三、结语
新加坡健全且适度的监管框架，将进一步提高新加坡作为区域资产管理中心的声誉。虽然引入可变资本公司和双层股权结构是一个可喜的变化，即能改善新加坡创业投资监管环境，但建议放宽税收政策和修改有限合伙结构，以推进新加坡成为创业投资基金区域性在岸枢纽的目标。新加坡的退出环境也有改善的余地，包括将双层股权结构扩大至凯利版，以便为风投公司提供更加广泛的退出选择。
最后，新加坡能否创建一个完善的创业投资市场，将取决于本文所讨论的所有要素能否有效且无缝地协同运作。除了改革监管和法律环境之外，还需要培育更健全的创业文化。当地创业投资家除了仅仅提供资金，还需要有更多的经验以便更好地为投资组合公司增值。此外，还需要做更多的工作来培养当地的企业家精神，进一步鼓励和支持企业家们承担风险，并鼓励当地技术工人从初创公司中学习专业知识。[173]培育企业文化不可能一蹴而就，需要一段时间来改善经济和社会基础设施。在新加坡，尽管还可以做更多，但这些改变似乎正朝着建立一个类似硅谷创业投资环境的方向迈进正确的一步。
附表1 新加坡基金管理公司的主要差异一览表
续表
Venture Capital in Singapore: The Way Forward
LIN Lin
Abstract: This article critically examines the existing regulatory framework governing venture capital in Singapore.It discusses the problems within the legal structures and tax policies, and examines recent law reforms that aim to encourage fund managers to re-domicile their venture capital funds in Singapore, such as the introduction of the variable capital company and the simplified authorisation process for venture capital fund managers.This article proposes several reforms that will continue to improve the regulatory environment for venture capital in Singapore, such as introducing more liberal tax policies; modifying the limited partnership structure and extending the dual-class share structure to the Catalist board.
Keywords: Venture Capital; Singapore; Fund Manager; Variable Capital Company; Dual-class Share Structure
（责任编辑：王乐兵）
【注释】
[1]Lin Lin, Private Equity, in Dora Neo, Hans Tjio and Lan Luh Luh eds., FINANCIAL SERVICES LAW AND REGULATION IN SINGAPORE 579 (Singapore, Academy Publishing, 2019).
[2]Ronald J.Gilson, Engineering a Venture Capital Market: Lessons from the American Experience, 55 STAN.L.REV.1067, 1068 (2003).
[3]Id.
[4]See Treasury and the Department of Industry, Innovation, Science, Research and Tertiary Education, Australian Government, Review of Venture Capital and Entrepreneurial Skills (2012), Australian Private Equity & Venture Capital Association Ltd., https://www.avcal.com.au/ documents/item/516 (last visited May 23, 2019).
[5]See Shishido Zenichi, Why Japanese Entrepreneurs Don’t Give up Control to Venture Capitalists (30 March 2009), SSRN, http://ssrn.com/ abstract=1370519 or http://dx.doi.org/10.2139/ssrn.1370519 (last visited May 23, 2019).
[6]Supra note〔2〕.
[7]Supra note〔2〕.
[8]Lin Lin, Engineering a Venture Capital Market: Lessons from China, 33 COLUMBIA JOURNAL OF ASIAN LAW 160 (2017).
[9]Pearl Lee, Singapore Needs to Base Its Growth on Productivity and Innovation: Ong Ye Kung, (25 January 2017), Straits Times, http://www.straitstimes.com/singapore/spore-needs-to-base-its-growth-on-productivity-and -innovation (last visited May 23, 2019).
[10]Carolyn Khew and Lin Yangchen, Singapore “could be Global Innovation Hub” (10 January 2016), Straits Times, http://www.straitstimes.com/singapore/singapore-could-be-global-innovation-hub (last visited 23 May, 2019).
[11]Singapore, Committee on the Future Economy, Report of the Committee on the Future Economy (Ministry of Trade & Industry, February 2017), para.36, https://www.gov.sg/~/media/cfe/downloads/mtis_full%20report.pdf (last visited May 23, 2019).
