Abstract
On 26 June 2018, the Singapore Exchange Limited (the ‘SGX’) announced amendments to its listing rules that allowed companies with dual-class share (DCS) structures to list on the Mainboard of its securities trading arm, the Singapore Exchange Securities Trading Limited (the ‘SGX-ST’). These long-anticipated amendments, the result of two rounds of public consultations which commenced on 16 February 2017, arrived shortly after its spiritual rival, the Hong Kong Exchanges and Clearing Limited (the ‘HKEx’), had on 30 April 2018 amended the listing rules of its securities trading arm to permit listings of companies with DCS (which the HKEx terms ‘weighted voting rights’) structures. The race to attract issuers with DCS structures is not surprising. Starting from 2004 with the initial public offering (IPO) by Google Inc (which has since been restructured in 2015 as a subsidiary of Alphabet Inc), some of the recent largest IPOs globally had been by...
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