Raymond Tong is a Partner in the Capital Markets / Mergers & Acquisitions Practice Group.
Widely regarded as one of Singapore’s leading capital markets lawyers, Raymond advises on both domestic and international matters and has worked on some of the most high-profile ECM deals across Southeast Asia in recent years. He is admitted in Singapore and England and Wales.
With over two decades of experience in the capital markets field, Raymond is ranked as a Band 1 leading lawyer in the region where “his knowledge of deal structuring is very useful, especially when it comes to cross-border transactions”, as described by a source according to Chambers Asia–Pacific. He has also been featured as one of Asia’s Top 15 Capital Markets lawyers in the region by Asian Legal Business 2022.
Raymond is a board member of Sustainable Finance Institute Asia Limited and Asia Venture Philanthropy Network (AVPN). He is also a member of the Audit Committee of the Methodist Welfare Services, a member of the Equity Capital Markets Committee and Continuing Professional Development Committee of the Law Society of Singapore and a member of the Disciplinary Committee of the Institute of Singapore Chartered Accountants.
EXPERIENCE
Singapore
- Acted for 17LIVE Inc. in respect of (a) its business combination with Vertex Technology Acquisition Corporation Ltd, and (b) the listing of the resulting issuer, 17LIVE Group Limited, on the Singapore Exchange Securities Trading Limited following completion of the business combination transaction.
- Advised AMTD International Inc. on its secondary listing on the Main Board of the Singapore Exchange (SGX). AMTD International is the first company to be dual listed on the NYSE and the SGX and the first company with dual class shares to be listed on the SGX.
- Advised on the initial public offering and listing of Novo Tellus Alpha Acquisition on the Main Board of the Singapore Exchange Securities Trading Limited, to raise gross proceeds of S$150 million. NTAA is Singapore’s third listed special purpose acquisition company (SPAC).
- Advised the joint bookrunners and underwriters in the initial public offering of units in Prime US REIT on Singapore Exchange Securities Trading Limited, which raised gross proceeds of US$813 million, Singapore’s largest pure-play US REIT IPO for 2019.
- Advised the joint bookrunners and underwriters on Netlink NBN Trust’s initial public offering on the Main Board of the Singapore Exchange Securities Trading Limited for US$1.68 billion. This is the biggest IPO in Singapore since 2011.
- Advised Asian Pay Television Trust, as international counsel, on its US$1.1 billion IPO. Asian Pay Television Trust’s single asset at the time of listing is Taiwan Broadband Communications, a Taiwanese cable TV operator, which is owned by two funds managed by Australia’s Macquarie Group.
- Acted for CGS-CIMB Securities (Singapore) Pte Ltd, the sole placement agent in respect of the placement of 14,000,000 new ordinary shares in the capital of iFAST Corporation Ltd. to raise gross proceeds of S$105 million.
- Acted for the joint bookrunners and underwriters in respect of the private placement of new units in Keppel Pacific Oak US REIT to raise gross proceeds of approximately US$65 million.
- Acted for the joint bookrunners and underwriters, in respect of the private placement of new units in Keppel DC REIT to raise gross proceeds of approximately S$204.3 million.
- Advised DBS, Citibank and UBS on the non-renounceable underwritten preferential offering of 241,988,877 units in Keppel DC REIT.
- Advised BNP Paribas and Credit Suisse as the Joint Lead Managers for the S$200 million convertible bonds issued by Keppel REIT, acting through RBC Investor Services Trust Singapore Limited, as trustee of Keppel REIT.
- Acted for TechnoPro Holdings, Inc. in connection with the approximately S$19 million sale of its entire stake in HRnetGroup Limited via a Regulation S block trade, with CLSA acting as placement agent.
- Advised DBS Bank Ltd. in respect of the proposed renounceable underwritten rights issue of up to 18,833,468,826 new ordinary shares in the capital of Sembcorp Marine Ltd, to raise gross proceeds of approximately S$1.5 billion (the “Rights Issue“). DBS Bank Ltd. was appointed as the sole financial adviser, manager and underwriter for the Rights Issue.
