This persistent gap threatens more than prestige. Unless deep-rooted structural challenges are tackled, Singapore’s shrinking market will increasingly deprive domestic firms and international investors of credible, liquid funding options and erodes Singapore’s financial-centre credentials.
Singapore’s equity market is facing an escalating threat of marginalisation. In 1H2025, the Singapore Exchange (SGX) saw more companies exit than list, with only three IPOs against nine delistings — and another seven flagged for the second half of the year.
Regional competitors are pulling ahead: Hong Kong registered 44 IPOs (with 210 more under review); Malaysia posted 32 (on track for 60, leading Southeast Asia by listings and funds raised); China had 51 by June (targeting 100); and Indonesia 22 (expecting 66 for the year). SGX’s average daily turnover remains stagnant around $1.2 billion, compared with Hong Kong’s $29.4 billion. This underscores how SGX is being overtaken in both market activity and relevance.
