Good morning moomooers! Here are things you need to know about today's Singapore:

• Singapore stocks open higher on Wednesday; STI up 0.1%

• Mun Siong Engineering fined and barred from hiring new foreign workers until Dec 2

• iX Biopharma enters cooperation deal with China Resources Pharmaceutical Commercial Group

• Auditors for 3Cnergy flag material uncertainty as liabilities exceed assets by S$18.9m

• Stocks to watch: ST Engg, Trendlines, iX Biopharma, 3Cnergy, Yinda Infocomm

-Moomoo News SG

Market Trend

Singapore shares opened higher on Wednesday despite a negative lead on Wall Street, as investors bet on a swift global economic recovery.

$FTSE Singapore Straits Time Index(.STI.SG)$ edged up 0.1 per cent or 4.22 points to 3,211.85 as at 9.01 am. Gainers outnumbered losers 80 to 38, after 36.5 million securities worth S$68.6 million changed hands as at 9.02 am.

Breaking News

Mun Siong Engineering fined and barred from hiring new foreign workers until Dec 29

$Mun Siong Engg(MF6.SG)$ has been fined S$15,000 by the Ministry of Manpower (MOM) and barred from applying for new work passes until Dec 29, the mainboard-listed company said in an exchange filing late on Tuesday.

This comes as the company was found by MOM to have breached the Employment of Foreign Manpower Act.

iX Biopharma enters cooperation deal with China Resources Pharmaceutical Commercial Group

Pharmaceutical company $IX Biopharma(42C.SG)$ has entered into an agreement with China Resources Pharmaceutical Commercial Group Co (CRPCG), which could pave the way for its product to be manufactured and distributed in China, the Catalist-listed company said in an exchange filing on Tuesday.

Under the strategic cooperation agreement, iX Biopharma and CRPCG will engage in "all-round cooperation" with respect to iX Biopharma's pipeline of sublingual pharmaceutical and nutraceutical products in China, the company said.

Auditors for 3Cnergy flag material uncertainty as liabilities exceed assets by S$18.9m

Auditors for investment-holding firm $3Cnergy(502.SG)$, formerly known as HSR Global, have highlighted a material uncertainty related to the company's ability to continue as a going concern, according to an exchange filing on Tuesday.

Mazars LLP, the company's independent auditors, noted that 3Cnergy's current liabilities exceeded its current assets by nearly S$18.9 million as at Dec 31, 2020.

Stocks to watch

$ST Engineering(S63.SG)$: The group, along with American industrial company Oshkosh Defense, has been selected by the National Advanced Mobility Consortium to participate in the prototype phase for the US Army's Cold Weather All-Terrain Vehicle, according to Oshkosh's press statement on Monday. Shares of ST Engineering rose 0.5 per cent or S$0.02 to close at S$3.95.

$Trendlines(42T.SG)$: Its shares jumped to a 10-month high on Tuesday after the company said it received a non-binding letter of intent for the acquisition of a portfolio company by an unnamed public corporation. The counter gained 15.3 per cent or 1.5 Singapore cents to close at 11.3 cents.

$IX Biopharma(42C.SG)$: The Catalist-listed company entered into an agreement with China Resources Pharmaceutical Commercial Group Co, which could pave the way for its product to be manufactured and distributed in China. iX Biopharma closed 2.2 per cent or half a Singapore cent lower at 22.5 cents before the announcement.

$3Cnergy(502.SG)$: Auditors for the investment-holding firm have highlighted a material uncertainty related to the company's ability to continue as a going concern, according to an exchange filing on Tuesday. They noted that 3Cnergy's current liabilities exceeded its current assets by nearly S$18.9 million as at Dec 31, 2020. 3Cnergy shares dropped 5 per cent or 0.1 Singapore cent to 1.9 cents at Tuesday's close before the announcement.

$Yinda Infocomm(42F.SG)$: The communication solutions provider announced on Tuesday that it has appointed Pierre Prunier as executive director and chief executive officer. Mr Prunier, 40, was formerly director and chief strategy officer at International Biometrics. Yinda Infocomm closed 0.7 per cent or 0.1 Singapore cent lower at 13.4 cents on Tuesday's close, before the announcement.

$Mun Siong Engg(MF6.SG)$: The mainboard-listed company has been fined S$15,000 by the Ministry of Manpower (MOM)and barred from applying for new work passes until Dec 29. This comes as the company was found by MOM to have breached the Employment of Foreign Manpower Act. The counter closed flat at 5.9 Singapore cents, though no shares were traded on Tuesday.

$Axington(42U.SG)$: The Catalist-listed company linked to the Bellagraph Nova saga last year, is now a cash company and faces the risk of delisting if it does not acquire a new business within a year. It has until Aug 30 to submit a resumption proposal, given that the trading of its shares had been suspended since Aug 31, 2020. Failure to do so would also result in delisting.

$Boldtek(5VI.SG)$: In response to queries from the Singapore Exchange on Tuesday, the Catalist-listed company said it received a substantial shareholders' notification from Twinkle Investmentin relation to its acquisition of over 15.2 million shares in the company through off-market transactions. Shares of Boldtek rose 27.8 per cent or two Singapore cents to 9.2 cents at Tuesday's close before the response was filed.