Laopu Gold, Baidu, Trip.com are the latest Hong Kong SDRs to be listed on SGX

[SINGAPORE] The Singapore Exchange (SGX) on Wednesday (Nov 12) listed three new Singapore Depository Receipts (SDRs): Laopu Gold, Trip.com and Baidu.

This brings the total SDR shelf on the local bourse to 29 securities – 10 Thai-listed SDRs, 16 Hong Kong-listed SDRs and three Indonesian-listed SDRs.

The minimum trading size of the Laopu Gold SDR on SGX is S$270, while that for Trip.com is S$170 and for Baidu is S$150.

The value of SDRs lies in offering investors versatility in portfolio construction through low minimum-investment amounts of less than S$1,000.

Laopu Gold in recent times captured the attention of investors in the region, with overseas revenue in the first half-year growing 455 per cent year on year, and its 2025 year-to-date returns at around 161 per cent as at November. The success of its international expansion was also seen in the opening of its first boutique at Singapore’s Marina Bay Sands.

As for Trip.com, its net revenue for the third quarter of 2025 rose 16 per cent year on year to 14.8 billion yuan (S$2.7 billion), driven by strong growth across business segments. Its 2025 year-to-date returns were about 5 per cent.

The online travel agency also announced a new US$5 billion buyback programme earlier this year.

Baidu’s year-to-date returns were recorded at around 45 per cent as at November 2025, with 27 per cent year-on-year growth in artificial intelligence cloud revenue – reaching 6.5 billion yuan – in its second quarter this year.

The Chinese Internet giant’s non-online marketing revenue also exceeded 10 billion yuan for the first time in Q2 2025, marking a 34 per cent year-on-year rise.

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Of the other recent SDRs, Hong Kong-listed CATL and Pop Mart launched on Aug 25 and were well received, with both securities contributing to 20 per cent of daily turnover values.

As for Thai SDRs, retail activities in the Q3 of this year more than doubled year on year, where trading interest was largely in banks and technology.

SDR daily turnover hit S$16 million in September, over 30 times higher year on year, SGX data indicated. This was fuelled by “sustained growth” since the launch of Hong Kong SDRs in October 2024.

In addition, SDR assets under management crossed S$220 million in October, driven by strong retail inflows.

With SDRs trading in Singapore dollars on the local bourse, it simplifies access to overseas-listed companies for local investors by removing the complexities of cross-border trading.