Singapore Exchange (SGX) & Nasdaq to Simplify Dual Listings in United States & Singapore in Mid-2026 for Companies with Above $1.5 Billion (S$2 Billion) Market Capitalization, Proposed Listing Amendments Include to 1) Allow Use of Single Prospectus, 2) Align IPO Timelines Between United States & Singapore, 3) Permit Issuers to Conduct Certain Activities Similar to United States Such as Making Forward-Looking Statements
10th January | Hong Kong
Singapore Exchange (SGX) & Nasdaq are looking to simplify dual listings in United States & Singapore in mid-2026 for companies with above $1.5 billion (S$2 billion) market capitalization, with Monetary Authority of Singapore (MAS) proposed listing amendments include to 1) Allow use of single prospectus, 2) Align IPO timelines between United States & Singapore, 3) Permit issuers to conduct certain activities similar to United States such as making forward-looking statements. Singapore MAS (9/1/26): “The Monetary Authority of Singapore (MAS) is seeking feedback on proposed amendments to the Securities and Futures Act 2001 (SFA) and draft regulations to facilitate dual listings on the Global Listing Board (GLB) [1] . The GLB, to be set up for the purpose of dual listings on SGX and Nasdaq, was announced on 19 November 2025. The proposed amendments aim to minimise friction for dual listings in three ways – to enable the use of a single prospectus; to align initial public offering (IPO) timelines between the U.S. and Singapore; and to permit issuers to conduct certain activities in a manner similar to practices in the U.S., such as when making forward-looking statements. The regulations will streamline the listing process for issuers seeking a dual listing on the Global Listing Board. 1) The use of a single set of offer documents will be facilitated by requiring that the Singapore prospectus contains information that is in line with that already required for listing in the U.S. 2) Alignment of the IPO timeline between the U.S. and Singapore will be facilitated by shortening the registration process in Singapore. The regulations will also include safe harbour provisions in line with practices in the U.S. market to facilitate the publishing of forward-looking statements, the undertaking of share repurchases and the execution of pre-determined trades. These safe harbours do not provide a valid defence against fraud or dishonesty and will only apply if certain conditions are met. The proposed amendments to the SFA provide MAS with the flexibility to, should future opportunities arise, adopt a similar streamlined regulatory framework for dual listings from jurisdictions that have disclosure requirements that are comparable to and in line with international disclosure standards. Aside from the above, MAS is proposing other amendments to facilitate the offering process for all listings. The key amendment is to permit issuers to engage retail investors earlier in the IPO process. This will support bookbuilding efforts, as well as give investors more time to familiarise themselves with the issuers and their intended offers. Specifically for issuers seeking a dual listing on the Global Listing Board, the proposal will allow them to align the timing of their engagement with retail investors in both the U.S. and Singapore. MAS and SGX will make the final decision on all listings and prospectus registrations in Singapore. MAS will also continue to work with the relevant authorities in Singapore to investigate and take action against breaches of disclosure requirements and market misconduct occurring in Singapore under the SFA. SGX RegCo has issued a consultation paper dated 9 January 2026 to seek feedback on the listing rule book for the Global Listing Board. MAS invites views and suggestions from interested parties on the proposals set out in the consultation paper which is available here . Comments may be submitted via the FormSG link by 8 February 2026.” In 2025 November, Singapore Exchange (SGX) & Nasdaq announced to simplify dual listings in United States & Singapore in mid-2026 for companies with above $1.5 billion (S$2 billion) market capitalization. Announcement (19/11/25): “SGX Group (Singapore Exchange) and Nasdaq, Inc. (Nasdaq: NDAQ) today announced a partnership to simplify dual listings in the United States and Singapore, enabling companies with a market capitalisation of S$2 billion and above to access global capital, investors and liquidity through a harmonised cross-border listing framework that bridges the two markets. Scheduled to go live around mid-2026, this Global Listing Board deepens collaboration between both markets, fostering a transparent and efficient environment for global capital formation. Companies will find it easier to pursue a dual listing on both Nasdaq and SGX, while reducing friction, complexity and cost. A key feature is the streamlining of regulatory obligations and fundraising across the Pacific Ocean, through a single set of documents and simplified review process. New Era for Cross-Border Capital Raising – Institutional asset owners and managers in Singapore have expressed strong support for this platform as it provides issuers with a springboard into both the U.S. and Singapore markets. The combination of market liquidity and regulatory alignment will enable a new wave of growth companies – from innovative start-ups to established industry leaders – to expand efficiently into the world’s most important financial hubs. Companies at various stages of development can scale with agility and unlock new pools of growth capital, fostering a dynamic and virtuous cycle of innovation and growth. The proposed Global Listing Board aligns with the broader efforts by the Singapore Government’s Equities Market Review Group to strengthen the attractiveness of Singapore’s stock market to investors and companies seeking to list and access growth capital. Various measures, such as those launched by the Review Group and the Anchor Fund @ 65, when taken together, will seek to provide support for promising high-growth companies in their fundraising efforts in Singapore’s public equities market, including on this Board. The proposed regulatory framework will seek to establish a set of prospectus disclosure requirements in Singapore that are comparable to the U.S., to allow for the use of a single set of offering documents for the dual listing. The framework is subject to finalisation of implementation details and completion of relevant regulatory processes. More details will be released in due course, in time to facilitate the scheduled go-live of mid-2026.”
