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Haitong Securities signs MoU with London stock exchange for business cooperation

Xinhua, June 10, 2015 Adjust font size:

China's Haitong Securities signed a memorandum of understanding (MoU) with London Stock Exchange Group (LSEG) Wednesday to conduct cooperation in China and Renminbi (RMB) related businesses.

LSEG announced in a press release that following the MoU, the two parties would work closely together to collaborate on RMB traded funds tracking, develop RMB fixed income product innovation, facilitate Chinese investors' access to capital markets, help promote London initial public offering opportunities amongst Chinese corporates, and explore opportunities to co-operate on new index and derivatives products.

Wang Kaiguo, chairman of Haitong Securities, said of the deal: "As China's capital markets gradually open up, an increasing number of Chinese enterprises are seeking overseas development. These new market dynamics have generated plenty of cross-border financing and investment opportunities."

There are currently 57 Chinese companies quoted on the London stock market, as well as 32 so-called dim sum bonds, or offshore RMB-denominated bonds, with an aggregate value of 24 billion Chinese yuan (3.87 billion U.S. dollars), data compiled by LSEG reported.

For his part, Alexander Justham, CEO of the London Stock Exchange plc, said: "We are fully committed to supporting Haitong Securities' ambitions and working to develop the offshore RMB market in London, as well as facilitating closer ties between London and Chinese capital markets," he added. Endit