SGX bourse wants more foreign listings

The push to have more foreign firms listed here, principally from China and Southeast Asia, is aimed at boosting the city-state as a regional financial center, SGX head of listing Lawrence Wong told the Financial Times.

SGX aims to attract companies with a market capitalization of up to S$3 billion (US$1.95 billion) to list on the exchange.

“We expect to see more and more companies listed here from overseas and it could be a majority,” Wong was quoted as saying.

“This may happen within the next five years,” he added.

Thirty-seven percent of the 738 firms listed on SGX and its junior Sesdaq board were foreign as at the end of May, according to the report.

Aside from China, Southeast Asia’s fast growing economies such as Vietnam and Indonesia are also targeted by SGX, said Wong.

“Southeast Asia is very good hunting ground for us,” he said.

Singapore is facing stiff competition from Hong Kong to attract Chinese firms but Wong says the city-state can still hold its own in the game.

“China is a huge country with a huge economy. We don’t believe that just one or two exchanges alone will be able to supply all the funds required by Chinese companies,” he said.

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