On April 8, 2020, AMTD International Inc. (“AMTD International”) (NYSE: HKIB / SGX:HKB), the investment banking and asset management platform of AMTD Group Company Limited (“AMTD Group”), a leading comprehensive financial services conglomerate in Asia, announced its secondary listing on the Mainboard of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) under the stock ticker “HKB”, debuting the “Digital Listing Ceremony” on Singapore Exchange (“SGX”) for the first time.
AMTD International, as the largest independent investment bank in Asia, one of Asia’s largest independent asset managers, and a long-term investor in financial and new economy sectors, becomes the first company to be dual listed on the NYSE and SGX-ST, and also the first company with “dual class shares structure” to list in Singapore. AMTD International currently represents the largest financial institution domiciled in China and Hong Kong listed on the SGX-ST, as measured by market capitalisation. As of today’s market close, AMTD International closing price today is SGD16 per share, with a market capitalisation of SGD 3.9 billion.
Calvin Choi, Chairman and Chief Executive Officer of AMTD International, said,
“Listing on SGX marks another milestone of AMTD International and AMTD Group. AMTD, being the number one independent investment bank in Asia, sees enormous opportunities in the ASEAN region with Singapore as its hub and regional headquarters. AMTD is committed to embracing Southeast Asia capital markets in particular by listing on SGX to connect more capable companies with global investors through Singapore and other Southeast Asian markets. We will leverage on Singapore’s dynamic capital markets, energetic new economy sectors and diverse talent pool to create supreme connectivity between Singapore, Southeast Asia, the Greater Bay Area and the rest of China. Most importantly, we are committed to bringing into Singapore our SpiderNet ecosystem, expertise in capital markets and connectivity in the new economy sector to empower local entrepreneurs, support their innovations and developments and connect them to the capital markets.“
Pioneering “Dual-Listing” and “Dual-class shares” in the history of Singapore’s Capital Markets
In August 2019, AMTD International was successfully listed on NYSE and became the first Hong Kong financial institution to be listed on U.S. market, as well as one of the five largest global independent investment banks measured by market capitalization. In December 2019, AMTD International completed a series of private placements of new shares and convertible notes, became one of the few China Concepts Stocks which completed new shares placement within half a year post IPO at price higher than that of the IPO. On April 8, 2020, with the approval from the Monetary Authority of Singapore (“MAS”) and SGX-ST, AMTD International was officially listed on SGX-ST.
The listing of AMTD International on SGX-ST marks a series of historical milestones, including:
♦ The first company ever to be dual listed on NYSE and SGX;
♦ The first company featuring dual-class shares (DCS) listed on SGX;
♦ The largest financial institution domiciled in China and Hong Kong listed on SGX as measured by market capitalisation;
♦ The first Hong Kong financial institution listed on SGX;
♦ The largest company in terms of market capitalisation to list in Singapore this year so far; and
♦ The first company to have a digital listing ceremony
As a landmark transaction in history, SGX held a global live broadcast of the “Digital Listing Ceremony” for the listing of AMTD International in Singapore. Mr. Chew Sutat, Senior Managing Director and Head of Global Sales and Origination at SGX, and Mr. Sopnendu Mohanty, Chief Fintech Officer of the Monetary Authority of Singapore (“MAS”), delivered congratulatory speeches.
Mr. Chew welcomed AMTD International as the first company with a DCS structure and the first NYSE-listed company to list on SGX. Mr. Chew said, “SGX looks forward to working with AMTD International, its stakeholders and partners to further promote the region’s capital markets and connect more companies and investors in Asia and beyond.”
Mr. Mohanty expressed appreciation on our chairman Calvin Choi’s remarkable efforts and continuous engagement for the last few years on helping the Fintech sector and startup ecosystem of Singapore. Mr. Mohanty said, “We sincerely believe AMTD’s digital aspirations will find its success by being part of the Fintech growth in Singapore and is well-positioned to connect not only with the ASEAN market but also with the broader global ecosystems.”
AMTD’s “New Southbound Strategy”
Singapore is the international headquarters of AMTD and serves as the core of its development strategy. AMTD has invested in Singapore for several years and leveraged Singapore as a hub to expand into Southeast Asian markets. “AMTD is highly optimistic about the development prospects of Singapore and Southeast Asia, and looks forward to continuously expanding its investment in Singapore and ASEAN.” said Calvin Choi, AMTD Group and AMTD International Chairman and Chief Executive Officer.
