SINGAPORE, 9 January 2026 — Singapore’s fast-track dual-listing initiative with the Nasdaq Stock Market is gaining attention from regional companies, but high eligibility hurdles and thin local stock market liquidity could constrain widespread adoption, according to bankers and market analysts.
The plan, officially branded the “Global Listing Board”, will allow companies with a market capitalisation of at least S$2 billion (about US$1.55 billion) to prepare a single prospectus for simultaneous listing on the Singapore Exchange (SGX) and Nasdaq, simplifying the regulatory process and cutting the cost of dual listings. The initiative, announced in November and slated to launch by mid-2026, is designed to help Singapore attract growth companies seeking global capital while addressing competition from other regional hubs such as Hong Kong.
Industry Response: Potential And Limitations
Several Southeast Asian and Singapore-based firms have expressed cautious optimism about the framework. Companies such as Carro, Carsome, Funding Societies and Hummingbird Bioscience have described the scheme as a positive step toward easing cross-border listing complexities, especially for tech and innovation-focused firms currently weighing U.S. market entry.
However, bankers and advisers warn that the S$2 billion valuation floor, significantly higher than thresholds in some rival markets, restricts eligibility to a relatively small group of large or high-growth firms. According to consultants, only around eight Southeast Asian tech companies currently meet the threshold, with only a few more near qualifying status.
Another structural challenge is Singapore’s stock market liquidity. Average daily trading volume on SGX remains modest relative to larger exchanges such as Hong Kong’s, which saw about US$29 billion in turnover in November, compared with Singapore’s approximately US$1.39 billion. This liquidity gap could deter issuers that seek vibrant aftermarket activity and deep investor participation in both home and U.S. trading venues.
Supporting Measures And Future Adjustments
Singapore authorities are aware of these concerns and have already introduced measures to bolster market depth, such as a nearly US$4 billion investment fund aimed at stimulating small- and mid-cap liquidity. Regulators are also working with SGX on a streamlined regulatory framework tailored to the Global Listing Board, and discussions continue around broader enhancements to improve Singapore’s attractiveness as an international capital-raising venue.
Nasdaq’s leadership has emphasised that the dual-listing pathway could create “meaningful value for the region” by linking deep global capital pools with Southeast Asian growth companies traditionally underserved in global equity markets.
Strategic Implications
Market participants say Singapore’s new approach, including tax incentives, regulatory streamlining and the Nasdaq link, could help rejuvenate the city-state’s IPO pipeline. In 2025, Singapore saw its highest IPO proceeds since 2017, raising about US$2.15 billion, although this still falls short of rival markets like Hong Kong.
To maximise the impact of the Nasdaq link, experts say Singapore may need additional reforms, such as lowering entry thresholds or enhancing liquidity incentives, to broaden participation beyond a handful of large issuers. As the programme rolls out in the coming months, early deal flow and market response will likely shape discussions on future adjustments.
