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Singapore’s Dacheng Central Chambers has formed an alliance with Malaysia’s Chris Koh & Chew – the ambitious joint venture firm’s second alliance in two months. The alliance between the two firms will be finalised by December, and extends an existing partnership that was formed in 2005.

In September, Dacheng Central Chambers partnered with India’s Vaish Associates Advocates, in order to pick up Chinese clients who are investing in India. The new alliance with the Malaysian firm, however, is part of its South-East Asia strategy, targeting Chinese clients investing in Malaysia. “One of the growth areas is Chinese companies listing in Malaysia and we want to be able to capture this market,” said managing partner Aloysius Wee. “Chris Koh & Chew are reputable … in these areas and DCCC would be able to support them in [those] activities.”

Christopher Koh, managing partner of the Malaysian firm, said that the growth of Chinese listings in Malaysia has been facilitated locally by lower property prices and regulatory developments. “Previously, it was the other way round with Malaysian companies going to China, but now there are quite a lot of Chinese companies expanding their networks to South-East Asia,” he said. “These companies, and increasingly [those] high-net-worth individuals, like the fact that real estate here is relatively inexpensive compared to their local market, and also that the financial services industry has flexible foreign ownership rights.”

Earlier this year, the Malaysian government launched a faster approval system for foreign listings on its exchange. “While previously it was quite rigid, the Bursa Malaysia has now made it easier for foreign corporations to come into Malaysia, as the regulations are much friendlier,” Chew said.

The firm has received several enquiries from Chinese clients considering local listings but is yet to see their strategy come to fruition. However, current reluctance may be in part due to the weakening share price of Chinese shoe company Xingquan International Sports Holdings and shoe maker Multi Sports, both of which have launched recent IPOs on the Bursa Malaysia.

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