Dear readers, as long-time investors in Singapore’s equity markets, many of us have become all too familiar with a recurring and rather disheartening theme—the steady wave of delistings on the Singapore Exchange (SGX).
Whether due to lacklustre trading volumes, better valuations overseas, or companies opting for privatization, the result has been the same: fewer listed entities, declining vibrancy, and a shrinking pool of opportunities for local retail and institutional investors alike.
This persistent trend has led to a sense of malaise within the local investment community. Sentiment towards SGX has been subdued, with skepticism growing about whether Singapore’s capital markets can remain competitive in attracting new listings, especially as global financial centres like Hong Kong, New York, and London continue to draw headline-making IPOs.
This is not just a symbolic issue—it has practical implications. Fewer listings mean less diversity in investment choices, reduced liquidity, and the risk of SGX falling further behind as a capital-raising venue in the region.
For years, the delisting of prominent companies such as BreadTalk, Keppel Land, and M1 painted a bleak picture.
The decline in total listed companies—from a peak of over 800 in the late 2000s to below 650 in recent years—has raised eyebrows. Institutional investors began redirecting funds to markets with more robust and dynamic listings. Retail investors, too, increasingly turned their attention toward U.S. tech stocks or cryptocurrencies, further sapping trading volumes and engagement on the SGX.
Compounding the issue has been the noticeable drought in Initial Public Offerings (IPOs). IPO activity has been relatively sluggish, particularly when compared to regional markets. While there was some optimism when the Singapore Exchange launched SPAC (Special Purpose Acquisition Company) listings, the excitement quickly fizzled due to a lack of follow-through momentum.
Many of us had pinned our hopes on the recommendations of the Singapore Equities Market Review (EMR) Committee, which was formed in 2022. The committee comprises representatives from SGX, the Monetary Authority of Singapore (MAS), and industry stakeholders, with a mission to rejuvenate the Singapore capital markets.
There was cautious optimism that its proposed measures—ranging from tax incentives, changes to listing rules, and deepening research coverage—could usher in a new era for SGX.
Yet, tangible results had been slow to materialize. That is—until recently.
In the span of just one week, Singapore investors were greeted by not one, not two, but three significant announcements—each bearing the potential to reverse the narrative of decline and breathe new life into our local bourse. These developments could very well signal the early signs of a long-overdue revival.
1. A Rare Local Tech IPO: Info-Tech Systems Files for Mainboard Listing
Leading the charge is Info-Tech Systems, a Singapore-based software services provider that has filed a preliminary prospectus with MAS for a Mainboard listing on the SGX. This would mark only the second IPO of 2025 on the SGX, and while that number might not sound impressive on its own, the significance of this listing should not be underestimated.
Info-Tech Systems specializes in providing integrated HR and payroll software solutions for businesses in Singapore and the region. Over the years, it has built a solid reputation for delivering cloud-based HR tools that streamline operations for SMEs and enterprises. As the digital transformation of businesses accelerates post-pandemic, Info-Tech stands to benefit from increased demand for automation and cloud services.
In terms of strategy, the company plans to use the IPO proceeds to fuel product development and geographical expansion, particularly into Hong Kong and India. These are promising markets, each with distinct opportunities. Hong Kong offers access to a mature business ecosystem and regional headquarters of multinational corporations, while India provides scale and a growing demand for enterprise software solutions.
Importantly, the IPO has already secured cornerstone investors who have committed to buying 41.1 million shares. Cornerstone investors are typically institutional players who agree to take up shares before the public tranche opens, signaling confidence in the company’s fundamentals and prospects. Their participation also lends credibility and stability to the IPO.
For SGX, this listing is noteworthy because it represents homegrown innovation. Local tech companies have historically opted for overseas listings in markets perceived as more tech-friendly—such as the U.S. Nasdaq or the Hong Kong Stock Exchange. If Info-Tech’s listing performs well, it could pave the way for more local startups and mid-sized tech firms to consider SGX as a viable option for capital raising.
2. NTT DC REIT: Japan’s Telecom Giant Taps Singapore’s REIT Market
Hot on the heels of the Info-Tech announcement came news that Nippon Telegraph and Telephone Corp (NTT) has lodged a preliminary IPO prospectus for its data centre REIT, known as NTT DC REIT, to be listed on SGX.
