Alex Longman

EXCERPTS: Closures of food and beverage (F&B) businesses in Singapore picked up this year as an influx of Chinese brands ratcheted up the pressure on locals to hold on to customers and keep costs under control. An average of 274 F&B businesses shut down each month in the first nine months of 2024, reaching a total of 2,465, according to a new report by consultancy Knight Frank LLP. Competition was the culprit, according to the report, particularly Chinese brands trying to capitalize on Singapore’s travel boom. “In tandem with the rising number of Chinese visitors, more Chinese brands made Singapore the first stop". Many Chinese F&B chains, including tea and coffee brands Hey Tea, Chagee and Luckin Coffee, as well as spicy fish specialist Tai Er, have accelerated their overseas expansions since last year to escape a slump at home. Southeast Asia in particular has emerged as a popular destination thanks to more apparent cost advantages and consumer dividends in the region.

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China Resources Beverage to raise $649 million at $4.3 billion market value in Hong Kong IPO with IPO date reported to be on 23rd October 2024.  Read - https://lnkd.in/gFCbDgB5 follow Caproasia | Driving the future of Asia China Resources Beverage is planning to raise $649 million at $4.3 billion market value in Hong Kong IPO with IPO date reported to be on 23rd October 2024.  In 2024 September, China Resources Beverage was reported to be planning for a Hong Kong IPO to raise $1 billion in October 2024.  China Resources Beverage parent group is China conglomerate China Resources.  China Resources (Holdings) Co., Ltd. (“CR” or “China Resources Group”) is a diversified holding company registered in Hong Kong. CR was first established as “Liow & Co.” in Hong Kong in 1938, and was later restructured and renamed as China Resources Company in 1948. In 1952, instead of being affiliated to the General Office of the CPC Central Committee, it came under the Central Trade Department (now known as the Ministry of Commerce). In 1983, it was again restructured into China Resources (Holdings) Co., Ltd. In December 1999, CR was no longer linked to the Ministry of Foreign Trade and Economic Cooperation, and came under state management. In 2003, under the direct supervision of SASAC, it became one of the key state-owned enterprise.  In 1953, China Resources became the general trading agency for China’s import-export companies in Hong Kong. During the period when Hong Kong’s trade volume took up one-third of total foreign trade volume in China, the company’s primary role was to arrange exports and guarantee a stable supply to Hong Kong as well as import essential supplies to mainland China. In 1983, China Resources (Holdings) Co., Ltd. (“CR” or “the group”) was established, gradually transforming from an integrated trading company to a diversified and industry-oriented holding enterprise in order to fit into the reform plans of the foreign trade ecosystem.   Since 2000, CR has built up to its current business pattern and scale. Under China Resources Group there are six key business areas, including consumer products, integrated energy, urban construction and operation, healthcare, industrial finance, technology and emerging sectors, 25 profit centers, two direct affiliates, about 3,077 business entities, and 390,000 employees. China Resources Group ranks 72nd in Fortune Global 500 2024. In Hong Kong, there are eight listed companies under CR. CR Land,CR Beer and CR Mixc Lifestyle are all HSI constituents.

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Here's a quick guide for any Singaporean business with deep heritage roots. If you’re closing or relocating, for heaven’s sake, don’t tell anyone. If you do, expect to be inundated with slightly hypocritical and vaguely narcissistic social media posts, lamenting your demise ... ... And then, if the poor beleaguered owner of the Closing Singaporean Business is really lucky, he might be blessed with a second round of social media posts, perhaps even more ironic and lacking in self-awareness than the first. Usually, these posts are reserved for LinkedIn specialists, the ones that begin with something deliberately generic – I was working in the lab, late one night - and then edge towards something dramatic - and suddenly to my surprise – before getting to the shocking denouement – he did the monster mash – and encouraging the reader to bring out his executive “monster” by signing up for a C-suite course. You see, there really is nothing that cannot be shoehorned into a personal branding exercise ... ~ Neil Humphreys

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Organic boycotts are having an impact on deal flows in the APAC region and beyond: “General Atlantic paused the sale of its 20 per cent stake in Starbucks operator Map Boga Adiperkasa in December, according to two people familiar with the situation. The stake in Map Boga Adiperkasa, which has a market capitalisation of $285mn and is one of Indonesia’s largest fast food franchise operators, is valued at about $54mn. “It was impossible to sell a stake as a growth opportunity when sales are down, expansion plans are being scaled back, employees are being harmed in stores and there is no sign of the boycott ending,” said one person familiar with General Atlantic’s strategy. CVC Capital Partners, one of Europe’s biggest private equity firms, has also halted the sale of its 21 per cent stake in Malaysia’s QSR Brands, the country operator of KFC and Pizza Hut, due to the boycotts, according to two other people with knowledge of the decision.” #boycotts #sanctions #divestment General Atlantic and CVC halt south-east Asia deals as Gaza war boycotts intensify https://on.ft.com/3JE6wJ2

