Hong Kong stock exchange says ‘Sawasdee’ to secondary listings by Thai companies

Hong Kong’s stock market operator is opening the door for some of Southeast Asia’s biggest companies in Thailand, such as state oil and gas company PTT and conglomerate CP All, to seek a secondary listing in the city and raise funds from a wider pool of global investors.

Hong Kong Exchanges and Clearing (HKEX) added Stock Exchange of Thailand (SET) to its list of recognised stock exchanges on Monday, according to a statement. HKEX had earlier added Indonesia and Singapore to its approved Southeast Asian markets.

SET has 636 listed companies on the main exchange and 222 smaller-capitalised firms on the Market for Alternative Investment. Its market capitalisation of US$559 billion as of June 2024 was the third-largest in Southeast Asia after Indonesia and Singapore, and the 25th worldwide, according to the World Bank.

“SET is home to companies from many dynamic sectors, including energy, healthcare, and technology,” HKEX’s head of listing Katherine Ng said. The addition of SET will facilitate potential cross-listings, giving Thai companies access to a wider global investor base and enriching HKEX’s market offering, she added.

Thailand’s top companies with primary listing status would be eligible for a secondary listing, a move that could help strengthen Hong Kong’s position as Asia’s leading international financial centre, Ng added.