- Advised Keppel REIT MTN Pte. Ltd. on the issue of S$150 million in aggregate principal amount of 3.15 per cent. subordinated perpetual securities pursuant to the S$1 billion multicurrency debt issuance programme.
- Advised DBS Bank Ltd. on the S$2.1 billion renounceable underwritten rights issue of new ordinary shares by Sembcorp Marine Ltd, which was at the time of its launch, Singapore’s second largest rights issue in 2020.
- Acted for CMIA Capital Partners in their investment into Oneberry Technologies Pte Ltd.
- Acted for K-REIT in the 17-for-20 underwritten and renounceable rights issue to raise gross proceeds of approximately S$983.8 million.
- Acted for Credit Suisse (Singapore) Limited, DBS Bank Ltd. and UBS AG, Singapore Branch, as joint lead managers, bookrunners and underwriters for a S$525 million equity fund raising undertaken by Keppel Infrastructure Trust.
- Advised Citigroup Global Markets Singapore Pte. Ltd. and Macquarie Capital Securities (Singapore) Pte. Limited on a S$408 million equity fund raising exercise by Ascendas Real Estate Investment Trust, comprising a private placement and a preferential offering.
- Advised United Overseas Bank Limited, UOB Kay Hian Private Limited, UBS AG, Singapore Branch, Credit Suisse (Singapore) Limited and The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch on the US$394.6 million initial public offering (IPO) of units in United Hampshire US Real Estate Investment Trust (REIT).
- Advised UBS AG, Singapore Branch and The Hongkong & Shanghai Banking Corporation Limited on the S$312 million IPO of MacarthurCook Industrial REIT.
Regional
- Acted for TSH Resources Berhad in its secondary listing on the Main Board of the SGX-ST. TSH Resources Berhad has a primary listing on the Main Market of the Bursa Malaysia Securities Berhad and is principally engaged in oil palm cultivation and the processing of fresh fruit bunches into crude palm oil and palm kernel. As at the date of listing, TSH Resources Berhad had a market capitalisation of approximately RM1.38 billion.
- Acted for JP Morgan and Maybank in Petronas’ RM1.77 billion sell down in MISC Bhd and KLCCP Stapled Group.
- Advised Leong Hup International Berhad (LHI) and its selling shareholders on LHI’s RM1.03 billion (US$247 million) initial public offering on Bursa Malaysia, the country’s largest offering in almost two years.
- Advised Aabar Investments PJS on its US$149 million sell down in RHB Bank Berhad.
- Advised RHB Bank Berhad and Credit Suisse on the placement of units by Malaysia’s Sunway REIT, which raised US$171 million.
- Advised a Middle Eastern state-owned investment company in relation to the sale of 74 million units in Pavilion REIT.
- Acted for Lotte Chemical Titan on its US$878 million initial public offering on the Bursa Malaysia.
- Acted for Ecoworld International Berhad on its US$650 million initial public offering on the Bursa Malaysia.
- Advised a Malaysian sovereign wealth fund in relation to the sale of 60 million shares in MISC Berhad.
- Advised the bookrunners in the initial public offering of PT Express Transindo Utama Tbk.
- Advised the bookrunners in the initial public offering of PT Prodia Widyahusada Tbk.
- Advised the bookrunners in the initial public offering of PT Kino Indonesia Tbk.
- Acted for Capitamalls Malaysia Reit Management Sdn. Bhd. on its issuance of new units for a private placement, raising approximately RM201.4 million.
- Acted for the placement agents on MRCB-QUILL REIT’s issuance of up to 406,619,000 new units.
MEMBERSHIPS / DIRECTORSHIPS
- Member, Industry Advisory Panel, ASEAN Capital Markets Forum (ACMF) and the ASEAN Working Committee on Capital Markets Development (WC-CMD) Joint Sustainable Finance Working Group
- Board member, Sustainable Finance Institute Asia Limited
- Board member, Asia Venture Philanthropy Network (AVPN)
- Member, Audit Committee, Methodist Welfare Services
- Member, Equity Capital Markets Committee, Law Society of Singapore
- Continuing Professional Development Committee, Law Society of Singapore
- Member, Disciplinary Committee, Institute of Singapore Chartered Accountants
- The Law Society of England and Wales