AMTD has injected a multitude of resources and investments into Singapore and the entire ASEAN market, and has been committed to promoting cooperation and communication among Singapore, the entire ASEAN region and the Greater Bay Area. AMTD also announced the dual-listing of its US$1.0 billion medium term note programme on both the Stock Exchange of Hong Kong and the SGX-ST before its secondary listing on SGX-ST. During the 50th World Economic Forum Davos Annual Meeting earlier this year, AMTD hosted “Smart Asia: Connecting the Greater Bay Area and ASEAN” with the theme of promoting cooperation and communication between the Greater Bay Area and ASEAN region. Mrs. Carrie Lam, the Chief Executive of the Hong Kong Special Administrative Region, Mr. Wen Guohui, the Deputy Secretary of the Guangzhou Municipal Committee and Mayor of Guangzhou, and Mr. S Iswaran, the Minister of Communications and Information and Minister of Trade Relations of Singapore attended the ceremony to witness the accomplishment of China’s Guangdong-Hong Kong-Macao Greater Bay Area in connecting ASEAN regions and promoting innovation in smart technology.
In the fast growing digital finance sector, at the end of 2019, AMTD led a consortium comprising of SP Group, Xiaomi Corporation, and Funding Societies, and applied for a Singapore digital banking license. Earlier this year, AMTD also joined forces with Xiaomi Corporation, Singapore Management University and National University of Singapore to establish the “Singapore Digital Finance Leadership Programme” to cultivate future Singapore digital finance leaders. AMTD has become one of the largest supporters of the Monetary Authority of Singapore (“MAS”) for three consecutive years, sponsoring Singapore FinTech Festival, which is the world’s largest Fintech festival. As the first corporate founding member, AMTD united with the MAS, International Finance Corporation, a member of the World Bank Group, and the ASEAN Bankers Association, to co-establish the ASEAN Financial Innovation Network (AFIN), for which our chairman Calvin Choi was invited to be its board member. Calvin Choi was also named by the Singapore Fintech Association as the “Asian Fintech Leader”. In addition, AMTD Digital, AMTD Group’s one-stop digital financial service platform, also announced the acquisition of a controlling stake in PolicyPal, Singapore’s leading insurance technology company and Asia’s first internet insurance brokerage company.
In addition to its contribution and development in Fintech, AMTD Property Development Group (“AMTD Assets”) joined hands with Far East Consortium, the world’s leading comprehensive real estate development group, to acquire an iconic hospitality property in the central business district at a cost of S$289 million. AMTD Assets became the controlling shareholder of the property, and renamed it as AMTD Singapore Oakwood Premier building.
AMTD SpiderNet enables empowerment and collaborative development
AMTD International’s parent company, AMTD Group, is a leading comprehensive financial services conglomerate centered on finance and technology with diversified businesses. Apart from investment banking and asset management, AMTD Group is also involved in digital banking, insurance brokerage, strategic investment and non-financial services areas including real estate, education, and innovative technology areas. AMTD has established its unique ecosystem called “AMTD SpiderNet”. Leveraging on its diversified business network and a large client base, “AMTD SpiderNet” has formed a “multi-faceted” relationship network, connecting different clients, shareholders, partners and portfolio companies to maximize the network effect, enabling resource exchanges, cooperation, and win-win collaboration.
AMTD’s investment banking business has developed rapidly in recent years. In the past three years, AMTD International has successfully orchestrated the HK and US IPOs of companies with weighted voting rights including Xiaomi Corporation, Meituan Dianping, and new economy leaders such as Maoyan Entertainment , Tongcheng-elong, 360 Finance, Koolearn, CMGE, FangDD, 36 Kr, Weimob etc. AMTD International, acting as the Joint Global Coordinator, has assisted in overseas financing of various leading regional banks such as Bank of Qingdao, Bank of Tianjin, Zhongyuan Bank, Jiangxi Bank, Bank of Zhengzhou, Bank of Jinzhou, Jinshang Bank, Guangzhou Rural Commercial Bank and Bank of Guizhou, covering almost all Chinese regional banks listed in Hong Kong in recent years. In addition, AMTD International has also completed the IPOs of leading companies in diversified industries such as China Feihe, Fosun Tourism, Henlius Biotech, Impro Precesion, Aoyuan Healthy Life etc. At the same time, AMTD International is one of the largest independent asset management companies in Hong Kong and the largest independent asset management company in Asia serving Chinese regional financial institutions and new economy companies.