Bloomberg and staff reporter
Singapore Exchange, which has seen stock listings dwindle over the years, is betting on a reversal in fortunes as companies in China look to hedge political risks and Southeast Asia’s unicorns seek to tap the market, according to a top executive.
The bourse may see 30 to 40 first-time and secondary listings annually within the next five years, Pol de Win, SGX’s head of global sales and origination, said in an interview – more than double the average of about 13 listings a year since 2017.
SGX is stepping up talks with Chinese firms that are seeking alternatives to a US or Hong Kong listing as well as to raise their profiles in Southeast Asia, he said.
Some global trends may work in SGX’s favor. More Chinese firms with US-listed shares may look at alternative venues amid delisting risks stateside, following in the footsteps of electric carmaker NIO (9866) which debuted in the city-state without raising funds last month.
Win said SGX is in talks with firms in China and Southeast Asia that operate in areas such as financial tech and consumer tech, as well as real estate investment trusts and blank-check companies across the globe.
This came as GoGoX, the Hong Kong-based logistics startup formerly known as GoGoVan, has secured the stock exchange’s go-ahead for an initial public offering in the city.
The company, which merged with Chinese peer 58 Express in 2017, is aiming to raise up to US$150 million (HK$1.17 billion), according to earlier media reports, 70 percent less than expected.
It plans to open its retail books on June 13, and debut on June 23.
G7 Connect, a fleet management company backed by Tencent (0700), has agreed to merge with its smaller competitor E6, which counts a unit of Alibaba (9988) as an investor, bringing the two Chinese platform giants together as shareholders in the combined firm.
Both G7 and E6 will retain their own brands and independent operations while they seek synergies in areas where they overlap, according to a press release seen by Bloomberg News.
The merger comes as G7 considers a potential initial public offering in Hong Kong that could happen as early as this year, Bloomberg News reported in April.
Separately, RNA therapeutics specialist Sirnaomics (2257) is considering a second listing in the US or in the mainland but it will depend on market conditions in the coming years, it said in a media briefing yesterday.