[12]Angela Tan, Singapore Budget 2019: Singapore Sees Over 220 Venture Capital Deals, Worth US$4.2 Billion, a Year, https://www.businesstimes.com.sg/government-economy/singapore-budget -2019/singapore-budget-2019-singapore-sees-over-220-venture (last visited May 23, 2019).
[13]Tan, Singapore Budget 2019, https://www.businesstimes.com.sg/government-economy/singapore-budget-2019/singapore-budget-2019- singapore-sees-over-220-venture (last visited May 23, 2019).
[14]Singapore Venture Capital & Private Equity Association, 2019 Factsheet, https://www.svca.org.sg/editor /source/Publication/Research% 20Publications/SVCA%20Factsheet%202019.pdf (last visited May 23, 2019).
[15]For example, the Early Stage Venture Fund provides government funding to assist private VC funds to invest in “Singapore-based early-stage high-tech companies”.See National Research Foundation, Early Stage Venture Fund, http://www.nrf.gov.sg/funding-grants/early-stage- venture-fund.Likewise, SEEDS Capital works with incubators, accelerators and VC firms to invest in deep tech startups.See Enterprise SG, SEEDS Capital, https://www.enterprisesg.gov.sg/financial-assistance/investments/investments/seeds-capital/overview (last visited May 23, 2019).
[16]Singapore Law Watch, Venture Capital Investment Model Agreements, https://www.singaporelawwatch.sg/About-Singapore-Law/ VC-Investment-Model-Agreements (last visited May 23, 2019).
[17]CB Insights, The State of Southeast Asia Tech, https://www.cbinsights.com/research /southeast-asia-tech-financing-trends-investors; see also Jacquelyn Cheok, VC Funding Growth Strong in S-E Asia Despite Slowing Global Economy, http://www.businesstimes.com.sg/technology/vc- funding-growth-strong-in-s-e-asia-despite-slowing-global-economy (last visited May 23, 2019).
[18]PWC, China Private Equity/Venture Capital 2016 Review and 2017 Outlook (23 February 2017), 6, PWC China, https://www.pwccn.com/en/private-equity/pe-china-review-feb2017.pdf (last visited May 23, 2019).
[19]Part of the Smart Nation vision in Singapore is to cultivate a culture of innovation, including a strong presence of VC.See Smart Nation Singapore, Smart Nation, https://www.smartnation.sg/why-Smart-Nation/transforming-singapore (last visited May 23, 2019).
[20]Supra note〔2〕.
[21]See Lin, Engineering a Venture Capital Market, 33 COLUMBIA JOURNAL OF ASIAN LAW 160 (2017).
[22]See Shishido, Why Japanese Entrepreneurs Don’t Give up Control to Venture Capitalists, http://ssrn.com/abstract=1370519 or http:// dx.doi.org/10.2139/ssrn.1370519 (last visited May 23, 2019).
[23]Most closed-end funds are structured as ELPs in the Cayman Islands.See Getting the Deal Through Private Equity (Fund Formation), https://gettingthedealthrough.com/area/28/jurisdiction/59/private-equity -fund-formation-cayman-islands/ (last visited May 23, 2019).
[24]Similar Benefits of Having Onshore PE Funds have been Stated in Hong Kong’s 2015 Financial Services Development Council Paper: A Paper on Limited Partnership for Private Equity Funds (December 2015), 1, http: //www.fsdc.org.hk/sites/default/files/LP%20Paper%20-%20Eng- No.17.pdf (last visited May 23, 2019).
[25]SFA s.321.
[26]MAS, Media Release, MAS Simplifies Rules for Managers of Venture Capital Funds to Facilitate Start-ups’ Access to Capital (20 October 2017), http://www.mas.gov.sg/News-and-Publications/Media-Releases/2017/MAS-simplifies-rules-for-managers-of-venture-capital-funds.aspx (last visited May 23, 2019).
[27]SFA s.82.
