Considering A U.S. Listing? What Asian Issuers Should Know

During the first four months of 2025, at least eight companies listed on the Singapore Exchange (SGX) announced potential delisting and at least 11 SGX-listed companies announced that they have received privatization offers from their major shareholders¹. With a total of 20 companies having completed delisting from SGX in 2024, there is no sign of slowdown in potential delistings at SGX. The primary reasons cited? Lack of liquidity, limited market visibility and undervaluation.

The Hong Kong Stock Exchange (HKEX), on the other hand, noticed an uptick in trading volumes in recent months, believed to be primarily because of the renewed market interest in China opportunities. However, of the 71 newly listed companies on HKEX in 2024, 62 are from China, and they raised a total of HK$83.9 billion (approx. US$10.8 billion), representing more than 95% of the total IPO proceeds raised on HKEX that year². HKEX remains a China-centric exchange and a good testing ground for