Malaysia Takes the Limelight as Singapore Firms Look North for Listings
马来西亚成为众人瞩目的焦点，新加坡公司纷纷向北寻求上市

With Singapore on track for its worst year for new stock listings in a quarter century, some of the city-state’s companies are looking to possibly sell shares in Malaysia’s booming market.
随着新加坡有望迎来 25 年来新股上市最糟糕的一年，这个城市国家的一些公司正在寻求可能在马来西亚蓬勃发展的市场中出售股票。

A shift would buck the historical pattern of Malaysian firms offering equity in Singapore, which has traditionally been seen as offering better access to global institutional investors.
这一转变将打破马来西亚公司在新加坡发行股票的历史模式，传统上，新加坡被视为为全球机构投资者提供了更好的机会。

Singapore-listed Grand Venture Technology Ltd., a supplier to the semiconductor industry, is eyeing a secondary listing in Malaysia that could happen as early as 2025, Bloomberg reported earlier this month. UMS Holdings Ltd., another chip-related firm listed in Singapore, has said it is considering a similar move.
据彭博社本月早些时候报道，在新加坡上市的半导体行业供应商 Grand Venture Technology Ltd. 正着眼于最早在 2025 年在马来西亚二次上市。另一家在新加坡上市的芯片相关公司 UMS Holdings Ltd. 表示正在考虑采取类似举措。

“We believe these companies are looking to tap a different liquidity pool, and Malaysia is a choice given the proximity and depth of market,” Raymond Chooi, regional head of equity capital markets at Maybank Investment Bank Bhd, said of Singapore-based firms broadly.
“我们相信这些公司正在寻求利用不同的流动性池，考虑到市场的接近性和深度，马来西亚是一个选择，”马来亚银行投资银行（Maybank Investment Bank Bhd）股权资本市场区域主管Raymond Chooi在谈到新加坡公司时表示。

Read More: Malaysian Mini-Market Chain 99 Speed Mart Jumps 16% on Debut
延伸阅读：马来西亚迷你连锁超市 99 Speed Mart 首日大涨 16%

Malaysia has seen a surge in listings, with more than 30 deals raising a total of $1.3 billion so far this year, more than in all of 2023, according to data compiled by Bloomberg. In contrast, only one company has debuted thus far in Singapore, which is on track for its lowest annual volume of initial public offerings since 1998.
根据彭博社汇编的数据，马来西亚的上市数量激增，今年迄今已有 30 多笔交易筹集了 13 亿美元，比 2023 年全年都多。相比之下，到目前为止，只有一家公司在新加坡首次亮相，新加坡的首次公开募股年交易量有望创下 1998 年以来的最低水平。

Relative political stability, eased market regulation and a boom in local stocks tied to artificial intelligence have helped Malaysia regain favor with global investors. The Kuala Lumpur Composite Index is up 15% this year, on track for its best performance since 2010.
相对稳定的政治、放松的市场监管以及与人工智能相关的本地股票繁荣，帮助马来西亚重新获得全球投资者的青睐。吉隆坡综合指数今年上涨了 15%，有望创下 2010 年以来的最佳表现。

Singapore, meanwhile, has been struggling to lure new share sales amid outdated rules and poor liquidity. The Straits Times Index is up about 12% on the year, trailing measures of global and regional peers.
与此同时，在过时的规则和糟糕的流动性下，新加坡一直在努力吸引新股出售。海峡时报指数今年上涨约 12%，落后于全球和区域同行的指标。

Malaysia’s market reflects “the success of the bourse’s efforts in tweaking its operating model to attract small-and mid-cap companies to list,” said Chan Yew Kiang, Asean and Singapore IPO leader at Ernst & Young LLP. Meanwhile, “companies operating in sectors that are considered more niche, or in innovative sectors, such as technology and life sciences, may face a lower valuation and investor interest” in Singapore, he added.
马来西亚市场反映了“交易所在调整运营模式以吸引小型和中型公司上市方面的成功”，安永会计师事务所的东盟和新加坡IPO负责人陈耀强说。与此同时，他补充说，“在被认为更利基的行业或创新行业（如科技和生命科学）运营的公司在新加坡可能面临较低的估值和投资者的兴趣”。

Among upcoming deals expected to take place in Singapore, SCI Ecommerce Pte. is planning to list on the domestic exchange next year, Bloomberg reported earlier this month. US-listed software firm AvePoint Inc. is said to be weighing a second listing in the city-state.
在预计将在新加坡举行的即将到来的交易中，SCI Ecommerce Pte.计划明年在国内交易所上市，彭博社本月早些时候报道。据称，在美国上市的软件公司 AvePoint Inc. 正在考虑在这个城市国家进行第二次上市。