Aramco IPO key part of Vision 2030: Hong Kong bourse chief

The initial public offering (IPO) of Saudi Aramco is a key component of Saudi Arabia’s Vision 2030 reform plans, CEO of Hong Kong Exchanges & Clearing Ltd. Charles Li told Bloomberg TV on Monday

“It (the IPO) is not a deal, but actually a sovereign activity,” Li said.

“It’s a massive country-wide reform that was supposed to be heralded by the deal. The deal is not the end; it is one of the many means that the Kingdom is embarking on a visionary growth path,” he added.

When asked about the recent reports that the Kingdom might further delay the IPO, Li said he did not have any new information on that front.

“The IPO is a key component of that (Vision 2030). But whether that should be the beginning or the middle or towards the end… it’s their decision,” Li said.

The Hong Kong’s stock exchange is among the many international bourses that are vying to attract the $100 billion listing of Saudi Arabian Oil Co. (Saudi Aramco).

Last week, the Wall Street Journal reported that the preparations for Aramco’s IPO have stalled.