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Straits Times
2 days ago
- Business
- Straits Times
Yangzijiang Financial to anchor $100 million fund of firm led by ex-CEO Vincent Toe
Sign up now: Get ST's newsletters delivered to your inbox The fund will invest exclusively in Singapore SMEs, with Yangzijiang Financial chief executive Ren Yuanlin saying they have "exceptional growth potential" with the right capital and strategic support. SINGAPORE - Yangzijiang Financial will be the anchor investor in a $100 million fund by ICH Asset Management (ICHAM), which is led by the Singapore-listed company's former chief executive, Vincent Toe. The fund will invest exclusively in Singapore's small and medium-sized enterprises (SMEs), and is expecting to start doing so in September, Yangzijiang Financial announced in an Aug 18 filing with the Singapore Exchange. It did not specify the exact sum it would invest in the fund. The initial pipeline of opportunities include companies in the technology, healthcare, sustainability and consumer-services sectors. SMEs 'form the backbone of the economy and, with the right capital and strategic support, harbour exceptional growth potential for investors', said Yangzijiang Financial's chief executive, Ren Yuanlin. 'By anchoring this fund with ICHAM, we are signalling our long-term commitment to the local equity market and believe that Singapore offers a unique opportunity for investors who are prepared to take a focused and disciplined approach,' he added. Mr Toe, who is managing director of ICHAM, said that the strategy is to identify companies with clear growth trajectories and continue to support them in the public markets. Top stories Swipe. Select. Stay informed. World Trump says arrangements being made for Putin, Zelensky to meet over Russia-Ukraine peace deal Singapore 'I vaped when I woke up until I slept': More youth vaping to cope with stress, say social workers Singapore 'I'd have phone in one hand, vape in the other': Youth addicted to vapes gets help to quit habit Singapore 'We don't want youth to enter darker places': Counsellors say support key to kicking vaping habit World Hamas accepts proposed deal for ceasefire with Israel and hostage release, Egyptian source says Singapore Jobs, infrastructure and homes at the core of Singapore's resilience: Economists The fund will back SMEs from before they undergo an initial public offering, through to market entry and beyond, including strategic placements after listing. 'This flexible strategy will enable both the group and ICHAM to capture value-accretive opportunities throughout the growth milestones,' said Yangzijiang Financial. 'By focusing on Singapore's small to mid-cap segments, the (fund) endeavours to address the lack of large institutional capital and research coverage in this space, unlocking growth potential in an underserved area of the equity market,' it added.
Business Times
3 days ago
- Business
- Business Times
Yangzijiang Financial to anchor S$100 million fund of firm led by ex-CEO Vincent Toe
[SINGAPORE] Yangzijiang Financial will be the anchor investor in a S$100 million fund by ICH Asset Management (ICHAM), which is led by the Singapore-listed company's former chief executive, Vincent Toe. The fund will focus exclusively on Singapore's small and medium-sized enterprises (SMEs), and is expecting to start investing from September, Yangzijiang Financial announced in a Monday (Aug 18) bourse filing. It did not specify the exact sum it would invest in the fund. The initial pipeline of opportunities include companies in the technology, healthcare, sustainability and consumer-services sectors. SMEs 'form the backbone of the economy and, with the right capital and strategic support, harbour exceptional growth potential for investors', said Yangzijiang Financial's chief executive, Ren Yuanlin. 'By anchoring this fund with ICHAM, we are signalling our long-term commitment to the local equity market and believe that Singapore offers a unique opportunity for investors who are prepared to take a focused and disciplined approach,' he added. 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 Toe, who is managing director of ICHAM, said that the strategy is to identify companies with clear growth trajectories and continue to support them in the public markets. The fund will back SMEs from before they undergo an initial public offering, through to market entry and beyond, including strategic placements after listing. 'This flexible strategy will enable both the group and ICHAM to capture value-accretive opportunities throughout the growth milestones,' said Yangzijiang Financial. 'By focusing on Singapore's small to mid-cap segments, the (fund) endeavours to address the lack of large institutional capital and research coverage in this space, unlocking growth potential in an underserved area of the equity market,' it added. Yangzijiang Financial shares ended Monday flat at S$1.06.
Business Times
12-08-2025
- Business
- Business Times
YZJ Maritime to raise up to S$250 million through the placement of new shares
[SINGAPORE] YZJ Maritime Development, the proposed spin-off from Yangzijiang Financial Holding , intends to raise up to S$250 million through the placement of new shares to accredited investors and institutional investors. YZJ Maritime, which is the maritime investment segment of the legacy company, also intends to grant an over-allotment option to investors, subject to regulatory approval and market conditions. The YZJ Maritime shares will be distributed to existing Yangzijiang Financial shareholders via a capital reduction. No payment will be required from entitled shareholders for the YZJ Maritime distribution. YZJ Maritime was incorporated on Apr 28 this year, at an issued and paid-up share capital of US$100, comprising 100 ordinary shares issued at US$1 per share. This subsidiary currently serves as a holding company of YZJ Financial, and the group presently owns the entire share capital in YZJ Maritime. Yangzijiang Financial said in a bourse filing on Tuesday (Aug 12) that the spin-off will, among other things, promote financial independence and direct access to capital markets for the proposed company, and allow it greater investment flexibility. 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 'As a pure-play maritime development company, it is anticipated that YZJ Maritime will enhance market valuation through sharper capital allocation, tighter strategic focus, and improved operational efficiency,' said Yangzijiang Financial. The completion of the proposed spin-off is subject to shareholder's approval at an upcoming extraordinary general meeting. Following the group restructuring exercise, the book value and net tangible assets value attributable to equity holders of YZJ Maritime is expected to be approximately S$2 billion. Yangzijiang Financial's executive chairman and chief executive officer Ren Yuanlin will lead the spin-off group. The counter ended S$0.015, or 1.5 per cent, higher at S$0.99 on Tuesday before the announcement.
