Singapore Exchange (SGX) announced on Monday that China Everbright Water Ltd, the former HanKore Environment Tech Group Ltd., has been welcomed to the mainboard, under the stock code of U9E.
The move follows the reverse takeover of Singapore-listed HanKore Environment Tech Groupfor for $1.2 billion by China Everbright Water Investments Limited (CEWIL) - a subsidiary of China Everbright International and part of the China Everbright Group, one of the largest state-owned enterprises in China.
China Everbright Water, the enlarged entity, will have an estimated market capitalisation of about S$2.4 billion.
HanKore was engaged in wastewater treatment, water recycling, water supply, sludge treatment as well as engineering, procurement and construction. CEWIL is involved in the environmental water business, including wastewater treatment, reusable water projects and wastewater heat pump projects in China.
Magnus Bocker, SGX CEO said the latest listing "gives our investors further access to the water industry in China via a state-owned enterprise, adding both depth and diversity to our established environment sector."
It brings the total number of companies in the environment sector listed on SGX to 15 with a market capitalisation of more than $8.4 billion.
Chen Xiaoping, CEO of China Everbright International Limited and chairman of China Everbright Water said the listing on SGX will ensure the group has a comprehensive and international platform for market operations and a highly competitive edge.