IFBH and Mirxes choose Hong Kong over SGX for IPOs, highlighting Singapore’s challenges and efforts to regain listing competitiveness
· IFBH and Mixres are opting for Hong Kong listings due to stronger market liquidity and valuations, despite being homegrown in Singapore.
· Singapore's SGX trails significantly in IPO volume, while Hong Kong's HKEX raise higher funds, but ongoing reforms and larger upcoming listings signal a turnaround.
· With regulatory incentives and rising interest from global investors, Singapore is priming itself long-term growth as a trusted regional hub.
Homegrown firms go abroad for bigger gains Singapore is facing more than a routine challenge — more of a wake-up call, as local companies increasingly turn to Hong Kong for their IPOs. IFBH, a Thai-Singapore company and one of the world’s top coconut water brands, recently raised HKD 1.16 billion (USD ≈ 148.4 million) through its Hong Kong listing. Singapore-based biotech firm Mirxes did the same earlier this year, gaining 29% on debut. Both decisions came down to liquidity, valuation, and Hong Kong’s strong investor base, especially those connected to mainland China. SGX vs HKEX: IPO snapshot, 2025
Metric Singapore Exchange (SGX) Hong Kong Exchange (HKEX)
IPOs, 2025 YTD 1 38
Capital raised, 2025 YTD SGD 4.5 million (USD ≈ 3.5 million) HKD 13.2 billion (USD ≈ 1.69 billion)
Market capitalisation SGD 488 billion (USD ≈ 379.7 billion) HKD 6.5 trillion (USD ≈ 832 billion)
Daily trading volume SGD 1.1 billion (USD ≈ 855.6 million) HKD 30 billion (USD ≈ 3.84 billion)
Notable listings - IFBH, Mirxes
Singapore's comeback strategy Despite the short-term gap, Singapore is working to reclaim relevance. Government-led incentives, including tax breaks and funding support for local listings, are showing results. NTT is reportedly planning an SGD 1 billion (USD ≈ 778 million) billion REIT listing on SGX, the largest in four years. Mirxes is also planning a dual listing, and China Medical System is heading to SGX for a secondary listing. Singapore is carving out a long-term strategy, anchored in regional access and smart capital
deployment. It may not match Hong Kong in sheer volume yet, but the outlook appears more promising. With the growing family office presence and tech innovation, analysts expect SGX’s market cap to potentially double by 2030. The Lion City may be trailing, but its ambitions remain firmly on track.