new stock exchange in australia officially launched
Last Updated : GMT 18:26:54
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New stock exchange in Australia officially launched

Arab Today, arab today

Arab Today, arab today New stock exchange in Australia officially launched

Canberra - XINHUA

The Asia Pacific Stock Exchange ( APX) was officially launched in Sydney on Thursday evening after the change of its ownership and name in 2008 and a series of adjustments afterwards. The APX said it has received applications from two companies proposing listing on its new market platform. Australia Samly Holdings Limited and ZhongHuan Yun Holdings Group Limited have both applied for listing and published prospectuses. The two will be the first companies on the new APX when trading recommences, currently expected to be on March 6, subject to final approvals. "APX is set to become an important new venue and catalyst for greater capital flows and business links between Australia and Asia. For China and other Asia domiciled businesses, we offer an attractive venue with access to institutional and retail investors, " David Lawrence, chief operating officer of APX. "For Australian companies looking to expand their network and business in Asia, a listing on APX is a great alternative and an opportunity to broaden their investor base and attract Asian capital," he said. "Longer term our vision is to have a vibrant marketplace with direct investment capability in both Australian dollars and Chinese renminbi by both Australian domiciled and Chinese domiciled investors. We look forward to introducing greater competition and innovation for listing services in Australia. For example, we are well advanced towards the establishment of a market in which investors will be able to both trade and settle in RMB," Lawrence said. Australia Samly is a large scale health products and dietary supplements business headquartered in Shenzhen and operating across China, that is seeking to issue 10 million new shares at 1 AU dollar each, giving the company a market capitalization of 40 million AU dollars (36 million U.S. dollars). ZhongHuan Yun Holdings integrates logistics support agency services with the manufacturing and sale of logistics package and parcels, warehousing and storage, and other logistics supply chain services, mainly for China's rapidly growing e-commerce market and with a view to expanding its distribution channels into Australia. The company is seeking to raise 6.6 million AU dollar (5.94 million U.S. dollars) that would capitalize the company at 26.3 million AU dollars (23.6 million U.S. dollars). "The companies are both right in the middle of the burgeoning, fast-growing consumer market in China and epitomize the entrepreneurial, growth-oriented companies that APX is looking to attract," said APX Chairman Ray Schoer. "While we have an excellent pipeline of listing prospects, we want to make sure APX moves and grows efficiently and in a manageable process, and to that end we envisage another ten or so companies listing during calendar year 2014," Schoer said. APX Director of Business Development Joseph Law said that State One Stockbroking and Pershing Securities Australia had both been approved as APX brokers in recent weeks, bringing the number of accredited brokers to four. APX is processing applications from a number of other brokers and is continuing discussions with the Australian broking community as the commencement of operations on APX is scheduled for next month. "We offer brokers a straightforward and value-conscious venue that aims to deliver more products and bring in more investors and capital into Australia," Law said. Asia Pacific Exchange, previously known as Australian Pacific Exchange, was acquired by Chinese Australian George Wang's AIMS Financial Group, a diversified financial services and investment group, after the collapse of the Austock Group in 2008. Since then, AIMs had been working to obtain regulatory approval to launch APX and finally got it last year.

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