Latest news with #CliffordLee
Business Times
27-05-2025
- Business
- Business Times
Drawing secondary listings to SGX may not move the needle much, but every little bit helps
AMONG the recent slew of proposals unveiled to boost the attractiveness of the local bourse to investors and companies was one relating to secondary listings. The Monetary Authority of Singapore (MAS) proposes aligning disclosure requirements with baseline international disclosure standards, which are already commonly adopted by most established markets, including Singapore. Specifically, these include the International Disclosure Standards for Cross-Border Offerings and Initial Listings by Foreign Issuers, as issued by the International Organization of Securities Commissions (Iosco). In essence, these standards allow issuers who already have primary listings elsewhere to use the same prospectuses with minimal adaptation for their secondary listing on the Singapore Exchange (SGX) – a change which simplifies disclosure requirements. Market players are in favour of the proposal, saying it will attract more companies from varied sectors, thus offering more choice to investors. An SGX spokesperson reiterates the point: 'As an international listing venue, our role is to provide companies with seamless and broad access to capital at every stage of their growth.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up For companies with international operations – especially those active in South-east Asia and the broader region – a secondary listing in Singapore offers a compelling opportunity to tap into the deep pools of global capital here, to broaden and diversify their investor base, and to elevate their visibility in a trusted financial hub, SGX added. The spokesperson noted: 'We have been actively engaging companies and see growing interest from firms looking to use Singapore as a launchpad to expand their global and regional presence.' Market sources say that sizeable firms in the tech, healthcare and new-energy sectors are eyeing Singapore as a possible destination for a secondary listing. Their market capitalisation ranges from over S$700 million to over S$1 billion. At these market capitalisation amounts, the new joiners would be on par with the likes of steel fabricator BRC Asia and property and hotel player OUE, in terms of market sizes. Clifford Lee, DBS' global head of investment banking, said these listings help 'diversify our equity market beyond the local bank-Reit core, to include growth areas like technology and healthcare.' He noted that 'this could trigger a flywheel effect, under which fund managers are incentivised to develop Singapore market strategies, thus boosting trading volumes and, as a result, attracting more listings. Dual-listed stocks allow Asian investors to deal in Singapore hours and Singapore dollars, reducing foreign exchange and time-zone friction, further unlocking regional liquidity pools'. The SGX spokesperson told The Business Times that there is a good pipeline of issuers looking at secondary listings on SGX. 'We are also in active discussion with many potential listing aspirants on their listing plans on SGX.' For companies eyeing a secondary listing in an alternative market, the proposed rule changes are likely to give them a nudge in the right direction. At the moment, the number of secondary listings – 28 – is a small fraction of the approximately 600 listings on SGX's mainboard and Catalist. But they do have name recognition. Among the 28 are several long-time secondary listings, including DFI Retail, Hongkong Land, Mandarin Oriental and Jardine Matheson, all of which are part of Hong Kong's Jardine Group. There are also relatively new – but well-known – names such as the New York Stock Exchange-listed Nio, a Chinese manufacturer of premium smart electric vehicles, and private healthcare service provider IHH Healthcare. To James Leong, the chief executive officer of trading firm Grasshopper Asia, a company which opts for a secondary listing can 'gain access to new capital pools, increase brand recognition and generally increase liquidity and visibility for the stock. For the market, it provides interesting new products that investors may lack'. One of the recent secondary listings on SGX is PC Partner Group, which has its primary listing on the Hong Kong Stock Exchange. It joined SGX's mainboard last November. The global computer electronics player relocated its headquarters to Singapore 'to support and manage the group's continued business growth in South-east Asia and other regions', which points to Singapore's ability to attract capital. The group added that it plans to leverage Singapore's advantages as a global hub of innovation and technology and to expand into the region. Whether more such companies will follow in PC Partners' path is the question, notwithstanding reports that some interested candidates are waiting in the wings. Grasshopper's Leong said: 'While there are definitely companies that would be interested, the decisions are typically contingent on costs and other opportunities – that is, can other markets offer the same value?' He notes that there are many who are still heading to Nasdaq or the New York Stock Exchange, 'because of the probability of higher valuations that are possible and the immense liquidity in US markets'. But the US market is not meant for the faint-hearted, with the many companies there clamouring for investor attention. Given the turmoil in the markets caused by the chop-and-change strategy of US President Donald Trump, it is possible that many candidates in the region may rethink their plans and look closer to home instead. If Singapore can capture a few more listings, be they secondary or primary listings, it cannot hurt. Every little bit helps in creating a more vibrant marketplace for investors.