[28]See Second Schedule of Securities and Futures (Licensing and Conduct of Business) Regulations (SF(LCB)R), reg.14 and para.5.
[29]Of which a maximum of 15 can be funds.
[30]Second Schedule of SF(LCB)R, paras 5(7) and 5(1)(i).
[31]See Second Schedule of SF(LCB)R, para.5(3), read with SFA s.4A(1)(a), and Securities and Futures (Classes of Investors) Regulations 2018 “SFA Regulations 2018” regs 2 and 4 on the definitions of “accredited investor” and “institutional investor”.
[32]Y.M.Lock, The New Regime for Accredited Investors (9 November 2018), Allen & Overy, http://www .allenovery.com/ publications/ en-gb/Pages/The-New-Regime-for-Accredited-Investors.-.aspx; Amit Dhume, Changes to the Accredited Investor Class and the Introduction of an Opt-in Regime (3 January 2018), Colin Ng & Partners, https://www.cnplaw.com/changes-to-the-accredited-investor-class-and- the-introduction- of-an-opt-in-regime/ (last visited May 23, 2019).
[33]MAS Guidelines on Licensing, Registration and Conduct of Business for Fund Management Companies (Guideline No.SFA 04-G05), para.3.1.
[34]Id., at para.4.1.2.
[35]Cayman Islands Monetary Authority, Cayman Islands Securities Licensing Requirements (n.d.), https://www .cima.ky/securities- licensing-authorisation-requirements (last visited May 23, 2019).
[36]Drew & Napier, Regulation Update: Enhanced Regulatory Regime for FMCs (10 August 2012), https://www .drewnapier.com/ DrewASPX/media/assets/Legal%20Updates/10-Aug-Enhanced-Regulatory-Regime-for-Fund -Management-Companies.pdf (last visited May 23, 2019).
[37]Mok Fei Fei, Smaller Fund Management Firms Still Going Strong Despite Regulations, https://www.straitstimes.com/business/companies- markets/smaller-fund-management-firms-still-going-strong -despite-regulations (last visited May 23, 2019).
[38]Id.
[39]Supra note〔26〕.
[40]Supra note〔26〕.
[41]Supra note〔26〕.
[42]Supra note〔26〕.
[43]Choo Lye Tan and Carey Kong, The MAS’s New Regulatory Regime for Venture Capital Fund Managers Comes into Force (2 November 2017), KL Gates, http://www.klgates.com/the-mass-new-regulatory-regime-for-venture-capital-fund-managers-comes-into-force-11-01-2017/ (last visited May 23, 2019).
[44]Id.
[45]MAS, Response to Feedback — Proposed Regulation for Managers of Venture Capital Fund (20 October 2017), p.9, http://www.mas.gov.sg/~/media/MAS/News%20and%20Publications/Consultation%20Papers/Response%20to%20Consultation_Managers%20of%20Venture%20C apital%20Funds_20Oct2017(last visited May 23, 2019); see also Guidelines on Licensing and Conduct of Business for FMCs.
[46]Supra note〔26〕.
[47]Preqin, Preqin and SVCA Special Report: Singapore and ASEAN Private Equity (April 2014), p.13, Singapore Venture Capital & Private Equity Association, https://www.svca.org.sg/editor/source/Publication/Preqin_SVCA _Special_Report_Singapore_ASEAN_Private_Equity_April_ 2014.pdf (last visited May 23, 2019).
[48]Id.
[49]Supra note〔26〕.
[50]Supra note〔26〕.
[51]MAS, 2012 Consultation Paper on the Amendments to the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 (2012), paras 8–9.
[52]MAS, MAS Response to Feedback Received — Consultation on Proposed Amendments to the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 and Proposed Regulatory Treatment of Close-Ended Funds (2013), para.3.4, http://www.mas.gov.sg/~/media/MAS/News%20and%20Publications/Consultation%20Papers/Response%20to%20Feedback%20Received%20CIS.pdf (last visited May 23, 2019).
[53]SFA ss.286 and 287.
[54]SFA s.296.
[55]SFA s.305.
