Industry News

Campbell Johnston Clark (CJC) has successfully assisted Yangzijiang Maritime Development (YMD) in securing its primary listing on the Main Board of the Singapore Exchange Securities Trading Limited (SGX-ST). This achievement has resulted in a market capitalisation of approximately S$2.15b for YMD.

The London-based team at CJC, led by James Clayton, Partner and head of the Commercial and Finance practice, and Consultant Alastair Macaulay, played a pivotal role in this process. Clayton remarked, “This project was a real highlight for our commercial team in 2025, and offered an excellent demonstration of CJC’s capabilities across a broad range of requirements as English, Marshall Islands and Liberian legal counsel in bringing YMD to market.”

The listing process involved collaboration with several legal entities, including Rajah & Tann Singapore as lead counsel, Carey Olsen Singapore for British Virgin Islands law, DeHeng Law Offices for PRC law, and Arias Fabrega & Fabrega for Panama law.

YMD, incorporated in Singapore, focuses on investing in vessels for charter and sale, alongside offering financing solutions such as sale-and-leasebacks and pre-delivery loans. This listing follows the earlier public offerings of Yangzijiang Shipbuilding in 2007 and Yangzijiang Financial Holdings in 2022.

Ren Yuanlin, Executive Chairman and CEO of YMD, expressed optimism about the future, stating, “We see tremendous growth opportunities for Yangzijiang Maritime. This milestone reflects our vision in the potential of our maritime platform, as we continue to create long-term value and work towards sustainable and transformative growth.”

Singapore and Brazil have signed a Memorandum of Understanding (MoU) to establish a partnership focused on climate action. This agreement, announced today, seeks to bolster collaboration between the two nations in addressing climate change through sustainable development and environmental protection initiatives. The MoU outlines joint efforts to share knowledge, technology, and best practices in areas such as renewable energy, carbon markets, and biodiversity conservation.

The partnership is significant as it represents a commitment from both countries to tackle global environmental challenges. By pooling resources and expertise, Singapore and Brazil aim to develop innovative solutions that can be implemented both locally and globally. This collaboration is expected to facilitate the exchange of ideas and technologies that can drive progress in reducing carbon emissions and promoting sustainable practices.

The MoU also highlights the importance of international cooperation in addressing climate change, a pressing issue that requires collective action from nations worldwide. By working together, Singapore and Brazil hope to set an example for other countries to follow, demonstrating that partnerships can lead to meaningful progress in combating environmental issues.

As the world continues to grapple with the impacts of climate change, this partnership between Singapore and Brazil underscores the need for collaborative efforts to achieve sustainable development goals. The MoU is a step forward in fostering international cooperation and innovation in the fight against climate change.

Musée Platinum Tokyo, a prominent beauty brand with over 15 years of presence in Singapore, has launched its DUO Hydrogen Treatment across all its salons in the city-state. This non-invasive treatment is designed for individuals with sensitive, acne-prone, eczema-prone, or reactive skin, and can be applied to the face, scalp, and body, including delicate areas.

The DUO Hydrogen Treatment offers a gentle approach to skincare, aiming to calm irritation, support hydration, and enhance skin resilience. It is particularly recommended for those experiencing redness, dryness, or sensitivity due to environmental stressors or Singapore’s humid climate. The launch comes in response to a growing demand for effective yet gentle treatments that support deeper skin recovery and long-term resilience.

The treatment is designed to complement existing aesthetic services, such as body hair removal, with a focus on improving overall skin health. With this new offering, Musée Platinum Tokyo aims to meet the needs of Singaporeans looking for advanced skincare solutions, potentially setting a new standard in the beauty industry.

Standard Chartered has launched a blockchain-based tokenised deposits solution for Ant International, enabling real-time treasury management in Singapore Dollars (SGD) and United States Dollars (USD). This initiative, built on the learnings from the Monetary Authority of Singapore’s Guardian initiative, allows Ant International to future-proof its treasury operations with 24/7 liquidity movement.

The solution marks a significant milestone in Standard Chartered’s tokenisation journey, setting a blueprint for commercial banks to transition funds from traditional ledgers to blockchain technology. This advancement highlights the benefits of distributed ledger technology, including immutability, speed, and efficiency.

Mahesh Kini, Global Head of Cash Management at Standard Chartered, emphasised the growing demand for real-time liquidity, stating, “As corporates and institutions increasingly rely on ‘just in time’ liquidity, demand for real-time and 24/7 treasury management is rapidly accelerating.” He added that the collaboration with Ant International is part of the bank’s ongoing efforts to innovate and provide seamless blockchain-based solutions.

