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In focus
- Why the SGX + Nasdaq = a boost for Temasek- and GIC-backed firms
- Is beauty in the eye of the beholder for GudangAda?
- A look back at why Hong Kong now leads the US for Chinese IPOs
Hello reader,
One of the more interesting panels at the Vietnam Innovation and Private Capital Summit, which took place last April, featured a speaker from Nasdaq. During the session, he outlined what the prestigious exchange looks for in companies eyeing to list on it.
He also emphasized that for an exchange to be successful, the firms listed on it must also succeed.
The speaker added that Nasdaq was happy to have Vietnamese electric manufacturer VinFast on its board. This particular line raised some eyebrows, as the company’s stock price has plunged since its August 2023 listing.
Playing to the home crowd in Hanoi aside, the underlying point did land: An exchange’s fortunes are inseparable from those of the companies it lists. This truth is, perhaps, what’s driving the high bar in the proposed dual-listing tie-up between Nasdaq and the Singapore Exchange (SGX).
As today’s first top story outlines, only firms with a market capitalization of at least S$2 billion (US$1.55 billion) will be eligible for dual listing, among other requirements. And while that threshold may narrow the field, it also acts as a quality filter – one that naturally favors companies backed by institutional investors like Temasek and GIC.
Read the whole story for a closer look at who really benefits from this high standard and what the dual-listing bridge could mean for the SGX’s next chapter.
Meanwhile, my colleague Jofie takes a look at Indonesia-based B2B ecommerce platform GudangAda’s pivot to beauty. The shift reflects a broader push toward higher-margin categories after its core business lost momentum.
Peter Cowan, engagement editor
Top Stories
1️⃣ Who really wins from SGX and Nasdaq’s dual-listing plan
Photo credit: Shutterstock
When state-linked investors like Temasek and GIC add their hefty weight to a company’s cap table, it typically means the firm is in unicorn range, so some will likely cross the S$2 billion hurdle. They may also have the maturity needed to handle the complexities of listing.
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