South Wales Guardian
15-05-2025
- Sport
- South Wales Guardian
Almosh'her sets up Ebor bid with winning debut for Burke
A dual winner from three all-weather starts for Charlie Fellowes, the four-year-old was a 15-2 shot for his first start since moving from Newmarket to North Yorkshire and displayed a willing attitude once challenged to make a successful stable debut by a head in the hands of Clifford Lee. Burke said: 'That's a good start to the season here, hopefully it continues! 'He got sent to us from Charlie's, who had done very well with him so it's unfortunate for him, but we can only deal with what is put in front of us. 'He's a lovely horse but he's still a big baby and came with a reputation of being a live-wire. He has settled into our routine and is better than when he first came, but we didn't know what he'd be like at the races. He's done things OK but hopefully he'll get better. 'That was a win-and-you're-in for the Ebor, so we'll be working back from that if he stays that sort of trip, but he needs to learn to race properly.' Plenty of very well-known sprinters lined up in the Churchill Tyres Handicap but it was Ruth Carr's Rousing Encore (22-1) who came out on top. Having been with Richard Fahey as a youngster, for whom he finished sixth in the 2022 Coventry Stakes at Royal Ascot, he finished strongly to beat Dark Thirty by a length and a quarter. On having a winner at York, Carr said: 'When you're a Yorkshire lass, it's proper! I've only had a handful of winners here – if you don't have a runner at York, you don't have a winner at York, but you tend to think you can find an easier race somewhere else as we have plenty of tracks in Yorkshire. 'I thought we were probably drawn on the wrong side today and he likes some cover, but we didn't want to be too far back as it's hard to make up ground on a fast track and fast ground. 'But Jimmy (Sullivan) gave him a lovely ride and edged over onto the rail. I thought 'this is looking good' as he was travelling and the horse put his head down and battled well. 'We can look at races like the Great St Wilfrid (at Ripon) and there are plenty of other good six-furlong races for us to go at.' Ballistic Missile (11-2) may have earned himself a place on Richard Hannon's Royal Ascot squad after coming from last to first to make a winning debut in the British Stallion Studs EBF Novice Stakes. Hannon said: 'He's a nice colt, he's my first horse for the owners (Zhang Yuesheng) and hopefully he's a very nice horse. If mine win first time, they are generally quite useful and he is one that will particularly improve for the run. 'I thought he was going to run horribly for a minute. He actually wasn't that slow away leaving the gate, but the next 200 yards is when you win or lose a race and he was clueless. He was off the bridle the whole way, but going by the line I was impressed.' On a potential appearance at Royal Ascot, he added: 'He's got to be one of those as he'll improve a lot and he looks like he'll improve for a step up to six (furlongs), although a stiff five would suit him.' Richard Hughes had earlier denied his old boss Hannon by a nose in the Conundrum HR Consulting Handicap, with the Hughes-trained 10-1 shot Rare Change supplementing a recent Windsor success at the chief expense of Hannon's Best Rate. However, Hannon claimed a second winner on the card with Great Bedwyn, who scored at 9-2 under Sean Levey as the Stuey Weston & Friends Getting Out Handicap brought day one of the Dante Festival to a close.
