APX makes a start with two listings
Source: Australian Financial Review By: Shaun Drummond
Asia Pacific Exchange became the latest of a number of tiny competitors to the Australian Securities Exchange when trading of its first two stocks began at 11am on Thursday.
Diet supplement maker Australia Samly Holdings Limited raised $4.6 million and parcel and packaging firm ZhongHuanYun Holdings Group $3.5 million, but the exchange’s management said they expect up to another 10 to list this year.
Both companies listed above their issue price, but fell well short of what they were looking to raise. Australia Samly wanted to raise up to $10 million and ZhongHuanYun $6.6 million.
The exchange is targeted at Australian and Chinese companies and investors.
It will allow share purchases to be made using Chinese renminbi or Australian dollars.
“Our vision is to be a vibrant marketplace with direct investment capability in both Australian dollars and Chinese renminbi by both Australian domiciled and Chinese domiciled investors,” said APX chief operating officer David Lawrence.
“We look forward to establishing a market in which investors will be able to both trade and settle in RMB.”
The Australian Securities Exchange launched an Australian dollar/Chinese yuan settlement service with the Bank of China in February.
In the same month, the Industrial and Commercial Bank of China and several major Australian banks announced an Australian dollar/yuan trading service.