Can applicants who are not existing shareholders of the issuer company as of the record date/ex-date apply for the rights issue?

Yes, non-shareholders can apply for a rights issue by purchasing Rights Entitlements (REs) from existing shareholders who have renounced their rights, allowing them to buy shares in the rights issue to the extent of the REs they hold. These REs are temporary securities traded on the stock exchange, functioning like a stock market coupon that grants the right to apply for shares at a discounted price.

If you buy REs but don't apply for the shares by the closing date, your REs will lapse, and you will lose the money you paid to acquire them.