Vale to list on Hong Kong by year-end
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Brazil's Vale, the world's largest iron ore producer, is poised to offer its shares on the Hong Kong market through depositary receipts by year's end, according to sources.
The listing is likely to take place in the second week of December after winning the stock regulator's approval, the sources speculated.
Vale's listing is sponsored by JP Morgan Chase & Co., who will arrange for its shares to be transferred to Hong Kong in the form of HDR (known as a Depositary Receipt Framework, introduced by Hong Kong Stock Exchange in 2008 to widen listings to include foreign companies prohibited from issuing common shares overseas).
Vale, already listed in Sao Paulo, Paris and New York, would be the first foreign company to use HDR since the framework was established two years ago.
China's business press carried the story above on Tuesday. China.org.cn has not checked the stories and does not vouch for their accuracy.
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