SINGAPORE (BLOOMBERG) - CTR Holdings, a provider of engineering services, is the second Singapore company that has picked Hong Kong over its home ground this year, even with the ongoing anti-government protests in the financial hub. In 2019, 10 Singapore firms debuted in Hong Kong, raising US$155 million (S$208.9 million), a 25 per cent increase from 2018, according to data compiled by Bloomberg.

Hong Kong and Singapore have been vying to be the No. 1 financial hub in Asia. After losing e-commerce giant Alibaba Group Holding to the New York Stock Exchange in 2014, Hong Kong's bourse introduced a number of listing reforms, including one allowing companies with a dual-class share structure to list there. That has enabled smartphone maker Xiaomi and food-delivery giant Meituan Dianping to complete multibillion-dollar initial public offerings in Hong Kong.

The Singapore Exchange (SGX) followed shortly after, revising its listing rules to allow companies to offer shares with different voting rights. But so far, no firm listing on the bourse has adopted the structure.

Singapore remains the preferred listing venue for real estate investment trusts (Reits). Out of the US$2.2 billion raised in that city last year, 98 per cent came from Reits, data compiled by Bloomberg shows. By contrast, Hong Kong saw its first Reit IPO in six years with China Merchants Commercial Real Estate Investment Trust's debut in December.

The amount raised by non-Reit companies in Singapore is a fraction of what they are raising in Hong Kong. In Singapore, six of them raised a total of US$31.9 million last year, 21 per cent of what was raised by Singaporea companies in Hong Kong, the data shows.

SGX announced earlier this month that it will be removing quarterly reporting for companies, except for those associated with higher risk. The bourse mentioned that this is to be in line with other global markets including Hong Kong, Australia, the UK and other European countries.

"It helps save a lot of work as well as unnecessary share price movements for the companies," said Mr Jarick Seet, an analyst at RHB Bank in Singapore. "I don't think this will cause a major factor in the decision-making process but it's a slight positive. The overall decision will still depend on the sector and valuation of the market for that company."