SGX and HKEX in interactive graphics

[SINGAPORE] Singapore’s market is weathering a listing draught, even as its rival bourse up north, the Hong Kong stock exchange is on fire – and on track to becoming the world’s best initial public offering (IPO) venue in 2025.

Nearly 100 companies could raise as much as HK$220 billion (S$35.7 billion) there, PricewaterhouseCoopers has estimated.

The Hong Kong Exchanges and Clearing Limited (HKEX) has also enjoyed a bumper crop of 149 IPO applications in the year to date up till May, almost double the number from the year-ago period.

But on the Singapore Exchange (SGX), delistings continue to outpace IPOs.

Six months into 2025, the Catalist debut of automotive group Vin’s Holdings and the mainboard listing of software services provider Info-Tech Systems, coupled with a stream of privatisations, takes the year’s tally to two IPOs. There have been nine delistings, and another seven in the pipeline.

But while things looks dismal, revival could be on the horizon.

For one, a review group formed by Singapore’s central bank is proposing schemes to resuscitate the local stock market – including offering fund manager incentives, shifting towards a more disclosure-based regime, and simplifying the listing process.

The prospect of real estate investment trust (Reit) listings is also looking promising: Japanese telecom giant NTT is seeking to raise US$864 million in a Singapore IPO for a data centre Reit, and French property asset manager Praemia Reim is weighing a healthcare Reit. 

Beyond Reits, more fresh listings look to be on the way. Interior fit-out business Lum Chang Creations lodged its preliminary prospectus for the Catalist board on Jun 23, and design-and-build specialist Dezign Format Group followed suit a week later.

Chinese corporates’ heightened interest in Singapore listings could boost the local bourse as well. As a raging trade war spurs such firms to diversify away from the US, at least five from mainland China or Hong Kong are reportedly eyeing IPOs, dual listings, or share placements in Singapore over the next year or so. 

Although these developments bode well for Singapore’s stock market, some market watchers do not expect the city state to close the listing gap with Hong Kong anytime soon – due to factors including its stricter listing requirements and relatively conservative investor base.

Others think that Singapore’s plus points of political stability, geopolitical neutrality, international recognition and shorter time to market – compared to venues with longer IPO queues – make it an appealing listing destination.

While it remains to be seen if Singapore’s equities market will get the turnaround it hopes for, The Business Times looks at how SGX and HKEX compare in three charts.