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SGX to quote ADRs of Chinese firms
Ephraim Seow ephraimseow@mediacorp.com.sg SINGAPORE
The Singapore Exchange (SGX) said yesterday it would launch the American Depository Receipts (ADRs) of these companies on Oct 22. ADRs are certificates that represent a specified number of shares in a foreign stock traded on a US exchange.
They are denominated in US dollars, with the underlying security held by a US financial institution overseas.
As a start, SGX will quote ADRs of 19 firms on its new GlobalQuote board. Besides PetroChina — currently the world’s second-largest listed company after Exxon Mobil — the others include Chinese language Internet search giant Baidu and the world’s biggest telco, China Mobile.
SGX said the move marked the start of its cooperation with Nasdaq OMX to bring ADRs to GlobalQuote. It will link market participants from both trading pools, with the ADRs on GlobalQuote fully interchangeable with US-listed ADRs. BNY Mellon is the depository bank for SGX’s GlobalQuote.
If it proves popular, the exchange may extend the platform to the ADRs of South Korean, Taiwanese and Indian firms, SGX executive vice-president Chew Sutat said.
Industry experts welcomed the move, saying the ADRs are a good product with which investors can diversify their portfolios. ADRs could also be a more efficient and cost-effective system since investors here do not have to open a separate trading account and incur additional broking fees, they said.
However, they expect a slow initial subscription rate.
“It may take about half a year for investors to know the way around the trading system and understand the companies they are buying into. The take up rate also depends on the marketing of these firms and the accessibility of research information,” noted Mr Roger Tan, vice-president of Sias Research.
Analysts also warn investors to be aware of the risks related to investing in ADRs.
“Beyond the regular risks of equities trading, there is the added currency risk.
Even if the shares appreciate, the overall value may be decreasing if the US dollar is weakening while the Singapore dollar is strengthening,” said Mr Albert Fong, president of The Society of Remisiers.
Retailers benefit bcos of extended trading hours like 24/7. Shareholders of SGX can also expect higher div payout if earnings up - latest div >15c ex-date on 12 Oct.
Does this move benefit retailers?
This move can only benefit the SGX, (they get theh commission) but as far as retailers are concerned, not much different.
niuyear ( Date: 14-Sep-2010 15:01) Posted:
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niuyear ( Date: 14-Sep-2010 15:01) Posted:
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Jackpot2010 ( Date: 14-Sep-2010 14:49) Posted:
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High $8.30! Very sudden surge this afternoon...do expect some profit taking after up >30c. SGX will list ADRs of 19 US listed Asian co on 22 Oct - earned commission will shoot to the sky.
Jackpot2010 ( Date: 09-Sep-2010 11:07) Posted:
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niuyear ( Date: 11-Sep-2010 12:24) Posted:
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niuyear ( Date: 11-Sep-2010 12:27) Posted:
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jamesng ( Date: 10-Sep-2010 22:08) Posted:
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SME lender is Japan’s first bank failure in 7 years
TOKYO
The Financial Services Agency (FSA) has told the bank it cannot do any business for at least three days and must make efforts to protect existing depositors, the agency said in a statement.
Japanese media said the FSA is likely to let the bank go under and will only refund depositors a maximum of ¥10 million ($160,000). This would be the first time that a cap on deposit insurance had been used in Japan, since it was acted in 2002 after a slew of banks went bankrupt with the bursting of the economic bubble in the 1990s.
The bank specialises in providing banking services for small and medium sized businesses. It may report a negative net worth of ¥150 billion, the
Banking shares were mixed in Tokyo trade on Friday; the benchmark Nikkei Index was up 1.90 per cent.
Also on Friday, Japan approved a US$11 billion ($15 billion) stimulus package aimed at helping the export driven economy tackle deflation and the impact of a surging yen.
The previously announced plan, approved by the Cabinet of Prime Minister Naoto Kan, includes initiatives aimed at boosting consumption and creating employment for graduates. It is also intended to provide investment in green industries and offer support for small business.
The fresh stimulus package of ¥915 billion will be financed by reserve funds and is expected to lift the country’s gross domestic product by about 0.3 per cent, creating around 200,000 jobs.
The plan also specifies a strong yen as “a problem that cannot be unaddressed”, stating that the government “will take determined action, including intervention, when needed”.
Revised data on Friday showed that Japan’s gross domestic product grew by an annualised 1.5 per cent in the April-June quarter, well above an initial estimate of 0.4 per cent.
— The private Incubator Bank of Japan (IBJ) was reported on Friday to have been ordered to halt operations and will file for bankruptcy yesterday, in what would be Japan’s first bank failure in seven years, officials said.Nikkei Business Daily reported.AFPpharoah88 ( Date: 10-Sep-2010 13:29) Posted:
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Jackpot2010 ( Date: 10-Sep-2010 16:57) Posted:
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Not for now.. Nobody can tell you when is it? It might happen during crisis..
The fair value for SGX is about $8.00 so it will not go much lower .I think is Good to consider buying when it is $7.30 - $7.35.
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On Thursday, SGX re-test the 200 days MA at $7.77 and closed at $7.76 with LOW volume of 1.46 million shares traded.
A candle sticks with long lower shadow similar to “ hanging man” indicates that bears has tried to pullback the prices down as it approaches 200 days MA.
Both RSI & MACD are bullish as RSI remain trend upwards.
Important Resistance of SGX: $7.77
Immediate Support of SGX: $7.57
Currently prices are supported by the 20/50/100 days MA while resisted by 200 days MA.
It can be seems that prices have issues going above the psychological 200 days MA at $7.77 at the moment.
In addition, we would see even a greater resistance at $7.86 which is the critical neckline of SGX. Since May 2010, SGX has tried couples of times to break this resistance but failed.
Although SGX has been forming a ascending triangle but we would not encourage to buy now unless $7.86 resistance is breached at high volume.
SEE ANALYSIS FOR ROTARY!
Otherwise we will wait to see if prices will pullback to a strong support of $7.38 for a better entry price.
jamesng ( Date: 10-Sep-2010 15:53) Posted:
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'Sell house to buy SGX' must do before 30 Aug. cooling measures. Now too late to sell, all wait & see. SGX hit all-time high >$16 on 8 Oct 2007.
Sgx certainly will do well in the few years ahead...with more ipo and they are very aggressive in genertaing new revenue......if sgx is $3, I will sell my house and buy sgx........
Target should be $10 soon abd $15 when STI reach 4000.....
GIC unit’s $4.02 billion IPO set for Oct 15: Source
Global Logistic Properties, a real estate unit of the Government of Singapore Investment Corp, is expected to list on the Singapore Exchange on Oct 15 in an initial public offering that could raise up to US $3 billion ($4.02 billion), a person familiar with the transaction said yesterday.
If it goes ahead, the IPO would be the biggest in Singapore since SingTel listed in 1993 and raised $4 billion in three tranches. It would also dwarf CapitaMalls Asia’s US $2 billion IPO launched last year.
Investor roadshows for the deal will commence on Sept 23, with pricing expected on Oct 8.
The deal is expected to be split into a 95-per-cent global tranche and a 5-per-cent Singapore tranche, the source said.
The proceeds of the IPO will be used to support growth in China and Japan, pay down existing loans and for general working capital purposes, the source said.
A number of other large Singapore IPOs are expected to hit the market in coming months, including a $1 billion IPO planned by Mapletree Industrial Real Estate Investment Trust, a unit linked to Temasek Holdings.
China-based New Century Shipbuilding is also said to be exploring the possibility of a $700 million IPO this year.
Dow Jones
Jackpot2010 ( Date: 09-Sep-2010 11:07) Posted:
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