In Hong Kong, companies have been flocking to file applications for initial public offerings (IPOs) amid uncertainty around trade tariffs and renewed optimism about China’s stimulus measures. As of the end of April, 115 IPO applications had been submitted – more than double the 55 recorded during the same period in 2024, and the strongest start to the year since 2021

The IPO scene in Hong Kong is more vibrant than it has been in years. This appears to be driven by anticipated policy support from Beijing, as companies turn away from the US amid market uncertainty and reassess opportunities in mainland China.

Meanwhile at least 16 companies are in the process of delisting from the Singapore Exchange – either having already delisted, confirmed dates, or announced plans to exit. Certain firms now feel overly exposed to unpredictable share price movements amid sustained market volatility. Going private offers an alternative route – one that may shield companies from ongoing turbulence.

The bigger question is what this trend means for Singapore’s financial ecosystem. If the current trajectory continues, the city-state may struggle to compete with Hong Kong, Shanghai and Tokyo as a capital markets hub. The Straits Times Index could also become less reflective of Singapore’s real economy, and companies may have fewer incentives to remain headquartered there.

Hong Kong and Singapore are often viewed as rival financial centres – but right now, the momentum is clearly with Hong Kong. From a capital markets perspective, it appears to be pulling ahead.

As we wait out the 90-day tariff truce, the opportunity for communicators is to help clients share timely perspectives with tier 1 and trade media. Whether it’s on the future of IPO markets, developments in digital assets and tokenisation, or shifts in private markets, we can connect you with journalists seeking sharp, counterintuitive insights.

Sarah Anderson is the director in Singapore office