These are working notes rather than research. They are written for clients and a small circle of principals; a longer version of each is shared privately.
In cross-border transactions with Chinese counterparties, price is usually the last thing to be agreed and the first thing to be blamed. The real variables are control after close, the founder's standing in front of their own organisation, and whether the sequencing of announcements allows both sides to appear to have won.
NYSE, HKEX, SGX and SHEX price the same company differently, and each imposes a different governance burden 24 months before the hearing. Venue selection is a strategic decision made too late and too often delegated to whoever pitched first.
A Singapore VCC can be stood up quickly. What cannot be stood up quickly is the anchor relationship that makes the first close possible. Sequence the investor before the vehicle.
An investment policy statement, a written succession position and a governance charter. Families that hire a CIO before writing these three documents tend to hire the wrong one.
Discounts applied to Asian mid-caps are frequently governance discounts wearing a jurisdictional label. Fixing the board is usually cheaper than fixing the story.
For Asian issuers, the practical argument for ESG discipline is not disclosure compliance — it is which European and UK pools of capital become available, and at what cost.
Full notes are circulated to clients and invited readers only.