YZJ WILL MOVE TO HKEX WITH THE VALUATION OF $10
$YZJ Shipbldg SGD (BS6.SG)$
Ren Yuanlin, a veteran in China's shipbuilding industry: Two listed companies may "leave" Hong Kong.
Ren Yuanlin, a veteran in China's shipbuilding industry, is offering thought-provoking "chilled reflections" on Singapore's capital market, where he has been deeply engaged for many years.
Recently, Ren Yuanlin, CEO and Executive Chairman of Yangtze River Maritime Development, stated in an interview that the current volume and activity of the Singapore stock market have fallen into a state of "excessive silence." In his view, this weak market environment can no longer objectively reflect the true value of his shipping and financial assets. Based on this, the Yangtze River Group is at a crossroads in its capital layout: the company is carefully considering listing Yangtze River Maritime Development, Yangtze River Financial Control, or both in Hong Kong. Ren Yuanlin revealed that it cannot be ruled out that dual listing or delisting from the Singapore Exchange (SGX) could be implemented, although the final decision is still under consideration.
As a long-time and staunch supporter of the Singapore Exchange, Ren Yuanlin has previously completed a "three-way tripartite" capital portfolio in Singapore, covering Yangtze River Shipping (BS6), Yangtze River Financial Control (YF8), and Yangtze River Maritime Development (8YZ.SI). However, the market value performance of the latter two clearly disappointed them. Ren Yuanlin specifically mentioned the significant distortion in market pricing?especially when the price-to-book ratio (P/B) remains consistently below 1, asset values are significantly undervalued.
Looking back on its capital path, Yangtze River Financial, which was listed after spin-off from its parent company in April 2022, was once highly anticipated and included in the Straits Times Index. However, as of the close on March 31, 2026, its stock price was reported at 0.25 Singapore dollars, an increase of only 0.01 Singapore dollars from its initial listing. Although the stock touched a five-year high of 0.53 Singapore dollars in October 2025, it subsequently experienced a "halve" trend, with its current market value remaining at only 870 million Singapore dollars.
By comparison, Yangtze River Maritime Development, which was introduced in November last year, performed even more poorly. As of the end of March this year, its stock price was reported at 0.52 Singapore dollars, a cumulative decline of more than 21% from its initial high. A market capitalization of 1.814 billion Singapore dollars corresponds to a price-to-earnings ratio (TTM) of only 0.11 times. This extremely low price-to-earnings ratio and weak trading volume are undoubtedly eroding investors' confidence.
Ren Yuanlin's shift in understanding of the Singapore stock market hinges on his vigilance against "liquidity depletion." He pointed out that the current situation of limited market size and weak trading volume has led to a continued weakening of the market's appeal to international investors.
He further provided a striking comparison: if its core asset, Yangtze River Shipping, were to list in Hong Kong, its current stock price level of about 4 Singapore dollars could theoretically achieve a valuation reshaping close to 10 Singapore dollars due to the differences in valuation logic between the two markets. This significant "valuation differentiation" is precisely the key factor driving the Yangtze River system to re-examine its main capital battlefield.
As one of China's leading private shipbuilding companies, Yangtze River Shipbuilding currently holds nearly 250 new shipbuilding orders, with a total value of up to $22.4 billion, and its order reserve is quite stable.
As of the close on March 31, 2026, the stock price of Yangtze River Shipping was 3.78 Singapore dollars, with a cumulative increase of 425% since its listing. It is the most outstanding medium- to long-term performance target among the three Yangtze River-affiliated companies. From the perspective of the largest historical cycle, after the company's stock price surged to 0.72 Singapore dollars in the early stages of its listing in 2007, it has remained fluctuating within the range of 0.5-1 Singapore dollars for a long time. After 2022, it began a continuous upward trend, accelerating in 2025, reaching a 52-week high of 4.62 Singapore dollars. Although the current stock price has slightly declined from its peak, it remains in a historical high range. Yangtze River Shipbuilding's current market capitalization is 15.022 billion Singapore dollars.
For a long time, the Singapore Exchange has repeatedly faced questions of "weak growth" in its global capital market competition. Faced with the crisis of losing large-cap stocks, the Singaporean government has planned to inject 1.5 billion Singapore dollars to boost stock market vitality. However, for shipping industry giants like the Yangtze River seeking value return, whether this injected "vital water" can significantly improve the market's liquidity structure and prevent high-quality companies from moving south to Hong Kong still needs to be tested by time.
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