Core Viewpoint - The introduction of the "Global Listing Board" by the Singapore Exchange Group and Nasdaq marks a significant step towards enhancing connectivity in global capital markets, allowing companies to dual-list efficiently across the Pacific with a single set of listing documents [1][2]. Group 1: Global Listing Board Details - The new framework will enable companies with a market capitalization of at least 2 billion SGD (approximately 10.8 billion RMB) to meet the regulatory requirements of both exchanges simultaneously [1]. - The initiative aims to simplify the listing process through a unified set of disclosure requirements, reducing institutional barriers, complexity, and cost burdens for cross-border listings [3]. Group 2: Market Context and Challenges - Singapore, as a major financial hub in Asia, is responding to challenges posed by weak liquidity in its securities market, which has led many local tech companies to opt for listings in the U.S. [4][5]. - The Monetary Authority of Singapore is actively addressing these challenges through a coordinated approach involving demand, supply, and regulatory measures, including a 5 billion SGD "Securities Market Development Plan" [6]. Group 3: Support and Collaboration - The initiative has received strong support from various stakeholders, emphasizing the importance of attracting high-quality growth-oriented companies related to Asia to expand their investor base without navigating complex dual regulatory systems [7]. - Key figures from both exchanges and government bodies have highlighted the potential for this collaboration to create scale efficiencies and enhance the investment ecosystem in Singapore [7].

Core Insights - The recent Shanghai Global Asset Management Forum highlighted the transition of Chinese asset management institutions from a "trial phase" to a "scale-up phase" in overseas investments, with global exchanges optimizing rules and innovating products to capture opportunities in the Chinese market [1] Group 1: QDII Fund Growth - The QDII fund scale has surpassed 678 billion RMB, with over 70% of funds directed towards Hong Kong and U.S. markets, indicating a strong demand for overseas investments among domestic investors [2] - In the first half of the year, QDII funds invested over 30 billion RMB in Hong Kong stocks and approximately 20 billion RMB in U.S. stocks, with a preference for equity assets over bonds and gold [2] - The investment focus of QDII funds is primarily on information technology, communication, and non-durable consumer goods, reflecting a keen interest in emerging industries and high-growth sectors, particularly in AI [2] Group 2: International Collaboration and Market Connectivity - The Eurasian Capital Market Alliance (FEAS) is actively working to connect Eurasian markets, with initiatives like the Tabadul project aimed at enhancing market interconnectivity and reducing transaction costs [5][6] - The London Stock Exchange (LSE) has undergone significant reforms to attract more international companies, including the removal of certain listing requirements and the introduction of dual-class voting structures [6][7] - The Singapore Exchange (SGX) is expanding its product offerings and streamlining its IPO processes, aiming to attract more foreign listings, particularly from China and Southeast Asia [8] Group 3: Asset Management Strategies - High-net-worth clients are increasingly seeking both asset preservation and special asset services, with over 70% of trust funds allocated through QDII channels invested in Hong Kong and U.S. markets [3] - There is a growing interest in developing innovative QDII products that focus on specific countries, asset classes, or industries to meet diverse investor needs [2][3] - The focus on sectors such as technology, new energy, and new consumption is particularly appealing to European investors, indicating a strategic push by Chinese asset managers to promote Chinese assets in Europe [3]