Exhibit 4-4 shows t-test results for the above industries’ IPO MAIR between Singapore and
Malaysia. Univariate tests are used to test the difference IPO underpricing level between
Singapore and Hong Kong in different industries. We have included the three outliners that
have abnormal high IPO MAIR in this sample to reflect the actual reality of each industry’s
IPO MAIR comparison across both countries. As noted earlier, the average IPO underpricing
level in Singapore is 24.07% while that in Hong Kong is 15.51%. The differences between the
IPO MAIR for both countries, 8.56% is tested to be very significant.