Hong Kong stock exchange is one of the world's 3 busiest and biggest stock exchanges, often having the biggest value of IPOs. there are nearly zero IPO in Singapore Exchange, and Singapore Exchange is much smaller than Hong Kong stock exchange.

hong kong stock exchange adopts a regulatory model where it allows the risks of crooked companies to list, but the hong kong watchdogs will investigate crooked companies and fine them and jail their directors.

maybe singapore exchange should adopt the hong kong model by allowing the risk of crooked companies and fraud,

but having proactive regulators to catch the crooks and stamp out fraud? it is like letting in flies through the window into your room, but swatting the flies that get in.