Tie-up aims to promote the listing of companies supervised by Chongqing SASAC on SGX.
Singapore Exchange (SGX) on Tuesday signed a Memorandum of Understanding (MOU) with the State-Owned Assets Supervision and Administration Commission (SASAC) of the Chongqing Municipal Government in China. This is SGX's first MOU with a provincial SASAC, according to a SGX report.
Under this MOU, Chongqing SASAC will assist SGX in its profiling efforts to its companies, provide guidance to its companies seeking a listing on SGX, as well as facilitate regulatory processes and approvals from relevant Chinese authorities where necessary. Chongqing SASAC will also lend support when requested by SGX in its supervision of such companies following their listing on SGX. 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 has also been designated as one of five nucleus cities with a key role in the economic and financial development of Western China.
Mr Cui Jian, Deputy Party Secretary General and Director of the Chongqing Municipal Government SASAC said, "Chongqing SASAC places high importance on this strategic cooperation with SGX and will fully support and encourage companies under its supervision to gain access into Singapore's capital market."
Mr Lawrence Wong, Executive Vice President and Head, Listings, at SGX said, "Chongqing SASAC is the first provincial SASAC we have signed a listing MOU with. Through this cooperation, Chongqing SASAC has given recognition to the value that SGX will bring to its companies. We look forward to a close working relationship with our new MOU partner in assisting Chongqing companies to access international capital funding for their business expansion."
The collaboration with provincial and city governments augments SGX's Asian gateway strategy to attract suitable companies to list Singapore. Prior to Chongqing, SGX has signed listing MOUs with Fujian, Liaoning, Shandong, Wuxi, and Zhejiang, as well as the Agricultural Bank of China.
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