Zheng Quan Shi Bao·2026-01-21 17:37Core Insights - The ongoing IPO boom in Hong Kong has led to over 300 companies queuing for listings, with a significant proportion being A-share listed companies seeking secondary listings in Singapore under the "A+S" framework [1] - Singapore's market offers advantages such as shorter listing cycles, higher internationalization, and the ability to attract both USD and SGD capital, although its market size and liquidity are still less than that of Hong Kong [1] - Singapore serves as a bridge for Chinese companies going abroad, with distinct roles compared to Hong Kong in facilitating international financial activities [1] Group 1 - Singapore's unique competitiveness lies in its ability to connect Southeast Asia with global markets, providing financing and regional business expansion opportunities for Chinese enterprises [2] - The Singapore Exchange (SGX) focuses on a multi-asset strategy, offering a range of financial products that support efficient access and liquidity for global investors [2] - The appeal of the Singapore market for Chinese companies is not in its size but in its positioning, with a high proportion of family offices and institutional investors focusing on long-term cash flow and regional growth [2] Group 2 - Concerns regarding the liquidity and valuation challenges for companies listing in Singapore compared to Hong Kong have been raised, suggesting that companies should maintain realistic expectations during decision-making [3] - Companies are advised to set reasonable financing scales and valuation ranges to avoid high pricing and low trading volumes, which could undermine market confidence [3] - Continuous investment in high-quality investor relations management and communication with regional institutional investors is recommended to enhance market recognition and research coverage [3]