Company Announcements - Hainan Huatie is planning to issue shares overseas (S shares) and list on the Singapore Exchange, with discussions ongoing with relevant intermediaries [2] - Wantai Biological's subsidiary has received approval for the listing of its nine-valent HPV vaccine, which is the first domestically approved nine-valent HPV vaccine and the second globally [3] - Huamao Technology intends to purchase the remaining 57.84% stake in Fuchuang Youyue, with the transaction constituting a major asset restructuring [4] - Bangji Technology has suspended trading due to planning a significant matter, which involves acquiring 100% of Shandong Beixi Agricultural and Animal Husbandry Co., Ltd. and 80% of Paistong Livestock Technology Consulting (Shanghai) Co., Ltd. [6] - Zhongke Electric plans to invest no more than 8 billion yuan to establish a lithium-ion battery anode material integrated base project in Oman, with an annual production capacity of 200,000 tons [5] Shareholding Changes - ST Jinbi is planning a change in control, leading to a suspension of its stock [16] - Weijie Chuangxin's shareholder plans to reduce their stake by up to 3% due to funding needs [9] - Kexing Pharmaceutical's controlling shareholder intends to reduce their stake by up to 3% to optimize the company's equity structure [14] - Lier Chemical's shareholder plans to reduce their stake by up to 3% [15] Stock Price Movements - Lehui International's stock has experienced abnormal fluctuations, with its beer business currently in a loss phase [10] - Zhongheng Design's stock has also seen abnormal fluctuations, with low revenue from its "low-altitude economy" and "commercial aerospace" projects [11] - Nanhua Futures' stock is facing uncertainty regarding its H-share issuance and listing on the Hong Kong Stock Exchange [12] Contracts & Project Bids - China Electric Power Construction announced that its subsidiary led a consortium that won a 6.282 billion yuan energy storage project [17]

Core Viewpoint - Hainan Huatie (603300) is planning to issue shares overseas and list on the Singapore Exchange as part of its internationalization strategy [1] Group 1 - The company is currently in discussions with relevant intermediaries regarding the specific progress of the S-share listing [1] - The S-share listing will not result in changes to the company's controlling shareholder or actual controller [1] - The specific plan for the S-share listing will need to be submitted for approval by the company's board of directors and shareholders' meeting, and will also require filing with the China Securities Regulatory Commission and approval from regulatory bodies in Singapore [1]

Core Insights - The meeting focused on enhancing the internationalization of Shenzhen's financial market and facilitating cross-border financing for local enterprises through listings on the Singapore Exchange [1][3] Group 1: Singapore Exchange's Role - The Singapore Exchange (SGX) is recognized as a vital financial infrastructure for Chinese companies seeking international capital, offering a comprehensive listing framework that includes various structures such as red-chip and VIE [2] - SGX aims to attract more high-quality Chinese enterprises for listings, providing extensive support and enhancing its secondary listing mechanisms for companies already listed in Hong Kong, mainland China, and the U.S. [2] Group 2: Shenzhen's Financial Landscape - Shenzhen is positioned as a significant global financial center, with a robust industrial base and a strong emphasis on financial reform and technological innovation [3] - As of April 2025, Shenzhen has a total of 583 listed companies, ranking second in total market capitalization nationwide, with 423 on the A-share market and 160 listed abroad [3] Group 3: Local Government Initiatives - The Shenzhen Municipal Financial Committee is actively supporting high-quality enterprise development through initiatives like venture capital and private equity, aiming to enhance the listing success of local companies [3] - The Futian District, as a financial hub, houses nearly 60% of Shenzhen's licensed financial institutions and has a significant share of the city's venture capital management [4] Group 4: Collaborative Opportunities - Representatives from financial institutions and enterprises discussed practical issues such as ETF connectivity, bond market collaboration, and cross-border fundraising, aiming to strengthen capital flow and mutual benefits between Shenzhen and SGX [4]

