Phillip Securities Pte Ltd announced on Aug, 12 2026 that it has established an unsponsored Singapore Depository Receipts (SDR) programme covering shares of companies listed on the Stock Exchange of Hong Kong.

The broker-dealer will seek quotation of the SDRs on Singapore Exchange Securities Trading Limited (SGX-ST), relying on the Securities and Futures (Offers of Investments) (Exemption for Depository Receipts) Regulations 2023 to avoid a formal prospectus registration. Phillip Securities (Hong Kong) Limited has been appointed as the initial custodian.

Each SDR will represent a defined number of underlying Hong Kong-listed shares and any associated cash or property. Central Depository (Pte) Limited will hold the Master SDR as the sole registered holder, while investors will own beneficial interests through their CDP accounts or intermediaries.

Key features include: • Cash dividends will be converted into Singapore dollars before distribution, after fees and applicable taxes. • Investors cannot exercise voting rights attached to the underlying shares. • Rights issues or other non-cash distributions may be delivered as additional SDRs, cash proceeds or allowed to lapse, at the discretion of the depository. • Standard SGX trading, clearing and settlement rules will apply; SDRs will trade in Singapore dollars. • Fees for issuance and cancellation are set at up to 5 Singapore dollars per 1,000 SDRs (minimum 50 and maximum 1,000 Singapore dollars), plus SGD0.30 per lot for deposits.

Phillip Securities warned that SDR investments carry risks, including price volatility, foreign-exchange exposure to the Hong Kong dollar, potential illiquidity, and the absence of voting rights. The programme may be terminated with at least 90 days’ notice, and the depository can amend terms after a 30-day notice period. Investors are advised to review the offering document in full and consult licensed advisers before investing.