[56]Reg.32 and paras 1 and 2 of the Sixth Schedule to the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 (S 602/2005).
[57]Stefanie Yuen Thio, Chapter 24: Singapore, in Paul Dickson ed., THE ASSET MANAGEMENT REVIEW 397, 5th ed.(Law Business Research, 2016).
[58]Attorney-General’s Chambers, Public Consultation Paper on Limited Partnerships in Singapore, para.2.1, AGC, https://www.agc.gov.sg/DATA/0/Docs/PublicationFiles/Consultation_paper_of_the_study_team.pdf.
[59]Id.
[60]Id.
[61]Capital maintenance rules mean that a company must not take any steps that in effect return capital to its shareholders unless profits have been made.
[62]Companies Act (Ch.50) s.403(1).
[63]The satisfaction of solvency requirements under the Companies Act (Ch.50) is stated in s.76F(1) for share buybacks and s.78B(1)(b) and s.78C(1)(b) for capital reduction.
[64]Attorney-General’s Chambers, Final Report on Limited Partnerships, para.2.2, AGC, https://www.agc.gov.sg /DATA/0/Docs/ PublicationFiles/Report_of_the_Study_Team_on_Limited_Partnerships_.pdf or http://unpan1.un.org/intradoc/groups/public/documents/apcity/unpan 034486.pdf (last visited May 23, 2019).
[65]Supra note〔8〕.
[66]Provided that the LPs do not take part in management of the limited partnership: see Limited Partnerships Act (Ch.163B) s.6.
[67]Bill Jamieson and Amit Dhume, Singapore, in Sam Kay ed., INVESTMENT FUNDS 412 (London, Thomson Reuters, 2016).
[68]Id.
[69]Inland Revenue Authority of Singapore, IRAS e-Tax Guide: Income Tax Treatment of Limited Liability Partnerships (LLPs) (2nd ed., 1 March 2014) at para 7.1，https://www.iras.gov.sg/irashome/uploadedFiles/IRASHome/e-Tax_Guides/etaxguides_IIT_Income%20Tax%20 Treatment%20of%20LLPs_2014-03-01.pdf (last visited May 23, 2019).
[70]Note that the Limited Partnerships Act (Ch.163B) makes constant reference to the partnership agreement.
[71]Companies Act (Ch.50) s.18(1)(b).
[72]Supra note〔1〕，at 593.
[73]Low Kah Keong, Singapore, in Kirk August Radke ed., THE PRIVATE EQUITY REVIEW 91 (London, Law Business Research Ltd., 2013), http://www.wongpartnership.com/files/download/700 (last visited May 23, 2019).
[74]Gary Smith, Cayman Islands Private Equity Funds and the Use of Exempted Limited Partnerships, https://www.loebsmith.com/cayman- legal/cayman-islands-private-equity-funds-and-the-use-of -exempted-limited-partnerships/34/ (last visited May 23, 2019).
[75]Private Funds Management, July/August 2016 Fund Domiciles Guide, 6–7, https://www.privatefundsmanagement.net/uploaded Files/Private_Equity_Manager/Non-Pagebuilder/Aliased/News_And_Analysis/2016/July/Magazine/PFM_Fund%20Domicile%20Jul-Aug16.pdf (last visited May 23, 2019).
[76]Limited Liability Partnerships Act s.8.
[77]Limited Partnerships Act s.6.
[78]Supra note〔73〕，at 91.
[79]Supra note〔73〕，at 91.
[80]Supra note〔73〕，at 91.
[81]SVCA, Setting up PE & VC Funds in Singapore (March 2019), at 6.(https://www.daowen.com)
[82]Sunit Chhabra, MOF Consults on Proposed GST and Stamp Duty Treatment of Variable Capital Companies in Singapore, https:// www.allenandgledhill.com/sg/publication/articles/9789/mof-consults-on-proposed-gst-and-stamp-duty-treatment-of-variable-capital-companies-vcc s-in-singapore; Damayanti Shahani, S-VACC: A Milestone for Fund Management in Singapore, https://sbr.com.sg/professional-serviceslegal/ commentary/s-vacc-milestone-fund-management-in-singapore (last visited May 24, 2019).