Core Viewpoint - The Singapore Exchange (SGX) is strategically enhancing its collaboration with Chinese capital markets to facilitate cross-border capital flow and support the growth of innovative enterprises in China [2][3][5]. Group 1: SGX's Development Strategy - SGX has undergone significant reforms over the past decade, including allowing dual-class shares and SPAC listings, and has focused on sustainable finance [2][5]. - As of 2023, SGX has established "ETF mutual access" with both the Shenzhen Stock Exchange and the Shanghai Stock Exchange, with a total of 9 mutual ETFs amounting to approximately 630 million SGD [2]. - In 2022 and 2023, SGX successfully issued two panda bonds, and notable Chinese companies like NIO and Helen's have listed in Singapore [2][5]. Group 2: Cross-Border Cooperation - The CEO of SGX emphasizes that deepening cooperation between exchanges is crucial in an era of uncertainty, as it fosters an ecosystem that enhances cross-border capital flow and offers investors diverse options [3][6]. - Cross-border collaboration is seen as a means to accelerate innovation, leveraging the strengths of different markets to support sustainable growth [6][8]. Group 3: Market Performance and Growth - SGX reported a 27.3% year-on-year increase in adjusted net profit for the first half of FY2025, reaching 320.1 million SGD, with net revenue growing by 15.6% to 646.4 million SGD [5]. - The exchange's trading volume has significantly increased as investors seek quality assets amid market volatility [5]. Group 4: Future Prospects and Technological Development - SGX is considering the development of more ETF products and broader index development in collaboration with Chinese exchanges to attract international investors [9]. - The exchange is integrating AI tools for regulatory monitoring and is deploying cloud computing solutions to enhance its infrastructure and develop next-generation trading systems [9].

Group 1 - The Nikkei index futures on the Singapore Exchange opened up by 30 points, reaching 37,565 points [1]

Core Points - The Nikkei index futures on the Singapore Exchange opened up by 185 points, reaching a level of 36,255 points [1] Group 1 - The increase in the Nikkei index futures indicates a positive market sentiment [1]

Financial Performance - SGX achieved its highest half-year operating revenue and NPAT in 1H FY2025[10] - Net revenue increased by 15.6% to $646 million, driven by effective execution of a multi-asset strategy amidst macro events[11, 20] - Adjusted expenses remained comparable at $257 million, with cost discipline maintained[11, 23] - Adjusted NPAT was $320 million[11] - The company reaffirmed its Aa2 rating by Moody's in November 2024 with a stable outlook[29] Revenue Segment Growth - Derivatives revenue increased, with Equity Derivatives DAV up 16.4% to 728,000 contracts[15, 21] - Cash equities SDAV increased by 31.2% to $1.26 billion, driven by elevated investor interest and investment flows[15, 16, 21] - OTC FX headline ADV increased by 35.4% to US$136 billion[21] Business Updates - FX Derivatives recorded a DAV increase of 40% year-over-year for CNH, INR & KRW futures[37] - Iron Ore DAV increased by 13% year-over-year, with financialization accelerating[42] - Equity Derivatives saw increased global usage amid positive momentum in Asia[46]

据统计，新加坡交易所的公司数量在10月降至617家，为2004年9月以来的最低水平。 财联社12月27日电，今年新加坡仅有4家公司上市，多家公司退市，新加坡交易所的上市公司数量已降 至二十年来最低点。 自2013年达到782家的高点以来，这一数字一直在稳步下降，新加坡国内公司被吸引到海外上市，尤其 是在美国等更大且交易更活跃的市场。 ...

