The Singapore stock exchange has announced a package of wide-ranging changes to its listing rules to lure more initial public offerings (IPOs), just days after Hong Kong announced its own review.
The changes include reducing lock-up periods for original shareholders and accepting US accountancy standards in a bid to attract more high-technology start-ups keen on taking out dual or secondary listings in Singapore and the United States.
The Singapore exchange's latest revamp, its third and most aggressive in 10 months, is expected to intensify its race with Hong Kong to become East Asia's premier financial exchange outside Japan for equities, debt paper and, especially, hi-tech IPOs.
Hong Kong regulators last week said they had begun a review of listing rules for the Growth Enterprise Market (GEM) three months ahead of schedule.
Stock exchange chief executive Alec Tsui Yiu-wa said some of the GEM's listing rules were 'tougher than those in overseas markets', which had forced the exchange to grant many waivers to stay competitive.
Several GEM companies, including the Li Ka-shing group's Tom.com, have received waivers enabling management shareholders to sell shares six months after listing instead of two years.
The Singapore exchange halved the moratorium period before which original substantial shareholders of newly listed firms on its main board can sell down their stakes.
