SGX to share fundraising expertise with co-working space provider Ucommune

THE Singapore Exchange (SGX) on Thursday said it is partnering China's largest co-working space provider Ucommune to share its fundraising knowledge with the latter's global members.

"The strategic partnership will allow SGX to support Ucommune's members in understanding equity and debt capital raising, as well as tapping international funding via Singapore's capital markets," SGX said.

The agreement was inked at a virtual signing ceremony attended by SGX's head of global sales and origination Chew Sutat in Singapore, and Ucommune's founder Mao Daqing in Beijing.

As part of the services provided to its global members, Ucommune will engage with companies to identify those who are exploring fundraising options.

SGX will in turn share best practices, educate and assist suitable companies within the Ucommune community to gain access to capital, it said.

Both parties will jointly organise roundtable meetings with potential investors, roadshows, as well as listing and fundraising briefings. These would provide businesses with relevant insight into investment and financing activities, and accelerate the pace of Chinese enterprises entering the international market, SGX noted.

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Said Mr Mao: "Since we established Ucommune five years ago, we have always been committed to empowering Chinese innovators and entrepreneurs. While financial markets globally have been impacted by the Covid-19 pandemic, these challenges bring their own opportunities for companies to innovate, develop and grow."

As at the end of 2019, Ucommune has a global network of over 710,000 members and operates more than 200 co-working spaces in 44 cities across Greater China, Singapore and New York.

Shares of SGX closed at S$8.29 on Thursday, down S$0.08 or 1 per cent before this announcement.