Leon Lim was quoted in The Business Times by Ranamita Chakraborty in an article on the market outlook for SGX and HKEX. Leon is quoted saying that a driver for the recent surge in listing activity was Chinese companies that are turning to Hong Kong to raise funds outside the mainland amid tightening capital controls. He added that Beijing has facilitated this shift by easing filing requirements for overseas listings, and that strained US-China relations are also working in Hong Kong’s favour, where the unpredictability of the US administration coupled with observers cautioning a repeat of 2023 saw Chinese state-owned enterprises delisting their US American Depositary Receipts en masse to avoid having to disclose information under rules imposed by the previous Trump administration.

When it comes to secondary listings, Leon highlighted Singapore’s stable political environment and transparent legal system as key advantages. He also pointed out that the 2020 imposition of the National Security Law in Hong Kong has raised concerns about the city’s autonomy, which means that any issuer choosing to list its shares in Hong Kong would have to be comfortable with this risk.

He also pointed out a growing interest among companies considering a Singapore IPO and attributes this to recent measures announced by MAS. He added that many of these businesses operate in sectors with strong investor appeal and are generally less exposed to global trade tensions and tariffs. While it has been harder to swing South-east Asian companies to the SGX given the vibrant local market in their respective home bases, he has observed a spillover from Malaysia’s active IPO market, where issuers may face stiffer competition and need to work harder to stand out. Leon added that some of these issuers also view a Singapore listing as a strategic one – which speaks to Singapore’s reputation as a well-regulated and reputable global market.