“ Singapore Exchange (SGX) & Nasdaq to Simplify Dual Listings in United States & Singapore in Mid-2026 for Companies with Above $1.5 Billion (S$2 Billion) Market Capitalization, Proposed Listing Amendments Include to 1) Allow Use of Single Prospectus, 2) Align IPO Timelines Between United States & Singapore, 3) Permit Issuers to Conduct Certain Activities Similar to United States Such as Making Forward-Looking Statements “
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Singapore Exchange (SGX) & Nasdaq to Simplify Dual Listings in United States & Singapore in Mid-2026 for Companies with Above $1.5 Billion (S$2 Billion) Market Capitalization
20th November – Singapore Exchange (SGX) & Nasdaq have announced to simplify dual listings in United States & Singapore in mid-2026 for companies with above $1.5 billion (S$2 billion) market capitalization. Announcement (19/11/25): “GX Group (Singapore Exchange) and Nasdaq, Inc. (Nasdaq: NDAQ) today announced a partnership to simplify dual listings in the United States and Singapore, enabling companies with a market capitalisation of S$2 billion and above to access global capital, investors and liquidity through a harmonised cross-border listing framework that bridges the two markets. Scheduled to go live around mid-2026, this Global Listing Board deepens collaboration between both markets, fostering a transparent and efficient environment for global capital formation. Companies will find it easier to pursue a dual listing on both Nasdaq and SGX, while reducing friction, complexity and cost. A key feature is the streamlining of regulatory obligations and fundraising across the Pacific Ocean, through a single set of documents and simplified review process. New Era for Cross-Border Capital Raising – Institutional asset owners and managers in Singapore have expressed strong support for this platform as it provides issuers with a springboard into both the U.S. and Singapore markets. The combination of market liquidity and regulatory alignment will enable a new wave of growth companies – from innovative start-ups to established industry leaders – to expand efficiently into the world’s most important financial hubs. Companies at various stages of development can scale with agility and unlock new pools of growth capital, fostering a dynamic and virtuous cycle of innovation and growth. The proposed Global Listing Board aligns with the broader efforts by the Singapore Government’s Equities Market Review Group to strengthen the attractiveness of Singapore’s stock market to investors and companies seeking to list and access growth capital. Various measures, such as those launched by the Review Group and the Anchor Fund @ 65, when taken together, will seek to provide support for promising high-growth companies in their fundraising efforts in Singapore’s public equities market, including on this Board. The proposed regulatory framework will seek to establish a set of prospectus disclosure requirements in Singapore that are comparable to the U.S., to allow for the use of a single set of offering documents for the dual listing. The framework is subject to finalisation of implementation details and completion of relevant regulatory processes. More details will be released in due course, in time to facilitate the scheduled go-live of mid-2026.”
Loh Boon Chye, Chief Executive Officer, SGX Group: “The whole-of-ecosystem support has been a key driver in turning this vision into reality. For issuers, the proposition is clear: access to U.S. market depth and Asian growth in a streamlined pathway. We hope to attract quality growth-oriented companies with an Asian nexus seeking to expand their investor base, while staying true to their roots, without having to navigate the complexity of dual regulatory regimes.”
Adena Friedman, Chair and CEO of Nasdaq: “Nasdaq and SGX Group have a long-standing partnership rooted in our shared belief in the power of markets to drive economic growth, build ecosystem of capital and create long-term value. In a world of increasing complexity and sometimes fragmenting markets, this initiative demonstrates that cooperation, smart regulation, and shared standards can create opportunity at scale that benefits both global and regional economies.”
Chee Hong Tat, Minister for National Development, Chair of the Equities Market Review Group: “The Review Group has identified connectivity with other markets as an important strategy. The dual listing bridge will bring together the strengths of two major market operators SGX and Nasdaq, and help anchor the listings of dynamic companies in Asia and attract liquidity around these listings.”
Rohit Sipahimalani, Chief Investment Officer, Temasek: “As a long-term global investor, we welcome efforts that deepen market connectivity and broaden access to capital. This initiative complements the work of our platforms — Seviora, 65 Equity Partners, Heliconia, and Vertex — in contributing to building the Singapore ecosystem, and enabling promising enterprises in the U.S. and Singapore to scale across markets. As the framework evolves, high standards of governance and disclosure will be essential to maintaining investor trust and facilitating access to global capital markets.”
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