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A key area of co-operation in this MOU is the extended collaboration to four other provincial and municipal authorities, namely the Liaoning Economy Commission, Liaoning Small and Medium Enterprises Bureau, the Financial Affairs Office of Shenyang and the Financial Affairs Office of Dalian.
Under this MOU, the Liaoning-FAO will work hand-in-hand with these four China government agencies to identify larger Liaoning companies to list on SGX. Collectively, they will provide guidance to Liaoning companies seeking an SGX listing as well as to facilitate legal, regulatory and approvals processes from Chinese authorities. A team of three liaison officers has been assigned to assist in the co-ordination and administration of this MOU.
In its capacity as the provincial authority, Liaoning-FAO will support SGX in its supervision of listed Liaoning companies. In addition, Liaoning-FAO will assist SGX in post-listing activities to help profile listed Liaoning companies to investors. Other areas of co-operation include a staff exchange programme.
The Liaoning province is a fast developing region in China. Liaoning-Singapore ties have been further strengthened over the past year by the Singapore-Liaoning Economic & Trade Council (SLETC). This MOU is a result of close ties that the Singapore-Liaoning Economic & Trade Council (SLETC) has with the Liaoning authorities.
The MOU signing ceremony in Shenyang, Liaoning is witnessed by Mr Tharman Shanmugaratnam, Minister of Education & Second Minister for Finance, during the business mission organised by International Enterprise (IE) Singapore.
Said Mr Tharman Shanmugaratnam, Minister for Education and Second Minister for Finance, and Co-Chairman of the Singapore Liaoning Economic and Trade Council: "Singapore can play an important role in helping Liaoning enterprises internationalise. SGX's MOU with Liaoning's Financial Affairs Office creates a platform for identifying a pipeline of Liaoning enterprises with good growth potential to seek listings in Singapore. Singapore offers Liaoning enterprises an international capital market to broaden their investor base, peg their business practices to international standards, as well as profile themselves to the global business community. Liaoning enterprises can also use Singapore as a base to target regional markets."
Mr Wang Xinquan, Deputy-Director of FAO-Liaoning added, "This MOU marks a new phase of co-operation in strengthening Liaoning and Singapore capital markets and enhancing Liaoning enterprises to seek an SGX listing. Such effort is paramount to the positive development of Liaoning enterprises. Currently, we are in active discussion with about 10 companies on possible listing on SGX."
Mr Ang Swee Tian, Vice Chairman, Singapore Exchange Securities Trading Limited said, "As China continues to be of strategic importance to our listing programme, this collaboration with Liaoning-FAO provides invaluable insights to Liaoning economic development thereby addressing the capital raising needs of Liaoning enterprises. This will further enhance our position as the Asian Gateway for China companies seeking international funds. SGX aims to build an enduring marketplace for larger size, quality listings that investors will subscribe to."
Collaborating with selected China provincial government is part of SGX's listings strategy to attract larger companies to list here. Similar collaboration was extended to Zhejiang and Shandong provincial government as well as Wuxi municipal authorities.
