Hong Kong continues to be a favored listing venue compared to Singapore.

Many companies from Singapore are now choosing to list on the Hong Kong exchange, including IFBH and Mirxes, which recently raised substantial funds through initial public offerings (IPOs).

IFBH, the world’s second-largest coconut water bottler, raised HK$1.16 billion (US$147 million) in its IPO and began trading on the Hong Kong stock exchange on June 30, 2025.

The company initially planned to list in Singapore but shifted to Hong Kong, citing stronger connections with mainland China, its primary market.

In May, Singapore-based Mirxes raised HK$1.09 billion (US$139.5 billion) in its IPO, with its shares increasing by 28.8% on the first trading day. Data shows a disparity between the two markets.

So far in 2025, the Singapore Exchange (SGX) has seen only one IPO raising US$4.5 million, while Hong Kong has secured US$13.2 billion through 38 deals.

Hong Kong’s stock market is valued at US$6.5 trillion, with a daily trading volume of about US$30 billion, higher than Singapore’s US$488 billion market, which sees around US$1.1 billion in daily trades.

🔗 Source: South China Morning Post

🧠 Food for thought

1️⃣ Market liquidity creates a self-reinforcing advantage for IPO destinations

Hong Kong’s massive liquidity advantage creates a powerful cycle that attracts more listings, which in turn strengthens its market position.

The stark contrast is evident in the numbers: Hong Kong’s daily trading volume of $30 billion dwarfs Singapore’s $1.1 billion, while its market capitalization of $6.5 trillion is over 13 times larger than Singapore’s $488 billion 1.

This liquidity advantage explains why even Singapore-based companies like Mirxes and IFBH chose Hong Kong for their IPOs, with IFBH explicitly changing course from its original plan to list in Singapore 2.

Mirxes CEO Zhou Lihan summed up the practical reality: “At the end of the day, a company goes to a stock market to raise funds from folks who understand what the company is doing,” highlighting how Hong Kong’s deeper ecosystem of investors, analysts, and market participants creates meaningful advantages 3.

Hong Kong’s Chapter 18A listing regime for pre-revenue biotech firms demonstrates how specialized frameworks attract not just companies but also the entire supporting ecosystem, creating clusters of expertise that further strengthen its appeal.

2️⃣ Government intervention creates both opportunities and challenges