Ankur Kanwar, Head of Transaction Banking Singapore and ASEAN at Standard Chartered, noted the broader implications for Singapore’s financial landscape, saying, “This is a significant step forward in our journey to support Singapore’s growth as a leading digital finance hub.”

The tokenised deposit solution not only enhances liquidity management for Ant International but also facilitates transactions in multiple currencies, including Hong Kong Dollars (HKD) and Chinese Yuan (CNH), across different markets. This development underscores the potential of tokenised deposits to improve settlement efficiency and enable new financial use cases.

Prism, a newly established managing general agent (MGA) headquartered in Singapore, has officially launched its operations in the Asia Pacific region, including Hong Kong, as of 18 December 2025. Backed by Convex and Efinity Insurance Solutions, Prism aims to provide innovative, technology-driven underwriting solutions in Marine Cargo, Onshore Energy, Power, and Renewables.

The launch of Prism marks a significant development in the insurance landscape, as it combines underwriting talent with advanced technology, data, and analytics to offer new capacity and expertise to clients and brokers. “Prism is entering the market at a pivotal time,” said Bobby Heerasing, CEO and CUO of Prism. “We are building a legacy-free, tech-enabled MGA that combines underwriting discipline with transparency and long-term value for capital partners.”

Prism’s founding team includes industry veterans such as Heerasing, Jason Smith, and Sergei Korol, who bring decades of experience in the insurance and reinsurance sectors. The company has secured strategic partnerships with Convex, which will provide underwriting capacity and expertise, and Efinity Insurance Solutions, which will offer operational and platform support.

The MGA plans to expand its offerings in Q1 2026 to include Facultative Property and Political Violence/Terrorism. John Potter, Head of Marine at Convex, expressed support for the launch, stating, “This investment is a perfect example of our strategic approach — backing exceptional teams with deep expertise and local insight.”

Prism’s approach is characterised by its legacy-free, technology-driven model, aiming to deliver efficiency, transparency, and scalability. As the company begins its journey, it seeks to blend Asia’s growth opportunities with mature portfolios in North America and Europe, positioning itself as a significant player in the region’s insurance market.

Xiaomi is set to conclude 2025 with the opening of four new stores in Singapore, increasing its presence to 15 locations across the island. The new outlets will be launched at Hougang Mall, Lot One, Westgate, and Clementi Mall, with opening dates on 20 and 27 December. To celebrate, Xiaomi is offering exclusive in-store promotions, including discounts of up to S$700 on select products during the opening weekends.

The festive season sees Xiaomi introducing new products, such as Gaming Monitors and the REDMI Buds 8 Lite, which will be available from 24 December. Customers can look forward to significant savings, including S$700 off the Xiaomi 15 Ultra and S$71 off the Xiaomi Buds 5 Pro, with limited availability per day at each store.

Xiaomi’s latest Gaming Monitors, the G24i and G27i 2026 models, promise high-speed gaming experiences with features like a 200Hz refresh rate and TÜV Low Blue Light Certification. Priced at S$169 and S$199 respectively, these monitors are available at all official Xiaomi stores and online platforms.

The REDMI Buds 8 Lite, priced at S$24.90, offers features such as hybrid ANC and long battery life, making it a practical gift option under S$200. Available from 24 December, these earbuds can be purchased at Xiaomi stores and online.

With these expansions and promotions, Xiaomi aims to enhance customer convenience and offer wallet-friendly gift options during the festive season.

Rental prices in Singapore remained stable in November 2025, despite a decline in rental volumes, according to the latest report from 99.co and SRX. The report highlights a seasonal softening in the market, with condo rental volumes dropping by 9.1% month-on-month and HDB volumes dipping slightly by 0.9%.

Condo rental prices saw a marginal decrease of 0.1% from October, with the Core Central Region (CCR) and Rest of Central Region (RCR) experiencing slight declines of 0.4% and 0.3%, respectively. However, the Outside Central Region (OCR) saw a 0.2% increase, indicating continued demand in more affordable suburban areas. Year-on-year, condo rental prices have risen by 2.3%, reflecting underlying market stability.

In contrast, HDB rental prices increased by 0.5% in November, driven by demand for smaller flats such as 3-room units, which rose by 1.4%. This growth comes after three months of declining prices, suggesting sustained demand from budget-conscious renters, including singles, young couples, and foreign workers. Year-on-year, HDB rental prices have increased by 1.8%.

Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that the market is experiencing a typical year-end lull rather than a downturn. “With year-on-year volumes still positive for both condos and HDBs, and rental prices broadly stable, the market appears to be normalising,” he stated.

