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June 5, 2017

Head of Capital Markets Ch’ng Li-Ling gave her comments to The Straits Times on the addition of 29 companies to SGX watch-list after failing to meet the revised minimum trading price rule

RHTLaw Taylor Wessing Head of Capital Markets Ch'ng Li-Ling was quoted in The Straits Times article titled "29 companies added to SGX watch-list". The article was first published in The Straits Times on 5 June 2017. 29 companies added to SGX watch-list Source: The Straits Times © Singapore Press Holdings Ltd. Date: 5 June 2017 Author: Marissa Lee Twenty-seven companies were added to the Singapore Exchange's (SGX) watch-list on Monday (June 5) for failing to meet the revised minimum trading price (MTP) rule - making it 78 mainboard-listed firms in all on that list. Altogether, 29 companies entered the watch-list on Monday, including two firms that failed to meet financial entry criteria based on profitability requirements. But the revised MTP criteria was also a boon for two companies, which exited the watch-list under the latest assessment. Drilling rig owner Jasper Investments and petroleum exploration and production firm Interra Resources said they had been removed from the watch-list, as each of them had achieved an average daily market cap of more than S$40 million over the last six months. Companies on the watch-list must provide quarterly updates on their financial situation, and have 36 months to meet the MTP or financial criteria. Otherwise, they will face a delisting. The MTP framework, which took effect on March 1 last year, is intended to highlight to investors the issuers that may be more susceptible to excessive speculation and potential manipulation. But it drew fierce criticism from investors and traders, who saw the rules as damaging to stock values because many companies had been forced to conduct share consolidations only to see prices plunge again. In response to feedback last year, the SGX relaxed the entry criteria in December so that a mainboard-listed firm that maintains a six-month average daily market capitalisation of over S$40 million will not be watch-listed even if it misses the 20-cent minimum trading price requirement. But the number of firms on the watch list has not fallen. When the MTP was introduced last March, 57 companies failed to meet the rule. Now, it is 66. (The other 12 making up the total 78 on the watchlist are there for failing to meet the financial criteria.) Mr Leon Yee, a lawyer and independent director of Federal International, which was one of over 100 issuers that previously resorted to share consolidations to meet the MTP, said: "There is a mismatch between financial performance and share price performance in Singapore, because of the low liquidity of our markets. "As the years go buy, more companies will go on the watchlist, because there is only so much liquidity to go around. Until now, the regulator is still stuck on this. The fact of the matter is it is not working out for issuers." Ms Ch'ng Li-Ling, head of the capital markets practice at RHTLaw Taylor Wessing, observed that "the rules are there for a reason." But she noted that the SGX had exercised discretion once, last June, when it gave 13 companies affected by "recent market volatility" more time to meet the MTP so none were added to the Watchlist then. Firms on the watch list have three years to meet the MTP or financial criteria. Otherwise, they face a delisting. Perhaps, more tweaks to the MTP rule are not out of the question. In April, Professor Tan Cheng Han, the new chairman of RegCo, which is taking over all of SGX's regulatory functions, declared that he would not be afraid to reassess sacred cows in the rules framework.
June 2, 2017

RHTLaw Taylor Wessing wins “CSR – Editor’s Award” at WealthBriefingAsia Awards 2017

RHTLaw Taylor Wessing emerged as a winner of the "CSR – Editor’s Award" at the 5th WealthBriefingAsia Awards. We are honoured to be the only firm nominated in this category. The triumph marks another milestone for the Firm and RHT Rajan Menon Foundation to be recognised as a corporate citizen and a leader in this space. The awards night on 1 June 2017 was held at the prestigious Westin Hotel in Singapore. RHTLaw Taylor Wessing has also been shortlisted by WealthBriefingAsia Singapore Awards 2017 in the categories of: Legal Team - South-East Asia Wealth Planning Team - South-East Asia Philanthropy Offering/Initiative of the Year
May 29, 2017

RHT Rajan Menon Foundation raises $264,000 for beneficiaries at its third annual Charity Golf event 2017

RHT Rajan Menon Foundation Charity Golf 2017 was featured in The Straits Times article titled “Charity Golf tournament raises $264,000 for beneficiaries”. The article was first published in The Straits Times on 26 May 2017. Charity golf tournament raises $264,000 for beneficiaries Source: The Straits Times © Singapore Press Holdings Ltd. Date: 26 May 2017 Author: Aaron Chan SINGAPORE - Over a quarter of a million dollars was raised on Friday (May 26), at RHT Rajan Menon Foundation's third annual golf charity event held at the Singapore Island Country Club. A total of 40 companies and individuals donated $264,000, which will go towards two primary beneficiaries - The Straits Times School Pocket Money Fund and Singapore Management University Pro Bono Centre - as well as two selected organisations, namely the Singapore Red Cross Society and National Gallery Singapore. Over three years, the foundation has raised more than $600,000. One of its key donors is Qilin World Capital, who has been a supporter since 2015. Qilin's co-managing partner, Mr Raymond Lau, said: "Both the primary beneficiaries were set up to support children and youth from less fortunate circumstances. (Our company) believes that the right financing tools can help cultivate a culture of socially responsible individuals and provide educational development to the next generation." RHT Holdings's chief executive Mr Jayaprakash Jagateesan, who was speaking at the event's gala dinner on Friday said:"As leaders of the corporate world, we have the influence to inculcate the spirit of giving within our organisations, encouraging fellow colleagues and friends to behave in a socially responsible manner." The RHT Rajan Menon Foundation was established in 2015 and supports a variety of causes.
May 12, 2017

RHTLaw Taylor Wessing ranked in Asian Legal Business Intellectual Property 2017 for fifth consecutive year

RHTLaw Taylor Wessing has been recognised in Asian Legal Business (ALB) Intellectual Property (IP) Rankings 2017 in the practice areas of Patents and Copyright/Trademark for the fifth consecutive year. This year’s list featured the best IP firms in Asia and covered jurisdictions including China, Hong Kong, India, Indonesia, Japan, Malaysia, the Philippines, Singapore South Korea, Taiwan, Thailand and Vietnam. ALB’s extensive research process comprised going through firms’ submissions, conducting interviews, editorial resources and market suggestions to identify and rank the top IP firms in Asia.