Rajah & Tann Singapore, Carey Olsen Singapore, China’s DeHeng Law Offices, UK’s Campbell Johnston Clark and Panama’s Arias Fabrega & Fabrega have advised the Lion City investment company Yangzijiang Maritime Development’s Singapore Exchange (SGX) mainboard listing.
Yangzijiang Maritime’s share price debuted at SGD0.66, a 10% premium to the placement price of SGD0.60 on 18 November 2025. It closed at SGD0.67 per share, up 11.7% from the placement price, with about 58 million shares traded on the first day.
In addition to the listing by introduction, a private placement of 8,638,000 shares at SGD0.60, raised SGD5.2 million (USD4 billion) for Yangzijiang Maritime. Ultimately, the company issued 3,480,450,520 shares.
The SGX rule book states that a listing by introduction allows the issuer to apply for a listing without any public offer of its shares, provided it complies with the relevant shareholding spread requirements.
Rajah & Tann Singapore acted as lead counsel for Yanzijiang Maritime with deputy head of capital markets Mui Hui Tan leading the team.
“To this end, we took the lead in advising Yangzijiang Maritime on all regulatory and compliance matters in connection with its listing, including any and all regulatory submissions, correspondence with the regulators and instructing all foreign counsel necessary to facilitate the listing,” Tan told Asia Business Law Journal.
Carey Olsen Singapore, led by the office’s managing partner Anthony McKenzie, acted as the British Virgin Islands (BVI) counsel.
“We assisted the issue manager [the Singaporean investment banking firm SAC Capital] and lead Singapore counsel of Rajah & Tann Singapore in conducting due diligence on certain BVI companies within [Yangzijiang Maritime’s] group,” said McKenzie.
He added that the review primarily focused on the regulatory status, shareholding structure, principal business activities and other market-standard aspects, as well as providing confirmation on these entities.
Carey Olsen Singapore also provided input on the sections of the introductory document relating to BVI law, including government regulations and exchange controls, said McKenzie. He said this involved reviewing the relevant disclosure requirements under BVI legislation and ensuring that the descriptions accurately reflected the applicable regulatory framework.
Campbell Johnston Clark, spearheaded by James Clayton, partner and head of the commercial and finance practice, and consultant Alastair Macaulay, both based in London, acted as the English, Marshall Islands and Liberian counsel.
DeHeng Law Offices advised on PRC law, while Arias Fabrega & Fabrega provided counsel on Panama law.
Yangzijiang Maritime was a spin-off listing from Yangzijiang Financial Holding, which also was in turn, a spin-off from Yangzijiang Shipbuilding (Holdings), said Tan.
She added that Yangzijiang Maritime’s spin-off listing was a strategic move to create a distinct listed entity to focus on maritime investments.
“Such spin-off listings reflect a broader trend of spin-offs by conglomerates, which unlocks value by separating pure-play businesses from diversified holdings.”
The highly successful execution of the complex spin-off structure provided companies and investors with a new avenue of unlocking the value of pure-play businesses from existing business lines, said Tan.
Yangzijiang Maritime is a cross-border leading maritime investment manager in Asia, focusing on a diversified portfolio of global investments in this sector.
