The Covid-19 pandemic that started early last year hurt big swathes of the world economy. Despite so, AMTD International, the first company to be dual-listed on both the NYSE and SGX, is able to report higher earnings and other record metrics in its performance, as it captured more business with
For the year ended Dec 31 2020, AMTD International’s earnings increased by 37.1% over FY2019 to hit HK$1.14 billion. Assets under management reached more than HK$26 billion, a record for the company.
AMTD International, which provides corporate financing and related financial services, is a subsidiary of Hong Kong-based AMTD Group Company, a leading comprehensive financial services conglomerate led by chairman Calvin Choi.
“AMTD International year over year has shown a solid trajectory for growth. This year which presented a number of global challenges was no exception,” says company chairman Feridun Hamdullahpur.
“The company performed at the highest level while clearly demonstrating its commitment to its foundational values,” he adds.
During the year, AMTD International was the global coordinator and, or, active bookrunner for more than 40 capital market transactions, raising some US$12 billion for clients and investors in total.
Notable transactions included the Hong Kong IPO of China’s largest F&B chain company, Yum China Holdings; Weihai City Commercial Bank’s H share IPO, the only regional bank listed on the HKEX in 2020 and Radiance Holdings’ Hong Kong IPO, one of the largest IPOs in property sector on the HKEX in 2020.
Besides the above-mentioned clients that are in traditional economic sectors, AMTD International is active servicing clients in emerging sectors.
For example, it was involved with Joy Spreader’s Hong Kong IPO, the largest performance-based we-media marketing services provider in China, as well as BlueCity’s US IPO, the world’s leading online LGBTQ community.
AMTD International also helped Xiaomi Corporation raise US$600 million in a global USD bond offering, which was its first ever international debt issue. It helped Citic, one of China’s largest SOEs, raise US$1 billion via a dual-tranche USD bond offering too.
Here in Singapore, AMTD International helped SGX-listed Dasin Retail Trust with a placement exercise, which marks AMTD’s first equity capital markets transaction on the Singapore Exchange.
Over the past couple of years, the AMTD Group has been very active building up its presence and networks in Singapore.
For example, AMTD International and the SGX have committed to jointly explore using distributed ledger technology for the issuance and servicing of fixed income securities in Singapore, as well as the wider adoption of blockchain in capital markets, international payments and settlements, and trade finance.
SEE:AMTD International announces JV with 36Kr and Xiaomi to build full life-cycle platform for China's new economy enterprises
One month after AMTD International’s listing on the SGX in April 2020, it entered into a long-term strategic partnership with the exchange to promote the development of Singapore’s capital markets and strengthen capital markets connectivity between Singapore, ASEAN, the Greater Bay Area, rest of China and the Middle East.
During the year, AMTD International also established a US$1 billion medium term notes programme which is dual-listed on both the Hong Kong Exchange and the SGX.
There was also a dual-currency USD and SGD perpetual bond issuance of US$237.7 million, representing the first-ever exchange offer involving concurrent dual-tranche USD and SGD perpetual securities issuance – making it the first Hong Kong financial institution to issue SGD perpetual securities; as well as the first-ever Hong Kong issuer issuing SGD fixed-for-life perpetual securities.
Last December, AMTD International chose to adopt a new board structure with independent directors as the majority.
Annie Koh, an independent director of the company, notes that having an independent chair at the board level and a CEO internally developed and promoted are strong indicators of good governance and sustainability.
“As an ID on the board of AMTD International, I am heartened not just with the sterling financial results reported in challenging times, but more so with the implementation of a number of internal corporate governance standards,” she says.
In a separate announcement, AMTD International announced the appointment of Xavier Zee as its new CFO; Jason Chiu as the co-CFO and Bert Tsang as its Chief Accounting Officer.
All three promotions take effect immediately and forms part of the company’s overall efforts to develop and groom a new generation of the management team.
“It is exciting to see our businesses and services continue to grow and diversify, with the trust and support from our clients, and hard work and commitment from our AMTDers,” says CEO William Fung, himself recently promoted to this role, as part of an earlier cohort of individuals groomed for bigger roles within AMTD Group.
“I look forward to taking AMTD International to higher ground and delivering maximum values to all our partners and stakeholders,” he adds.
