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Government Investigations in Singapore 2025
We have contributed the Singapore chapter of Getting the Deal Through, Government Investigations 2025.
The Stock Exchange of Hong Kong Limited (the SEHK) launched a public consultation on the new listing regime for Specialist Technology Companies (STCs) in October 2022. Under the consultation, SEHK seeks to allow listing of STCs, which cannot meet the profit, revenue and cashflow requirements under the traditional listing path. They are usually still in the stage of research and development (R&D), yet to commercialise their products or services, or are otherwise unable to meet the tests under the traditional listing regime due to the nature of their businesses. It is believed that STCs would be an attractive option for investors in Hong Kong due to their high growth potential1.
The consultation conclusion was published by SEHK on 24 March 2023. While majority of the consultation proposals have been adopted, some key changes have been made to take into account market responses. These include market capitalisation, R&D expenditure ratios, a benchmark on meaningful investments from Pathfinder Sophisticated Independent Investors and the required allocation of shares to independent price setting investors.
The new listing regime for STCs will be regulated under a new Chapter 18C (Ch 18C) of SEHK’s Main Board Listing Rules (MBLR) and its Guidance Letter on Specialist Technology Companies2 (Guidance Letter or GL), which took effect on 31 March 2023. STCs and their sponsors can now submit formal pre-IPO enquires as well as filing listing applications under this new listing framework3.
This article gives you an analysis of the listing and post-listing requirements under this new regulatory framework adopted by SEHK for STCs.
Publication
We have contributed the Singapore chapter of Getting the Deal Through, Government Investigations 2025.
Publication
The private credit market and direct lending have grown and diversified immensely in the past decade, offering alternative sources and terms of debt compared to those historically provided by the syndicated leveraged loan and public issuance markets. Consequently, they are fast becoming pivotal components in the capital ecosystem, so much so that the Bank of England consider that the private credit market is currently responsible for approximately $1.8 trillion of debt issuance, which is four times its size in 2015. This growth has been particularly pronounced in Europe and the US but there has also been significant activity in Asia.
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The EU’s Artificial Intelligence Regulation, commonly referred to as the AI Act, is expected to come into force during the summer of 2024 (the AI Act). The AI Act will be the first comprehensive legal framework for the use and development of artificial intelligence (AI), and is intended to ensure that AI systems developed and used in the EU are safe, transparent, traceable, non-discriminatory and environmentally friendly.
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