總理黃循财：政府鼓勵新加坡孵化的公司在本地上市

2024年5月8日，時任新加坡副總理黃循财代表總理在國會書面答複盛港集選區議員蔡慶威關于提高新加坡股市吸引力相關措施的有效性問題。

以下内容為新加坡眼根據國會英文資料翻譯整理：

蔡慶威（盛港集選區議員）先生詢問總理：

(a) 政府如何評估提高新加坡股票市場吸引力的現有措施是否足夠和有效？

(b) 政府是否會帶頭鼓勵其通過投資工具持有股權的私營公司在新加坡上市，以推動新加坡股市的發展？

黃循财先生（時任副總理，代表總理）：我們在過去的會議上分享了政府和新加坡交易所 (SGX) 實施的舉措。其中包括一系列基金，用于支援高增長企業，并為它們在機會到來時進行首次公開募股 (IPO) 做好準備。這些資助計劃是對一系列更廣泛舉措的補充，其中包括新加坡金融管理局 (MAS) 的資助計劃，用于分擔上市成本和增加對新加坡上市股票的研究範圍。

新加坡交易所在存托憑證（DR）上市方面取得了進一步進展，促進了跨境合作，擴大了市場準入，提高了市場流動性。新加坡交易所與泰國證券交易所（SET）已啟動東盟首個交易所級别的存托憑證（DR）關聯。2023 年 5 月，首批3隻泰國股票的新加坡存托憑證（SDRs）開始在新加坡證交所交易，目前已有8隻泰國股票的新加坡存托憑證（SDRs）1。在泰國，新加坡電信公司（Singtel）的存托憑證（DR）于 4 月在泰國證交所進行了最新交易，進而使在泰國證交所交易的新加坡股票的存托憑證（DR）總數達到四隻2。新加坡金管局 (MAS)和新加坡交易所(SGX)正努力擴大與其他志同道合的區域合作夥伴的存托憑證（DR）關聯。

盡管做出了這些努力，新加坡股票市場的條件仍然充滿挑戰，就像許多其他國家的證券交易所一樣，包括英國和香港等發達市場3。2023 年，全球首次公開募股（IPO）收益繼續下降，降幅達33%；而亞太地區的IPO收益則下降了 44%。在長期高利率環境下，由私募股權和風險投資支援的強勢成長型企業可以選擇更長保持私有化。那些選擇上市的公司往往傾向于選擇美國，因為美國資本市場和投資者基礎深厚，且流動性強。

這些都是全球趨勢，我們必須實事求是地看待我們能做些什麼來改變這些趨勢。雖然政府将繼續鼓勵新加坡孵化的公司在新加坡上市，但我們的投資實體—新加坡政府投資公司（GIC）和淡馬錫（Temasek）—是在商業基礎上運作的，并有責任為新加坡和新加坡人的利益帶來良好的長期回報。他們定期與所投資的公司商讨創造股東價值的方案，其中可能包括在新加坡上市。不過，最終的上市決定必須由公司根據其商業目标和發展計劃自行作出。這将保持新加坡對這些公司的創始人和投資這些公司的全球投資者的吸引力。

問題編号 38 的注釋：

1 截至 2024 年 4 月，新加坡交易所(SGX)上共發行了8隻新加坡存托憑證（SDRs)。前3隻新加坡存托憑證（SDRs)是泰國機場、CP All 和 PTT Exploration and Production。5隻新加坡存托憑證（SDRs)是 Advanced Info Service、Delta Electronics、Gulf Energy、Kasikorn Bank 和 Siam Cement，于 2024 年 4 月 1 日上市。

2 泰國證券交易所（SET)共有 4 隻存托憑證（DR）。新加坡航空的存托憑證于 2023 年 9 月上市，而國防公司 ST Engineering 和科技公司 Venture Corp 的存托憑證均于 2024 年 2 月上市。新加坡電信的存托憑證于 2024 年 4 月 1 日在 SET 上市。

3 根據安永 2023 年全球 IPO 趨勢，由于流動性不足、投資者情緒低落、加息以及中美關系緊張，今年香港 IPO 市場籌資額創下 20 年來新低。

以下是英文質詢内容：

Mr Chua Kheng Wee Louis asked the Prime Minister (a) what is the Government’s assessment of the adequacy and effectiveness of existing measures to increase the attractiveness of the Singapore equities market; and (b) whether the Government will take the lead in promoting our equities market by encouraging the privately-owned companies in which it holds equity through its investment vehicles to list in Singapore.

Mr Lawrence Wong (for the Prime Minister): We have shared, in past Sittings, the initiatives that the Government and the Singapore Exchange (SGX) have implemented. These include a range of funds to support high-growth enterprises and to prepare them for an Initial Public Offering (IPO) when the opportunity arises. These funding schemes complement a broader suite of initiatives, which includes the Monetary Authority of Singapore’s (MAS’) grant schemes to defray listing costs and increase research coverage of Singapore-listed stocks.

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.

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