FINANCE

Singapore to Launch Nasdaq Dual-Listing Board to Revive Stock Market

Published: Nov. 20, 2025 7:00 p.m. GMT+8

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The Singapore Exchange. Photo: VCG

Singapore will launch a new listing platform around mid-2026 that allows companies to dual-list on the Nasdaq and the Singapore Exchange (SGX) using a single prospectus.

The initiative, announced Wednesday by the Monetary Authority of Singapore (MAS), targets issuers with a market cap of at least S$2 billion ($1.5 billion) and aims to bridge Asian high-growth companies with U.S. capital pools.

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Singapore will introduce a dual-listing platform in mid-2026 for companies to list on both Nasdaq and SGX with a single prospectus, targeting firms with a market cap of at least S$2 billion ($1.5 billion).
The move aims to revitalize Singapore's struggling stock market by reducing regulatory friction and attracting high-growth sectors, including technology.
SGX lags Hong Kong in liquidity, with only 605 listed companies and nine IPOs ($1.6 billion) versus Hong Kong’s 81 IPOs ($27.7 billion) in the first 10 months of 2023.

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Who’s Who

Nasdaq: Singapore plans to launch a new listing platform around mid-2026, allowing companies to dual-list on the Nasdaq and the Singapore Exchange using a single prospectus. This initiative aims to connect Asian high-growth companies with U.S. capital and reduce the regulatory friction and compliance costs of cross-border listings. Increasingly, Southeast Asian companies are choosing to list on the Nasdaq, with 27 firms doing so this year, a significant jump from 2021.

Singapore Exchange: The Singapore Exchange (SGX) is mentioned in the context of a new dual-listing platform launching in mid-2026. This platform aims to allow companies with a market cap of at least S$2 billion to list on both the Nasdaq and SGX with a single prospectus. The initiative seeks to revitalize Singapore's stock market, which has faced challenges with low liquidity and a declining number of listed companies.

Hong Kong Stock Exchange: The Hong Kong Stock Exchange saw daily average turnover of HK$274.9 billion in October, significantly higher than Singapore's SGX. Hong Kong also had 81 new listings raising about $27.7 billion in the first ten months of the year, compared to Singapore's nine IPOs raising $1.6 billion.

Deloitte: Deloitte provided data on new listings, indicating that Singapore saw a total of nine IPOs, raising approximately $1.6 billion, during the first 10.5 months of this year. In contrast, Hong Kong had 81 listings, raising about $27.7 billion, over the first 10 months.

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What Happened When

2021：: Four Southeast Asian firms listed on the Nasdaq.

This year (2025)：: Approximately 27 Southeast Asian firms listed on the Nasdaq, up from four in 2021.

First 10 months of 2025：: Hong Kong saw 81 listings raising about $27.7 billion.

First 10.5 months of 2025：: Nine IPOs raised roughly $1.6 billion in Singapore.

As of October 2025：: The number of companies listed on the SGX fell to 605, a more than two-decade low.

2025-11-19：: The Monetary Authority of Singapore (MAS) announced the launch of a new listing platform enabling dual-listing on the Nasdaq and SGX using a single prospectus.

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