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SGX ties up with China Construction Bank to draw more Chinese listings

THE Singapore Exchange (SGX) has teamed up with a major Chinese bank to get more Chinese companies to tap capital markets in Singapore.

The exchange inked a memorandum of understanding on Monday with China Construction Bank (CCB), it said in a bourse filing on Monday after the market closed.

Under the agreement, the SGX and CCB will "work closely on bringing Chinese companies to list in Singapore" and "highlight opportunities for Chinese companies to issue offshore renminbi bonds", the SGX said.

It added that CCB would "explore derivatives trading, bond trading and other business activities" in Singapore.

There are 120 Chinese companies and 103 renminbi bonds listed on the SGX, it noted in its statement.