Singapore Exchange to relocate listings head Lawrence Wong to China

SINGAPORE - The local bourse is relocating its head of listings to China in a bid to boost its presence there amid continued sluggishness in the Singapore market.

The Singapore Exchange named Mr Lawrence Wong as head of its China business in a press release on Wednesday.

He will be responsible for building SGX's business and relationships in China through "exploring opportunities across equities, bonds, derivatives and commodities", the exchange said.

It added that he will continue to head the listings business but will move to China.

SGX chief executive Magnus Bocker said in a statement that China was a "key market in SGX's strategy for our future growth and international footprint".

Mr Wong's "significant industry experience and his extensive network in China will be vital to the growth of our business and relationships there, particularly with customers and regulators", Mr Bocker added.

Mr Wong joined SGX in April 2006, and represents the bourse as a member in seven collaboration councils that Singapore has set up with Guangdong, Jiangsu, Liaoning, Shandong, Sichuan, Tianjin and Zhejiang to promote bilateral economic, business, trade and investment activities.

The exchange also said that it has established a wholly foreign-owned enterprise (WFOE) in China and will be setting up branches in Shanghai and Beijing. It already has a representative office in Beijing.

Many of the SGX-listed stocks that have been suspended over the past five years are Chinese companies, commonly known as "S-chips".

The last S-chip to directly list on the Singapore Exchange was Sincap Group Ltd in June 2012, according to media reports. Since then, Chinese companies such as property developer Chiwayland have done backdoor listings through reverse takeovers of struggling Singapore-listed firms.

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