Articles

Time for listed companies to weed out untimely information disclosure

Thursday, October 19th, 2017

SGX may need to improve its monitoring of issuers’ compliance and enforcement action should be taken for issuers that continue to flout the rules despite being informed about the regulations.

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Are things improving at YuuZoo or is it more of the same with no real change?

Thursday, October 5th, 2017

The company continues to be queried by the Singapore Exchange for its disclosures and its responses to these queries have only raised more questions with no substantive answers in sight.

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How to Lose Your Financial Records in 10 Minutes

Wednesday, October 4th, 2017

By Mak Yuen Teen Over the years, there have been a number of Chinese companies listed here that have “lost” their financial records when questions have been raised about financial statements. However, it seems that we are starting to see a lack of creativity as some reasons are recycled or are minor variations of previous […]

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What Rules Apply To Foreign Listings: The Case Of Primary Listings Incorporated Overseas

Saturday, September 23rd, 2017

In my last article, I talked about how overseas companies listed on SGX can be classified into primary and secondary listings, and how the primary listings can be further classified into those that are incorporated overseas and those that are incorporated in Singapore. I also discussed the regulatory framework for secondary listings.

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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.

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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.

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What Singapore Investors Should Know About Foreign Listings – Part 1

Tuesday, September 19th, 2017
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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.

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INVESTORS, BEWARE OF COCKROACHES

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.”

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Scrapping quarterly reporting a bad move

Wednesday, August 16th, 2017
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It’ll worsen information disparity between insiders and investors; neither continuous disclosure nor stronger regulation is a substitute.

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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.

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