Yangzijiang First to Launch Dual Currency Trading
Yangzijiang Shipbuilding (Holdings) Ltd (Yangzijiang) one of PRC’s leading and most enterprising shipbuilders listed on the SGX Main Board, informed that with effect from 9.00 a.m. on 5th August 2013, Yangzijiang’s shares will commence trading on Singapore Exchange (SGX) in Renminbi (RMB).
Yangzijiang is set to be the first to launch dual currency trading in RMB on SGX dual currency trading platform. This will bring greater flexibility and convenience to investors wishing to invest in Yangzijiang’s shares in RMB. The Group also informed that this will be the first time ever any company listed on SGX will have its shares being traded in RMB .
Currently, Yangzijiang’s shares are quoted and traded only in Singapore Dollars (SGD). With the launch of dual currency trading of the shares, Yangzijiang will have a RMB counter in addition to its existing SGD counter. Once the RMB denominated shares start trading from 5th August onwards, investors will have the option to buy or sell in either RMB or SGD counters. Trades made in the SGD counter will be settled through SGX in SGD , while trades made in the RMB counter will be settled through SGX in RMB.
Advantages from the Launch of the Dual Currency Trading
Yangzijiang’s main area of operations is in China and the functional reporting currency is also RMB. There are many investors based in China mainland, Hong Kong and other regions, who wish to invest in Yangzijiang’s shares using RMB and now with the dual currency trading platform, the investors have an opportunity to participate in the Group’ s shareholding without the worry of foreign exchange risk or incurring charges during currency conversion. This move towards dual currency trading also provides the flexibility and convenience to investors to trade in Yangzijiang shares either in SGD or RMB.
“It is our honour to be given the opportunity to be the first company ever on SGX to have its shares traded in RMB. We would like to very sincerely thank SGX for all the support given to us and for the confidence that SGX has on us. Over the years, we have met many investors keen on investing in Yangzijiang, but through investments in RMB, and with this dual currency trading for our shares these investors have the convenience and flexibility to invest in Yangzijiang in a more cost effective manner. This counter will also give the opportunity to overseas investors to invest their RMB offshore in an easy and reliable way as Singapore remains an attractive avenue for overseas investors and as we remain confident of Yangzijiang’s performance ,” Mr Ren Yuanlin, Yangzijiang Executive Chairman stated.
“We are pleased that Yangzijiang will be the first company to have trading of its shares in RMB on SGX’s dual currency trading platform. As the Asian Gateway, we will continue to grow and enhance our suite of RMB and China – related products and services to ensure SGX remains the exchange of choice for issuers with RMB fund raising needs and for investors keen to participate in China’s growth story,” Mr Magnus Bocker, Chief Executive Officer of Singapore Exchange said.
Press release, July 25, 2013