Singapore Exchange Limited (SGX) today signed a Memorandum of Understanding (MOU) with the Fujian Development and Reform Commission Office (FDRC) of the Fujian Provincial Government in China.
The MOU aims to further promote the listings of Fujian enterprises on SGX. Under this MOU, the FDRC will provide guidance to potential listing aspirants as well as to facilitate regulatory processes and approvals from relevant Chinese authorities where necessary. The FDRC will also lend support when requested by SGX in its supervision of Fujian listed companies.
The Fujian province is a fast developing region in China. There are currently 21 Fujian companies listed on SGX, with a total market capitalisation of S$4.2 billion. This year alone, SGX have attracted seven new listings from Fujian.
Mr Xie Chaoxiong, Deputy Director-General of the Fujian Development and Reform Commission said, “The Fuijian province has always placed importance on overseas listings of its enterprises. We sincerely hope that through this MOU, both parties will strengthen co-operation and advance the listings of Fujian enterprises in Singapore.”
Mr Lawrence Wong, Executive Vice President and Head, Listings, at SGX said, “This MOU shows our continuing commitment to the China market. It enables us to reach out to more Fujian companies seeking overseas fund raising and to enhance regulatory oversight post-IPO. This will further promulgate SGX as the Asian gateway to growth for companies seeking international capital.”
Collaborating with selected China provincial and city governments is part of SGX’s listings strategy to attract quality companies to list here.