Business Times
12-08-2025
- Business
- Business Times
Yangzijiang Financial H1 net profit up 28% at S$137.7 million
[SINGAPORE] Yangzijiang Financial Holding posted a 28 per cent rise in net profit to S$137.7 million for its first half ended Jun 30, from S$107.4 million in the previous corresponding period. This was largely driven by the reversal of credit loss allowances; higher contributions from the maritime joint ventures; and net foreign exchange gains, the investment management company said in a bourse filing on Tuesday (Aug 12). Earnings per share stood at S$0.0396 for the half-year period, up from S$0.0304 the previous year. Total income for H1 fell 23 per cent to S$123.6 million, from S$161.4 million, primarily due to lower interest income as a result of a pre-planned reduction in China debt exposure. This was partially offset by stronger contributions from maritime investments and Singapore-based private credit and cash management funds, the company said. No dividend was declared for the half year, same as the year before. 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 Over the next 12 months, the company said it will focus on advancing the proposed spin-off listing of its maritime investment business . Ren Yuanlin, chief executive and executive chairman of Yangzijiang Financial, said the spin-off is a 'timely move' to streamline its structure and sharpen strategic focus. Following the spin-off, the remaining group will continue to develop its core investment management and fund management segments, it said. In the near term, it will improve liquidity through the divestment of underperforming onshore assets, particularly in China real estate debt, while corresponding proceeds will be redeployed towards a more balanced domestic-offshore investment mix. In the longer-term, the company plans to deepen its presence in South-east Asia through debt investments in Indonesia, Vietnam, Malaysia and the Philippines. The company is also boosting its fund management capabilities in Singapore, which includes applying for a capital markets services licence. Total assets under management stood at S$4 billion as at Jun 30, 2025, from S$4.2 billion as at Dec 31, 2024, as the company continued its portfolio reallocation strategy to focus on fund management in South-east Asia and maritime investments. Shares of Yangzijiang Financial closed S$0.015 or 1.5 per cent higher at S$0.99 on Tuesday, before the results were released.
Straits Times
06-07-2025
- Business
- Straits Times
Yangzijiang Financial jumps over 22%; STI hits all-time high of 4,019
Sign up now: Get ST's newsletters delivered to your inbox SINGAPORE – Investment manager Yangzijiang Financial saw its shares surge as much as 22.6 per cent last week before coming to a close at 90 cents on July 4. Yangzijiang Financial on July 2 revealed the April 28 incorporation of its wholly owned subsidiary, Yangzijiang Maritime Development, at an issued and paid-up share capital of US$100 (S$130), comprising 100 ordinary shares issued at US$1 per share. This follows an April 27 announcement in which Yangzijiang Financial disclosed the possibility of spinning off its maritime investment segment into a new company to be listed on the mainboard of the Singapore Exchange (SGX). Yangzijiang Maritime Development will be led by executive chairman and chief executive officer Ren Yuanlin, who is also the founder of Yangzijiang Shipbuilding, a Straits Times Index (STI) component stock. Yangzijiang Shipbuilding shares took a beating earlier in 2025 after US President Donald Trump first proposed port fees on China-built ships . Shares of the China-based shipbuilder have since recovered some ground, but closed the week flat at $2.21. The STI hit an all-time high of 4,019 on July 4. Property stocks contributed to its gains last week, but they retreated on July 4 after the Government raised the seller's stamp duty (SSD) on private residential homes to between 4 per cent and 16 per cent, if a property is sold less than four years after the date of purchase. Top stories Swipe. Select. Stay informed. Singapore First BTO project in Sembawang North to be offered in July HDB launch World Tariffs will kick in on Aug 1 barring trade deals: US Treasury Secretary Singapore Woman on SMRT's 190 bus injured after bottle thrown at vehicle leaves hole in window Business Great Eastern says Takeover Code not breached when it shared IFA valuation with OCBC Asia 'Don't be seen in India again': Indian nationals pushed into Bangladesh at gunpoint Asia Thousands evacuated as Typhoon Danas lashes Taiwan Asia Two women fatally stabbed at bar in Japan by man Life Star Awards 2025: Christopher Lee wins big, including Special Achievement Award and Best Actor Before the change, the SSD had been payable by those who sold a residential property within three years of purchase, at rates of between 4 per cent and 12 per cent. Hongkong Land rose the most, by nearly 8.6 per cent, and closed July 4 at US$6.34. UOL rose 6.4 per cent through the week to close at $6.48, while City Developments rose 4.7 per cent to $5.39. CapitaLand Investment was up 2.6 per cent to $2.71. Info-Tech's IPO well received, more privatisations possible Software services provider Info-Tech Systems ended its first trading day on July 4 at 91 cents , 4.6 per cent above its initial public offering (IPO) price. The counter debuted on the