{"text":[[{"start":8.35,"text":"A spin-off of China’s largest data centre operator plans to become one of the first companies to list simultaneously in Singapore and New York in a move that is set to raise $5bn."}],[{"start":20.45,"text":"DayOne, the former international arm of Shanghai-based GDS Holdings, aims to be a pioneer for a Singapore stock market drive to get more Asian companies listing in the city-state, according to three people familiar with the plans. It is set to be one of the biggest Singapore listings over the past decade."}],[{"start":37.8,"text":"The proposed IPO comes at a time of intense scrutiny of companies with Chinese origins setting up in Singapore as a means of growing internationally — a practice dubbed “Singapore washing”."}],[{"start":49.9,"text":"Hundreds of Chinese companies have relocated to Singapore or set up international outposts there in recent years, many with the intention of masking their origins and avoiding the geopolitical baggage often attached to Chinese businesses."}],[{"start":64.6,"text":"The issue came to a head last month with Beijing’s move to block Meta’s $2bn takeover of Manus, an AI start-up that relocated to Singapore from China last year. It moved less than six months before Meta made its offer."}],[{"start":75.3,"text":"Singapore-headquartered DayOne’s management and investors do not expect a similar intervention by Chinese regulators in the company’s plans to go public, according to people involved in the discussions."}],[{"start":86.5,"text":"DayOne initially considered a sole listing in New York, but has been persuaded by Singaporean stock market officials to co-list. The listing is expected to value the company at about $20bn."}],[{"start":98.8,"text":"Bank of America, Citigroup, Morgan Stanley and JPMorgan are advising on the listing."}],[{"start":104.3,"text":"The business was established in 2022 to hold GDS’s data centre assets and operations outside China."}],[{"start":111.8,"text":"It rebranded as DayOne and split from GDS last year after receiving $1.2bn of funding from a host of international investors, including SoftBank’s Vision Fund and Citadel Securities founder Ken Griffin. GDS retains a minority stake and GDS founder William Huang sits on DayOne’s board, having stepped down as chair last month."}],[{"start":134.85,"text":"DayOne is developing data centres and related infrastructure in Indonesia, Malaysia, Singapore, Thailand, Hong Kong, Japan and Finland. "}],[{"start":144.29999999999998,"text":"The dual-listing initiative was announced by Singapore’s stock exchange, SGX, last year as part of a drive to attract more Asian companies to list in the city-state."}],[{"start":154.35,"text":"Over recent years, several of Singapore’s fastest-growing companies — including ride-hailing group Grab and ecommerce business Sea Ltd — have opted to list on US stock exchanges, with their deeper pools of capital. "}],[{"start":167.2,"text":"The collaboration between SGX and Nasdaq will allow companies with a market value of more than S$2bn ($1.5bn) to be able to file a single set of paperwork with regulators to list simultaneously on both bourses. At least 15 per cent of the IPO value must be listed on SGX."}],[{"start":188.25,"text":"Under those terms, DayOne would be seeking to raise at least as much in Singapore as data centre real estate investment trust NTT DC raised in July in SGX’s biggest IPO since 2017."}],[{"start":200.75,"text":"Singapore’s parliament passed new laws last week to allow dual listings. People involved in the deals expect as many as five dual listings to take place this year."}],[{"start":210.75,"text":"SGX declined to comment on DayOne’s IPO. "}],[{"start":214.25,"text":"Pol de Win, the exchange’s head of global sales and origination, said: “Singapore is increasingly part of the global discussion around where companies choose to list, particularly those with investor bases spanning the US and Asia.”"}],[{"start":228.05,"text":"DayOne did not respond to a request for comment. BofA, Citi, JPMorgan and Morgan Stanley declined to comment."}],[{"start":244.3,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1778999899_5053.mp3"}