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This edition of the Conyers SGX Mainboard & Catalist Public Companies Report summarises selected key transactions involving companies listed on the Main Board and Catalist Board of the Singapore Exchange Securities Trading Limited (SGX-ST) in the second half of 2025.
Conyers is pleased to have advised several of the companies whose transactions are included in this report, including the placement of 3,000,000 shares by Fuxing China Group Limited (SGX:AWK) in November 2025, and the placement (which raised total gross proceeds of S$13.7 million) and successful dual listing of Infinity Development Holdings Company Limited (SEHK:640/Catalist:ZBA) on Catalist in December 2025, and the secondary listing of Concord New Energy Group Limited (SEHK:182/SGX:SEG) which issued its introductory document in connection with its secondary listing on 26 December 2025 and completed its secondary listing on the SGX-ST in January 2026.
Singapore Market Update
As reported in our last update, activity on Singapore's capital markets was measured through the first half of 2025, but signs of improvement appeared in the second half of the year. While listings in early 2025 continued to lag historical averages, a steadier macroeconomic environment – including easing global interest rates and firmer regional growth – helped lift investor sentiment across ASEAN. By mid‑year, Singapore saw a modest but noticeable revival in deal enquiry and pre‑IPO activity, particularly among mid‑cap technology, digital infrastructure and sustainability-focused issuers.
Momentum strengthened into the second half of the year. Several companies that had delayed offerings in 2024 began re-engaging with the market, encouraged by stabilising valuations and increased liquidity across APAC exchanges. The SGX Catalist Board continued to drive the bulk of local listing activity, attracting growth-stage firms in AI, greentech, and advanced manufacturing, while the Mainboard saw a gradual return of larger-cap issuers exploring dual‑track fundraising strategies.
Broader regional dynamics supported this uptick: APAC IPO proceeds continued their recovery trend, and cross-border M&A activity remained buoyant, signalling improved confidence among strategic buyers and financial sponsors. Singapore's positioning as a hub for green finance and digital economy investment further bolstered capital markets activity, with issuers increasingly incorporating sustainability-linked structures and digitalisation narratives into their market approaches.
On 19 November 2025, the Singapore Exchange Limited ("SGX") and Nasdaq, Inc. ("Nasdaq") announced a proposal to establish a SGX-Nasdaq dual-listing bridge connecting both exchanges. This collaboration is intended to attract and facilitate dual listings of large, high growth Asian companies on SGX and Nasdaq on a new Global Listing Board which is to be set up, and to provide such companies with a streamlined and simplified pathway to access capital and liquidity in both markets and widen their investor base. The proposal is subject to completion of relevant regulatory processes. Such new initiatives are expected to help sustain positive momentum in the Singapore equities market into 2026.
Download the full report here.
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