Shanghai – London stock exchange listing co-operation launched

The Shanghai-London Stock Connect (the Stock Connect) was officially launched on 17th June in London. The co-operation means that listed companies are allowed to list  depositary receipts on the other exchange.

The China Securities Regulatory Commission (CSRC) and the UK Financial Conduct Authority (FCA) have agreed to closely collaborate on cross-border supervision and enforcement. The first Global Depositary Receipt (GDR) under the Stock Connect, issued by SSE-listed Huatai Securities Co., Ltd., has also been listed for trading on the LSE on the same day.

  - By expanding channels for bilateral financing and investments, the Shanghai-London Stock Connect has far-reaching significance in promoting capital markets development in both countries and supporting Shanghai’s endeavors to build an international financial center, the Shanghai Stock Exchanges said in the press release.

  - Moving forward, the CSRC is committed to pushing ahead with the reform and opening-up of China’s capital markets in accordance with the directives of the CPC Central Committee and the State Council. The CSRC will work closely with relevant regulatory authorities of the UK to safeguard smooth operations of the Stock Connect and reinforce investor protection in the interests of sound and steady development of the capital markets, the company says.

Business Finance

Burberry Group revenue 2,7 billion pounds

The UK luxury company Burberry (BRBY) reported preliminary fiscal figures in London today. According to the release, the 12 month revenue was 2,7 billion pounds, nearly at the same level as year before. The operating profit increased by 7 % to 438 million pounds.

– We made excellent progress in the first year of our plan to transform Burberry, while at the same time delivering financial performance in line with expectations. Riccardo Tisci’s first collections arrived in stores at the end of February and the initial reaction from customers is very encouraging. The implementation of our plan is on track, we are energised by the early results and we confirm our outlook for fiscal 2020, the CEO Marco Gobbetti said in the release.

Burberry said that the company continued to focus on financial and operational discipline.

– We delivered cumulative cost savings of  105 million pounds, ahead of plan, which was largely reinvested into consumer facing activities to support the transformation. In addition, we expanded the scope of our restructuring programme to increase our target from 120 million to 135 million pounds by the end of fiscal 2022 as we develop Burberry Business Services, the company said.

Burberry also was rated to the leading luxury brand in the 2018 Dow Jones Sustainability Index. The factors behind were the circular thinking of clothes and minimising the unnecessary use of plastics in the supply chain.

The company is listed on the London Stock Exchange since 2002, when the company had its IPO. The share price declined after the report by 5,91 % to 1808 pounds.

 

 

Business Finance

LSE Turquoise: Euro-trading to Amsterdam in no-deal Brexit

The London Stock Exchange has today published its plans in the possible situation of no-deal Brexit. This would mean that the LSE Groups´s pan-European platform Turquoise  would sift its euro-denominated trading to its Amsterdam hub. The stock exchange revealed its plans today if the UK leaves the EU without a deal at the end of the week on Friday 12th April.

According to Reuters, British, Swiss and U.S. shares would remain on its existing platform in London.

 

Business Finance