Dear SRS Members,

SGX has launched today 3 US Singapore Depository Receipts. You can now trade them in Singapore market timings.

New US SDR on SGX: SpaceX – Infrastructure of the Future

SGX Stock Code: UXSD (SpaceX US SDR 100to1)

We are excited to share that SGX, together with Phillip Securities, will be expanding our suite of SDRs to include a 4^th market – US! Starting 22^nd July, 3 US names will available via SDR on SGX – Grab (UGBD), Sea (UGGD) and SpaceX (UXSD)!

With this expansion, the SDR suite now comprises 38 names across US, Thai, Hong Kong and Indonesia underlyings, broadening investment options for investors. In 1H26, SDRs daily turnover more than tripled YoY to S$13 million while AUM grew >150% to S$280 million, underscoring strong investor demand for a simplified way to access overseas markets through bite sized, SGD-denominated products on SGX.

The three US SDRs trade in board lots of 10 units, with minimum investment amounts estimated to be below S$30. The SpaceX US SDR has a 100:1 SDR-to-underlying share ratio, allowing investors to gain exposure to SpaceX at a fraction of the cost of purchasing a full US-listed share.

SDRs are denominated in Singapore dollars and trade on SGX during local market hours. Learn more about SDRs here.

Space Exploration Technologies Corp (SpaceX), the world’s largest IPO, has expanded beyond reusable rockets into a diversified platform spanning space transportation, satellite broadband and AI infrastructure. Its investment thesis is anchored by Starlink’s recurring cash flows and the growth potential of Starship and AI. While these initiatives offer significant upside, they also carry execution, regulatory and valuation risks. Reflecting its scale and market significance, SpaceX joined the Nasdaq-100 just 15 trading days after its listing.

Here are some highlights from Ng Hui Min, Research Analyst from Beansprout, spotlighting SpaceX. Read the full article here!
1. Starlink is funding SpaceX today
·       3 key business segments: Space, Connectivity and AI.

·       Starlink serves 10.3 million subscribers across 164 countries, 2025 revenue grew 50% YoY to US$11.4 billion with US$4.4 billion operating profit
1. AI offers long-term growth potential, but remains capital intensive
·       AI segment comprises Grok, the X social platform and COLOSSUS.

Investors in the SpaceX US SDR (SGX: UXSD) can look out for the announcements by the company via the US SEC website and updates on corporate action on SDRs via SGX’s website.

(See attached file: 20260722_Space_X_SDR_dd19eca10a.pdf)

Important Information

SDR are traded only on the SGX-ST and investors have no direct interaction with any overseas exchange or brokers. Quotation of SDR on the SGX-ST is subject to SGX’s approval. Only SDR whose issuer, underlying securities, and parent overseas exchange fulfil SGX’s minimum standards are allowed to be quoted for trading on the SGX-ST.

Quotation of SDR on the SGX-ST is not an indication of the merits of the foreign listed company, its securities, its directors, or its management. SGX-ST does not regulate the underlying securities, the issuer of the underlying securities, or the companies who are ultimately represented by the underlying securities.

The information in this brochure is of a general nature and is not exhaustive. Investors should refer to the SDR Investor Guide available at sgx.com/sdr and the SDR programme disclosure document provided by the SDR issuer which is available on the SGX website and the SDR issuer’s website. Investors should stay informed about the underlying securities.

Warmest regards,

S Nallakaruppan

President

The Society of Remisiers (Singapore)