蔡庆威（盛港集选区议员）先生询问总理：

(a) 政府如何评估提高新加坡股票市场吸引力的现有措施是否足够和有效？

(b) 政府是否会带头鼓励其通过投资工具持有股权的私营公司在新加坡上市，以推动新加坡股市的发展？

黄循财先生（时任副总理，代表总理）：我们在过去的会议上分享了政府和新加坡交易所 (SGX) 实施的举措。其中包括一系列基金，用于支持高增长企业，并为它们在机会到来时进行首次公开募股 (IPO) 做好准备。这些资助计划是对一系列更广泛举措的补充，其中包括新加坡金融管理局 (MAS) 的资助计划，用于分担上市成本和增加对新加坡上市股票的研究范围。

新加坡交易所在存托凭证（DR）上市方面取得了进一步进展，促进了跨境合作，扩大了市场准入，提高了市场流动性。新加坡交易所与泰国证券交易所（SET）已启动东盟首个交易所级别的存托凭证（DR）联动。2023 年 5 月，首批3只泰国股票的新加坡存托凭证（SDRs）开始在新加坡证交所交易，目前已有8只泰国股票的新加坡存托凭证（SDRs）1。在泰国，新加坡电信公司（Singtel）的存托凭证（DR）于 4 月在泰国证交所进行了最新交易，从而使在泰国证交所交易的新加坡股票的存托凭证（DR）总数达到四只2。新加坡金管局 (MAS)和新加坡交易所(SGX)正努力扩大与其他志同道合的区域合作伙伴的存托凭证（DR）联动。

尽管做出了这些努力，新加坡股票市场的条件仍然充满挑战，就像许多其他国家的证券交易所一样，包括英国和香港等发达市场3。2023 年，全球首次公开募股（IPO）收益继续下降，降幅达33%；而亚太地区的IPO收益则下降了 44%。在长期高利率环境下，由私募股权和风险投资支持的强势成长型企业可以选择更长保持私有化。那些选择上市的公司往往倾向于选择美国，因为美国资本市场和投资者基础深厚，且流动性强。

这些都是全球趋势，我们必须实事求是地看待我们能做些什么来改变这些趋势。虽然政府将继续鼓励新加坡孵化的公司在新加坡上市，但我们的投资实体—新加坡政府投资公司（GIC）和淡马锡（Temasek）—是在商业基础上运作的，并有责任为新加坡和新加坡人的利益带来良好的长期回报。他们定期与所投资的公司商讨创造股东价值的方案，其中可能包括在新加坡上市。不过，最终的上市决定必须由公司根据其商业目标和发展计划自行作出。这将保持新加坡对这些公司的创始人和投资这些公司的全球投资者的吸引力。

问题编号 38 的注释：

1 截至 2024 年 4 月，新加坡交易所(SGX)上共发行了8只新加坡存托凭证（SDRs)。前3只新加坡存托凭证（SDRs)是泰国机场、CP All 和 PTT Exploration and Production。5只新加坡存托凭证（SDRs)是 Advanced Info Service、Delta Electronics、Gulf Energy、Kasikorn Bank 和 Siam Cement，于 2024 年 4 月 1 日上市。

2 泰国证券交易所（SET)共有 4 只存托凭证（DR）。新加坡航空的存托凭证于 2023 年 9 月上市，而国防公司 ST Engineering 和科技公司 Venture Corp 的存托凭证均于 2024 年 2 月上市。新加坡电信的存托凭证于 2024 年 4 月 1 日在 SET 上市。

3 根据安永 2023 年全球 IPO 趋势，由于流动性不足、投资者情绪低落、加息以及中美关系紧张，今年香港 IPO 市场筹资额创下 20 年来新低。

 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.