Russian companies could gain access to the Hong Kong Stock Exchange.

Starting July 1, 2008 the Hong Kong Stock Exchange will authorize foreign issuers to obtain a listing on its trading floor via Hong Kong Depositary Receipts (HDRs), the exchange said in a press release. Businesses that would like to gain listings on the Hong Kong Stock Exchange will need to issue HDRs and comply with the same terms and conditions that companies, which issue stocks, follow. The Hong Kong Stock Exchange believes this initiative will help it urge more foreign companies to get listed in Hong Kong.

As for Russian concerns, UC RusAl, Rosneft, Norilsk Nickel, Alrosa and Gazprom mull obtaining listings on the Hong Kong Stock Exchange. Soyuzmetallresurs, part of the resource segment of Basic Element (owned by Oleg Deripaska), is going to place over 25% of its securities on this exchange in 3Q 2008. The company intends to net around USD 200 mn.