There's shock and surprise at one of New Zealand's most successful tech companies announcing it will de-list from the New Zealand stock exchange.

Accounting software firm Xero is moving to the Australian stock exchange, the ASX, from the NZX.

Financial commentator Andrew Kelleher, from JMIS, thinks there's more to the story we don't know yet.

"Ditching the listing on NZX completely seems, I think dramatic would be euphemism, for some of the words I heard. There must be some very disappointed people."

Xero chief executive Rod Drury says it's about driving further growth, and accessing bigger markets and potential investors.

But Kelleher believes these are all fine reasons, "But I think there's stuff not being said here and I think there's still a story to come out. I'ts unusual and I think there's a story behind this."

LISTEN ABOVE AS ANDREW KELLEHER SPEAKS WITH MIKE HOSKING