NEWS that two China companies have switched their listing plans from the territory to Singapore offers yet another example of the Lion City's encroachment into Hong Kong territory. Market watchers see the move as cementing ties between Singapore and China rather than a reflection on Sino-British relations but it is still a development that needs to be closely monitored by Hong Kong. Herbert Hui, head of Hong Kong's stock exchange listing division, says the territory has nothing to fear from Singapore. He may be right but the signs of Singapore's attractiveness continue to grow. Its aspirations to be a regional player become clearer every week. The biggest feather in its cap remains the Jardines listings but Singapore is also keen to secure more China companies. Hong Kong faces serious competition -- it cannot afford to take the threat from Singapore lightly.