[83]Supra note〔75〕.
[84]Supra note〔75〕.
[85]Supra note〔75〕.
[86]PWC, Singapore Variable Capital Companies (S-VACC): The Game Changer for Asset Management in Asia Pacific, p.13.
[87]MAS, Monetary Authority of Singapore, Consultation Paper on the Proposed Framework for Singapore Variable Capital Companies (Consultation Paper P006-2017, March 2017), p.6.
[88]Id.
[89]MAS, MAS Proposes a New Corporate Structure for Investment Funds, http://www.mas.gov.sg/News-and-Publications/Media-Releases/ 2017/MAS-Proposes-a-New-Corporate-Structure-for-Investment-Funds .aspx (last visited May 24, 2019).
[90]Part IV of the VCC Act.
[91]Supra note〔26〕.
[92]PWC, Singapore Variable Capital Companies (S-VACC): The Game Changer for Asset Management in Asia Pacific, p.6.
[93]See The Ministry of Finance, Press Release, https://www.mof.gov.sg/Newsroom/press-releases/mof-invites-feedback-on-proposed- legislative-amendments-for-the-corporate-income-tax-treatment-of-variable-capital-companies -(vccs) (last visited June 7, 2019).
[94]Study Team on Limited Partnerships, Report of the Study Team on Limited Partnerships, para.7.1.5, http://unpan1.un.org/intradoc/groups/ public/documents/apcity/unpan034486.pdf (last visited May 24, 2019).
[95]Id.
[96]Id.
[97]Id.
[98]The Law Commission and The Scottish Law Commission, Partnership Law (2003), para.5.8, http://www.lawcom.gov.uk/app/ uploads/2015/03/lc283_Partnership_Law.pdf (last visited May 24, 2019) .While the third party might be required to pursue legal remedies for past wrongs against different aggregations of persons, admittedly this is not a critical issue for limited partnerships since general partners are readily identifiable, and limited partners’ liability is restricted to their capital contribution.
[99]James Burdett and John Unger, Limited Partnership Reform: Implications for Private Funds (April 2016), Thomson Reuters Practical Law, https://uk.practicallaw.thomsonreuters.com/9-627-0642?transitionType=Default&contextData=(sc.Default)&firstPage=true&bhcp=1 (last visited May 24, 2019).
[100]Michael Killourhy, BVI Limited Partnerships Act 2017 (12 February 2018), Ogier, https://www.ogier.com/publications/bvi-limited- partnership-act-2017 (last visited May 24, 2019).
[101]Elspeth Berry, Limited Partnership Law in the United States and the United Kingdom: Teaching an Old Dog New Tricks? J.B.L.160, 164 (2012).
[102]Id.
[103]Virgin Islands, Limited Partnership Act, 2017 (No.24 of 2017) ss.57 and 63.
[104]Limited Partnership Act 2017 (Act No 24 of 2017) (BVI) ss 57 and 63.Supra note〔100〕.
[105]Virgin Islands, Limited Partnership Act, 2017 (No.24 of 2017) s.44.
[106]Virgin Islands, Limited Partnership Act, 2017 (No.24 of 2017) s.48.
[107]Section 40 of the Virgin Islands, Limited Partnership Act 2017 (No.24 of 2017); see VCC Act s.63; Companies Act ss.156 and 157.
[108]Supra note〔100〕.
[109]John Adams et al., Private Fund Limited Partnership: The UK’s New Fund Vehicle (3 May 2017), Sherman & Sterling, https://www.shearman.com/Perspectives/2017/05/The-UK-New-Fund-Vehicle (last visited May 24, 2019).
[110]Id.
[111]Dechert LLP, A New Lease of Life for Limited Partnerships in the UK, https://www.lexology.com/library/detail.aspx?g=1c2a3d38- 0260-4777-8f23-daa4efe84299 (last visited May 24, 2019).
