What Rules Apply To Foreign Listings: The Case Of Secondary Listings

Thursday, September 21st, 2017

According to the monthly market statistics report of SGX, there are 753 issuers listed on SGX as of August 2017. It is useful for investors to understand the regulatory framework that governs different issuers. Even though our regulators are hesitant about having a different regulatory regime for Singapore and overseas/foreign listings, in actual fact, separate regulatory regimes are already operating as I will explain in this and the following articles.

Continue reading ...

Why Do Foreign Companies List on SGX

Wednesday, September 20th, 2017

Recently, some Singapore companies have chosen to list overseas, especially in Hong Kong, rather than here. I asked one of these companies why it is choosing to list in Hong Kong. It is not because it is faster, or the admission requirements are lower or continuing listing obligations are less strict. In fact, it mentioned the “killer” due diligence process for a listing in Hong Kong. Essentially, it boils down to better valuations and the company’s target markets for its business.

Continue reading ...

What Singapore Investors Should Know About Foreign Listings – Part 1

Tuesday, September 19th, 2017

Of the 753 issuers listed on the Singapore Exchange (SGX) as at August 2017, 274 or 36% are foreign listings. Of these foreign listings, 110 or 40% are from China. Among the major stock exchanges around the world, SGX has the highest percentage of foreign listings – which is hardly surprising given Singapore’s relatively small domestic economy compared to many other countries. In fact, the percentage of foreign listings, including listings from China, has been even higher in the past.

Continue reading ...


Sunday, September 17th, 2017

According to Warren Buffett: “In the world of business, bad news often surfaces serially: you see a cockroach in the kitchen; as the days go by, you meet his relatives.”

Continue reading ...

Scrapping quarterly reporting a bad move

Wednesday, August 16th, 2017

It’ll worsen information disparity between insiders and investors; neither continuous disclosure nor stronger regulation is a substitute.

Continue reading ...

Excelling In GIFT

Saturday, July 29th, 2017

On June 29, a new governance index dedicated to real estate investment trusts (REITs) and business trusts (BTs) in Singapore was launched. This index, called Governance Index For Trusts or GIFT, was developed by Chew Yi Hong, an active investor and corporate governance researcher, and me with the help of a group of NUS accountancy honours students. It is supported by CPA Australia.

Continue reading ...


Friday, July 21st, 2017

I have been a keen observer of corporate governance in Singapore and internationally for almost twenty years but I have never seen a company quite like YuuZoo Corporation (YuuZoo).

Continue reading ...

Questions for the 2017 YuuZoo AGM

Tuesday, July 11th, 2017

I attended the YuuZoo AGM held on July 7, 2017, as a proxy of a small retail shareholder and prepared a number of questions relating to the financial statements and auditors’ report, most of which I did ask.

Continue reading ...

YuuZoo riddled with contradictions

Monday, July 10th, 2017

The company’s response to questions raised about its business dealings contradicts its own statements and reports.

Continue reading ...

YuuZoo: More troubling issues

Thursday, July 6th, 2017

Deals that went sour and insufficient information about franchise partners are some concerns for investors.

Continue reading ...