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Singapore Exchange (SGX) is pleased to announce that Yangzijiang Shipbuilding (Holdings) Ltd will be the first company to have trading of its shares in Chinese Renminbi (RMB) on SGX’s dual currency trading platform. Yangzijiang’s RMB-denominated shares will start trading on 5 August.
Magnus Bocker, CEO of SGX, said: “This is an exciting and positive development for Singapore as an offshore RMB centre. It also demonstrates how SGX is contributing to the infrastructure and capabilities required for issuers and investors to tap on opportunities offered by China.
Ren Yuanlin, Executive Chairman of Yangzijiang, said: “We have always been very appreciative of the support that SGX has given to us and we would like to sincerely thank SGX for giving our shares the opportunity to be traded in RMB. It also gives us great honour to be the first counter on SGX to trade in RMB. We always want our existing and potential investors to have more freedom and flexibility to buy our shares and with this dual currency trading, SGX has given the necessary platform needed for that.”
The trading of RMB shares on SGX adds to the exchange’s suite of services offered:
- Listing and depository of offshore RMB bonds;
- Listing, quotation, trading, clearing and settlement of RMB-denominated securities; and
- SGX’s China A50 index futures, the only offshore access to the China A-share market.
