Singapore Exchange (SGX) - CGS-CIMB Research 2021-12-09: A Primer On SPACs

Singapore Exchange (SGX) - A Primer On SPACs

  • We looked at SPAC regulations round the globe and found that SGX’s rules are largely aligned with the US’s, and less rigid than HKEX’s.
  • Redemption rights and detachable warrants in Singapore are similar with the US. In Hongkong, only professional investors allowed to invest in SPAC until it has merged.
  • Media reports of potential SPAC sponsors (Tikehau Capital, Vertex Holdings, Novo Tellus) hint of tech-related or new economy listings on SGX.
  • Upgrade SGX (SGX:S68) to ADD. We believe progressive SPAC listings may lift the valuations of the broader Singapore market.
  • Re-rating catalyst: stronger trading volumes.

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

Andrea CHOONG CGS-CIMB Research | William TNG CFA CGS-CIMB Research | 2021-12-09
SGX Stock Analyst Report ADD UPGRADE HOLD 10.700 SAME 10.700

Previous report by CGS-CIMB:
2021-09-03 Singapore Exchange - A SPAC-tacular Initiative

Target prices by 3 other brokers at SGX Target Prices.
Listing of broker reports at SGX Analyst Report.

Relevant links:
SGX Share Price History,
SGX Announcements,
SGX Dividends & Corp Actions,
SGX News Articles


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