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Time of India
30-06-2025
- Business
- Time of India
Can Singapore's stock exchange compete with Hong Kong's IPO market?
Despite significant IPO momentum in Hong Kong, Singapore's stock exchange is taking steps to increase its appeal. Recent listings such as IFBH and Mirxes underscore Hong Kong's lead in market liquidity and valuation. However, incentives, regulatory reforms, and a deepening investor base could support Singapore's long-term IPO market competitiveness IFBH and Mirxes chose Hong Kong over Singapore for IPOs, highlighting the valuation and liquidity strengths of the Hong Kong stock exchange over the Singapore Exchange (SGX) Hong Kong IPO market outpaces Singapore in valuation and liquidity Tired of too many ads? Remove Ads Singapore implements reforms to attract IPOs Tired of too many ads? Remove Ads Opportunities for growth in Singapore's IPO pipeline Singapore faces increasing challenges in attracting initial public offerings (IPOs), as more companies choose Hong Kong for its market depth and valuation potential. IFBH, a Singapore-incorporated Thai company and the world's second-largest coconut water bottler, recently launched a HK$1.16 billion (US$147 million) IPO on the Hong Kong stock exchange. The company initially planned to list in Singapore but shifted to Hong Kong, citing strong connections to mainland China, its key IFBH listing follows the successful debut of Mirxes, a Singapore-based biotechnology firm that raised HK$1.09 billion in its May IPO, with its share price rising 28.8 per cent on the first day. Both companies underscore Hong Kong's IPO market read: FWD Group launches US$512 million Hong Kong IPO, targeting HK$48.3 billion valuation According to the London Stock Exchange Group, Hong Kong raised US$13.2 billion from 38 IPOs this year, compared with a single US$4.5 million listing on the Singapore Exchange (SGX). In 2023, Hong Kong saw 67 IPOs raising US$11.3 billion, while Singapore posted four listings totaling US$34.2 these trends, analysts and officials indicate that Singapore is taking active steps to boost its IPO market appeal. The Singapore government recently introduced multiple incentives, including a 20 per cent tax break and incentives for funds to invest in local equities.'That was a good shot in the arm to provide added confidence for issuers to consider Singapore,' said Anuruk Karoonyavanich, global head of equity capital markets at remains a significant constraint for SGX. Singapore's market capitalization is approximately US$488 billion, with a daily trading volume near US$1.1 billion, compared with Hong Kong's US$6.5 trillion market capitalization and US$30 billion daily read: Hong Kong's sixfold jump in share sales drives boom year in Asia 'If you look at Singapore-listed companies, over 60 or 70 per cent are controlled by Temasek or GIC ,' said Frank Bi, head of corporate transactions at Ashurst in Hong Kong. This level of state involvement may discourage a market-driven IPO current disparities, analysts see potential for SGX. Mirxes is planning a dual listing on SGX's main board. China Medical System, listed in Hong Kong, also announced plans for a secondary listing on telecom operator Nippon Telegraph and Telephone recently filed to list a data center REIT on SGX, potentially raising US$1 billion, the largest listing on the exchange in four emphasized that companies with regional strategies, particularly those focused on Southeast Asia, are likely to consider Singapore as a viable listing venue. He pointed to increasing capital inflows from family offices and high-net-worth individuals as a potential driver of market Stanley projected Singapore's market capitalization could double by 2030, driven by increased returns on equity, a strong tech startup ecosystem, and proactive government read: China fashion retailer Shein to file confidentially for Hong Kong IPO in rare move, sources say 'The trend is that everybody wants to raise international capital and grow regionally,' Karoonyavanich said. In that context, both Hong Kong and Singapore are positioned to benefit within the Asia-Pacific region.
South China Morning Post
17-06-2025
- Business
- South China Morning Post
Hong Kong-listed firms to get fast-track ‘green channel' under Shenzhen IPO plan, law firm says
Beijing's decision to allow Hong Kong-listed firms to make new stock offerings in Shenzhen could create a 'green channel' to help fund their expansion on the mainland, fast-tracking an otherwise strict and lengthy application process, lawyers said. Advertisement A listing status in Hong Kong can be regarded as a badge of quality, according to Frank Bi, a partner and head of corporate transactions practice at Ashurst in Hong Kong. Authorities in Shenzhen could count on Hong Kong's rigorous vetting process when evaluating these offering plans. 'This is really encouraging news for the Hong Kong stock market,' he said. 'If A-share listing is really difficult, really slow, come to Hong Kong first. Once you complete the listing, you can go back to the A-share [market] for listing.' Last week, Beijing unveiled a plan to enable Hong Kong-listed firms from the Greater Bay Area to seek a stock listing in Shenzhen, complementing the current flow of mainland-listed firms making initial public offerings (IPOs) in offshore markets. 01:44 China's largest EV battery maker CATL celebrates strong debut at Hong Kong stock market China's largest EV battery maker CATL celebrates strong debut at Hong Kong stock market The directive did not specify the qualifying criteria or how and when the programme would be implemented. It is seen as a way to further integrate the Bay Area – an economic zone comprising Hong Kong, Macau and nine cities in southern Guangdong province – and diversify their funding sources. Advertisement Top firms like Midea Group and Contemporary Amperex Technology (CATL) have helped fuel A-to-H stock listings, propelling Hong Kong to the top of the global IPO league table this year. The reverse H-to-A channel could create another funding option to support their domestic operations, said Vincent Che, head of equities at Ping An Asset Management (Hong Kong).
