KUALA LUMPUR: AppAsia Bhd will be looking at listing on the Hong Kong stock exchange (HKeX) next after its entry into the Australian Securities Exchange (ASX) by the third quarter of this year.

Executive director Calvert Wong Ngai Peow said AppAsia would have a different business approach for HKeX compared with its Australian model, and would take advantage of Hong Kong’s well-established Asian financial hub.

“The Hong Kong listing is in our plans, but we will be looking at it in the next three years after we have established a strong footing in Australia.

“We target to be a major player in e-marketplace and mobile applications in Australia by three years,” he told NST Business recently.

It is understood that the ACE Market-listed AppAsia will be looking at a payment gateway licensing business model for HKeX.

To recap, AppAsia Bhd last week announced plans to list its online shopping business on the ASX under AppAsia Ltd.

The exercise would raise up to A$6 million (RM20.2 million) based on the issue price of A$0.20 per share.

AppAsia Ltd’s initial public offering (IPO) involves the public issuance of between 20 million and 30 million new AppAsia Ltd shares. The company will have an enlarged paid-up capital of up to 110.5 million shares after the listing.

The company plans to use the proceeds to expand the range of products offered in AppAsia e-Marketplace in Malaysia and Australia, and venture into Indonesia and Thailand.

Hong Kong is the world’s second most competitive economy listed under the International Institute for Management Development World Competitiveness Yearbook, after the United States, according to a report.

According to Thomson Reuters, Hong Kong remained the world’s No. 1 listings market in the first nine months of last year, as IPOs from Chinese companies beat the Shanghai Stock Exchange and New York Stock Exchange in terms of funds raised.

On potential partnerships, Wong said the company did not foresee any challenges in identifying strategic partners and in forming a listed company in Hong Kong.

“We have a proven track record and our entry into the Australian stock market shows our commitment to enlarging our products and services footprint within the Asean region.

“We believe many potential companies will be seeking an opportunity to be our partner in Hong Kong,” he said.

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