TRITECH: Stock jumps on MOUs related to capital raising for Chinese companies

Dr Jeffrey Wang, MD of Tritech.
NextInsight file photoThe second MOU contemplates the possibility of Tritech Group investing in OOway Technology by way of a share swap arrangement which would lead to OOway becoming a new controlling shareholder of Tritech. 

The transactions contemplated under the MOUs will be subject to the entry of definitive agreements, which will represent the Group’s foray into the area of fintech.

Dr. Eve Yang, Chief Strategic Officer of OOway Technology, commented, “We understand that for SOEs and Chinese private companies, raising capital offshore is arduous, complicated and involves risks.

"Our platform aims to provide a holistic solution to help our members raise capital offshore in an efficient and cost-effective manner. Likewise, we have developed the bMARS to help international financiers assess the creditworthiness of the borrowers by leveraging on predictive analytics powered by big data and artificial intelligence.”

Dr. Jeffrey Wang, MD of Tritech, said, “The Chinese bond market is currently the third largest in the world with a market capitalisation of USD12 trillion. In tandem with this, overseas investors’ investment in bonds issued by PRC issuers have increased, and there also appears to be increasing interest of SOEs in the PRC to raise capital offshore through the issuance of USD-denominated bonds in overseas markets.

"We will be keen to have the opportunity to work hand-in-hand with CBC and OOway Technology as this partnership presents a rare opportunity for the Group to service and address this burgeoning market.”