Baker McKenzie Wong & Leow assisted on Singapore's first and only regulated and licensed private securities exchange
1exchange ("1X"), Singapore's first and only regulated and recognised private securities exchange, today saw its first ever private company listing by boutique fund management company Aggregate Asset Management ("AAM"). AAM listed on 1X with over SDG5.6 million worth of tradeable private equities, representing approximately 5% of the company's share equity, after a short six-week campaign. Baker McKenzie Wong & Leow had advised and assisted CapBridge Platform Pte. Ltd. (CapBridge Platform) on its successful application in November 2018 to the Monetary Authority of Singapore to operate 1X.
Baker McKenzie's Asia Pacific Head of Financial Institutions, Stephanie Magnus, who is based in Singapore, led on this matter and was supported by local principal Selwyn Lim - both of whom were present at the listing ceremony this morning at the Singapore Exchange ("SGX"). Commenting on today's listing, Stephanie said: "We are very pleased to have worked on the Recognised Market Operator licence with CapBridge Platform and 1X, and to witness this precedent-setting listing on Singapore's first private capital market. As we have said last year, it puts both 1X - and to a wider extent, Singapore - at the forefront of the growing trend of private capital raising exercises. As a service provider, we are seeing a lot of innovation in the country's capital markets industry, and are very excited to be part of this growth story."
Baker Mckenzie has been tracking this trend in our recent survey on The Future of Equity Capital Raising, which showed that 84% of executives surveyed are seeing early signs of a shift from public to private markets, and that 94% of executives expected to see equity crowdfunding become more important to start-up companies seeking to raise capital for growth and development.
Choo Haiping, CEO of 1X, said: "1X is grateful for the support of our many stakeholders, including regulators, SGX, our partners in the financial industry, and the companies and investors who continue to believe in our mission to create a dynamic and vibrant private capital market through tradeable private equities."
1X expects to be listing more companies in the near future. The private exchange is also the world's first licensed and regulated private securities exchange built on a public blockchain. For more information on 1X, do visit www.1x.exchange.