Some investors in Singapore might never have heard of Horizon Robotics. That may change. With the listing of the Horizon Robotics HK SDR (1-to-1) on SGX, local investors can now access one of China’s most important autonomous driving chip companies – without having to trade the stock in an overseas exchange. Understanding the Horizon Robotics SDR The structure is straightforward: each Singapore Depository Receipts (SDR) represents one Class B ordinary share listed on the Stock Exchange of Hong Kong, on a one-to-one basis. This structure matters for two key reasons. First, accessibility. Investors can trade SDRs on the SGX without needing a brokerage account with HKEX access, navigating foreign stock exchange rules, or managing cross-border settlement arrangements. Local investors can operate in a familiar SGX ecosystem while accessing foreign companies and overseas listings. Second, investors can trade these SDRs in SGD without needing to convert currencies. That said, SDRs are still subject to forex fluctuations...