HKEX says GCC firms interested in dual listings, opens Riyadh office

Johnson Chui, Head of Global Issuer Services at the Hong Kong Stock Exchange (HKEX), said the exchange has expanded its regional presence with its representative office in Riyadh becoming operational recently — an initiative aimed at strengthening direct reach with local stakeholders and exploring broader cooperation opportunities in the region.

In an exclusive interview with Argaam, Chui stated that HKEX has also signed memoranda of understanding with regional regulators and financial markets, including the Saudi Exchange (Tadawul) and the Abu Dhabi Securities Exchange (ADX). This is to collaborate on financial innovation and develop investment products such as ETFs, which are gaining mutual interest across the markets.

He pinpointed a growing interest from international companies — including Gulf-based firms — in considering dual listings in Hong Kong, particularly those that have outgrown their local markets and are seeking to expand globally, noting that Hong Kong provides access to a large investor base and high market liquidity.

This is part of a gradual expansion strategy implemented over the past two years, which included initiatives such as recognizing Saudi Tadawul, Nasdaq Dubai, and ADX as eligible and recognized markets. This recognition helps facilitate the dual-listing process for GCC companies seeking to list in Hong Kong, according to Chui.

He added that the exchange welcomed more than 75 initial public offerings (IPOs) by the end of October 2025, raising over $27 billion, while secondary offerings totaled about $60 billion.

“Key sectors such as technology, healthcare, clean energy, and mining have been strongly represented in these listings. Over 300 companies are currently in the listing pipeline—about half of them in the technology sector, followed by healthcare and biotech firms,” he said.

He stated that HKEX’s participation in the Future Investment Initiative (FII) conference aims to boost engagement with investors, corporates, and regulators in Saudi Arabia and the region, adding that feedback received during the event was very positive, reflecting a growing interest in strengthening connectivity between the financial markets of both sides.

Regarding Hong Kong’s market performance, Chui said the Hang Seng Index has risen nearly 30% year-to-date, making it one of the top-performing markets in Asia and globally this year.

He noted that daily trading volumes range between $30-35 billion, amid strong activity from institutional investors in the US, Europe, Asia, and China.

Chui also highlighted that about 25% of total daily trading is executed through the Stock Connect program, which allows investors from mainland China to trade directly in Hong Kong — one of the exchange’s unique global advantages.