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.
Read MoreIn 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.
Read MoreAccording 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.
Read MoreRecently, 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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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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