Vale makes its HK trading debut
Thursday, 9 December 2010
HONG KONG, Dec 8 (AFP): Brazilian mining giant Vale made its Hong Kong trading debut Wednesday, the first South American firm to list in the city, as the company ramps up its exposure to resource-hungry China.
Sao Paulo-based Vale, which has a market capitalisation of about 176 billion US dollars, is already traded in Brazil, New York and Paris and was not raising new money.
However the listing reflects its growing ties with China.
"Asian investors have a balanced view of China's economy -- that will be reflected in our share price," chief financial officer Guilherme Cavalcanti told a press briefing.
In early trade, Vale's common share depositary receipts, which represent shares in the miner, edged down to 267 Hong Kong dollars after opening at 270 Hong Kong dollars on a cautious day for the market.
Vale, the world's second-biggest mining firm, had said it would list about 652 million common shares and class A preferred shares in the Asian financial hub.
Sao Paulo-based Vale, which has a market capitalisation of about 176 billion US dollars, is already traded in Brazil, New York and Paris and was not raising new money.
However the listing reflects its growing ties with China.
"Asian investors have a balanced view of China's economy -- that will be reflected in our share price," chief financial officer Guilherme Cavalcanti told a press briefing.
In early trade, Vale's common share depositary receipts, which represent shares in the miner, edged down to 267 Hong Kong dollars after opening at 270 Hong Kong dollars on a cautious day for the market.
Vale, the world's second-biggest mining firm, had said it would list about 652 million common shares and class A preferred shares in the Asian financial hub.