The company, China’s largest international carrier, intends to raise an estimated $1 billion in a dual listing in London and Hong Kong.
Clara Furse, Chief Executive of the London Stock Exchange, said:
“We are delighted that Air China has chosen London for its listing outside of China. The London Stock Exchange offers ambitious Chinese companies access to the world’s most international equity market combined with high regulatory and corporate governance standards.”
Air China is able to use a single prospectus for its listings in London and Hong Kong due to the similar regulatory environments in the two financial centres.
Martin Graham, Director of Market Services at the London Stock Exchange, added:
“Air China’s ability to list in Hong Kong and London using a single prospectus offers a blueprint for other Chinese companies seeking to list overseas and raise international investment capital. We anticipate further companies following their lead.”
In November, the London Stock Exchange opened an Asia-Pacific office in Hong Kong to demonstrate its ongoing commitment to the region and to attract companies to its markets.
So far this year, a total of 318 companies have joined the London Stock Exchange’s markets raising a total of $10.7 billion (figs to end of October). From January to the end of October 2004, the London Stock Exchange accounted for 79% of all Western European IPO’s.
