Secondary listings on SGX set to grow in 2026, but regulatory frictions loom

[SINGAPORE] With three recent sizeable secondary listings bringing the total on the Singapore Exchange (SGX) to 29, industry players expect more entrants this year, especially with the streamlining of some regulatory processes.

“We do see some secondary listings in the pipeline and the trend should continue in 2026,” said Foo Siang Sheng, Singapore head of investment banking at CGS International Securities Singapore.

Robson Lee, partner at Kennedys Law and a director of Legal Solutions LLC, said foreign issuers may show growing interest in secondary listings as a way to “test” the upcoming SGX-Nasdaq dual-listing bridge in the near term, before deciding whether to fully tap the framework once it is implemented.

Secondary listings in Singapore include well-known names such as DFI Retail Group , IHH Healthcare , Nio and Prudential .

The new entrants include renewable energy firm Concord New Energy (CNE) , pharmaceutical company China Medical System (CMS) and software company AvePoint – they completed their secondary listings on SGX within the last six months.

AvePoint’s listing last September marked a milestone as the first US Securities and Exchange Commission (SEC)-registered offering in Singapore dollars to be listed and settled on SGX.

“Our listing provides enhanced opportunities for Asia-Pacific-focused investors who are committed to long-term growth, strengthening our shareholder base and supporting our future ambition,” AvePoint chief executive officer and co-founder Jiang Tianyi told The Business Times.

He added that a secondary listing in Singapore “made perfect sense” given that AvePoint has been in the country since 2009. The company provides data security, governance and resilience solutions.

For CNE, the secondary listing formed part of its broader global expansion strategy. A spokesperson said the move aligned the company “with a market that will allow (it) to capture a generational growth opportunity at the convergence of AI and sustainable energy”.

Advantage of introductory document over a prospectus

In place of a prospectus, companies pursuing a secondary listing issue an introductory document, noted CGS’ Foo.

Disclosure requirements for an introductory document largely mirror those of a prospectus, but companies may seek specific waivers from SGX and Monetary Authority of Singapore (MAS) to reduce their disclosure obligations, he said.

By leveraging the financial and regulatory framework of its primary listing, the company avoids structural governance changes and duplicative compliance requirements.

A CNE spokesperson said: “This streamlined approach resulted in a shortened review timeline and kept total project costs – from launch to listing – low and predictable. Post-listing, ongoing compliance obligations are minimal.”

As a Hong Kong-listed company, CNE needed to obtain approval from the China Securities Regulatory Commission (CSRC) and complete the mandatory overseas listing filing process introduced in 2023.

CMS, also primarily listed in Hong Kong, was among the first to complete the CSRC filing requirement.

CGS International Securities Singapore acted as sole issue manager for both CMS and CNE in their respective secondary listings.

In AvePoint’s case, Timothy Pitrelli – who is partner at Cooley, the law firm that advised on the secondary listing – noted that the SGX introductory document was largely based on the company’s US SEC filings, with only limited Singapore-specific additions.

This helped streamline the listing process while ensuring compliance with both US and Singapore requirements.

Shifting to disclosure-based regulatory framework

One key factor driving SGX’s appeal is its shift towards a more disclosure-based regulatory framework, first announced last October. Following recommendations from the MAS Equities Market Review, bourse regulator Singapore Exchange Regulation introduced new measures to advance the market towards a disclosure-based regime that aligns with major developed markets.

AvePoint’s Dr Jiang noted that this approach aligns with global best practices, offering investors greater transparency and flexibility while facilitating international expansion.

Cooley’s Pitrelli added that a disclosure-based regime is particularly attractive to US-listed companies, as it aligns closely with the regulatory standards they are already familiar with.

He added that Cooley typically supports issuers by addressing SGX queries on business operations and disclosure, particularly where US and Singapore requirements differ, and by helping regulators understand established US disclosure practices.

Pitrelli also noted that listing decisions are generally driven more by commercial considerations than by legal or regulatory differences.

“Maybe they have an existing investor base in Singapore, and if they have a business presence in this part of the world, they want to build their brand and access a new investor base,” he said.

Even so, he said SGX’s greater reliance on disclosure has clear legal advantages, as aligning Singapore filings with US SEC disclosures reduces the burden of navigating potentially conflicting regulatory regimes.

“It is difficult to have a company listed in two places subject to different and maybe conflicting regulatory disclosure regimes, so aligning disclosure with a market they are comfortable with, like the US, makes it a lot easier for companies to do a secondary listing,” added Pitrelli.

Still, navigating compliance across multiple jurisdictions remains complex, market watchers noted.

“Operating across multiple markets means navigating different disclosure requirements and regulatory standards,” said AvePoint’s Dr Jiang.

According to the legal team involved in the company’s secondary listing, the most complex aspects included reconciling disclosure expectations across jurisdictions and ensuring seamless settlement mechanisms between the United States and Singapore.

CMS faced “challenges coordinating the differing review and approval timelines between the Singapore and PRC authorities, which led to a longer transaction timeline”, noted Foo.

Implications of the SGX-Nadaq dual-listing bridge

Looking ahead, industry participants are closely watching the upcoming SGX-Nasdaq dual-listing bridge under the Global Listings Board framework.

MAS has proposed legislative changes to facilitate dual listings, including the use of a single prospectus and greater alignment with international disclosure standards.

However, Kennedys Law’s Lee noted that for many companies, secondary listings remain an easier and pragmatic route.

He said: “List first in the US and once you gain traction, look at whether you want to tap on a market like Singapore via a secondary listing. You would automatically qualify because US laws are seen as comparable to Singapore.”

Cooley’s Pitrelli, meanwhile, said the dual-listing framework would be a positive development for Singapore’s capital markets by allowing issuers to access both the US and Singapore markets more efficiently.

However, he noted that practical challenges such as harmonising disclosure requirements, coordinating pricing and settlement timelines, and managing ongoing reporting obligations would need to be addressed as the framework is tested.

Lee pointed out that while the initial public offering process itself can be coordinated under a dual listing, including marketing and prospectus preparation, the real complexity lies in post-listing obligations.

Pitrelli added that “reducing these frictions will require an alignment of the applicable Singapore and US rules, the specifics of which will be critical to the bridge’s overall success”.

In the near term, such challenges could make secondary listings more attractive, particularly for companies seeking overseas exposure without the burden of fully concurrent compliance regimes.

Lee also highlighted that the upcoming dual-listing framework does not extend to companies that have already listed elsewhere, further reinforcing the appeal of secondary listings as a more flexible option.