Leader Live
14-05-2025
- Sport
- Leader Live
Almosh'her sets up Ebor bid with winning debut for Burke
A dual winner from three all-weather starts for Charlie Fellowes, the four-year-old was a 15-2 shot for his first start since moving from Newmarket to North Yorkshire and displayed a willing attitude once challenged to make a successful stable debut by a head in the hands of Clifford Lee. Burke said: 'That's a good start to the season here, hopefully it continues! 'He got sent to us from Charlie's, who had done very well with him so it's unfortunate for him, but we can only deal with what is put in front of us. 'He's a lovely horse but he's still a big baby and came with a reputation of being a live-wire. He has settled into our routine and is better than when he first came, but we didn't know what he'd be like at the races. He's done things OK but hopefully he'll get better. 'That was a win-and-you're-in for the Ebor, so we'll be working back from that if he stays that sort of trip, but he needs to learn to race properly.' Plenty of very well-known sprinters lined up in the Churchill Tyres Handicap but it was Ruth Carr's Rousing Encore (22-1) who came out on top. Having been with Richard Fahey as a youngster, for whom he finished sixth in the 2022 Coventry Stakes at Royal Ascot, he finished strongly to beat Dark Thirty by a length and a quarter. On having a winner at York, Carr said: 'When you're a Yorkshire lass, it's proper! I've only had a handful of winners here – if you don't have a runner at York, you don't have a winner at York, but you tend to think you can find an easier race somewhere else as we have plenty of tracks in Yorkshire. 'I thought we were probably drawn on the wrong side today and he likes some cover, but we didn't want to be too far back as it's hard to make up ground on a fast track and fast ground. 'But Jimmy (Sullivan) gave him a lovely ride and edged over onto the rail. I thought 'this is looking good' as he was travelling and the horse put his head down and battled well. 'We can look at races like the Great St Wilfrid (at Ripon) and there are plenty of other good six-furlong races for us to go at.'
Rhyl Journal
14-05-2025
- Sport
- Rhyl Journal
Almosh'her sets up Ebor bid with winning debut for Burke
A dual winner from three all-weather starts for Charlie Fellowes, the four-year-old was a 15-2 shot for his first start since moving from Newmarket to North Yorkshire and displayed a willing attitude once challenged to make a successful stable debut by a head in the hands of Clifford Lee. Burke said: 'That's a good start to the season here, hopefully it continues! 'He got sent to us from Charlie's, who had done very well with him so it's unfortunate for him, but we can only deal with what is put in front of us. 'He's a lovely horse but he's still a big baby and came with a reputation of being a live-wire. He has settled into our routine and is better than when he first came, but we didn't know what he'd be like at the races. He's done things OK but hopefully he'll get better. 'That was a win-and-you're-in for the Ebor, so we'll be working back from that if he stays that sort of trip, but he needs to learn to race properly.' Plenty of very well-known sprinters lined up in the Churchill Tyres Handicap but it was Ruth Carr's Rousing Encore (22-1) who came out on top. Having been with Richard Fahey as a youngster, for whom he finished sixth in the 2022 Coventry Stakes at Royal Ascot, he finished strongly to beat Dark Thirty by a length and a quarter. On having a winner at York, Carr said: 'When you're a Yorkshire lass, it's proper! I've only had a handful of winners here – if you don't have a runner at York, you don't have a winner at York, but you tend to think you can find an easier race somewhere else as we have plenty of tracks in Yorkshire. 'I thought we were probably drawn on the wrong side today and he likes some cover, but we didn't want to be too far back as it's hard to make up ground on a fast track and fast ground. 'But Jimmy (Sullivan) gave him a lovely ride and edged over onto the rail. I thought 'this is looking good' as he was travelling and the horse put his head down and battled well. 'We can look at races like the Great St Wilfrid (at Ripon) and there are plenty of other good six-furlong races for us to go at.'
North Wales Chronicle
14-05-2025
- Sport
- North Wales Chronicle
Almosh'her sets up Ebor bid with winning debut for Burke
A dual winner from three all-weather starts for Charlie Fellowes, the four-year-old was a 15-2 shot for his first start since moving from Newmarket to North Yorkshire and displayed a willing attitude once challenged to make a successful stable debut by a head in the hands of Clifford Lee. Burke said: 'That's a good start to the season here, hopefully it continues! 'He got sent to us from Charlie's, who had done very well with him so it's unfortunate for him, but we can only deal with what is put in front of us. 'He's a lovely horse but he's still a big baby and came with a reputation of being a live-wire. He has settled into our routine and is better than when he first came, but we didn't know what he'd be like at the races. He's done things OK but hopefully he'll get better. 'That was a win-and-you're-in for the Ebor, so we'll be working back from that if he stays that sort of trip, but he needs to learn to race properly.'
