Challenges of Dual Listing in the US and China: Analysis: Simplifying Regulations is Just the Starting Point, Liquidity is Key | Lianhe Zaobao

The Monetary Authority of Singapore plans to revise the regulatory framework to enhance the attractiveness of the dual listing scheme in Singapore and Nasdaq. However, the market generally believes that this may just be the starting point, and the new Global Listing Board will still need to overcome multiple challenges to achieve long-term success. In November last year, the Singapore Exchange announced a collaboration with Nasdaq to launch the Global Listing Board, allowing companies to list simultaneously in both locations with a single prospectus, aiming to attract high-quality companies with growth potential in the region, with a minimum market capitalization threshold of SGD 2 billion. The Monetary Authority and the Singapore Exchange's regulatory company launched a public consultation on Friday (January 9) to propose reducing the listing thresholds in both locations from three aspects: allowing the use of a single prospectus, aligning listing timelines closer to U.S. standards, and introducing safe harbor provisions in line with the U.S. market, such as allowing forward-looking statements. Market participants pointed out that simplifying processes and increasing regulatory flexibility indeed helps enhance the local stock market's attractiveness to high-quality companies, but whether it can truly be effective still hinges on market liquidity and the overall ecosystem. Deloitte Southeast Asia Capital Markets Services leader Zheng Huiling stated in an interview with Lianhe Zaobao that these reforms provide a smoother path for companies intending to list in both Singapore and the U.S. "The prospectus requirements and listing timeline arrangements being closer to U.S. standards help reduce duplicate regulation and shorten execution time, making Singapore a more attractive dual listing location rather than an additional compliance burden." Azure Capital President Huang Yaoqian also believes that the revisions will help attract some larger companies to list in Singapore. "People often criticize the local market for being unable to attract large companies, and I think this is a very good solution." However, he also pointed out that many investors who are optimistic about related companies often invest directly in Nasdaq, so further enhancing the attractiveness of the local market is still necessary to encourage companies to choose dual listings. Phillip Securities portfolio manager Dr. Han Wei also noted that local investors are not lacking interest in tech stocks but are more inclined to buy U.S. stocks directly. He holds a cautious view on the trading prospects of the Global Listing Board, believing that the trading volume of dual-listed companies on the Singapore Exchange may remain low in the long term. "Taking Nio as an example, local investors hardly pay attention to or inquire about this stock, and its average daily trading volume on the Singapore Exchange is only 0.2% to 0.5% of that in the U.S. market. Even with a listing in Singapore, there is no significant improvement in car sales or brand recognition." Nevertheless, he believes that the Global Listing Board may still be attractive to some Chinese companies, especially those looking to use Singapore as a regional headquarters to expand international business. Further Reading [U.S. and Singapore Dual Listing Plan: Companies May Need to Retain a Portion of Shares for Retail Subscription ![](https://dss0.zbstatic5.com/s3fs-public/styles/article_small_crop/public/articles/2026/01/09/bnsgx05.fc045ba6.Attachment.033811_0.jpg? For a long time, high-growth companies in China have primarily listed in Hong Kong, with many large technology companies choosing to list in both Nasdaq and Hong Kong. Data from the London Stock Exchange Group shows that driven by the investment boom in artificial intelligence, Hong Kong's initial public offering fundraising amount reached USD 37.2 billion in 2025, setting a new high since 2021. In contrast, Singapore's listing activities in 2025 are also quite active, with fundraising reaching a new high since 2017, but the total is only about USD 2.15 billion, showing a significant gap compared to Hong Kong. Han Wei believes that there may be opportunities in the future for some companies originally planning to list in Hong Kong and Nasdaq to turn to the Global Listing Board, but the difficulty in the short term is considerable. "Hong Kong's connections with the world and its international influence are rapidly diminishing. However, compared to the Hong Kong Stock Exchange, the Singapore Exchange still has a considerable gap in scale and liquidity, so it will be difficult to pose a substantial challenge to the Hong Kong Stock Exchange for a long time." Market liquidity is key; first, maintain the upward momentum of the stock market Li Delong, a partner at Kennedys Law, pointed out from a regulatory perspective that companies meeting Nasdaq listing requirements may not prioritize the Global Listing Board due to reasons including the need to comply with two sets of laws and regulatory requirements, different trading time zones and hours, cultural differences among investors, and the ongoing compliance costs during and after the listing phase. He also mentioned that even with the introduction of safe harbor provisions, differences in legal interpretation and enforcement between the Monetary Authority of Singapore and the U.S. Securities and Exchange Commission (SEC), as well as the ruling tendencies of courts in both the U.S. and Singapore in litigation, may still bring uncertainty to companies. In this context, he believes that for Singapore to attract large companies to the Global Listing Board, the primary condition is to maintain the upward momentum seen since the second half of 2025. "A market with high valuations, active trading, and ample liquidity is key to attracting new issuers." Zheng Huiling also pointed out that liquidity is always one of the key factors for issuers when evaluating listings in both places. "Although the Global Listing Board is a strong structural improvement, long-term success will depend on the development of the ecosystem, not just alignment at the regulatory level." Li Delong believes that more can be done in terms of regulation. According to current plans, the Global Listing Board is only open to new listing companies, while mature large companies already listed on the main board and meeting the dual listing conditions are excluded. He suggests allowing these existing listed companies that meet the criteria to participate in the Global Listing Board, believing that this will benefit the launch and operation of this new board