<div id="readability-page-1"><div>SINGAPORE - Two firms listed on the Singapore Exchange (SGX) were cast into the spotlight last week after they were affected by US sanctions that forbid US individuals and companies from doing business with them.Ms Karen Chen Xiuling resigned from her role as independent director of live-streaming platform 17Live Group on Oct 15, after she was added to the US Specially Designated Nationals and Blocked Persons (SDN) list.This was as a result of her alleged links with Mr Chen Zhi, a Cambodian national accused by the US of running a global cyber scam operation involving forced labour. Mr Chen is the founder of conglomerate Prince Holding Group, through which he operates “a transnational criminal empire” targeting Americans and others worldwide using online investment scams, the US authorities claimed.US losses to online investment scams have reached some US$16.6 billion (S$21.5 billion) in recent years, the US Treasury said on Oct 14, with scams like those perpetrated by Prince Group being particularly significant.Ms Chen is among three Singaporeans and 17 Singapore-registered entities added to the SDN list. The US authorities claim she oversees Prince Group’s companies in Mauritius, Taiwan and Singapore, and added that she is a director or company secretary, or both, in all the 17 Singapore-registered companies targeted by the sanctions.Ms Chen had been an independent director at 17Live since December 2023, after it was acquired by Singapore’s first special-purpose acquisition company, Vertex Technology Acquisition Corp, which is backed by Temasek’s subsidiary, Vertex Venture Holdings.17Live said in an Oct 16 statement that “besides providing oversight as a director and member of the board sub-committees, Ms Chen, 43, is not involved in the business and operations of 17Live”. It added that 17Live has never done business with Ms Chen.The company’s shares fell by almost 12 per cent to 83 cents on the news, but recovered to close the week at 88 cents.The other company implicated by the US’ growing oversight is Hengyang Petrochemical Logistics. The Singapore-registered, China-based petrochemical logistics and storage service provider on Oct 16 requested a suspension in trading of its shares, after trading was halted on Oct 13. Hengyang, its chief executive and controlling shareholder Gu Wenlong, as well as Jiangyin Foreversun Chemical Logistics – in which Hengyang holds an indirect 41.64 per cent stake – were added to the list on Oct 9.The move targets intermediaries involved in the transshipment of illicit Iranian petrochemical products through third countries to obfuscate their origin, the US authorities said in a statement.They alleged that Foreversun, a petrochemical terminal operator in Jiangyin, China, had knowingly facilitated multiple shipments of illicit Iranian-origin petrochemical products since 2023. They added that Hengyang owns and controls Foreversun and that Mr Gu is also chairman and chief executive of Foreversun. In an Oct 16 SGX filing, Hengyang said it is assessing the financial, operational and stakeholder impact of being added to the SDN list, and will seek legal advice on both the validity of the designation and possible avenues for removal.Shares of Hengyang, which is listed on Catalist, last traded at 15 cents. Shares of Chinese electric vehicle (EV) maker Nio rebounded on Oct 17, after a sell-off the previous day triggered by news that Singapore’s GIC had sued the company in the US for allegedly overstating profit and revenue.The Aug 28 lawsuit, filed in New York, names Nio, CEO William Li and former CFO Wei Feng, who has since left the company, as defendants.GIC, which is estimated to have bought 54.5 million Nio American depository shares between Aug 11, 2020, and July 11, 2022, is part of a group of investors that had filed a lawsuit against Nio to seek compensation for all losses relating to any wrongdoing and reasonable reimbursement of their legal costs.A person close to the case told The Straits Times last week that GIC’s lawsuit against Nio is a temporary filing to preserve its legal options in the ongoing US class action as litigation deadlines loom. Nio said on Oct 16 that the GIC lawsuit “is not a newly occurring incident, nor is it directed at Nio’s recent operational performance”.Nevertheless, news of the move sent the EV maker’s shares tumbling 9.5 per cent to US$6.30 