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With effect from October 29, 2025, Singapore Exchange Regulation (SGX RegCo) has put into place measures in response to comments on its consultation paper on "A Shift to a More Disclosure-Based Regime" (issued on May 15, 2025) (Response). In the Response, the SGX RegCo implemented changes to facilitate listings on the SGX.
Key updates
- Profit test: The minimum pre-tax profit requirement is reduced from SGD30 million to SGD10m, making SGX more accessible for emerging companies.
- Financial position: Issuers can now disclose outstanding debts in the prospectus without mandatory repayment before listing, expediting the listing timeline.
- Conflict of interest: Conflicts with interested persons need not be resolved before listing but must be disclosed if unresolved, expediting the listing timeline (real estate investment trusts (REITs) and business trusts (BTs), which must still resolve conflicts pre-listing).
- Internal controls: Material weaknesses need not be resolved before listing but must be disclosed, with plans for remediation, supporting transparency.
- REITs and life science companies: Rules now facilitate listings for REITs with short-term leases and early-stage life science firms.
- Financial watch-list and trading alerts: SGX RegCo removes the financial watch-list and introduces time-limited trade-with-caution alerts, reducing market disruptions.
Read our reportfor a summary of the key changes.
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