[112]It should be noted that tax benefits for funds domiciled in Singapore may be limited for DTAs which exclude partnerships from the term “person”, and define “company” as any body corporate or any entity that is treated as a body corporate for tax purposes.In such cases, the tax benefits may not be achieved if the VC fund is structured as a partnership, which is tax-transparent.
[113]Inland Revenue Authority of Singapore, Angel Investors Tax Deduction (AITD) Scheme, https://www.iras .gov.sg/irashome/Schemes/ Individuals/Angel-Investors-Tax-Deduction-Scheme-AITD-/ (last visited May 23, 2019).
[114]Department of Finance, Division of Revenue — Filing Corporate Income Tax, http://revenue.delaware.gov/services/Business_Tax/ FilingCIT.shtml (last visited May 23, 2019).Note that this is only required for Delaware corporations that conduct business in Delaware (i.e.having income from a source in Delaware), and not to corporations that do not conduct business in Delaware, even if incorporated in Delaware.
[115]Department of Finance, Division of Revenue — Step 5: Withholding Taxes, State of Delaware, http://revenue.delaware.gov/services/ Business_Tax/Step5.shtml (last visited May 23, 2019).
[116]Department of Jersey, Taxation in Jersey, https://www.gov.je/LifeEvents/MovingToJersey/Pages/Tax.aspx (last visited May 23, 2019).
[117]Cayman Islands Government, Taxes, Cayman Islands Government.http://www.gov.ky/portal/page/portal /cighome/cayman/theeconomy/ taxes (last visited May 23, 2019).
[118]Deloitte, Corporate Pocket Tax Guide 2018 — Luxembourg, Deloitte, https://www2.deloitte.com/content/dam /Deloitte/lu/Documents/ tax/lu-corporate-pocket-tax-guide-2018.pdf (last visited May 23, 2019).
[119]KPMG, Luxembourg — Income Tax, https://home.kpmg.com/xx/en/home/insights/2011/12/luxembourg-income-tax.html (last visited May 23, 2019).
[120]PWC, Luxembourg Limited Partnership, 6, PWC, https://www.pwc.lu/en/private-equity/docs/pwc-private-equity-lux-limited-partnership.pdf (last visited May 23, 2019).
[121]Australian Taxation Office, Venture Capital Limited Partnerships, https://www.ato.gov.au/Business/Venture-capital-and-early-stage- venture-capital-limited-partnerships/Venture-capital-limited -partnerships (last visited May 23, 2019).
[122]Id.
[123]Hong Kong, Financial Services Development Council, A Paper on Limited Partnership for Private Equity Funds (FSDC Paper No 17, December 2015), p.12.
[124]IRAS, Income Tax Treatment of Limited Liability Partnerships (LLPs) (2nd ed.), 4, IRAS, https://www.iras.gov.sg/irashome/ uploadedFiles/IRASHome/e-Tax_Guides/etaxguides_IIT_Income%20Tax%20Treatment%20of%20LLPs_2014-03-01.pdf (last visited May 23, 2019).
[125]IRAS, Individual Income Tax Rates, https://www.iras.gov.sg/irashome/Quick-Links/Tax-Rates/Individual-Income-Tax-Rates/ (last visited May 23, 2019).
[126]IRAS, Corporate Tax Rates, https://www.iras.gov.sg/irashome/Quick-Links/Tax-Rates/Corporate-Tax-Rates (last visited May 23, 2019).
[127]Id.
[128]However, to achieve tax neutrality, various tax exemptions are provided to exempt Singapore-domiciled funds from virtually all incidence of income tax.
[129]Supra note〔1〕，at 579-610.
[130]Income Tax Act (Ch.134) s.13CA.Income Tax (Exemption of Income of Non-Residents Arising from Funds Managed by Fund Manager in Singapore) Regulation 2010.
[131]Income Tax Act (Ch.134) s.13R.Income Tax (Exemption of Income of Non-Residents Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010.
[132]Income Tax Act (Ch.134) s.13X.Income Tax (Exemption of Income of Non-Residents Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010.
