The Singapore Exchange (SGX) has welcomed Yangzijiang Financial Holding (YZJFH) to its Mainboard on April 28.
The company, which is the spin-off of the investment business of Yangzijiang Shipbuilding (Holdings), will trade under the code YF8.
At 1pm, shares in YZJFH opened on the Mainboard at 68.5 cents.
YZJFH is a leading investment management and debt investment business in Asia with a presence in China for over 14 years.
YZJFH’s executive chairman, Ren Yuanlin, says, “We have received strong support from our shareholders, SGX and relevant working parties to make the listing of Yangzijiang Financial Holding possible and we sincerely thank them for their hard work and contributions.”
“Backed by a strong track record in debt investments and steady returns and leveraging on its extensive network, the group will further diversify into fund and wealth management business and seek geographical diversification out of China with an added focus on United States, Europe and Southeast Asia. We will remain committed to maximizing shareholders value and distributing sustainable and stable dividends,” he adds.
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Pol de Win, senior managing director, head of global sales and origination at SGX, says, “We are delighted to welcome Yangzijiang Financial to our growing financial services cluster. The successful spin-off not only unlocks value for Yangzijiang Shipbuilding’s shareholders but also provides Yangzijiang Financial Holding with the flexibility to tap new capital for growth.”
He adds: “As a long-term partner supporting Yangzijiang Shipbuilding since it listed on our Mainboard 15 years ago, we look forward to continue working alongside both companies as they seek to chart new growth for their businesses.”
As at 1.31pm, shares in YZJFH are trading at 64 cents, down 4.5 cents from its opening price.
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/Update
Shares in YZJFH closed at 62 cents on its first day of trading, down 6.5 cents from its opening price.
