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19 May 2010 - Singapore Exchange (“SGX”) enhances its collaboration with Chongqing by signing a Listing Memorandum of Understanding (“MOU”) with the Financial Affairs Office (“FAO”) of the Chongqing Government in China.
The MOU aims to promote the listing of Chongqing enterprises on SGX. Under this MOU, the FAO will assist SGX’s profiling efforts to Chongqing 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 Chongqing listed companies. There is currently one Chongqing company listed on SGX.
Chongqing is one of the four municipalities in China reporting directly to the State Council. It is also been designated as one of five nucleus cities with a key role in the economic and financial development of Western China.
Dr Luo Guang, Director General, at FAO said, “This MOU aims to strengthen co-operation and enhance mutual development between the two parties. The Chongqing FAO will actively recommend suitable Chongqing enterprises to list on SGX, and SGX will assist Chongqing enterprises to realize their listing and fundraising needs in the Singapore capital market.”
Mr Lawrence Wong, Executive Vice President and Head, Listings, at SGX said, “This week, we have signed two Listing MOUs with the agencies of the Chongqing Government. This attests to the keen commitment of both parties to work closer on the listing of Chongqing companies on SGX. The collaboration underscores SGX as the Asian gateway for companies seeking international capital and growth.”
The collaboration with provincial and city governments augments SGX’s listings strategy to attract quality companies to list here. In addition to Chongqing, SGX has also signed MOUs with Fujian, Liaoning, Shandong, Wuxi, and Zhejiang, as well as the Agricultural Bank of China.