[133]Income Tax (Exemption of Income of Approved Companies Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010.
[134]Income Tax Act (Cap 134, 2014 Rev Ed) s 13X; Income Tax (Exemption of Income Arising from Funds Managed in Singapore by Fund Manager) Regulations 2010 (S 6/2010) reg.3.
[135]IRAS, Budget 2018 — Overview of Tax Changes, IRAS, https://www.iras.gov.sg/irashome/News-and-Events /Singapore-Budget/Budget- 2018---Overview-of-Tax-Changes/ (last visited May 23, 2019).
[136]Income Tax Act (Ch.134) s.13H.
[137]Lin Lin, Venture Capital Exits and the Structure of Stock Markets in China, 15 ASIAN JOURNAL OF COMPARATIVE LAW 1, 5(2016).
[138]Interviews conducted by the author with industry players.
[139]Bernard Black and Ronald Gilson, Does Venture Capital Require an Active Stock Market, 11 JOURNAL OF APPLIED CORPORATE FINANCE, 36 (1999).
[140]Bernard Black and Ronald Gilson, Venture Capital and the Structure of Capital Markets, 47 JOURNAL OF FINANCIAL ECONOMICS 243, 247 (1998).
[141]Angela Tan, SGX Enters New Era as It Starts Dual-class Shares for Qualifying IPOs, https://www.businesstimes.com.sg/stocks/sgx- enters-new-era-as-it-starts-dual-class-shares-for-qualifying -ipos; Today, Singapore Details Rules for Offering Dual-class Shares, Follows Hong Kong (26 June 2018), 3, https://www.todayonline.com/singapore/singapore-details-rules-offering-dual-class-shares-follows-hong-kong (last visited May 24, 2019).
[142]Supra note〔137〕.
[143]Supra note〔137〕.
[144]Preqin, Venture Capital in Southeast Asia, Preqin Venture Capital Publications, http://docs.preqin.com/reports /Preqin-Venture- Capital-in-Southeast-Asia-September-2017.pdf (last visited May 23, 2019).This report only provides data up to August 2017—more recent data does not seem to be available.Nevertheless, it provides a useful illustration of the prevalence of M&As and the lack of IPOs in VC exits.
[145]Golden Gate Ventures, The Bamboo Report (2016), 9, http://goldengate.vc/wp-content/uploads/2016/03/Asia-VC-Bamboo-Report-II.pdf (last visited May 23, 2019).
[146]Id.
[147]Id.
[148]Id.
[149]Golden Gate Ventures, Southeast Asia Offers Big Exits (Just not through IPOs), http://goldengate.vc/news/southeast-asia-offers-big- exits-just-not-ipos/; see also Marissa Lee, Listing Turf Wars: Can SGX do More? (5 June 2017), Straits Times, https://www.straitstimes.com/ business/listing-turf-wars-can-sgx-do -more (Both accessed 24 May 2019).
[150]Staff Reporter, MAS to Launch $75m Grant for Equity Market Singapore, Singapore Business Review, https://sbr.com.sg/economy/ news/mas-launch-75m-grant-equity-market-singapore; Nisha Ramchandani, MAS to Boost Singapore’s Standing as Enterprise Financing Hub with $75m Grant (14 January 2019), Business Times, https://www.businesstimes.com.sg/banking-finance/mas-to-boost-singapores-standing-as- enterprise-financing -hub-with-s75m-grant (last visited May, 23 2019).
[151]Ben Paul, MAS Plans to Boost Stock Market by Subsidising Listing Expenses, Analyst Salaries — will It Work?, The Edge Singapore, https://www.theedgesingapore.com/mas-plans-boost-stock-market-subsidising-listing-expenses-analyst-salaries-%E2%80%94-will-it-work (last visited May 23, 2019).
[152]Supra note〔141〕.
[153]Supra note〔137〕，at 22.