mainboard at 95 cents and traded as high as 98 cents during the day. It is Singapore's second listing for 2025 and first mainboard listing in close to two years. Info-Tech's IPO of some 24.9 million shares was fully subscribed at 87 cents apiece. It included five million shares for retail investors, which were 14.4 times subscribed. The healthy response to Info-Tech's listing is good news for the local exchange, which has seen returning interest from companies seeking to list in Singapore. On June 30, Dezign Format Group, which provides events, exhibitions and decor services across various industries, lodged its preliminary prospectus to list on the Catalist . It follows a similar move by property revitalisation firm Lum Chang Creations on June 23. The SGX may soon welcome another mainboard listing with NTT DC Reit, a real estate investment trust that will hold six data centres owned by Japanese telecoms giant NTT across the US, Austria and Singapore. NTT DC Reit is seeking to raise roughly US$864 million if an overallotment option is included, according to Reuters, quoting a term sheet that marked the start of the bookbuilding process. The value of the base offering is between US$772 million and US$812 million, while the overallotment option would add another US$51.5 million, the term sheet showed. The listing is targeted for July 14. Listing interest has risen after the Monetary Authority of Singapore announced measures in February to strengthen Singapore's equities market, including streamlined disclosure requirements for IPOs and a 20 per cent tax rebate for primary listings. The increase in listing interest comes after the SGX had seen a dearth of new listings and a rising number of privatisations recently. In 2025 so far, there have been 15 privatisation offers compared with 18 in 2024, and more could be on the cards, analysts said. According to UOB Kay Hian analyst John Cheong, China Sunsine Chemical Holdings and Valuetronics Holdings are currently trading at steep discounts compared with their manufacturing peers, while investment holding company Avarga, Samudera Shipping and CH Offshore could be attractive takeover targets given their strong net cash positions. Companies with high net cash are attractive privatisation targets as their strong balance sheets can help finance the deal and reduce risk for acquirers. Construction stocks rally Construction and industrial stocks closed the week with a strong showing. Firms in the industry are expected to benefit from a slew of new projects following the unveiling of the Urban Redevelopment Authority's Draft Master Plan 2025 on June 25. The plan involves new public and private homes at the former Singapore Racecourse in Kranji, as well as in Dover and Newton. New neighbourhoods will be established in Paterson as well as Defu, while three new integrated community hubs will be built within the next 10 to 15 years in Sengkang, Woodlands North and Yio Chu Kang. Bishan will also see new mixed-use developments in the town centre, which will be positioned as a business node like Paya Lebar Central. Other major projects include Changi Airport Terminal 5 and the expansion of Marina Bay Sands, as well as upgrading works on the Cross Island Line and Thomson-East Coast Line extensions. Construction and civil engineering firms Koh Brothers Group and OKP Holdings rose the most, with Koh Brothers jumping 14 per cent through the week to close at a five-year high of 22 cents, while OKP advanced 10 per cent to a record high of 94 cents. Shares of OKP have nearly trebled in price since the start of 2025, after the Building and Construction Authority provided estimates of construction demand ranging between $47 billion and $53 billion. Concrete technologies firm Pan United climbed by more than 8 per cent to close at 87 cents, while Hong Leong Asia, the industrial arm of Hong Leong Group, rose 5.8 per cent to $1.67. Other market movers Shares of Del Monte Pacific plunged by more than 11 per cent last week, closing July 4 at 5.6 cents. The food and beverage firm announced that its US subsidiary, Del Monte Foods, is contemplating a going-concern sale process for all or substantially all of its assets after filing for bankruptcy. As part of the process, Del Monte Pacific will relinquish control of its US subsidiary and deconsolidate it from its accounts. According to Del Monte Pacific's 2024 annual report, Del Monte Foods' US$1.7 billion in sales accounted for more than 70 per cent of the group's total sales. In contrast, other consumer staple stocks rose, including Sheng Siong, which climbed 4.8 per cent through the week to $1.97, and DFI Retail Group, which rose 5.5 per cent to US$2.88. What to look out for this week The remaining shareholders of Great Eastern will vote on whether to delist the company from the SGX in an extraordinary general meeting on July 8. If 75 per cent of the minority shareholders vote in favour of a delisting, OCBC Bank will make an exit offer for the remaining 6.28 per cent of the shares in Great Eastern that it does not already own for $30.15 per share in cash. If the delisting vote fails, shareholders must then vote on whether Great Eastern's shares should resume trading. Meanwhile, Lum Chang Creations is slated to complete the registration of its offer document on July 9, when it will reveal its offer price, valuation and market capitalisation.
