Singapore joins dual-class shares club, wooing technology IPOs
Singapore Exchange said it allow companies with dual-class share structures to list, a month after Hong Kong announced a similar proposal, as competition between markets for technology listings becomes increasingly fierce. SGX will consult on the rules this quarter and expects the first listing “soon after,” CEO Loh Boon Chye said. The moves by the two Asian exchanges come as some of the world’s largest technology companies from Alibaba Group to Facebook use stock with enhanced voting power to protect the influence of their founders and management. Such structures have faced opposition from investors, who fear their rights could be eroded amid corporate governance concerns.