SGX's Chen Qing: Enhancing China-Singapore ETF Connectivity, Exploring A-Share and SGX Dual Listing Mechanism

Deep News
05/29

At the Shenzhen Stock Exchange 2026 Global Investor Conference, Chen Qing, Managing Director and China Head of Singapore Exchange (SGX) Group, stated that SGX and SZSE have a long-standing cooperative relationship. The two exchanges signed a memorandum of understanding in 2022 and established an ETF connectivity mechanism. Currently, there are approximately 11 ETF products under this mechanism, covering both northbound and southbound investment varieties.

Chen Qing introduced that SGX is an exchange spanning multiple varieties and asset classes, with equities and derivatives contributing about 55% of revenue, while fixed income, currency, and commodity trading account for approximately 25%. She proposed that both sides could further broaden cooperation categories to enhance predictability for international investors. Currently, the two exchanges have jointly launched the "A+X" model, which refers to products jointly listed on A-shares and the Singapore market, and this has already received regulatory approval from both China and Singapore. She expressed hope that similar connectivity mechanisms could be extended to the Shanghai Stock Exchange and Shenzhen Stock Exchange in the future.

Chen Qing revealed that both sides are exploring an "A-shares + Singapore stock market dual listing mechanism" to facilitate Chinese companies seeking to expand into international markets. This mechanism sets a market capitalization threshold of approximately SGD 1 billion (about RMB 5 billion). Potential listing companies come from traditional manufacturing, real estate investment trusts, advanced manufacturing, healthcare, new energy, and high-tech sectors.

Addressing the current complex geopolitical environment, Chen Qing pointed out that companies need to establish financing channels in multiple markets to mitigate volatility risks. She introduced Singapore's Equity Market Development Programme (EQDP), which includes establishing a SGD 3 billion IPO fund pool, with the Monetary Authority of Singapore injecting SGD 30 million in seed funding. As of March this year, market trading volume increased by 78% year-on-year. In December last year, a listed company raised USD 600 million with a subscription multiple of 13 times.

Chen Qing stated that whether in traditional industries or emerging AI enterprises, as long as they have growth prospects, the Singapore market is worth considering. She also noted that capital flows change rapidly, and exchanges and companies must maintain high relevance and investability while choosing reliable partners.

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