NTT is one of Japan’s most prominent telecom and IT infrastructure conglomerates. By choosing Singapore as the listing venue for its REIT, NTT sends a clear signal of confidence in Singapore’s reputation as a trusted hub for real estate investment trusts, particularly those focused on digital infrastructure.
Singapore has long been a leading centre for REIT listings in Asia. With over 40 REITs and property trusts listed on SGX, the city-state offers investors access to a diversified mix of properties—from commercial buildings and industrial warehouses to retail malls and hospitality assets.
In recent years, data centres have emerged as a highly sought-after asset class, thanks to exponential growth in cloud computing, e-commerce, and video streaming.
NTT DC REIT is poised to capitalize on this secular trend. Though specific details such as the portfolio size and yield projections are yet to be finalized, early interest from institutional investors is expected to be strong, especially given NTT’s solid brand and operational track record in managing data infrastructure globally.
This listing not only strengthens SGX’s position as a REIT hub but also reinforces its aspirations to become the “Nasdaq of infrastructure” in Asia. The success of this REIT could potentially attract more listings from digital infrastructure players in Japan, Korea, and beyond.
3. China Medical System: A Major Secondary Listing from Hong Kong
Rounding out this trio of positive developments is the announcement that China Medical System Holdings (CMS), a company listed on the Hong Kong Stock Exchange since 2010, is pursuing a secondary listing on SGX’s Mainboard in July 2025.
CMS is a specialty pharmaceutical company with deep expertise across the entire drug development lifecycle—from identifying unmet clinical needs to research and development (R&D), regulatory approval, marketing, and commercial distribution. Headquartered in Shenzhen, the firm is well-established in China’s massive healthcare market and has a track record of profitable growth.
The move to seek a secondary listing in Singapore is strategic on several fronts. First, it allows CMS to diversify its investor base by tapping into Southeast Asian capital. Second, it provides greater access and visibility to international investors who prefer the regulatory and financial ecosystem of Singapore. Third, SGX’s credibility as a financial center that upholds high standards of corporate governance adds legitimacy to CMS’s profile in the eyes of global fund managers.
Secondary listings have played a vital role in boosting the profiles of SGX in recent years. Companies like Tencent-backed Sea Group and Manulife US REIT have added international flavor to Singapore’s capital markets. CMS’s entry could open the door to more China-based firms seeking to hedge their listing risks away from political volatility in Hong Kong while reaching a new pool of investors.
What This Means for the Singapore Market
These three announcements come as a welcome relief to the Singapore investment community. After years of stagnation and negative sentiment, the tide may finally be turning. While it would be premature to call this a full-blown resurgence, there are at least three encouraging implications:
- Renewed Confidence in SGX as a Listing Venue: The participation of multinational corporations like NTT and CMS affirms SGX’s credibility and growing attractiveness. The listings also serve as case studies that Singapore can compete regionally for high-quality listings.
- Diverse Sector Representation: From enterprise software (Info-Tech) and digital infrastructure (NTT DC REIT) to healthcare and pharmaceuticals (CMS), these listings diversify the SGX landscape beyond traditional banking, real estate, and manufacturing sectors.
- Potential Catalyst for Further Reform and Momentum: The success of these IPOs could trigger a positive feedback loop—restoring investor confidence, encouraging more companies to list, and pushing regulators to fast-track supportive policies from the Equities Market Review.
A Note of Caution
While the momentum is promising, it is essential not to get carried away. Much will depend on how these IPOs perform post-listing. Investor sentiment is often fickle, and a poorly received IPO can quickly dampen enthusiasm. Moreover, broader macroeconomic factors such as inflation, interest rates, and geopolitical tensions still loom large and can affect market conditions.
Nonetheless, for the first time in a while, there is cause for cautious optimism. If SGX can continue building on this momentum and strategically position itself as the gateway to Asia’s next generation of growth companies, we may yet witness a true revitalization of Singapore’s equity markets.
Conclusion
To Singapore investors who have grown accustomed to disappointment in recent years, these three listings offer more than just hope—they represent a tangible shift in momentum. Info-Tech Systems, NTT DC REIT, and China Medical System are not only exciting opportunities in their own right, but also potential bellwethers of SGX’s resurgence. Let us keep a close watch on how they perform and whether this signals the beginning of a long-awaited new chapter for the Singapore bourse. The SGX story is far from over—and perhaps, just perhaps, it is about to get interesting again.