YZJ Maritime denies delisting rumors, Ren Yuanlin: Singapore is very important | Lianhe Zaobao

Yangzijiang Maritime Development Executive Chairman and CEO Ren Yuanlin denied that the company is considering delisting from Singapore. He emphasized the importance of Singapore to the company and stated that if there is an opportunity, they might consider a dual listing in Hong Kong through depositary receipts, but this is just his personal opinion. The company's board has not received any relevant notifications and is not considering any such actions at present. Ren Yuanlin made the above clarification during an interview with Lianhe Zaobao on Wednesday (April 1). In response to media reports that Yangzijiang Maritime is considering a listing in Hong Kong, he said, "Without Singapore, we would not have achieved such success." He pointed out that Yangzijiang Shipbuilding successfully listed in Singapore in 2007, allowing for rapid development, with current revenue and net profit being 25 times that of the initial year. The group has derived financial services from its shipbuilding business—Yangzijiang Financial, which holds a financial license in Singapore, and further spun off Yangzijiang Maritime, which is listed on the Singapore Exchange. "Such efficiency and speed cannot be matched anywhere else but Singapore." He noted that the shipyard currently has a full order book, and the group's focus is on strengthening its maritime business, with a comprehensive development plan to seize the "summer" opportunities in the maritime industry, and Singapore is an important maritime center that "facilitates our ability to meet the needs of overseas clients." Last month, Ren Yuanlin mentioned in an interview with industry media TradeWinds at the China office that the value of Yangzijiang Maritime and Yangzijiang Financial is significantly underestimated, and he believes that a dual listing in Hong Kong could enhance liquidity and better reflect the company's true value. If Yangzijiang Shipbuilding were to list in Hong Kong, the stock price could be SGD 10, rather than the current approximately SGD 4. Yangzijiang Maritime has been listed on the Singapore Exchange for less than six months, and it is surprising that there are already rumors of delisting. Since its listing, the stock prices of both Yangzijiang Maritime and Yangzijiang Financial have been declining, with the current price-to-book ratio (P/BV) falling below one, indicating that the value is underestimated. Further Reading Yangzijiang Shipbuilding Secures Nearly SGD 1.3 Billion in New Orders in Q1 Yangzijiang Maritime Stock Buyback Plan Approved by Shareholders Ren Yuanlin told Lianhe Zaobao that YZJ Shipbldg SGD had its depositary receipts listed in Taiwan during its early days of listing in Singapore. If there is an opportunity, he thinks it could be considered to list in Hong Kong through depositary receipts. However, he reiterated that this is just his personal opinion, and the board of YZJ Maritime has not been notified and is currently not considering any such actions. Ren Yuanlin is the founder of YZJ Shipbldg SGD. He is no longer employed by YZJ Shipbldg SGD and YZJ Fin Hldg but remains a major shareholder of both companies. After the market closed on Wednesday, YZJ Shipbldg SGD and YZJ Fin Hldg clarified in response to inquiries from market participants and related media reports. The board of YZJ Shipbldg SGD stated that the company currently "has no plans, proposals, or discussions regarding equity financing transactions outside of Singapore." The board of YZJ Fin Hldg stated that the company values its long-term relationship with the Singapore Exchange and remains committed to maintaining its listing status. "The board currently has no plans for a dual listing in Hong Kong." It added that the board will continue to evaluate strategic opportunities to enhance shareholder value