Moscow, February 4, 2010 - Chairman of Hong Kong Exchange Ronald Arculli Attended Seminar Organized by EPAM in Collaboration with Hong Kong Exchange.

Ronald Arculli, Chairman of Hong Kong Exchange, and
Dimitry Afanasiev, the Chairman of the Partners’ Committee of EPAM

Hong Kong Exchange (HKEx) is one of the leading financial centres in Asia, offering favourable regulations, tax benefits, currency convertibility, free circulation of securities, advanced clearing and payment system and unrestricted trading in GDRs on the main market in line with the international standards. This attracts an increasing number of Russian companies that see HKEx as a favourable alternative to European and US exchanges.

It is worth to mention that EPAM assisted in the first IPO ever in the history of Russian companies on the HKEx.

The speakers at the seminar were Ronald Arculli, Chairman of HKEx, Lawrence Fok, Executive Vice President and Head of the HKEx Issuer Marketing Division; partners at EPAM, Dimitry Afanasiev, Allen Thomas and Dmitry Stepanov and the special guest of the seminar Alexander Sinenko, Deputy Head of the Federal Service for Financial Markets. The seminar was attended by Russia’s leading financial and industrial businesses and representatives from the CIS Leading Counsel Network, an association of top law firms from the CIS countries, co-founded by EPAM last year.

“Listing on the HKEx opens a new chapter in investment cooperation between Russia and China, and draws attention to Asia’s emerging markets as a new center for economic growth. This is a new opportunity to diversify sources of capital to develop the Russian economy, particularly, in Siberia and the Far East regions”, said Dimitry Afanasiev, the Chairman of EPAM.

“From the legal point of view, the Hong Kong Exchange is a leading platform with strict requirements for information disclosure and strong appreciation for companies that operate in emerging markets.”

Ronald Arculli, when describing the fundraising opportunities, said: “Hong Kong is an attractive market both for issuers and investors, because there is an unrestricted capital movement, simple tax structure (for example, there is no dividend tax, capital gains tax or estate tax), easily convertible currency and free circulation of securities. At the same time it has a well-established legal framework, stable banking and securities sector resting on a reliable trading, clearance and payments system. For foreign companies Hong Kong is well placed to be help raise capital in addition to or as an alternative to their domestic markets”.

Meanwhile, Allen Thomas and Dmitry Stepanov, partners of EPAM, shared their experience on advising Russian companies on HKEx listing. They revealed some particulars of the legal procedures and the role of a legal advisor during an IPO.

For more information please contact the Strategic Communications Department of EPAM Law, tel. (495) 985-80-10, press@epam.ru

Notes to Editors:

EPAM is the leading national law firm in Russia with offices in Moscow, St. Petersburg and an associated office in London. Founded in 1993, the firm specialises in legal advice to both Russian and international businesses in complex corporate deals and commercial disputes. 

Ronald Arculli, Chairman, Hong Kong Exchange

Mr. Ronald Arculli is currently a Non-Official Member of the Executive Council of the Hong Kong Special Administrative Region Government and Chairman of Hong Kong Exchanges and Clearing Limited. Since January 2010, Mr. Arculli serves as the Vice Chairman and Board Director of the World Federation of Exchanges.
He is the senior partner of King & Wood, the Hong Kong office of the largest law firm in Mainland China. He also serves on the boards of several major listed companies in Hong Kong.

Mr. Lawrence Fok Executive Vice President Head of Issuer Marketing Division, Hong Kong Exchanges and Clearing Limited

FOK Kwong Man, Lawrence is the Executive Vice President and Head of Issuer Marketing Division of Hong Kong Exchanges and Clearing Limited.

Mr. Fok joined the Stock Exchange in 1992 and has over 20 years of experience in financial services and securities regulatory work. Before joining the Stock Exchange he worked for the Securities and Futures Commission and other organizations in securities dealing and venture capital.