Indonesia Seeks More Companies to List on Hong Kong Stock Exchange

TEMPO.CO, Jakarta – The Indonesian government is encouraging more domestic companies to list their shares on the Hong Kong Stock Exchange to expand access to international investors and diversify funding sources.

Awidya Santikajaya, Director of Resources and Industrialization at Indonesia's Ministry of Foreign Affairs, said the government is seriously considering ways to increase the number of Indonesian firms listed in Hong Kong.

"We are seriously considering this," Awidya said during a panel discussion at the Greater Bay Area-ASEAN Summit 2026, organized by the South China Morning Post in Hong Kong on Tuesday, June 30.

According to Awidya, only a handful of Indonesian companies are currently listed on the Hong Kong Stock Exchange. The government hopes more publicly listed Indonesian companies will tap the market to strengthen links with global investors.

One recent example is PT Merdeka Gold Resources Tbk (EMAS), a subsidiary of PT Merdeka Copper Gold Tbk., which completed a secondary listing on the Hong Kong Stock Exchange through the Hong Kong Depositary Receipts (HDR) scheme. The transaction marked the first dual listing by an Indonesian company in Hong Kong in more than two decades.

Hong Kong as a Gateway to Global Capital

Daryl Ng, Chair of the Hong Kong-ASEAN Foundation, said Hong Kong serves as both an international financial center and a gateway connecting the Guangdong-Hong Kong-Macau Greater Bay Area (GBA) with Southeast Asia.

The GBA is a major economic region in southern China that comprises nine cities in Guangdong Province, along with the Special Administrative Regions of Hong Kong and Macau.

According to Daryl, Merdeka Gold's listing demonstrates that ASEAN companies can use Hong Kong's capital market to raise funds while broadening their international investor base.

He added that several other ASEAN companies are exploring similar plans, including a Malaysian logistics company and a Singapore-based biotechnology firm that are considering listings in Hong Kong this year.

Daryl said the growing interest highlights Hong Kong's attractiveness as a fundraising destination for Southeast Asian companies seeking greater access to global capital markets. He also said the newly established ASEAN Chamber of Commerce in Hong Kong is expected to strengthen business ties between Hong Kong, the Greater Bay Area, and ASEAN member states.

Dual Listings Expand Funding Options

Steven Marcelino, Secretary General of Global Relations at the Indonesian Chamber of Commerce and Industry (Kadin), said dual listings in Hong Kong would complement rather than undermine Indonesia's domestic capital market.

"If a company has dual listing, it will diversify its funding. It's not reducing, but actually diversifying the demand base," Steven told Tempo during the forum.

He explained that trading on the Indonesia Stock Exchange is dominated by domestic retail and institutional investors, while Hong Kong provides access to a broader pool of international investors, particularly those from mainland China.

As a result, Steven said, dual listings allow Indonesian companies to raise capital from global investors without reducing liquidity in Indonesia's stock market.

Read: Rupiah Weakens Amid Domestic Sentiment Pressure

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