Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<p>Back on the 31st March this year, the SGX <a href="https://api2.sgx.com/sites/default/files/2021-03/Consultation%20Paper%20on%20Proposed%20Listing%20Framework%20for%20Special%20Purpose%20Acquisition%20Companies.pdf" target="_blank" rel="noopener">announced</a> a regulatory framework for SPACs to list on the SGX. This followed a <a href="https://api2.sgx.com/sites/default/files/2018-09/Consultation%2BPaper%2Bon%2BProposed%2BRevisions%2Bto%2BMainboard%2BAdmission%2BCriteria%2Band%2Bthe%2BIntroduction%2Bof%2BSPAC.pdf" target="_blank" rel="noopener">consultation paper</a> over a decade earlier.</p>
<p>The feedback phase ended on the 28 April - there were 80 respondents - and unfazed by increased regulatory oversight on blank cheque companies in the US, the SGX <a href="https://www.sgx.com/media-centre/20210902-sgx-introduces-spac-listing-framework" target="_blank" rel="noopener">announced</a> a proposed listing framework yesterday.</p>
<p>The detailed paper is <a href="https://api2.sgx.com/sites/default/files/2021-09/Response%20Paper%20on%20Proposed%20Listing%20Framework%20for%20Special%20Purpose%20Acquisition%20Companies.pdf" target="_blank" rel="noopener">here</a>. </p>
<p>The final framework <em>mostly</em> mirrors the March consultation paper, with the largest change being the abolishment of limits on the exercise of redemption rights by independent shareholders.</p>
<p>More below the fold.</p>

Back on the 31st March this year, the SGX announced a regulatory framework for SPACs to list on the SGX. This followed a consultation paper over a decade earlier.
The feedback phase ended on the 28 April - there were 80 respondents - and unfazed by increased regulatory oversight on blank cheque companies in the US, the SGX announced a proposed listing framework yesterday.
The detailed paper is here. 
The final framework mostly mirrors the March consultation paper, with the largest change being the abolishment of limits on the exercise of redemption rights by independent shareholders.
More below the fold.

Green Light For SPAC Listings In Singapore

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<p>PropertyGuru and Bridgetown 2 announced, on 23rd Jul 2021, that they have entered into a business combination agreement which will see PropertyGuru go public in the US. The transaction will value PropertyGuru at an EV of US$1.35bn and equity value of US$1.78bn.</p><p>We have looked at the company’s prior listing attempt when it tried to list in Australia in 2019. In this note, we will comment on the current listing arrangement.</p><p>Link to our previous notes:</p><ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/propertyguru-ipo-powered-by-singapore-recharged-by-vietnam-but-dragged-down-by-others" target="_blank" rel="noopener">PropertyGuru IPO - Powered by Singapore, Recharged by Vietnam but Dragged Down by Others</a></li>
<li><a href="https://www.smartkarma.com/insights/propertyguru-ipo-sotp-leaves-one-well-short-of-the-low-end" target="_blank" rel="noopener">PropertyGuru IPO - SOTP Leaves One Well Short of the Low-End</a></li>
<li><a href="https://www.smartkarma.com/insights/propertyguru-ipo-agents-q-a-shows-its-stranglehold-in-s-pore-throws-up-some-interesting-nuggets" target="_blank" rel="noopener">PropertyGuru IPO - Agents Q&amp;A Shows Its Stranglehold in S’pore; Throws up Some Interesting Nuggets</a></li>
</ul>

PropertyGuru and Bridgetown 2 announced, on 23rd Jul 2021, that they have entered into a business combination agreement which will see PropertyGuru go public in the US. The transaction will value PropertyGuru at an EV of US$1.35bn and equity value of US$1.78bn.We have looked at the company’s prior listing attempt when it tried to list in Australia in 2019. In this note, we will comment on the current listing arrangement.Link to our previous notes:
PropertyGuru IPO - Powered by Singapore, Recharged by Vietnam but Dragged Down by Others
PropertyGuru IPO - SOTP Leaves One Well Short of the Low-End
PropertyGuru IPO - Agents Q&amp;A Shows Its Stranglehold in S’pore; Throws up Some Interesting Nuggets


PropertyGuru/Bridgetown 2 SPAC Listing/Merger - Second Time Lucky - Some Food for Thought

