新加坡交易所和澳大利亚证券交易所25日发表联合声明称，双方已达成合并协议，新交所将通过现金加股票的形式收购澳交所，交易总值达约合83亿美元。如果交易获准，双方组建的新交易所将成为亚太地区第二大证券交易所，并跻身全球五大证券交易所之列。
国内律师界资本市场律师表示，即使交易获准后新交易所成为亚太地区第二大证券交易所， 国内的上海和深圳交易所和香港交易所将不会受影响。
The Singapore Stock Exchange (SGX) and the Australian Stock Exchange (ASX) have recently announced a US$8.3bn merger to create the premier international share exchange in Asia Pacific. While talks are underway for the merger to see the combined entity become the world’s fifth-largest stock exchange, PRC capital markets lawyers remain confident of bourses in Greater China.
“The trading volume and activity in Hong Kong and Shanghai is still far greater than those of Australia and Singapore, so I don’t think the potential merger represents a real threat,” said Yang Xusheng, partner at FenXun Partners. “Greater China exchanges still have their edge and will remain poised to seize more market share.”
Yang added that even if the two exchanges do merge, PRC companies will continue to look to Hong Kong and Shanghai in terms of listing. “There isn’t a real benefit for companies to reconsider Australia or Singapore as a listing venue as opposed to Hong Kong or Shanghai. They wouldn’t raise more money and gain more investor interest just because it is a newer and larger entity. PRC companies are now sophisticated enough to realise that,” said Yang.
Since the announcement, the merger has faced some opposition. “Given the regulatory challenges, the merger might not go forth. Australians are opposing the merger, partly because of the economic and regulatory challenges and also that they do not want to be perceived as being acquired by Singapore,” explained Yang.
Nonetheless, a successful merger between the ASX and SGX builds upon a trend of recent consolidation amongst the world’s exchanges. In 2000 OMX unsuccessfully tried to buy the London Stock Exchange. In 2006, the New York Stock Exchange acquired Euronext, while in 2007 the London Stock Exchange acquired Borsa Italiana. And in 2008, NASDAQ and OMX merged. ALB
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