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Rare for establishment figures to openly disagree with the Singapore government. It is a good sign. "Several experts said the solution to the local stock market’s woes lies in having more institutional players that can “significantly move the needle” in trading volumes. "This is where sovereign money, such as GIC, could play a role – not just to inject new funds into the market but also much-needed confidence for others to follow, they added, despite speaking to CNA after the minister’s response in Parliament." #sgx #gic #sglistcos #stockmarket #singapore https://lnkd.in/gJzcVc86?

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Very interesting keynote address on the first day of SIRC, from Mr Gan Kim Yong, Singapore's Deputy Prime Minister, Minister for Trade & Industry, and Chairman of the Monetary Authority of Singapore. He talked about how the shifting demographics in Asia: including a rapidly ageing population and growing middle class will fuel demand for life insurance, health insurance and savings-related insurance products. Notably, Asia accounts for 33% of the global life insurance market, which is expected to grow by 5% annually. Impressive numbers. DPM Gan also emphasised that Singapore is committed to its goal of becoming Asia’s leading reinsurance hub, and strengthening its role as the premier insurance marketplace in the region. #SIRC2024 #PartneringForProgress #reinsurance

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Something to be proud of if you are a citizen or long-term resident of Singapore. From a financial standpoint there is no doubt that maintaining the quality of life in retirement must surely be a priority for us. The advice community can play its part to help our clients think critically about all aspects of ageing in place and funding the lifestyle we deserve. iFAST Global Markets iFAST for FAs

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Power of tourism. Hong Kong is benefiting from the China mainland tourists. Average Hong Kongers spent around HKD$230 to 250 in Sa Sa while Chinese tourists spent around HKD$420. So as Chinese tourists start to travel, many other countries are trying to lure them just to get their spending dollars. #china #tourism #investments #hongkong #consumer

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What does a surfer and entrepreneur have in common? Questions were fired and answers were candid during the a private discussion + a fireside chat at the The American Chamber of Commerce in Singapore (AmCham Singapore) with Mr Ho Kwon ping from banyan group a few weeks back. From why a multi millionaire decides to shop at Uniqlo and Muji to picking himself up after business failures. I went from nervously shaking his hand (I blame the aircon 😂) to an engaging and lively conversation with him in the room (and even letting him taste our brownie brittles!) I loved his raw honest personality. Here’s what I learnt: Surfing 🏄 and entrepreneurship have a lot in common- need skill, timing, luck(to catch the right wave) to bring you back to shore (or closing that deal)💰 🔍Find your why – what drives you to wake up each morning, fueled and focused. Don't sleepwalk through life. Live with intention. 🤔When faced with a tough business decision, I always ask myself: What are the pros and cons? And, honestly, is my ego getting in the way? ⚖️Take calculated risks: He Invest up to 25% in new ideas, never 100%. Only bet what you can afford to lose. I highly recommend his book that I’m currently devouring - Behind the Banyan So any surfers (or entrepreneurs) here identify with what he said? P.s. He nodded in approval after tasting and later mentioned (to the entire crowd) how he actually enjoyed them and said ‘her cookies are nice!’ - I was over the moon!

