More Tianjin-based firms could be heading to SGX

SGX has signed an MOU to support listings from the Chinese city.

In a release, Singapore Exchange (SGX) announced it has signed a Listing Memorandum of Understanding (MOU) with Tianjin People’s Government State-owned Assets Supervision and Administration Commission (Tianjin SASAC).

Tianjin is one of China’s four municipalities administered directly by the Chinese central government. With GDP growth of 16.4% in 2011, and a population of over 10 million people, Tianjin’s key industries include oil and gas, metals mining, textile and manufacturing. Four Tianjin companies are currently listed on SGX.

The MOU was signed by Ms Meng Ai Ying, Vice Chairman and Deputy Party Secretary of Tianjin SASAC and Ms Christine Lie, Chief China Representative of SGX, as part of the 5th Singapore-Tianjin Economic and Trade Council Meeting. Under the MOU, SGX and Tianjin SASAC will work together on the exchange of information to support the listing of suitable Tianjin companies on SGX.

Tianjin SASAC is the organisation authorised by the Tianjin Municipal Government to invest and manage state-owned assets in Tianjin. “The MOU Tianjin SASAC entered today with SGX is to foster closer ties based on the established good relationships, which will facilitate future collaboration in encouraging more state-owned enterprises in Tianjin to list on SGX,” said Ms Meng.

“We are very happy on the occasion of the signing of the Listing MOU between Tianjin SASAC and  SGX. This signals the strong intent of the two parties to support suitable Tianjin state-owned enterprises to venture overseas and tap the international capital market through SGX,” said Ms Lie.

The 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, Shandong and Zhejiang, as well as the Agricultural Bank of China.