SGX is finding increasingly hard to attract companies to list.

https://sg.finance.yahoo.com/news/more-chinese-firms-saying-goodbye-044700267.html

SGX is nothing compared to HKEX as HKEX is 10x bigger than SGX.  SGX can only attract mid-size and small companies to come to list on SGX.

When China companies don't come to SG, SG stock valuations will fall because of illiquidity.