Singapore has a better appreciation of the industry, says Compass president Compass Technology, a maker of semiconductor packaging products, is considering Singapore's Sesdaq as an alternative to listing in Hong Kong, according to president Cheung Chee-wah. 'We see a window of opportunity for listing next year. It seems that the market and investors in Singapore have a better appreciation of hi-tech firms, especially in manufacturing,' Mr Cheung said. After listing on the Sesdaq or Growth Enterprise Market (GEM), the company might issue American depositary receipts on the Nasdaq, he said, adding that the timing of the firm's listing would depend on market sentiment. Mr Cheung noted the price-to-earnings ratio of industrial stocks in Singapore was generally higher than Hong Kong. Listing in Singapore 'won't be so difficult', with Temasek Holdings, the major Singapore government investment holding firm, as an investor, he said. In 1999, Temasek and a venture-capital firm also linked to the Singapore government, Vertex Venture Holdings, invested in a combined single-digit stake in Compass, which specialises in integrated circuit packaging. Vertex invested in Compass because it was one of the few Asian companies with capabilities in its niche, Vertex China vice-president Neo Chee Beng said. More than half of Compass is owned by Growth Enterprise Management Services, an investment firm whose chairman is former Hutchison Whampoa managing director Simon Murray, and UCL Asia, a Hong Kong private equity firm. Another investor is fund manager Value Partners. Mr Cheung said Compass might seek a market capitalisation of several times its paid-up capital of US$56 million. Compass had planned to raise up to US$215 million in a GEM listing before the Lunar New Year but put it off due to poor market sentiment. Before that, it had planned a dual GEM and Nasdaq listing. Mr Cheung said Compass' revenue this year would be roughly the same as last year, estimated at US$18.6 million, but would jump two or threefold next year.