Quick Take: Glencore to Delist From Hong Kong
Glencore PLC, a Swiss mining and commodities trading company, is planning to withdraw its secondary listing in Hong Kong, citing a lack of interest from local investors.
The Switzerland-based company plans to delist from Hong Kong on Jan. 31, its regulatory filings said.
Most of the company’s shares are held by investors in London where Glencore is primarily listed. Only 0.3% of issued shares are traded on the Hong Kong bourse.
In May 2011, Glencore raised $10 billion through a London and Hong Kong initial public offering, a move that executives of the company believed would pump up profitability by building closer relationships with a diverse group of investors.
While a lack of investor interest in secondarily listed companies in Hong Kong is not uncommon, the city’s stock exchange has stepped up efforts to attract more companies to float their shares there. In June, the bourse released proposals to set up a new board that will likely have fewer listing requirements for promising startups.
Glencore’s secondary listing in Johannesburg, started in 2013, will remain in place, the company added.
Contact reporter Dong Tongjian (firstname.lastname@example.org)
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