Shanghai, Saudi Exchange Partner on ESG
The Shanghai Stock Exchange and the Saudi Exchange signed a memorandum of understanding (MOU) on Sunday in Riyadh, laying the groundwork for future cooperation.
The two exchanges will explore opportunities for collaboration in cross-listings, fintech, environmental, social, and governance (ESG) matters, and research.
"We are pleased to collaborate with the Saudi Exchange," said Cai Jianchun, general manager of the Shanghai Stock Exchange. "We anticipate jointly promoting product cooperation, such as exchange-traded funds (ETFs), and deepening the connection between the two capital markets."
China's and Saudi Arabia's stock exchanges have been discussing the possibility of listing ETFs on each other's exchanges, according to three sources who spoke to Reuters last month. This is part of the countries' efforts to strengthen financial ties as diplomatic relations improve.
The Shanghai Stock Exchange has signed MOUs with 57 offshore institutions and will continue to promote diversified cooperation with overseas exchanges, according to the exchange.
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