Singapore and China have recently deepened financial ties with new capital market initiatives, encompassing a secondary listing framework, RMB clearing arrangements, and dozens of agreements designed to strengthen bilateral connectivity.
I recently shared my insights on this evolving landscape with Yixiang Zeng of Thomson Reuters in their regulatory intelligence report titled, “OUTLOOK 2026: Chinese companies rushing to Southeast Asia during ‘Year of the Fire Horse’.” As a capital markets lawyer, I have been approached by a number of companies in the PRC (including A-shares listed companies) seeking clarifications and advice on their plans to pursue a secondary listing on the Singapore bourse. I envisage this buzz will continue well into 2026.
Here is my analysis on why Singapore is emerging as a preferred destination:
- A Politically Neutral Platform: Having a secondary listing on the SGX provides PRC businesses with a politically neutral and credible platform to access global funds, widen their business footprint, and enhance their connectivity to international markets.
- The Catalyst for Tech and Innovation: Having more PRC companies—such as China Medical System, Concord New Energy, and NIO—with secondary listings here will attract peers from the financial tech and consumer tech industries. This enhances Singapore’s standing as a regional hub for tech and innovation, having a vibrant, positive effect on overall SGX liquidity and valuation.
- A Streamlined Edge Over Hong Kong: While Hong Kong holds geographical and political advantages, the December 2025 joint statement from the MAS and the CSRC at the 21st Singapore-China Joint Council for Bilateral Cooperation (“JCBC”) shifted the scales. Under the JCBC regulatory framework, PRC companies only need to comply with A-share listing rules and can use China’s accounting and auditing standards for a secondary listing in Singapore. This significantly reduces the time-to-market compared to a HK secondary listing.
- Mitigating Historical Risks: Some may recall the corporate scandals of the S-Chip companies in the early 2000s. We are unlikely to see a repeat of those failures. China’s current listing rules are actually more stringent and prescriptive compared to Singapore’s disclosure-based regime. Furthermore, PRC companies planning for foreign listings today are much better acquainted with stringent corporate governance and regulatory compliance.
You can view the Thomson Reuters report here (Note: May require subscription access).
My original post on LinkedIn can be seen here.