Alibaba unit plans S'pore delisting, to trade only in HK
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Dual-listed Alibaba Pictures Group will delist from the Singapore Exchange (SGX) mainboard and remain listed only in Hong Kong.
The firm said on Thursday night that the Hong Kong bourse is "more geographically aligned with the business operations" of the media company in mainland China.
Alibaba Pictures Group also cited a "significantly lower trading volume" of its shares in Singapore than in its primary listing in Hong Kong.
The company noted that trading only in Hong Kong will "not have a negative impact on the liquidity of the shares or the effectiveness of future fund-raising activities".
It will provide more shareholder updates on the timeline for the planned delisting as well as the actions investors here will have to take.
The SGX is not objecting to the move as long as the company meets requirements, such as notifying investors here at least three months before the delisting, said the firm.
Alibaba Pictures Group told the SGX that it will bear the relevant transfer fees for shareholders holding the stock through the Central Depository who want to transfer their shares ahead of the delisting to either Hong Kong's Central Clearing and Settlement System or the sub-account of a suitable securities broker.
THE BUSINESS TIMES