Things are not going to script. Shares of Rusal, the Russian aluminium giant, closed last week at 30 per cent below their January 27 debut on the Hong Kong stock exchange. That could be a blow to Hong Kong's hopes of attracting further Russian initial public offerings – just as it prepares to host an April investor shindig to drum up interest in Russian opportunities. Oleg Deripaska, Rusal's biggest shareholder, is still considering floating his En+ Power business on the same market. Rusal's woes may also reflect specific concerns over its debt and outlook rather than a lack of Asian appetite for Russian shares. But the idea Russian issuers would desert London and head east en masse was always far-fetched.
這些事不會寫成劇本。俄羅斯鋁業巨擘俄鋁(Rusal) 1月27日在香港交易所上市，上週的收盤價較發行價下跌約30%。這可能打擊香港吸引更多俄羅斯企業前來上市的希望——香港正準備在4月份舉辦一次投資者大會，以鼓舞投資者抓住俄羅斯提供的機遇。俄鋁最大股東歐柏嘉(Oleg Deripaska)仍在考慮讓旗下的En+ Power也在香港上市。此外，俄鋁之困境，可能反映了投資者對其債務及前景特有的擔憂，而不是亞洲投資者對俄羅斯股票缺乏興趣。不過，如果認爲俄羅斯上市企業會捨棄倫敦，把目光一致轉向東方，這種想法也太不切實際了。