Singapore's Nasdaq link draws interest, but threshold and liquidity may limit take-up

• Only 8-10 Southeast Asian tech firms currently meet the S$2 billion valuation threshold, significantly higher than Hong Kong's HK$3 billion ($385 million) secondary listing requirement
• Singapore's daily trading volume of $1.39 billion lags far behind Hong Kong's $29 billion, raising concerns about liquidity despite new measures including a nearly $4 billion fund for small- and mid-cap equities
• Singapore raised $2.15 billion in IPOs in 2025 (highest since 2017) but still trails Hong Kong's $37.2 billion, with companies like Carro, Carsome, and Hummingbird Bioscience expressing interest in the dual-listing program

Summary: Singapore-Nasdaq Dual-Listing Initiative

Key Initiative Details:

Singapore Exchange (SGX) and Nasdaq announced a "Global Listing Board" partnership on November 19, set to launch mid-2026. This first-of-its-kind program allows simultaneous dual-listing using a single prospectus, streamlining costs and complexity for companies seeking access to broader capital markets.

Market Performance Context:

Singapore raised $2.15 billion in IPOs in 2025—the highest since 2017—but remains significantly behind Hong Kong's $37.2 billion. The city-state is attempting to close the gap and establish itself as a regional hub for growth companies, particularly following Hong Kong's AI-fueled market surge.

Key Requirements and Limitations:

• Market value threshold: S$2 billion ($1.55 billion minimum)
• Liquidity concerns: Singapore's average daily turnover of $1.39 billion vastly trails Hong Kong's $29 billion
• Only 8-10 Southeast Asian tech firms currently meet or approach the threshold

Companies Showing Interest:

• Carro (Singapore-based, backed by Temasek and SoftBank): Targeting $3 billion+ U.S. IPO valuation
• Carsome (Malaysia): Called initiative "constructive"
• Funding Societies and Hummingbird Bioscience: Both expressed positive interest

Supporting Measures:

Singapore has introduced approximately $4 billion in funds to support small- and mid-cap equity investment managers, alongside tax rebates to attract issuers.

Outlook:

While industry experts welcome the streamlined approach, success depends on early deal flow, sustained liquidity support, and potential threshold relaxation. The high valuation requirement and persistent liquidity concerns may limit initial adoption despite regulatory coordination benefits.