Singapore Exchange
Lum Yong Teng
Servicing Foreign Listings on the Singapore Exchange
23 August 2018
SGX is the Most International Exchange
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Nearly 40% of all companies listed on SGX are overseas companies
UK81%
Non-UK
19%
London Stock Exchange
US78%
Non-US
22%
New York Stock Exchange
China 94%
Non-China
6%
Hong Kong Stock Exchange
Japan99.8%
Non-Japan0.2%
Tokyo Stock Exchange
US86%
Non-US
14%
NASDAQ
Singapore 64%
Non-Singapore
36%
Source: World Federation of Exchanges (Apr 2018), Companies’ Website and Singapore Exchange (May 2018)
Singapore Exchange745 Listed CompaniesMarket Capitalization
US$767 billion
China40%
Hong Kong14%
Taiwan4%
Japan & Korea4%
Australia4%
Europe & US5%
Southeast Asia28%
India1%
Consumer20%
Energy7%
Financials 4%
Healthcare4%
Industrials30%
IT9%
Materials7%
Real Estate14%
Telecomms1%
Utilities1%
Diversity of Industries on SGX
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Consumer15%
Energy0%
Financials31%
Healthcare6%
Industrials21%
IT1%
Materials1%
Real Estate18%
Telecomms6%
Utilities1%
Note: Companies without GICs Sector Classification not included
Breakdown by Market Capitalisation
US$767 billion in total
Breakdown by Number of Companies
745 companies in total
Source: Singapore Exchange & Bloomberg (May 2018)
Top Sectors on SGX
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Source: Bloomberg & Singapore Exchange (May 2018)
Includes information & communications technology, medical technology and financial technology
73 companies with market cap of US$57 billion
Asia’s largest cluster of listed companies
60 companies and 2 business trusts with market cap of US$25.4 billion
Technology
Maritime & OffshoreServices
Includes agri-commodities, food & beverage and retail
151 companies with market cap of US$104 billion
Full range of companies from pharmaceuticals, healthcare services to medical devices technology
35 companies, 2 REITs and 1 Trust with market cap of US$49 billion
Companies in exploration, development and production of mineral or oil & gas
29 companies with market cap of US$1.9 billion
Consumer Healthcare
Mineral, Oil and Gas
Asia’s broadest range of real estate companies and property trusts covering global real estate assets
109 real estate companies and property trusts with market cap of US$137 billion
Real Estate
SGX Connectivity to Asia + Rest of World
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US$350bn, ~50% of total market cap, of international companies listed on SGX
US, UK, Europe, South Asia + ANZ
25 Listed CompaniesMarket Cap: US$98 billion
Frasers Logistics & Industrial Trust, Manulife REIT, Lonza,
Prudential
North Asia
163 Listed CompaniesMarket Cap: US$176 billion
SOE: CAO, China Everbright, POE: Yangzijang, Hutchison Ports
South East Asia
74 Listed CompaniesMarket Cap: US$76 billion
Top regional companies have listed on SGX: Thai Bev, IHH
Healthcare, Wilmar, Lippo REIT, Jardine C&C, Yoma
Source: Singapore Exchange and Bloomberg (May 2018), World Bank, ADB
Prominent Secondary Listings on SGX
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• Secondary listing helps towards building a stronger Asian profile with exposure to global investor base
Source: Singapore Exchange (May 2018)
99% of trading occurs on SGX, due
to Asian brand recognition
CompanyPrincipal Country of
BusinessMarket Capitalisation
(US$ million)Primary Listing
Venue
Prudential United Kingdom 66,608 LSE
Jardine Matheson Hong Kong 45,971 LSE
Jardine Strategic Hong Kong 39,661 LSE
Hong Kong Land Hong Kong 17,058 LSE
Dairy Farm International Hong Kong 11,389 LSE
Lonza Switzerland 20,110 SIX Swiss Exchange
IHH Healthcare Malaysia 12,272 Bursa Malaysia
Shangri-la Asia Hong Kong 7,190 HKEx
Ausnet Services Australia 4,408 ASX
Alibaba Pictures Group Hong Kong 3,475 HKEx
