Strive for Chinese and Southeast Asian companies, the Hong Kong Stock Exchange plans to collaborate with Nasdaq to revitalize IPOs

Singapore Exchange is seeking to attract more Chinese and Southeast Asian companies to list in Singapore in order to reverse the downward trend of delistings exceeding listings over the past decade. The exchange hopes that the dual listing mechanism launched in partnership with Nasdaq will inject new momentum into the long-stagnant IPO market.

On Thursday, Pol de Win, Head of Global Sales and Underwriting at SGX, stated in an interview that the dual listing mechanism with Nasdaq expected to launch in mid-2023 will attract more high-growth companies. “The trading reserve is more substantial than six months ago,” said the executive, who joined SGX from Goldman Sachs in 2021, “We see new listings entering the reserve at a faster pace.”

Signs of market recovery are beginning to emerge. Data compiled by Bloomberg shows that total financing in the Singapore market in 2025 rose to $1.9 billion, a six-year high. Intellectual property data provider Patsnap is reportedly considering dual listings in Hong Kong and Singapore, and units of Boustead Singapore’s real estate investment trust are also planning to list in Singapore as early as March.

SGX’s performance in the first half of the year, announced on Thursday, fell short of analyst expectations, with the stock price dropping up to 1.7% on the day. For the six months ending December 31, net profit increased by 0.8% year-over-year to SGD 342.7 million, while the average daily trading volume of securities rose 20% year-over-year to SGD 1.51 billion.

Financing volume rebounds to six-year high

The Singapore market is showing signs of recovery. The total amount of funds raised through listings in 2025 reached $1.9 billion, the highest since 2019. This performance is attributed to increased trading activity across multiple sectors.

Pol de Win revealed that SGX is building a healthy pipeline of IPO candidates in traditional sectors such as real estate and in the technology field. The dual listing mechanism with Nasdaq will attract companies that would not have previously considered Singapore as a listing venue.

The Singapore government is also taking measures to boost trading activity, planning to invest SGD 5 billion (about $3.9 billion) in local stocks to strengthen the market recovery.

Over a Decade of Delisting and Listing Challenges Await Resolution

SGX still faces significant structural challenges. Over the past decade, the number of delistings each year has exceeded new listings, highlighting deep-rooted issues with market attractiveness.

The new initiatives aim to reverse this long-term trend. Besides the partnership with Nasdaq, the exchange is actively developing corporate resources in China and Southeast Asia, seeking to diversify its listing sources. Pol de Win stated:

“Based on current corporate supply, many are from higher-growth and new economy sectors.”

In the competition among Asian exchanges for IPOs, Singapore lags behind regional rivals like India. While Asian stock markets have thrived over the past year, SGX has not fully benefited. This competitive landscape has prompted SGX to accelerate reforms, enhance its appeal to high-growth companies through cooperation with Nasdaq, and focus on technology and new economy sectors with a differentiated strategy to cope with regional competition.

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