SG Digest: Nio announces secondary listing on SGX; Azalea launches new series of bonds

FILE PHOTO: An SGX sign is pictured at Singapore Stock Exchange July 19, 2017. REUTERS/Edgar Su

Chinese EV maker Nio announces a secondary listing of Class A shares on SGX, while Azalea Asset Management launches a new tranche of SGX-listed bonds.

Nio announces secondary listing of Class A shares on SGX

Chinese electric vehicle maker Nio has announced a proposed secondary listing of its Class A ordinary shares on the Singapore Exchange (SGX).

According to a statement, Nio received a conditional eligibility-to-list letter (ETL) from SGX on May 5 for the listing on its mainboard. The shares will be valued at $0.00025 per share by way of introduction, which means that the firm will not be selling new shares or raising new cash.

This will be a secondary listing, on top of the primary listing of its American Depository Shares (ADSs) already trading on the New York Stock Exchange (NYSE). Nio had also applied for a secondary listing by way of introduction on the Hong Kong Exchange (HKeX) earlier this year.

An SGX spokesperson declined to comment on Nio’s ETLs but said the bourse is seeing “robust interest” from diverse companies seeking a primary or secondary listing in Singapore.

“SGX Securities provides a trusted, international fundraising platform that enables companies to continually tap global capital. We are seeing robust interest from a diverse range of companies seeking either a primary or secondary listing in Singapore as part of their growth ambitions in Asia,” wrote SGX.

Azalea Asset Management launches new series of bonds Astrea 7

Azalea Asset Management is launching Astrea 7, a new series of bonds worth $755 million, according to a prospectus released on Friday on the Monetary Authority of Singapore’s Opera site.

Astrea 7 will be backed by 38 private equity funds covering 3 bond classes — A-1, A-2 and B, with Class A-1 and Class B to be available to retail investors.

The Class A-1 bonds are sized at $335 million (S$462 million), Class A-2 bonds at $220 million, while the Class B bonds have an indicative size of $200 million. These bonds comprise 39.6% of the underlying PE portfolio, which is valued at $1.9 billion. The bonds have a legal maturity of 10 years until May 2032.

According to the prospectus, the issue opens for applications on May 19, 9am (Singapore time) and closes on May 25, 12pm (Singapore time). The minimum application for retail investors is S$2,000. The trading of these bonds will begin on May 30 at 9am (Singapore time) on the SGX.

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