Wednesday 12 April 2017

Stock Market Today:SGX partners China bank to raise Singapore capital market's profile



Singapore Exchange (SGX) has entered into a memorandum of understanding (MOU) with Shanghai Pudong Development Bank (SPDB) to raise the profile of Signapore's capital market.

In the agreement signed at the third Singapore-Shanghai Financial Forum, both entities will collaborate on leveraging SGX for international fund-raising. SPDB will recommend Chinese companies to raise funds through initial public offerings, listing of Reits and business trusts, and the issuance of offshore renminbi bonds.

Both will also work together on financial and commodity markets, with SPDB exploring opportunities in SGX's gold futures.

Some activities planned include internal trainings and an exchange programme between SGX and SPDB staff, which will provide opportunities for both parties to share knowledge on the business environments of both countries as well as SGX's listing requirements.

Our partnership with SPDB which is well-regarded in China's capital market for its outstanding performance and business innovation will not only raise Singapore's profile as an offshore centre and international exchange, but also support Chinese companies capital-raising needs as they seek international opportunities and profiling, he added.

Cui Bingwen, SPDB executive vice-president, said that by working with SGX, the bank hopes to better serve Chinese corporates going global and help them tap international capital markets.

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