At least five companies from mainland China and Hong Kong are exploring IPOs, dual listings, or share placements on the Singapore Exchange (SGX) over the next 12 to 18 months, according to four sources with direct knowledge of the plans.
The companies include a Chinese energy player, a healthcare group, and a Shanghai-based biotech firm. While none were named due to the preliminary nature of discussions, the sources noted that the listings reflect a strategic shift by Chinese firms seeking to expand their Southeast Asian footprint as US-China trade tensions escalate.
In 2024, SGX hosted only four IPOs, starkly contrasting with the 71 new listings recorded by Hong Kong Exchanges and Clearing (HKEX). Despite its strength in yield-focused listings like REITs, SGX has long struggled to attract large-scale public offerings.
But interest appears to be rebounding. Jason Saw, head of investment banking at CGS International Securities, said listing enquiries “shot through the roof” after US President Donald Trump imposed 145% tariffs on Chinese goods, which led to a reciprocal 125% tariff by China. Although both countries agreed to a 90-day pause, uncertainty lingers.
Saw confirmed that CGS International, a subsidiary of China Galaxy Securities, is already working with two Chinese companies targeting SGX listings as early as this year. One source estimated these new listings could raise up to US$100 million each.
Pol de Win, SGX’s head of global sales and origination, stressed that Singapore is an increasingly important “gateway” for Chinese business expansion, especially under the current geopolitical climate. While he didn’t comment on specific deals, he acknowledged growing Chinese interest in Singapore as a launchpad to international markets.
Singapore’s government is also stepping in to revitalise the local equity market. A 20% tax rebate for primary listings was introduced in February, with more incentives expected in H2 2025. EY’s Ringo Choi noted that the republic’s political stability and neutral geopolitical stance further strengthen its appeal.
Still, industry players remain cautious. Despite the momentum, SGX is unlikely to close the gap with HKEX soon, with more conservative investors and stricter listing criteria seen as obstacles. A Singapore-based tech executive said, “Most startups in the region are headquartered here. This should be the place they list—but the rules need to be more flexible.”
For now, the trade war appears to be redrawing listing maps—and Singapore is back on the radar.
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