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As the trend of Chinese companies pursuing secondary listings in Singapore continues to grow, the local stock exchange and the Singapore Exchange have strengthened their collaboration to facilitate easier access for these firms. The SGX has overhauled its secondary listing policies, broadening the scope to include companies listed on the Shanghai and Shenzhen stock exchanges. The approval process has also been streamlined to typically take around six to eight weeks, according to a senior executive at the SGX Group during a recent capital markets conference.
To draw more enterprises, the SGX is offering a range of incentives through government-supported programs. These benefits include a listing grant of up to SGD2 million (approximately USD1.6 million), assistance in establishing connections with sovereign funds such as Temasek, and support services for market making and investor relations.
Meanwhile, Chinese financial institutions, including the Shenzhen Stock Exchange, are actively organizing roadshows in Singapore. They’ve helped 25 Shenzhen-listed companies, many with strong ties to Southeast Asia, connect with Singaporean investors and the local capital market community.
Chinese firms already make up a significant part of the stocks listed on the SGX. An industry insider noted that, although many Chinese companies are present, the local market lacks certain types of Chinese firms, giving these companies a unique opportunity to attract institutional investors from Southeast Asia.
Since the latter half of last year, there has been a notable surge of Chinese companies seeking secondary listings on the SGX, with some ETFs based on Chinese stocks trading in Singapore for the first time through stock connect programs. Notable recent examples include China Medical System Holdings, which completed its secondary listing in July, and Yangzijiang Financial Holding, which spun off its maritime unit onto the main board of the SGX last November. On January 6, Concord New Energy Group also launched a secondary listing on the SGX main board.
Additionally, several other Chinese firms, including Wuxi Taclink Optoelectronics Technology, have announced plans to list in Singapore as part of their global expansion strategies. Currently, there are 15 ETFs tracking US-listed Chinese stocks trading on the SGX, managing around CNY7.5 billion (about USD1.1 billion), which makes up nearly 10% of all ETF assets on the exchange. These Chinese stock ETFs are predominantly equity-based, comprising 59%, and have experienced a compound annual growth rate of 54% over the past five years.
This movement toward secondary listings in Singapore aligns with the evolving strategies of Chinese companies as they expand internationally. The 2025 Blue Book on Chinese SMEs Overseas Expansion indicates that Chinese businesses are increasingly mature and diversified in their global activities, with more small- and medium-sized enterprises venturing abroad. The focus of their international growth is gradually shifting from mature markets like Europe and America to emerging economies, notably in Southeast Asia.
Looking forward, industry experts are optimistic about the prospects for Chinese companies seeking secondary listings on the SGX. The SGX CEO pointed out that Singapore aims to foster development in areas such as technology finance, green finance, inclusive finance, pension finance, and digital finance—aligning well with China’s strategic priorities to improve quality and efficiency rather than just scale.
However, some market analysts express caution, citing the relatively small size of the Singaporean capital market, limited liquidity, and a lower number of listed companies as potential challenges. These factors could impact the ability of firms to raise large amounts of capital and affect the pricing and liquidity of sizable IPOs.
Furthermore, the investor base on the SGX mainly consists of regional funds, Southeast Asian sovereign wealth funds, and select international investors. Their limited familiarity with, or interest in, Chinese firms—especially those in non-traditional sectors—could influence valuations and trading volumes.
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