Overview and Background of the Dual-Listing Bridge
The Singapore Exchange (SGX) and Nasdaq are set to introduce a new dual-listing framework called the “Dual-Listing Bridge (Global Listing Board)” by mid-2026 (Nasdaq’s official press release is available here). This initiative is designed to enable companies to list simultaneously on two major capital markets—the United States and Singapore—with greater efficiency. The centerpiece of this framework is the ability for companies to prepare disclosure documents and financial statements as a “single package,” representing a significant departure from the traditional dual-listing structure that required separate preparations for each market.
This reform addresses longstanding challenges faced by SGX. While Singapore has been home to many promising technology companies, the scale of capital raising opportunities and market depth have led firms like Grab and Sea to choose U.S. markets for their listings, leaving SGX unable to retain these high-growth companies domestically. Additionally, when Asian companies list in the United States, they often face challenges in building an investor base and securing liquidity in Asian markets. The Dual-Listing Bridge was conceived to address these issues by creating a mechanism that provides access to both U.S. liquidity and Asian investors.
Unified Disclosure Framework as an Innovation
The new framework proposed by SGX and Nasdaq makes significant strides toward unifying disclosure systems. Traditionally, companies had to prepare registration documents such as Form F-1 for the U.S. market and separate prospectuses for Singapore. Under the new system, the “substance” of disclosures—including financial information, MD&A, and risk factors—will be standardized and submitted to both markets. Regarding accounting standards, companies will be able to prepare their financials once using either IFRS or U.S. GAAP and utilize them in both the United States and Singapore, significantly reducing the preparation burden for companies.
Lessons from LINE’s Dual Listing and the Significance of the New System
A notable example of international dual listing is LINE’s simultaneous listing on the Tokyo Stock Exchange and Nasdaq in 2016. LINE chose dual listing to access both Japanese and U.S. investor bases simultaneously, but the practical implementation proved extremely burdensome. The company had to prepare separate securities registration statements in Japanese and Form F-1 for the U.S. market, adjust disclosure items and accounting treatment explanations for each market, and conduct audits, legal reviews, and underwriting processes separately for each market. In essence, while it was a simultaneous listing, the structure required two complete listing preparations for two markets.
Compared to this, the Dual-Listing Bridge fundamentally redefines the concept of dual listing itself. Where LINE’s era saw workload multiply with the number of markets, the new framework is premised on preparing a disclosure package once and utilizing it across both markets as is. This represents an attempt to overturn, from the regulatory side, the conventional wisdom that viewed dual listing as an “increase in burden.”
Strategic Impact on Asian Capital Markets
Through this mechanism, SGX appears to be positioning itself not as a standalone market competing with Nasdaq, but as a “gateway to U.S. listings” in Asia. For Asian companies, listing in both the United States and Asia creates advantages by broadening the investor base and facilitating liquidity. The move to elevate SGX’s disclosure requirements to align with U.S. market standards could also contribute to enhanced transparency across SGX’s entire market in the long term.
This new framework holds significant implications for Japanese companies as well. While conversion from J-GAAP to IFRS or U.S. GAAP will be necessary, once financial statements are prepared under international standards, the option to simultaneously list in both the United States and Singapore under that single standard becomes a realistic possibility.
The Dual-Listing Bridge goes beyond mere procedural rationalization—it represents an effort to redefine the very route through which Asian companies access international capital markets. By anchoring disclosure standards at U.S. levels while redesigning the regulatory connection to Asian markets, companies can now choose simultaneous listings across multiple markets in a more practical and less burdensome manner than before. For SGX, this serves as a strategic move to position itself as a “gateway” to U.S. markets and attract high-growth companies from across Asia. When this framework becomes fully operational, listing models originating from Asia could evolve significantly from their traditional forms, potentially creating new dynamics across regional capital markets.
