Singapore committed to China IPOs

The Singapore Stock Exchange remains committed to welcoming IPOs by mainland Chinese firms, despite the recent high-profile collapse of aviation fuel importer China Aviation Oil (Singapore) Corp Ltd, the exchange's CEO told a meeting in Beijing. Hsieh Fu Hua said that while the CAO affair continued to have an impact and the exchange would respond to the results of an ongoing investigation, he remained determined to build Singapore as an international venue for listings, with Chinese firms continuing to play a key role. Singapore, he said, offered a strong alternative to Hong Kong for Chinese companies looking to raise funds needed to sustain their growth momentum. Hsieh said that while Chinese stocks had been hit in the immediate aftermath of the CAO scandal, most were recovering, some even exceeding their previous levels.