seeks to increase its profile in its biggest market.

Vale's common depositary receipts, which represent one share, closed up at HK$265.20 ($34.14) in Hong Kong from 56.72 reais ($33.70) on Tuesday in Sao Paulo. Trading in Hong Kong started at HK$270. The preferred depositary receipts started at HK$236.60 and closed at HK$233.

Vale introduced the receipts, which didn't involve raising any funds, to boost its profile in Asia, which accounts for half its sales.

It is the first time a company has sold depositary receipts in Hong Kong, where a record $45.4 billion has been raised this year in initial public offerings.

"The prospect of benefiting from Hong Kong's high liquidity level is another reason for listing here," said Helen Lau, a Hong Kong-based analyst with UOB-Kay Hian Ltd.

Vale's listing involves 259 million common depositary receipts and as many as 393 million Class-A preferred depositary receipts.

"Fifty percent of our sales are directed to Asia and almost 40 percent to China," said Chief Financial Officer Guilherme Cavalcanti.

The company was also attracted by the "large number of retail investors in Hong Kong as we seek to increase our investor base in Asia", he said.

JPMorgan Chase & Co, sole sponsor of the listing, will arrange for a number of Vale shares to be transferred to Hong Kong.

Vale joins Russia's United Co Rusal and Luxembourg-based L'Occitane International SA in seeking access to Chinese investors.

Hong Kong introduced depositary receipts in 2008 to widen listings to include foreign companies that are prohibited from registering common shares overseas.

Related readings:
Vale debuts in Hong Kong Vale sees China steel demand revival by early 2011
Vale debuts in Hong Kong Vale hub awaits regulatory nod
Vale debuts in Hong Kong Brazil's Vale to list shares on HK exchange
Vale debuts in Hong Kong Vale to bump ore prices up in Q3

Shares of the Brazilian company trade at 10.75 times estimated earnings, according to data compiled by Bloomberg.

Stocks on Brazil's Bovespa stock index trade at an average 13.26 times estimated earnings, while shares on the Hang Seng Index, Hong Kong's benchmark, have an average price-to-earnings ratio of 14.72.

A successful listing may pave the way for other Brazilian companies to trade in Hong Kong.

Petroleo Brasileiro SA, the state-run oil company, is considering selling depository receipts in Hong Kong, the Ming Pao newspaper reported Nov 16.

Vale plans to almost double investments to $24 billion next year as it expands iron ore production as well as boosting its nickel, copper and fertilizer businesses, it said on Oct 28.

The company aims to boost minerals and metals production by 16 percent annually between 2011 and 2015, compared with a rate of 9.8 percent from 2003 to 2008.

"We don't expect a slowdown in demand for iron ore," Vale's Cavalcanti said. "Demand for metals and minerals will continue to be high, mainly due to Asia and China."

Demand growth for iron ore may resume at the end of this year after China tackles overcapacity in its steel industry, Vale Executive Director Jose Carlos Martins said in September.

Bloomberg News

 

主站蜘蛛池模板: 屯留县| 东阿县| 孟村| 曲周县| 英山县| 彩票| 商水县| 右玉县| 荥经县| 古蔺县| 京山县| 双峰县| 洛阳市| 哈巴河县| 晋州市| 南郑县| 仙游县| 青浦区| 泰宁县| 合山市| 武山县| 遂平县| 沾益县| 年辖:市辖区| 昌平区| 新丰县| 尉氏县| 综艺| 通河县| 赤壁市| 陵水| 拜城县| 天峻县| 微博| 黄大仙区| 宁夏| 津南区| 手游| 团风县| 侯马市| 鸡东县| 秦安县| 湘阴县| 化德县| 禹州市| 凤翔县| 浦东新区| 永定县| 方山县| 商河县| 金阳县| 龙门县| 神农架林区| 长寿区| 抚松县| 宾川县| 黎平县| 苍南县| 民勤县| 尼木县| 隆林| 呼玛县| 郎溪县| 高密市| 赤壁市| 大新县| 光泽县| 固始县| 林州市| 嘉兴市| 文昌市| 长乐市| 怀来县| 织金县| 广灵县| 吉首市| 望奎县| 尖扎县| 称多县| 望谟县| 上栗县| 顺义区|