This is SGX’s first formal co-operation with China provincial authorities for the promotion of listings on SGX. The MOU aims to encourage and facilitate more listings of Zhejiang enterprises on SGX. The Zhejiang FAO will support Zhejiang companies seeking to list on SGX in managing regulatory processes and approvals from Chinese authorities. In addition, the Zhejiang FAO will assist SGX in its supervision of listed Zhejiang companies. One full-time staff from the Zhejiang FAO will be assigned to assist in all areas of this co-operation.
The MOU signing ceremony in Hangzhou will be witnessed by Mr Raymond Lim, Minister for Prime Minister’s Office, Second Minister for Finance and Foreign Affairs, during the business mission organised by International Enterprise (IE) Singapore. This MOU is the result of close ties that the Singapore-Zhejiang Economic and Trade Council (SZETC) has with the Zhejiang authorities. The SZETC is co-chaired by Minister Raymond Lim and Zhejiang Vice Governor Zhong Shan, with IE Singapore as the secretariat for the SZETC in Singapore.
“This will be the first such MOU that SGX is signing with a Chinese province. With this MOU, SGX will be able to have a systematic channel under the SZETC for listings from Zhejiang, which is one of the key sources of Chinese listings,” said Minister Raymond Lim, the Co-Chairman of SZETC.
Mr Ding Minzhe, Director-General of Zhejiang FAO added, “The MOU strengthens the collaboration of Zhejiang and Singapore in capital markets. It also plays an important role in promoting the listing of Zhejiang companies on SGX. In particular, it helps the provincial government to supervise and manage these listed companies. Such risk mitigation efforts will enhance the quality and development of these enterprises.”
Mr Gan Seow Ann, Senior Executive Vice President & Head of Markets Group, SGX said, “Our close collaboration with Zhejiang FAO will enhance SGX’s position as the Asian gateway for Zhejiang companies to seek global funding. In addition this partnership will provide us insights into the corporate landscape and capital-raising needs in Zhejiang, while enhancing our regulatory management.”
As part of SGX’s strategy to strengthen our listings programme in China, similar agreements are being negotiated with selected provincial governments.