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Is SG Domestic Politics about Influencers? Singapore’s Govt and Civil Service are world class because SG is Singapore.Inc. SG Govt owns and manages many SOEs and owns in varying degrees global enterprises through our sovereign wealth funds. Singaporeans are shareholders of SG.inc, and we elect the PAP Ministers as Board of Directors, who in turn employs the thousands of Parl Secs, Perm Secs and CEOs/CEs as Leaders of the Executives (Ministries), and the hundred-odd thousands of ‘civil servants’ as Managers and Employees of the State in Ministries and Statutory Boards. Everyone is paid sufficiently well at 60-70% of their market benchmark, the difference being compensated with other benefits. How is this different with many other countries’ politics? There are Five Classes of Livelihood: - Priesthood - Property Ownership - Proprietorship - Professional - Peasantry Priests make their livelihood from their followers. Politicians, celebrities, sports personalities, and the so-called social influencers, are all priests. They live the HOPE of their followers and in turn their followers provide the income to them. Hence these Priests have to live under the shadow of influence of their followers. The Singapore Govt has never been a Priest to Singaporeans. And that’s why the SG Govt is world class! The SG Govt has been unique and exceptional because it has been able to secure the 3 classes of Property Ownership, Proprietorship and Professional. SG Govt (on behalf of Singaporeans) owns many assets domestically and globally and have been able to provide Net Investment Returns Contributions (NIRC) of about SGD23b or 20% our SG’s GDP. The SG Govt has been very entrepreneurial in which our State Owned Enterprises such as Keppel-Sembcorp (world’s largest offshore marine company), Surbana Jurong, CapitaLand, etc create global products that contribute income to the NIRCs. The SG Govt Executives are also world class professionals because of their highly regarded State-protected immunity globally, or qualifications that are held with high regards. This is also manifested in the Singaporean Passport being the one of the most powerful in the World in 2024. While most Singaporeans are still peasants, in which we have to trade our personal resources such as time and skills for a livelihood, we are high-value and high-class peasants! The median wage of Singaporean is about USD5689/m while those in ASEAN is barely USD900/m. I personally feel that there is no place for Priesthood for SG’s politicians. Why? The major risk of Priesthood is the catastrophic loss of livelihood should the followers so decide to dump the priest. And it can happen for various reasons such as loss of showmanship, media charm, scandal, public appeal, etc. I’ve always voted for People's Action Party because of the ever-lasting values of success and excellence of Character, Competence and Consistency. I certainly don’t want to see SG Govt becoming priests to the new electorate!

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Singapore’s President Tharman Shanmugaratnam brought up many valid points when he spoke during the Ecosperity summit. One that I agree on is about the need to move towards a new #greenrevolution in agriculture. Certainly, with extreme weather affecting crop yields, #foodsecurity and #farmer livelihoods will be impacted. In this new climate reality, farmers need access to new tools and technologies that can help them adapt and mitigate climate-related challenges. From climate-smart agriculture such as new genomic techniques to sustainable crop protection, our industry continues to develop solutions that can help farmers adapt to climate change and ensure food security resiliency. https://lnkd.in/gJp3r3pM #climatesmartagriculture #sustainableagriculture #plantscience #aginnovation #farming #agriculture

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The only nations in Southeast Asia with a lower population than Singapore when it became independent were Timor Leste and Brunei Darussalam. That has not changed. Singapore’s population then was just under 2 million. Singapore’s population now is around 6 million. Unlike every other nation in Southeast Asia, Singapore has no mineral resources whatsoever. What Singapore does have is a geographic advantage. Singapore developed by leveraging on that geographic advantage at the southeastern end of the Malacca Straits, the busiest shipping lane in the world, part of the ancient maritime silk route, and the main shipping route between the Indian Ocean and Pacific Ocean.  All maritime traffic between East Asia, and Europe and the Americas passes by Singapore.  Its deep natural harbour and strategic position have allowed Singapore to dominate regional transshipment of containerised cargo.  This strategic location has been leveraged to attract businesses and investments. That leveraging is possible because Singapore is ranked third globally and first in Asia in a global ranking that tracks the effectiveness of government.  The rankings change annually, but Singapore remains around there. It is the only Asian country in the Chandler Good Government Index’s Top 10.  The government’s strong capabilities in fiscal policy, public financial management, and budgeting have been highlighted.  Singapore was ranked 11th in rule of law, 4th in ethical leadership, and 2nd in property rights. Singapore has heavily invested in education and infrastructure.  From 2015 to 2019, over US$64 billion was invested to ensure that all Singaporeans, regardless of their circumstances, have access to opportunities.  In terms of infrastructure, Singapore was ranked first in Asia for urban mobility, most digitally competitive economy, and technological infrastructure. After gaining independence, Singapore embarked on a comprehensive industrialisation programme.  Strong state intervention to promote industrialisation, strengthen restructuring of the economy, and a few priority areas, attract resources based on free trade and foreign direct investment, invest in infrastructure and human resources to improve production supply, maintain a stable business environment and industry relations, and use fiscal stimulus tools to reduce the cost burden on enterprises. All this is possible because Singapore is the most attractive country in the region for foreign investments.  A stable government, a business-friendly environment, and an educated populace help Singapore attract foreign investments and drive domestic growth.  Foreign direct investment inflows to Singapore reached a record high of US$141.2 billion in 2022.  Singapore’s digital economy contributed an estimated 17.3% of Singapore’s gross domestic product (GDP) in 2022, up from 13% in 2017. (Continued) Terence Nunis Terence K. J. Nunis, Consultant Chief Executive Officer, Equinox GEMTZ