in Singapore on Oct 16. The shares rebounded to close the week at US$6.47.Industrial property developer Soon Hock Enterprise debuted on the mainboard of the SGX on Oct 16, commencing trading 8.6 per cent above its listing price of 58 cents. The initial public offering was 9.8 times subscribed.Soon Hock CEO Tan Min Loon said part of the proceeds will go towards financing the cost of the group’s existing property development and redevelopment projects in the pipeline. He added that the IPO funds raised will enable the group to accelerate its growth plans, which include the acquisition of new land sites and buildings for development and redevelopment.Shares of Soon Hock closed on Oct 17 at 57 cents, below its IPO price.The listing takes SGX’s IPO count to 10 since July.These include NTT DC Reit (real estate investment trust), Centurion Accommodation Reit and Info-Tech Systems on the mainboard, as well as MetaOptics, Lum Chang Creations and Dezign Format Group on the Catalist board. Three more companies – Coliwoo, Leong Guan and Infinity Development – have also announced plans to list in the coming weeks.Jardine Matheson announced on Oct 17 after the market closed that it is acquiring an 11.96 per cent stake in Mandarin Oriental for US$3.35 per share, valuing the luxury hotel group at about US$4.2 billion.The sale price represents a 52.3 per cent premium to Mandarin Oriental’s closing price of US$2.20 on Sept 29, and a 53.7 per cent premium to its net asset value of US$2.18 per share as at June 30.Jardine Matheson already owns 88.04 per cent of Mandarin Oriental, so the deal, if it goes through, could result in the privatisation and delisting of the hotel group from the SGX.“Privatisation of Mandarin Oriental would simplify Jardine Matheson’s existing corporate structure, while better supporting Mandarin Oriental in achieving its growth objectives,” Jardine Matheson noted in a bourse filing on Oct 17.Mandarin Oriental had earlier also announced the sale of the top 13 floors of its One Causeway Bay commercial property in Hong Kong for US$925 million to Alibaba and Ant Group.Jardine Matheson’s offer price of US$3.35 per share for the hotel group comprises US$2.75 per share in cash and a special dividend of 60 US cents from the sale.Shares of Jardine Matheson closed 48 US cents higher, or 0.79 per cent up, at US$61.13 on Oct 17.InnoTek surged after the precision metal parts manufacturer said on Oct 13 it has been approved as a recommended vendor for Nvidia and secured contracts to supply components for the artificial intelligence chip giant.Its shares rose as much as 36.4 per cent to a record high of 75 cents on Oct 13, before closing the week at 65 cents.The Straits Times Index closed the week lower at 4,328.93.Seatrium was among the laggards for the week, falling around 6.8 per cent to close Oct 17 at $2.06. The rig builder’s share price took a hit after it announced the termination of a nearly completed contract worth US$475 million by Maersk Offshore Wind, although CGS International analysts reckon this could be a “knee-jerk reaction” from investors.While there is a chance that Seatrium may have to provide for $20 million in related costs as a result of the termination, CGS is keeping its “add” call and $2.80 target price on Seatrium, due to expected profit growth and margin recovery in 2025.iFast Corporation could see some movement after it releases its business update for the third quarter of 2025 on Oct 24. Shares of the digital services firm closed on Oct 17 at $8.82, down around 4.7 per cent through the week.A handful of Reits are also expected to provide business updates. These include Mapletree Pan Asia Commercial Trust, Frasers Centrepoint Trust, Digital Core Reit, OUE Reit and Suntec Reit.</div></div>

Two Singapore-listed firms, 17Live Group and Hengyang Petrochemical Logistics, were impacted by US sanctions due to alleged links to cyber scams and illicit Iranian oil activities. 17Live's independent director, Karen Chen, resigned after being added to the US SDN list for her connections to a Cambodian national accused of running a global scam. Hengyang requested a trading suspension after being implicated in transshipping illicit Iranian petrochemicals. The sanctions have led to significant stock price fluctuations for both companies.

2 S’pore-listed firms affected by US crackdown on Cambodia crypto scams, illicit Iranian oil