[154]Lance Lim, Dual Class Shares in Singapore (Law Gazette April 2017), Law Society of Singapore, http://www.lawsociety.org.sg/ jusnewsg/newsletter/201705/Dual%20Class%20Shares%20in%20Singapore%20(%20Law %20Gazette%20Apr%202017).pdf (last visited May 23, 2019).
[155]Supra note〔137〕，at 5.
[156]Supra note〔36〕.
[157]SGX, Catalist Celebrates 10 Years of High Growth, http://www.sgx.com/wps/portal/sgxweb/home/listings /catalist10 (last visited May 23, 2019); Linnett Lim, SGX’s Catalist Board to Hit New Milestone on Thursday (24 November 2015), Channel News Asia, https://www.loebsmith.com/cayman-legal/cayman-islands-private-equity-funds -and-the-use-of-exempted-limited-partnerships/34/ (last visited June 17, 2019).
[158]Listing Manual of Singapore Exchange, r.406(2)(a); Catalist Rules, http://rulebook.sgx.com/en/display/display _viewall.html?rbid= 3271&element_id=3305&print=1 (last visited May 23, 2019).
[159]Supra note〔137〕，at 26–29.
[160]Lin Li, VC-backed Exits in South East Asia (24 July 2018), https://36kr.com/p/5144784 (last visited June 7, 2019).
[161]From its listing price of 30 cents in 2016, the share price of Trendlines Group dropped to 11 cents as of 21 September 2018.
[162]Enoch Yiu, HKEX, Beijing’s New Third Board in Dual-class Listings Accord, http://www.scmp.com/business/companies/article/ 2142826/hkex-beijings-new-third-board-dual-class -listings-accord (last visited May 23, 2019).
[163]HKEX, Listing Regime Reforms for Share Structure and Biotech Industry, https://www.hkex.com.hk/-/media/HKEX-Market/ News/Research-Reports/HKEx-Research-Papers/2018/CCEO_DualClass_201811 _e.pdf?la=en (last visited June 25, 2019).
[164]Hong Kong Stock Exchange Launches New Rules for Dual Class and Biotech Listings, https://www.davispolk.com/files/2018-04-25_ hk_stock_exchange_launches_new_rules_dual_class_biotech_listings.pdf (last visited June 25, 2019).
[165]See also SGX Mainboard Listing Rule 610, 753, 1206 and 1207.
[166]See Securities Investors Association (Singapore), Guide On Best Practices For Shareholder Meetings Of Listed Companies, https://sias.org.sg/wp-content/uploads/2019/03/Guide-On-Best-Practices-for-Shareholder-Meetings-of -Listed-Companies.pdf (last visited June 25, 2019).
[167]The Straits Times, S’pore Games Start-up Sea Raises $1.2b in New York IPO (21 October, 2017), https://www.straitstimes.com/business/ companies-markets/spore-games-start-up-sea-raises-12b-in-new-york-ipo (last visited June 15, 2019).
[168]Tan Weizhen, Tech Start-ups Opting for ASX Listing (5 March 2016), Straits Times, http://www .straitstimes.com/business/companies- markets/tech-start-ups-opting-for-asx-listing (last visited May 23, 2019).
[169]Tanya Mariano, Why Singapore’s SportsHero is Going to List on the ASX (5 January 2017), http://inc-asean.com/grow/why- singapores-sportshero-is-going-to-list-on-the-asx/ (last visited May 23, 2019).
[170]Tanu Pandey, Singapore’s Hatcher Exits Two Portfolio Firms Via ASX Route (2 May 2017), https://www.dealstreetasia.com/stories/sg- vc-firm-hatcher-exits-two-via-asx-listing-71645/ (last visited May 23, 2019).
[171]Supra note〔139〕，at 46.
[172]Wong Wei Han, More Singapore Companies Consider Moving to Hong Kong Bourse, http://www.straitstimes.com/business/companies- markets/more-spore-companies-consider-moving-to-hk -bourse (last visited May 23, 2019).
[173]Interviews conducted by the author with founders of a few technology start-ups in Singapore (anonymity required) (17 May, 2019, Singapore).