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Visited Silver Bullion Pte Ltd The Reserve - Primary Vault, a 10,000 metric ton capacity primary vault which is nearing completion. Thanks to Gregor Gregersen, Founder and CEO, Sharmini V V Kristina Carvalho and JV for your insightful sharing. My takeaway ... execution (not just strategy) can be a significant competitive differentiator. While many companies may have similar strategies, products, or services, the way they execute their plans can set them apart. Here are a few reasons why execution matters: ▶ Operational Efficiency: Companies that execute well can deliver products and services more efficiently, reducing costs and improving profitability. This can allow for competitive pricing and better resource allocation. ⏩ Consistency and Reliability: Effective execution ensures consistent quality and reliability, building trust and loyalty among customers. This can lead to repeat business and positive word-of-mouth referrals. ⏭ Speed to Market: Superior execution allows companies to bring products and services to market faster than competitors, capturing market share and capitalizing on new opportunities. In essence, while strategy sets the direction, execution is what turns vision into reality. It's the difference between companies that merely have great ideas and those that successfully implement and sustain them. Michael Shi, FCCA, CA Singapore Kong Liu Glenn Lim #BrandsForGood #SilverBullion #Strategy #Execution #Differentiation #Leadership

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Singaporean food lovers in New York should thank Kf Seetoh. He was a photographer with the Straits Times. He later moved to New York to put Singapore’s hawker centres on the world stage. In the Autumn of 2022, Seetoh opened New York’s first hawker centre. Urban Hawker is a few blocks away from Broadway. It is just like Lau Pa Sat, except that it is not open air. Urban Hawker provides great value with meals priced at $7. But, Nasdaq provides even better value with Singaporean Tech companies trading at a discount to its fair value. Investors should watch out for MoneyHero Group (Nasdaq: MNY) Grab Digiasia and SIMPPLE Ltd. | NASDAQ: SPPL - Nirgunan in The Edge Singapore Chan Chao Peh Bernard Tong SGX Group

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To expand its reach beyond its home market, the Chinese restaurant chain is venturing into new international territories. Super Hi International Holding Ltd(HK.9658), a Singapore-based company spun off from Haidilao International Holding Ltd(HK.6862) two years ago, has set its sights on introducing one-pot Sichuan dishes to diners worldwide. The successful Nasdaq IPO(NASDAQ.HDALF)raised over $50 million in May 2024, facilitating the chain's expansion into new markets beyond Southeast Asia, the United States, and Europe. By the end of 2023, Super Hi International Holding Ltd operated 115 Haidilao Hot Pot restaurants globally, of which 70 are located in Southeast Asia, 17 in East Asia, 18 in North America and 10 in other regions. The chain's international footprint further expanded to 119 restaurants by Q1 2024, with the opening of four new outlets overseas. With the overseas Chinese food and beverage market projected to reach CNY3 trillion ($0.43 trillion) by 2026, there is ample opportunity for Chinese food and beverage companies to thrive internationally. However, challenges such as Inconsistent Supply Chains, Franchise Management Gaps, and Incomplete Ecosystem Replication are expected hurdles for Chinese food chains venturing into new territories. #China #FoodIndustry #ChineseCuisine #GlobalMarket #InternationalExpansion

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ASEAN and Sustainability Fixed income: one more in the Singapore Green Bond market

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Making peace with the past. This article in today’s The Straits Times caught my eye. The recent unveiling of a bronze statute of Sir Stamford Raffles - founder of Singapore and personification of our colonial past - has some rather strong views on both sides of the debate. My view? We owe our UK colonial masters a debt of appreciation (if not gratitude) for establishing a few foundational pillars whose value and benefits we continue to enjoy till this day: - The English language as a working language that allows us to connect with the world. - The Institutions of Governance that are a key infrastructure of the nation - our Parliamentary System, our Judicial System, our Civil Service system. - The Educational system - though modified now - has its roots from our colonial past. These are but 3 legacy benefits. Rather than quibble with the Past, the Better Challenge and Constructive Debate is how can we Improve things Significantly for the Present, the Future and the Next Generation. Do you have a view to share? SPH Media The Straits Times CNA The Business Times Singapore Law Watch Singapore Academy of Law The Law Society of Singapore SCCA - Singapore Corporate Counsel Association Ministry of Education, Singapore (MOE) #leaders #leadership #history #past #future #nextgeneration #colonialism #lawyers #legacy #gratitude #appreciation

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