SGX seals ties with China's Shandong Finance Office

The current list of 17 Shandong-based companies will be lengthened with the MOU.

In a release, Singapore Exchange (SGX) enhanced its ties with China by entering into a Listing Memorandum of Understanding with the Shandong Finance Office.

Under the MOU, SGX and the Shandong Finance Office will co-operate to develop communication channels and foster continued ties in areas including information exchange and the listing of more Shandong companies on SGX. Mr Sun Xianqing (孙宪青), Vice Director of the Shandong Finance Office, and Mr Lawrence Wong, Head of Listings at SGX, signed the MOU today in Jinan, Shandong as part of the 16th Singapore-Shandong Business Council Meeting.

Shandong Finance Office is the government body which drives the financial development of the province and helps Shandong businesses in their structuring and fund-raising plans.

With a population of over 95 million people, Shandong is one of China’s most populous and affluent provinces with natural resources including precious metals, gems and oil, and also significant manufacturing businesses.

Of the 144 Chinese companies listed on SGX, 17 are from Shandong, making it one of the top three originating provinces for such companies.

“The Shandong Finance Office has a good working relationship with SGX and this MOU will further facilitate our joint effort to assist more suitable companies from Shandong to tap the capital market in Singapore,” Mr Sun said.

“SGX is pleased to deepen its relationship with Shandong province and the Shandong Finance Office. We look forward to a closer working relationship to help more Shandong companies understand our market environment and offering so as to enable them to tap the Singapore capital market,” Mr Wong said.

Today’s MOU adds to other SGX partnerships with Chinese provincial and city governments to attract companies in China to list in Singapore. SGX also has MOUs with Chongqing, Fujian, Jiangsu, Liaoning, and Zhejiang, as well as the Agricultural Bank of China.