Looking ahead, the report anticipates subdued activity through the festive period, with clearer rental momentum expected in early 2026 as hiring patterns, immigration flows, and interest-rate expectations become more defined.

Momenta, a leader in autonomous driving technology, has announced a strategic partnership with Grab, Southeast Asia’s prominent superapp, to introduce advanced autonomous driving technologies to the region. This collaboration includes a strategic investment by Grab and aims to deploy autonomous services using Momenta vehicles integrated into Grab’s platform.

The partnership will focus on a factory-installed, mass production approach to autonomous driving, addressing the high costs traditionally associated with vehicle modification and hardware integration. Momenta’s dual strategy involves partnerships with automakers like Mercedes-Benz and BMW to equip vehicles with advanced driver assistance systems (ADAS) and the development of Robotaxi technology.

Dominic Ong, General Manager of Autonomous at Grab, expressed enthusiasm about the collaboration, stating, “We are excited to shape the future of mobility in Southeast Asia and Momenta’s impressive technological capabilities expands the ways we will explore that.” Momenta CEO Xudong Cao added, “Grab is the most influential mobility platform in the Southeast Asian market, and we are delighted to join hands with Grab to bring Momenta’s technology and experience to this vibrant region.”

This partnership marks a significant step in the internationalisation of Momenta’s “L2 + L4” parallel strategy and follows Momenta’s recent collaboration with Uber for L4 robotaxi testing in Munich in 2026. As Momenta continues to expand its global ecosystem, the cooperation with Grab highlights progress in making autonomous driving solutions a reality in Southeast Asia. Looking ahead, both companies aim to innovate and empower future mobility, making autonomous driving accessible to all.

Singapore’s non-oil domestic exports (NODX) grew by 11.6% year-on-year in November, exceeding expectations despite a slowdown from October’s 21.7% growth, according to a report by Nomura. The unexpected strength was largely attributed to a significant increase in pharmaceutical exports, which surged by 369.8% year-on-year, reaching a record high.

Whilst the overall NODX growth was robust, excluding gold and pharmaceuticals, the figures showed a contraction, with the US market continuing to pose challenges. Electronics exports, although easing to 13.1% year-on-year from 33.1% in October, demonstrated underlying strength with a three-month moving average growth of 25.1%.

Re-export growth also moderated to 13.8% year-on-year from 29.6%, with notable declines in shipments to China and Hong Kong, indicating reduced transshipment activity. However, re-exports to Taiwan remained relatively strong, suggesting ongoing spillover effects into trade-related services.

Nomura maintains its above-consensus GDP growth forecasts of 4.3% for 2025 and 3.7% for 2026, supported by a resilient global tech cycle and strong domestic demand. The firm anticipates that electronics exports will continue to thrive amid the global tech upcycle, further boosting manufacturing output.

The report highlights the impact of US tariffs, with NODX growth to the US declining to -16.1% year-on-year. However, total export growth to the US, including domestic exports and re-exports, increased significantly on a three-month moving average basis, driven by pharmaceuticals and other key sectors.

Ever Glory United (EGU) has been rated as “outperform” by KGI Securities, with a 12-month target price of S$1.20. This follows EGU’s transformation from a mid-sized mechanical and electrical (M&E) contractor into a diversified engineering platform, bolstered by its acquisitions of Fire-Guard Engineering in February 2024 and Guthrie Engineering in July 2025.

The acquisition of Guthrie Engineering has significantly enhanced EGU’s orderbook by S$312m, adding prestigious projects such as Marina Bay Sands and Jewel Changi Airport to its portfolio. This positions EGU to compete for Singapore’s largest public-sector tenders, thanks to its expanded scale and licensing capabilities.

Singapore’s infrastructure sector is projected to see construction demand between S$47b and S$53b in 2025, driven by mega-projects like Changi Terminal 5 and the Cross Island Line. EGU’s predominantly public-sector orderbook, which exceeds S$500 million with a year-end target of S$700 million, ensures revenue visibility through the financial years 2027 to 2028.

Financially, EGU remains robust, maintaining a net cash position and generating positive operating cash flows. The company continues to reward shareholders with dividends, supported by its asset-light model and prudent working-capital management.

Additionally, EGU holds minority stakes in a residential project in District 14 and an industrial development in Mandai, offering potential upside. Management has indicated a willingness to explore selective property investments that leverage its M&E expertise.

These strategic moves underscore EGU’s strengthened market position and potential for future growth in Singapore’s booming infrastructure sector.