Image credit: Zaobao
The Monetary Authority of Singapore (MAS) and the Singapore Exchange (SGX) have just announced the proposed Global Listing Board (“GLB”) to facilitate dual listings on the Singapore bourse and Nasdaq.
This is a significant development for our capital markets. I recently shared my views on the initiative, which were also featured in Lianhe Zaobao.
Here is my analysis on the immediate challenges and the necessary steps for the GLB’s success:
- Barriers for Qualified Issuers: In my view, issuers who qualify for listing on Nasdaq may not be immediately attracted to list on the GLB primarily due to:
- The need to adhere to two sets of statutory and regulatory compliance requirements (both at the time of the initial public offering and post-listing continuing legal/regulatory requirements).
- Different time zones and trading hours.
- Disparate investors’ cultures and mindsets.
- Having to bear two sets of listing costs and expenses at the time of their IPO and on a continuing basis.
- The Intermediary Challenge: The immediate challenge for the GLB is the availability of issue managers, underwriters, and placement agents who:
- Are knowledgeable of the different capital market requirements and investors’ cultures in both the US and Singapore securities markets.
- Have the requisite distribution and selling networks to competently conduct road shows and undertake the sale of the issuer’s securities in both markets.
- These issues may pose problems to their ability to discharge their respective underwriting and placement roles.
- Sustaining Market Momentum: The Singapore market needs to firstly sustain the upswing momentum that started in the second half of 2025 to attract new large issuers to seek a listing on the GLB. A dynamic and vibrant market where issuers are trading at a high valuation and whose shares are actively being traded with fluid liquidity would be paramount to attract new issuers to list on the new Board.
- Broadening Eligibility: The proposed GLB is only open to new issuers seeking to undertake an IPO via the listing-bridge. Consequently, established big corporations which are already listed on the Mainboard and have the wherewithal to satisfy the dual listing requirements would be disqualified. I am of the view the GLB should permit existing Singapore-listed issuers which are able to satisfy the GLB criteria and continuing listing requirements to dual-list via the listing bridge — to kindle or ignite the new Board and blaze the trail so to speak.
- Caution on “Safe Harbour” Provisions: It should be highlighted that the proposed safe harbour provisions for forward-looking statements of issuers listed on the GLB cover only civil claims. Singapore is not adopting the US safe harbour provisions for criminal offences in respect of forward-looking statements. Consequently, forward-looking statements must not be “false and misleading”, which will breach section 199 of the Singapore Securities & Futures Act. Care must be observed not to conflate the proposed safe harbour provisions in Singapore with the US regulatory provisions where there is a distinction in the safe harbour provisions for civil claims and criminal enforcement actions.
Media Coverage: Thank you to Lianhe Zaobao for featuring my comments in their article, “Analysis of challenges in Singapore-US dual listings: Simplified regulation is just the starting point, liquidity is key”. You can read the full article here.
My original post on LinkedIn can be seen here.