Financial Performance - Group revenue increased by 3.1% to approximately S$1.23 billion, driven by strong growth in currencies and commodities, while adjusted expenses rose by 2.5% to S$604 million, resulting in a 4.5% increase in Group earnings to S$526 million [2][3][4] - The derivatives franchise, which includes equities, commodities, and currencies, accounted for about 45% of total revenue, with revenue from derivatives growing by approximately S$12 million or 2% due to an 8% increase in volumes [3][4] - Treasury Income (TI) was slightly lower year-on-year, and excluding TI, Group revenue growth would have been 3.6% [4][5] Business Line Performance - The Fixed Income, Currencies, and Commodities (FICC) segment now accounts for 26% of total revenue, with a growth rate exceeding 20% per annum over the last three years [9][21] - Revenue from equity derivatives decreased by 8%, contributing about 27% to total Group revenue, primarily due to lower volumes in Nifty derivatives [10][11] - Cash market revenue declined by 2% due to a 4% drop in securities traded volume, maintaining a 27% contribution to Group revenue [11] - Platform revenue grew by 6%, driven by increased market data and connectivity services, contributing 20% to total revenue [11] Market Performance - The average daily volume (ADV) for OTC FX increased by 47% to US$111 billion, surpassing the target of US$100 billion [4][23] - Commodities volume grew by 50% year-on-year, with iron ore contracts seeing significant adoption [23][24] - Open interest for listed FX futures increased by 76% year-on-year, with notable single-day volume records for RMB and Indian rupee futures [22][30] Company Strategy and Industry Competition - The company aims to grow Group revenues excluding treasury income by 6% to 8% CAGR in the medium term, focusing on low to mid-teens growth in OTC FX and exchange-traded derivatives [33] - The multi-asset strategy has proven effective, with FICC, equities, and cash equities derivatives collectively contributing 80% of total revenues [20][21] - The company is exploring opportunities for M&A while maintaining a focus on organic growth and enhancing its product offerings [66] Management Commentary on Operating Environment and Future Outlook - Management highlighted the importance of a collaborative ecosystem to enhance market liquidity and investor engagement [39][45] - The company expects to manage expenses effectively while investing in modernization and infrastructure upgrades, with CapEx projected to increase to S$70 million to S$75 million in FY '25 [17][18] - The outlook for treasury income remains uncertain due to external factors, but the company is focused on growing its derivatives business [56][58] Other Important Information - The Board proposed a final quarterly dividend of $0.09 per share, bringing the total dividends for FY '24 to $0.345 per share, representing an annualized increase of almost 6% [18] - The company has set aside S$8 million for initiatives aimed at improving the vibrancy of the securities market, which may not become a recurring expense [8][43] Q&A Session Summary Question: Thoughts on the MAS-sponsored review of the equity market - Management emphasized the need for a collaborative ecosystem approach to enhance liquidity and demand in the stock market, rather than relying solely on SGX's initiatives [36][39] Question: Clarification on trading technologies and their valuation - Trading technologies play a crucial role in connecting global users to various futures exchanges, and their recent revaluation reflects their expanded business and importance in the ecosystem [37][40] Question: Details on the S$8 million provision for securities market initiatives - This provision is aimed at supporting the broader ecosystem and enhancing market vibrancy, and it is considered a one-off expense [43][44] Question: Expectations for more listings this year - Management noted a low base in previous years and indicated that companies are preparing for IPOs, with a more favorable macro environment expected [46][47] Question: Insights on capital expenditure and its impact on operating expenses - Management acknowledged that increased CapEx will likely lead to higher OpEx due to depreciation, but they aim to manage overall expense growth [49][50] Question: Future dividend growth expectations - The company aims for mid-single-digit CAGR growth in dividends, contingent on revenue and net profit growth [51][66] Question: FX ADV target and growth potential - The company aims to increase the contribution of OTC FX to mid to high-single-digit percentages of Group EBITDA in the medium term [54] Question: Treasury income outlook amid rate cuts - Management indicated that treasury income is influenced by various factors, and they prefer to focus on growing the derivatives business for more predictable income [55][58]

| --- | --- | |------------------------------------------------------------------------------|-------| | | | | | | | FY2024 Results | | | Analyst and Media Briefing | | | | | | Loh Boon Chye, Chief Executive Officer Ng Yao Loong, Chief Financial Officer | | | 8 August 2024 | | | Singapore Exchange | | Commodities | Equity Derivatives | Fixed Income | FX | Indices | Securities Forward Looking Statements This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties ...