Thailand, Singapore exchanges seek tech listings as AI booms

The Stock Exchange of Thailand (SET) and the Singapore Exchange (SGX) are actively reforming their listing rules to attract technology companies, particularly those in AI and new-economy sectors. SET aims to lower its main board market capitalization requirement to THB 3-5 billion (USD 91.7-152.9 million) and remove local contribution mandates for foreign firms, a direct response to the region's shift in supply chains and the need for more diversified listings beyond traditional finance and real estate. This move could bring more regional tech startups to the Thai market, offering them a more accessible path to public capital. SGX's partnership with Nasdaq for a Global Listing Board and its introduction of Singapore Depository Receipts (SDRs) for companies like SpaceX, Grab, and Sea show a different strategy. SGX is focusing on facilitating dual listings and providing local investors access to overseas tech giants, rather than solely chasing primary listings. This approach acknowledges the challenge of attracting high-growth tech firms that often prefer larger global markets, while still aiming to build a relevant market that reflects economic realities, as stated by SGX president Michael Syn. The thing to watch is whether these initiatives can overcome the valuation and liquidity challenges EY noted, especially given the strong pull of Chinese markets for AI champions.