HK is preferred IPO destination for Singapore companies as SGX sees a dull phase

A man rides an escalator past an electronic screen at the Singapore Exchange Ltd. (SGX) headquarters in Singapore, on Tuesday, June 28, 2016. Photographer: Nicky Loh/Bloomberg

Hong Kong is eroding Singapore’s home advantage.

Fourteen companies based in the Southeast Asian city have chosen to list on their home stock market this year, compared with 13 on the bourse operated by Hong Kong Exchanges & Clearing Ltd., according to data compiled by Bloomberg.

It’s not all bad news for the Lion City: Singapore Exchange Ltd. beats HKEX in funds raised from the initial public offerings. Led by NetLink NBN Trust, businesses raked in a total of $2.54 billion, the data show. That compares with $677 million raised in Hong Kong, including from firms such as Razer Inc., one of the year’s hottest technology IPOs. Razer Chief Executive Officer Tan Min-Liang said in a Bloomberg Television interview earlier this month that Hong Kong was “the perfect location” for the firm to access capital.

The companies that went to Hong Kong had a patchy post-IPO showing. Five stocks suffered double-digit tumbles of as much as 42 percent, the data show. Singapore saw three of its debut stocks fall, with the largest decline at 5.6 percent.

Hong Kong has seen a total of 138 IPOs this year, raising $14.9 billion, according to Bloomberg data. Singapore had 18 initial share sales that raised $2.65 billion.

The two former British colonies have a history of perceived rivalry. The island cities vie to be their region’s preeminent financial center, as well as competing for international talent and comparing railway disruption statistics.

Also read:

Gaming firm Razer prices IPO near top end, raises $528m in HK IPO

China’s Ping An Good Doctor readies $1b HK IPO

Bloomberg

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.