Under the MOU, the WMPG will encourage Wuxi companies to seek listings on SGX. WMPG will assist in the verification of corporate and other information of listing aspirants, as well as facilitate regulatory processes and approvals from Chinese authorities. In its capacity as the municipal authority, the WMPG will also support SGX in its supervision of listed Wuxi companies. There are currently four Wuxi companies listed on SGX, the first listed in December 2003.
The MOU signing ceremony will be held in Singapore, and witnessed by Mr Chua Taik Him, Assistant Managing Director, Singapore Economic Development Board and Mr Qi Bin, First Secretary, Commercial Section, The Embassy of the People's Republic of China in Singapore.
Mr Ang Swee Tian, Vice Chairman, Singapore Exchange Securities Trading Limited said, "This MOU is a step further to uplift SGX's position as the Asian Gateway for suitable China companies seeking international capital market. We are confident that our efforts in China not only add diversity and vibrancy to our marketplace, it is also important in building an enduring market."
Mr Gong Pei Xing, Executive Vice-Mayor of WMPG added, "With this initiative, we now have two Wuxi companies signing agreements with Singapore intermediaries. We are confident that in the near future, there will be more high quality Wuxi companies, including Wuxi Singapore Industrial Park, to list on SGX."
This is SGX's third formal cooperation with PRC authorities for listings matters. Similar MOUs were signed with the Shandong and Zhejiang Provincial Governments. As PRC companies continue to seek global funding and international profiling, collaboration with selected PRC authorities will be instrumental in SGX's listings strategy to strengthen its stable of listed companies.
