总理黄循财：政府鼓励新加坡孵化的公司在本地上市

SGX has also made further progress in Depository Receipt (DR) listings, fostering cross-border partnerships to broaden market access and improve market liquidity. SGX and the Stock Exchange of Thailand (SET) have launched the first exchange-level DR collaboration in ASEAN. The first three Singapore DRs on Thai stocks (SDRs) commenced trading on SGX in May 2023, and there are now eight SDRs1. In Thailand, a Singtel DR was the latest to be traded on the SET in April, bringing the total number of DRs on Singapore stocks traded on the Thai exchange to four2. MAS and SGX are working to broaden the DR linkages with other like-minded regional partners.

Notwithstanding these efforts, the conditions remain challenging for the Singapore equities market, as they are for stock exchanges in many other countries, including developed markets like the United Kingdom and Hong Kong3. In 2023, global Initial Public Offering (IPO) proceeds continued to decline, falling by 33%; while Asia Pacific IPO proceeds were down by 44%. Strong growth companies backed by private equity and venture capital have the option to remain private for longer in the high-for-longer interest rate environment. Those that choose to go public tend to gravitate to the United States due to its deep and liquid capital market and investor base.

These are global trends and we have to be realistic about what we can do to change them. While the Government will continue to encourage Singapore-incubated companies to list in Singapore, our investment entities – GIC and Temasek – operate on a commercial basis and have a mandate to deliver good long-term returns for the benefit of Singapore and Singaporeans. They regularly engage their portfolio companies on options to create shareholder value, which may include a listing in Singapore. However, the final listing decisions will have to be made by the companies themselves, based on their commercial objectives and growth plans. This will preserve Singapore's attractiveness to the founders of these companies and the global investors who invest in them.

Note(s) to Question No(s) 38:

1 There is a total of 8 SDRs launched as of April 2024, on SGX. The first 3 SDRs are Airports of Thailand, CP All and PTT Exploration and Production. The 5 new SDRs are Advanced Info Service, Delta Electronics, Gulf Energy, Kasikorn Bank and Siam Cement were listed on 1 April 2024.

2 There is a total of 4 DR on SET. The DR on Singapore Airlines was listed in Sept 2023, while the DRs on defence company ST Engineering and tech firm Venture Corp were both listed in Feb 2024. Singtel DR was listed on SET on 1 April 2024.

3 According to EY Global IPO Trends 2023, Hong Kong's IPO market experienced a 20-year low in proceeds this year, due to a lack of liquidity, muted investor sentiment, interest rate hikes and challenging China-US relations.

HQ丨编辑

HQ丨编审

新加坡国会丨来源