Singapore Exchange (“SGX”) continues to deepen its commitment and relationship with China through the signing of a Listing Memorandum of Understanding (“MOU”) with the Financial Affairs Office (“FAO”) of the Jiangsu Government in China. This MOU would bring the partnership between Jiangsu Province and Singapore Exchange to its highest level, together with the earlier MOUs with Wuxi FAO and Suzhou Industrial Park.
The MOU aims to further promote the listing of Jiangsu companies on Singapore Exchange. Under this MOU, the Jiangsu FAO will assist in SGX’s profiling efforts to Jiangsu enterprises; provide guidance to potential listing aspirants as well as to facilitate regulatory processes and approvals from relevant Chinese authorities where necessary. The FAO will also lend support when requested by SGX in its supervision of Jiangsu listed companies.
With a population of more than 77 million, Jiangsu Province’s economy covers a wide variety of industries including manufacturing, pharmaceutical, as well as those involved in areas of innovation for energy, materials and others. In 2009, the GDP of Jiangsu Province rose 12.4% to RMB3.41 trillion, as compared to 2008, making it as one of the top 3 among China’s provinces.
Mr. Wang Quan, Deputy Secretary General of Jiangsu Provincial Government and Director of the Provincial Finance Office said, “The Jiangsu Provincial Finance Office places great importance on our strategic cooperation with Singapore Exchange (SGX). We will actively support and encourage enterprises from Jiangsu to obtain additional capital by listing at the SGX.”
Mr Lawrence Wong, Executive Vice President and Head, Listings, at SGX said, “Singapore Exchange is pleased to strengthen its relationship with the Jiangsu Province. There are currently 20 companies from Jiangsu listed on our exchange, and we can expect more companies from this vibrant province to explore listing on our venue to support their business growth. The Jiangsu FAO and SGX will work closely together to support the efforts of these companies, and also their supervision after the listings.”
The collaboration with provincial and city governments assist SGX’s efforts to profile and attract companies in China to list in Singapore. In addition to the above said MOUs with Jiangsu, SGX have recently signed MOUs with the Chongqing SASAC and FAO in May this year. In earlier years, SGX has also signed MOUs with, Fujian, Liaoning, Shandong, and Zhejiang, as well as the Agricultural Bank of China.
