新规下中国企业境外上市路径解析III——新加坡上市（下篇）

Core Insights - The article discusses the pathways for Chinese companies to list in Singapore, focusing on the listing structure and regulatory requirements [2][31]. Group 1: Singapore Listing Structure - The listing structure for Chinese companies in Singapore includes two main categories: direct listing and indirect listing [4]. - Direct listing refers to Chinese companies issuing shares on the Singapore Exchange (SGX) as "S-shares," exemplified by companies like YZJCY and HNHT [4]. - Indirect listing involves companies primarily operating in China listing under a foreign entity, which can be further divided into "red-chip structure" and "VIE structure" [5]. Group 2: Singapore Listing Pathways - The main pathways for listing on the SGX include Initial Public Offering (IPO), secondary listing, SPAC listing, and reverse takeover [7]. - IPO is the most common method for companies to enter the capital market, with specific rules outlined for SGX [7]. - Secondary listing allows companies already listed on other exchanges to list on SGX while maintaining their primary listing status [8]. - SPAC listings were introduced to enhance market activity, allowing companies to raise funds through IPOs for business combinations [10]. - Reverse takeovers involve acquiring a shell company to achieve a listing, subject to strict regulatory scrutiny [18][19]. Group 3: Key Considerations for Chinese Companies - Chinese companies must understand the regulatory framework and filing processes when preparing for a listing in Singapore [20]. - Companies need to comply with the China Securities Regulatory Commission (CSRC) requirements for overseas listings, including obtaining necessary approvals [21][25]. - Foreign investment regulations and the choice of listing structure are critical, especially concerning the negative list of foreign investment [27]. - Cybersecurity and data security assessments are essential for companies with significant user data when planning to list abroad [28][29].