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Interactive: A tale of two stock markets: SGX and HKEX in charts

The fate of Singapore’s equities scene hangs in the balance, even amid new listing prospects, an equities market review and heightened interest from Chinese firms

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Isabelle Chong

Published Fri, Jul 4, 2025 · 11:05 AM

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As delistings outpace initial public offerings (IPOs) in Singapore, rival Hong Kong races to claim top spot as the world's leading IPO fundraising venue. ILLUSTRATION: MARIO MONREAL, BT

[SINGAPORE] Singapore’s market is weathering a listing drought while its rival bourse up north, the Hong Kong stock exchange, is on fire - on track to becoming the world’s top initial public offering (IPO) venue in 2025.

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

The Hong Kong Exchanges and Clearing Limited (HKEX) 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.

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