Mongolia Mining IPO sets the tone for tomorrow’s investment summit in Hong Kong
The conference will explore the many exciting investment opportunities on offer, as Mongolia takes advantage of its mineral-rich geology and location next to China - the world’s fastest growing consumer of natural resources. It has gained special attention from investors following the successful IPO of Mongolia Mining, and business newspapers and news agencies have arranged detailed coverage.
The Hong Kong Stock Exchange (HKSE) has a round main hall, and dealers are identified by their sleeveless red shirts and their number tags. The electronic board in the center shows the most recent stock prices of all the companies listed at the HKSE and so it is constantly being updated. For example one could follow Mongolian Mining’s shares fluctuate between an intraday high of HKD7.17 and low of HKD7.02, with a turnover of HKD638.18 million from 90.43 million shares traded. Among those keenly watching the fluctuation was Mineral Resources and Energy Minister D.Zorigt.
The HKSE is the 7th largest of its kind in the world and the net worth of mining and energy companies listed here is USD390 billion. Rivalries abound. Winsway and Mongolia Mining offered their IPO in the same week. Winsway transports raw coal from Mongolia and is watching the moves of MMC to build a coal washing plant in Ukhaakhudag so that it can sell the processed product to China. Winsway shares today traded for HKD3.25-HKD4.50.
HKSE has a practice of keeping mementos of IPOs. A morin khuur will be on display, as has been an elegant aluminum matrehska since the IPO by the Russian company Rusal. Lorenz Fauk, Marketing Director of HKsE, feels the MMC IPO was a big step in convincing investors of the transparent and good governance of Mongolian companies.
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