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<p>Back on the 6 January 2010, the SGX issued a <a href="https://api2.sgx.com/sites/default/files/2018-09/Consultation%2BPaper%2Bon%2BProposed%2BRevisions%2Bto%2BMainboard%2BAdmission%2BCriteria%2Band%2Bthe%2BIntroduction%2Bof%2BSPAC.pdf" target="_blank" rel="noopener">consultation paper</a> on the "<em>Proposed Revisions to Mainboard Admission Criteria and the Introduction of SPAC</em>", and following the feedback at that time, SGX determined the timing was not ideal to introduce special purpose acquisition company (SPACs).</p>
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<p>Following a flurry of SPAC listings in the US in 2020, my discussion with the SGX late last year indicated a white paper on SPACs was expected to be issued in the first half of this year. This was discussed in <em><a href="https://skr.ma/5UGLq" target="_blank" rel="noopener">Virtual IPOs/Direct Listings: Uninhibited Price Discovery</a>.</em></p>
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<p>The SGX <a href="https://api2.sgx.com/sites/default/files/2021-03/Consultation%20Paper%20on%20Proposed%20Listing%20Framework%20for%20Special%20Purpose%20Acquisition%20Companies.pdf" target="_blank" rel="noopener">announced</a> on the 31 March a regulatory framework for SPACs to list on the SGX and subsequent to the feedback phase ending on the 28 April, the framework may be finalised by the middle of this year. </p>
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<p>Media reports are now emerging that Temasek-backed Vertex Holdings is set to be Singapore's first SPAC.</p>
<p>With US$5bn of assets under management, 30-year old Vertex has the necessary pedigree to establish the country's first (successful) listing.</p>
<p>More below the fold.</p>
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Back on the 6 January 2010, the SGX issued a consultation paper on the "Proposed Revisions to Mainboard Admission Criteria and the Introduction of SPAC", and following the feedback at that time, SGX determined the timing was not ideal to introduce special purpose acquisition company (SPACs).


Following a flurry of SPAC listings in the US in 2020, my discussion with the SGX late last year indicated a white paper on SPACs was expected to be issued in the first half of this year. This was discussed in Virtual IPOs/Direct Listings: Uninhibited Price Discovery.


The SGX announced on the 31 March a regulatory framework for SPACs to list on the SGX and subsequent to the feedback phase ending on the 28 April, the framework may be finalised by the middle of this year. 


Media reports are now emerging that Temasek-backed Vertex Holdings is set to be Singapore's first SPAC.
With US$5bn of assets under management, 30-year old Vertex has the necessary pedigree to establish the country's first (successful) listing.
More below the fold.







Vertex Holdings: Singapore's Showcasing SPAC

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<p>Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 2nd.</p><p>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Razer (1337 HK) (HKD 37.4 million worth of buybacks), China Gas Holdings Limited (384 HK) (HKD 36.6 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 22.1 million worth of buybacks).</p>

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 2nd.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Razer (1337 HK) (HKD 37.4 million worth of buybacks), China Gas Holdings Limited (384 HK) (HKD 36.6 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 22.1 million worth of buybacks).

Hong Kong Buybacks: Razer, China Gas, Want Want

<p>ong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jun 18.</p><p>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Ck Asset Holdings Limited (1113 HK) (HKD 163.4 million worth of buybacks), Ck Hutchison Holdings Limited (1 HK) (HKD 158.6 million worth of buybacks), Razer (1337 HK) (HKD 40.6 million worth of buybacks).</p>

ong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jun 18.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Ck Asset Holdings Limited (1113 HK) (HKD 163.4 million worth of buybacks), Ck Hutchison Holdings Limited (1 HK) (HKD 158.6 million worth of buybacks), Razer (1337 HK) (HKD 40.6 million worth of buybacks).

United States

Razer designs, develops, and sells gaming-focused computer hardware, other consumer electronics, and financial services. Its key products include high-performance gaming peripherals like mice, keyboards, and headsets, as well as Blade gaming laptops and software such as Razer Synapse and Chroma RGB. The company also offers payment services like Razer Gold and Razer Silver. Razer is dual-headquartered in Irvine, California, U.S., and Singapore, and was refounded in 2005.

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Razer (1337 HK)

Green Light For SPAC Listings In Singapore

A SPAC framework is a positive step for the bourse's attractiveness, so as to attract future listings, including secondary listings for home-grown...

David Blennerhassett

PropertyGuru/Bridgetown 2 SPAC Listing/Merger - Second Time Lucky - Some Food for Thought

PropertyGuru and Bridgetown 2 announced, that they have merge to take PropertyGuru go public in the US. The transaction will value PropertyGuru at...

Sumeet Singh

Vertex Holdings: Singapore's Showcasing SPAC

Vertex, Temasek's venture capital arm, appears to tick all the right boxes towards instilling a modicum of confidence in Singapore's initial foray...

David Blennerhassett

Hong Kong Buybacks: Razer, China Gas, Want Want

We highlight the top 3 companies that repurchased the most shares from the market: Razer (1337 HK), China Gas (384 HK), Want Want China (151 HK).

Ke Yan, CFA, FRM

Hong Kong Buybacks: CKA & CKH, Razer

We highlight the top 3 companies that repurchased the most shares from the market were CK Asset (1113 HK), CK Hutchison Holdings Limited (1 HK),...

Ke Yan, CFA, FRM

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