Other BriefingsHow the SGX–Nasdaq Dual-Listing Bridge Shapes Capital-Raising Options for Global Issuers
Singapore and the United States are moving toward an integrated SGX–Nasdaq dual-listing bridge that will allow qualifying companies to raise capital across both markets using a single prospectus. For foreign investors assessing where global issuers may concentrate their listings in the coming years, the development reshapes considerations around market scale, valuation environments, and regional investor reach.
A unified prospectus and cross-market visibility
The framework enables issuers to use one offering document that satisfies disclosure requirements in both jurisdictions, reducing duplicative filings and accelerating market entry. Trading will take place on SGX and Nasdaq under a harmonized structure, with clearing and settlement arrangements to be finalized as the framework progresses.
This creates closer alignment in governance and disclosure expectations, giving investors clearer comparability in reporting standards and issuer transparency.
How the bridge influences market positioning
The initiative strengthens Singapore’s ability to attract globally scalable firms in technology, biotechnology, advanced industrials, and climate-transition sectors—industries where valuation benchmarks have traditionally been set in the United States. Nasdaq lists more than 3,800 companies with a combined market value exceeding US$20 trillion, compared with over 770 companies and roughly S$1.3 trillion (US$994 billion) in market capitalization on SGX. These differences shape how investors interpret trading depth, valuation signals, and sector orientation as the bridge opens dual-venue visibility.
The development also reinforces Singapore’s relevance at a time when Hong Kong, with roughly 2,700 listed firms and a market cap of about US$5.1 trillion, remains an active competitor for regional listings.
Comparing capital-raising dynamics across both markets
The dual-listing pathway highlights characteristics that investors increasingly weigh when evaluating issuer behavior:
- Nasdaq’s concentration of high-growth sectors
- Singapore’s institutional investment base and sovereign wealth participation
- Hong Kong’s link to China-centric capital flows
- Currency denomination effects in USD versus SGD
These dynamics sit alongside Singapore’s broader investment ecosystem, which manages more than S$4 trillion (US$3.06 trillion) in assets and has seen more than 1,400 family offices established or domiciled locally by the end of 2024.
The bridge places these contrasts under a single listing structure, enabling investors to observe how issuers balance valuation expectations, regulatory alignment, and investor-base diversification.
Ecosystem readiness and market infrastructure
The initiative is expected to launch around mid-2026 following regulatory coordination. SGX will introduce a specialized board to host cross-listed securities, offering share denomination in SGD or USD. Supporting measures — including liquidity mechanisms for mid-cap counters, reduced board-lot sizes, and grants that strengthen issuer preparedness and investor engagement — are designed to ensure that market depth, research attention, and communication infrastructure evolve at the same pace as the dual-listing framework.
Market reception and investor interpretation
Industry groups and investor associations have responded positively, viewing the bridge as a development that broadens issuer access and elevates transparency expectations. For investors, the arrangement introduces pricing visibility across extended trading hours and allows assessment through both market environments.
The pace of research coverage and distribution of trading interest will influence how the bridge affects issuer behavior and capital-raising preferences over time.
The road toward implementation and market adaptation
The SGX–Nasdaq dual-listing bridge introduces a capital-raising pathway that brings together liquidity access, valuation visibility, and jurisdictional credibility. For investors, it provides a structure through which to interpret how globally oriented companies may configure their listing portfolios and how Singapore’s role in the international exchange landscape evolves as preparations advance toward the planned mid-2026 launch.
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ASEAN Briefing is one of five regional publications under the Asia Briefing brand. It is supported by Dezan Shira & Associates, a pan-Asia, multi-disciplinary professional services firm that assists foreign investors throughout Asia, including through offices in Jakarta, Indonesia; Singapore; Hanoi, Ho Chi Minh City, and Da Nang in Vietnam; and Kuala Lumpur in Malaysia. Dezan Shira & Associates also maintains offices or has alliance partners assisting foreign investors in China, Hong Kong SAR, Mongolia, Dubai (UAE), Japan, South Korea, Nepal, The Philippines, Sri Lanka, Thailand, Italy, Germany, Bangladesh, Australia, United States, and United Kingdom and Ireland.
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