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An issuer applying for listing of its equity securities on the Global Listing Board must meet the following conditions. The Exchange may, in its absolute discretion, waive or modify compliance with such conditions:
(1) Shareholding Spread
An issuer must have at least 500 shareholders worldwide and an arrangement must be in place to facilitate the movement of securities between U.S. and Singapore.
(2) Quantitative Standards
An issuer must:
(a) have a market capitalisation of at least S$2 billion based on the issue price and post-invitation issued share capital; and
(b) satisfy one of the following requirements:
| (i) | Revenue requirement | Total revenue of at least US$90 million in the latest completed financial year; or |
| (ii) | Income requirement | (A) Aggregate income from continuing operations before income taxes of at least US$11 million over the prior three financial years; (B) Positive income from continuing operations before income taxes in each of the prior three financial years; and (C) At least US$2.2 million income from continuing operations before income taxes in each of the two most recent financial years; or |
| (iii) | Assets with equity requirement | (A) Total assets of at least US$80 million; and (B) Shareholders' equity of at least US$55 million. |
Further details are set out in Practice Note 2.1.
(3) Primary Listing on the Nasdaq Global Select Market
An issuer applying for admission to the Official List must be primary listed on the Nasdaq Global Select Market on or before the date of admission.
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(1) The financial statements submitted with the listing application, and future periodic financial reports, must be prepared in accordance with, or reconciled to, Singapore Financial Reporting Standards (International), International Financial Reporting Standards, or U.S. Generally Accepted Accounting Principles.
(2) The annual financial statements must be audited by certified public accountants in accordance with Singapore Standards on Auditing, International Standards on Auditing, U.S. Generally Accepted Auditing Standards, or auditing standards of the Public Company Accounting Oversight Board (United States).
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All securities will be quoted in Singapore dollars or United States dollars, unless the Exchange agrees to a quotation in another foreign currency. Issuers are encouraged to consult the Exchange if they prefer a quotation in another foreign currency.
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Arrangements satisfactory to the Exchange must be made to enable shareholders in Singapore to register their shareholdings promptly.
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An issuer without a Singapore resident independent director must engage a Singapore-based compliance adviser, unless otherwise allowed by the Exchange.
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Unless the Exchange prescribes otherwise, equity securities of an issuer may only be listed on the Exchange if such equity securities, or, if applicable, the underlying shares or sponsored ADRs related to such securities, are listed on Nasdaq and are eligible for trading on a U.S. national securities exchange, whether through registration with the SEC or otherwise.