Laopu Gold, Baidu, Trip.com join Hong Kong SDRs listed on SGX
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The minimum trading sizes of the Laopu Gold SDR on SGX is $270, while Baidu is $150 and Trip.com is $170
PHOTO: THE BUSINESS TIMES
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SINGAPORE - The Singapore Exchange (SGX) on Nov 12 listed three new Singapore depository receipts (SDRs): Laopu Gold, Trip.com and Baidu.
This brings the total SDR shelf on the local bourse to 29 securities – 10 Thai-listed SDRs, 16 Hong Kong-listed SDRs and three Indonesian-listed SDRs.
The minimum trading sizes of the Laopu Gold SDR on SGX is $270, while Baidu is $150 and Trip.com is $170.
SDRs are not actual shares but a type of investment product that represents an interest in a stock or security that is listed on an overseas exchange. They can be bought and sold in the same way as Singapore shares through existing brokers during local trading hours.
Priced in Singapore dollars, SDRs simplify access to overseas-listed companies for local investors by removing the complexities of cross-border trading.
They also offer investors versatility in portfolio construction through low minimum investment amounts of less than $1,000.
High-end Chinese jeweller Laopu Gold in recent times captured the attention of investors in the region, with overseas revenue growing 455 per cent and its 2025 year-to-date returns of approximately 161 per cent. The success of its international expansion was also demarcated by the opening of its first boutique at Singapore’s Marina Bay Sands.
As for Trip.com, its net revenue for the third quarter of 2025 rose 16 per cent year on year to 14.8 billion yuan (S$2.7 billion), driven by strong growth across business segments. Its 2025 year-to-date returns was about 5 per cent.
The online travel agency also announced a new US$5 billion (S$6.5 billion) buyback programme earlier in 2025.
Baidu’s year-to-date returns was recorded at around 45 per cent, with 27 per cent year-on-year growth in artificial intelligence cloud revenue, reaching 6.5 billion yuan.
The Chinese internet giant’s non-online marketing revenue also exceeded 10 billion yuan for the first time in 2025, marking a 34 per cent year-on-year rise.
Of other recent SDRs, Hong Kong-listed CATL and Pop Mart were launched on Aug 25 and were well received, with both securities contributing to 20 per cent of daily turnover values.
As for Thai SDRs, retail activities in the third quarter of 2025 more than doubled year on year, where trading interest was largely in banks and technology.
SDR daily turnover hit $16 million in September, over 30 times higher year on year, SGX data indicated. This was fuelled by “sustained growth” since the launch of Hong Kong SDRs in October 2024.
In addition, SDR assets under management crossed $220 million in October, driven by strong retail inflows. THE BUSINESS TIMES