Top Glove Corporation Malaysia 3,346 Bursa Malaysia
Fortune REIT Hong Kong 2,309 HKEx
SGX is Asia’s Gateway to Capital
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Singapore offers a diverse range of investors, with 80% of its AUM derived from outside Singapore
Source: Singapore Exchange (May 2018), MAS Annual Report (2015/2016)
242,000 South East Asian (excl. Singapore) citizens have custodian accounts with CDP
20,000 Indian citizens have custodian accounts with CDP
Global Investors Chinese Investors
South & South East Asian Investors
QDII funds can invest in Singapore (e.g. ChinaAMC Global Selective Fund, China International Fund Management, ICBC Credit Suisse Asset Management)
Alibaba, Bosera, CIC, Sinochem, Petrochina, Huaneng are investors in Singapore equities
33,000 Chinese citizens have custodian accounts with CDP
Asia Pacific54%
Europe & N. America
37%
Others9%
Source of Singapore’s Foreign AUM Aberdeen Asset Management
Blackrock Asset Management
Blackrock Fund Management
Credit Suisse Asset Management
Deutsche Asset Management
Fidelity International
Invesco Asset Management
JP Morgan
Legg Mason Global
Morgan Stanley Investment Management
Prudential Financial
Schroder Investment Management
UBS Strategy Fund Management
Active Retail Investors’ Participation
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Singapore retail investors can subscribe for IPOs via more than 2,000 ATMs
Source: Company announcements
CompanyAmount Raised
(US$ million)Public Offer Size
(US$ million)
Retail Subscription Rate
(public offer only)
Retail SubscriptionAmount
(US$ million)
SPH REIT 554 328 25x 8,200
OUE Hospitality Trust 600 382 19x 7,258
Mapletree Industrial Trust 655 76 28x 2,108
Global Logistic Properties 2,111 154 11x 1,689
Mindchamps 37 1 83x 102
APAC Realty 43 2 29x 62
No Signboard Holdings 26 0.5 269x 134
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Available CurrenciesFlexibility to InvestorsFull Fungibility
Dual Currency Trading in 6 CurrenciesAccess a wider pool of investors with the option of an additional currency
Investors have flexibility to trade in preferred currency based on needs and their currency outlook with efficient clearing and settlement process in place
SGD USD HKD RMB AUD EUR
No split pool of shares by currency denomination
Shares can be traded seamlessly between 2 different currencies without the need to move from one counter or pool to another
SGXNet – Corporate Actions & News PortalGateway to Issuer Services
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SGX.COM(Public)
SWIFT(Custodian Banks)
SGXNews(Data Vendors)
SGX MembersSurveillance
Reports
SGX Post Trade Systems
Asset Servicing
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- Bridging Issuers and Investors together
SGXNet
SGXBanks
AndMarket Participants
Single Touch Point ATMs, Internet, Phones, Forms
Submission of Announcement
Submission of Instruction
Dissemination &
Processing
Issuers Investors
• 1.58 million direct investors
• 55 Depository Agents (DAs) with 260,000 sub-accounts investors
• 745 listed companies • 100+ product issuers
Types of Corporate Actions
Mandatory Mandatory with Choice Voluntary
• Participation is mandatory • Participation is mandatory • Participation is voluntary
• All shareholders are entitled to dividends and no action is required to receive them
• Shareholders may or may not submit their elections Default option will be
applied if election is not submitted
• Shareholders are given a chance to choose among several options
• Shareholders who wish to participate must submit their election/applications
Examples• Cash Dividend• Bonus issue• Stock Split• Share consolidation
Examples• Cash/ Scrip Dividend
Option• Currency Election
Examples• Rights Issue• Cash Offer
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