LHN Group

[weijian]

LHN Group listed on the Catalist in 2015, and dual listed on HKEX in 2017. In 2023, it has proposed to upgrade its Catalist listing to the Mainboard. Could this be a prelude to cancel its HKEX listing, as a couple of SGX-listed companies have done?

RESPONSES TO QUESTIONS RECEIVED FOR EXTRAORDINARY GENERAL MEETING TO BE HELD ON 23 NOVEMBER 2023

Question 2:
As LHN is already listed on the Main Board of the Hong Kong Stock Exchange which is a much larger exchange than SGX, please explain why this is insufficient to provide LHN with greater visibility and recognition in the market and amongst investors (including institutional and overseas-based investors)?

Company’s Response:
The Company’s core investor base remains in Singapore, and our move to the SGX Mainboard is strategic, allowing us to tap into a wider pool of institutional investors, including, among others, investors who have mandates restricting investment in Catalist-listed companies. The SGX Mainboard listing is anticipated to increase our exposure to these investors and increase our Company’s prestige. Despite the size of the SEHK Mainboard, the sheer number of listed companies there can dilute our visibility.

https://links.sgx.com/FileOpen/e%20Respo...eID=778493

To be honest, I can't really appreciate why firms with primarily Spore-ops would list themselves overseas, especially if they are already listed on the local SGX. Centurion Corp also dual listed themselves on HKEX in 2017 and delisted themselves back in 2023. In my memory, there is still another company ISDN Holdings (SGX listed) also dual listed on HKEX in 2017.

All 3 companies (LHN, Centurion and ISDN) dual listed in 2017 and I suppose that was a time when HKEX was "invincible" with the Stock Connect gaining momentum and just before the street protests turned its ugly head.

LHN Proposes Voluntary Delisting From HKEX

Over the 12-month period since the date of listing on HKEX, the average trading volume of shares in HKEX was 2,117,864 shares which represents 0.31%(1) of the total trading volume on both HKEX and SGX-ST for the same period, and this has reduced to an average trading volume of 64,366 shares which represents 0.02%(2) of the total trading volume on both HKEX and SGX-ST for the latest one calendar year from 1 July 2024 to 30 June 2025.

This showed that there has been little demand from investors in Hong Kong to drive liquidity in the shares in HKEX as evidenced by the limited number of Shareholders and low trading volume in Hong Kong. This reflects investors’ preference to hold and trade the shares on its home exchange, the SGX-ST. As such, the Company has not had the appropriate opportunity to take advantage of HKEX platform for any secondary equity fund raising activities in Hong Kong

https://links.sgx.com/FileOpen/PR%20-%20...eID=851064

[weijian]

Starting to see a couple of repeated/familiar names in the cornerstone investors. I suppose this is an effect of the EQDP as ~80% of the 5bil proceeds are still up for grabs.

Based on amt raised and total market cap, LHN Group will own ~65% of Coliwoo post listing.

This is a "new asset class" on the SGX as previously, investors could only be directly exposed to the rental market in Spore via been a landlord themselves. Investors in property agencies (Propnex/APAC Realty) would only have an indirect exposure with ~20-30% revenue coming from facilitating rentals.

Singapore’s Leading Co-Living Operator Coliwoo Launches IPO at 60 Cents per Share on SGX Mainboard

 • Offering of approximately 80.3 million Offering Shares comprises approximately 75.0 million Placement Shares and 5.3 million Public Offer Shares (subject to the Over-allotment Option)

 • Including separate cornerstone subscription agreements by 9 Cornerstone Investors for new Shares valued at an aggregate of approximately S$52.8 million

• Cornerstone Investors include Albizia Capital Pte. Ltd., Avanda Investment Management Pte. Ltd. (on behalf of certain investment funds and/or managed accounts), B&I Capital Pte. Ltd., ICHAM Master Fund VCC, Maybank Asset Management Singapore Pte. Ltd., Maybank Securities Pte. Ltd. (on behalf of certain high-net-worth clients), UOB Asset Management Ltd, Value Partners Hong Kong Limited and Whitefield Capital Management Pte. Ltd. 

• Trading debut on SGX Mainboard is expected at 9.00 am on 6 November 2025

The Offering, together with the issuance of Cornerstone Shares, are expected to raise total gross proceeds of approximately S$101.0 million. Post-Offering, the Company’s share capital will stand at 480.8 million Shares and its market capitalisation at listing will be approximately S$288.5 million.

https://links.sgx.com/FileOpen/PR%20-%20...eID=865179