Market overview

GSN covers six Asian markets: China, Japan, India, Singapore, Hong Kong and South Korea. They share a time zone band and very little else, because each runs its own board structure, admission tests and foreign-access regime.

Read the full overview and sources

Japan is the region’s largest single venue by listed count. The Tokyo Stock Exchange, operated by Japan Exchange Group, restructured its cash market into three segments, and JPX reported 1,549 companies on Prime, 1,557 on Standard, 598 on Growth and 187 on the TOKYO PRO Market as of Sep. 02, 2026, a total of 3,891 listed companies, of which only 5 are foreign. Prime is the segment for companies with the broadest investor base, Standard for established issuers, Growth for earlier stage ones. TOPIX, the exchange’s benchmark, is calculated from domestic common stocks on Prime, Standard and Growth, excluding issues on Special Alert and those designated as securities to be delisted.

Singapore and Hong Kong are the region’s two international listing centres. SGX admits companies to its Mainboard under Rule 210, which offers three quantitative routes: consolidated pre-tax profit of at least S$10 million in the latest financial year with a three-year track record, profitability plus a market capitalisation of not less than S$150 million, or operating revenue plus a market capitalisation of not less than S$300 million. A secondary listing needs at least 500 shareholders worldwide, and where SGX and the primary home exchange have no framework to move shares between jurisdictions, at least 500 shareholders in Singapore or 1,000 worldwide. Hong Kong’s markets are supervised by the Securities and Futures Commission, an independent statutory body outside the civil service that regulates intermediaries, listings, products and market conduct.

The mainland link runs through Stock Connect, and it is the single most consequential cross-border mechanism in Asian equities. Only A shares and eligible ETFs listed on the Shanghai and Shenzhen exchanges are included in Northbound trading; B shares, bonds and other products are not. An SSE A Share Index constituent qualifies for Northbound trading if it has a daily average market capitalization over the last six months of RMB5 billion or above and a daily average turnover of RMB30 million or above, and has not been suspended on 50% or more of trading days in that period. Southbound access is narrower still: mainland institutional investors, plus individuals holding an aggregate balance of not less than RMB 500,000 across their securities and cash accounts.

India sits outside those plumbing arrangements and is governed instead by a dense body of statutory regulation. The Securities and Exchange Board of India maintains separate regulations for issue and listing of non-convertible securities, delisting of equity shares, share based employee benefits and index providers, each carrying its own amendment date, the most recent additions being the Mutual Funds Regulations, 2026 and Stock Brokers Regulations, 2026.

Index classification captures how differently outside money treats these markets. In the FTSE Equity Country Classification of Markets as at September 2023, Japan, Hong Kong, Singapore and South Korea are Developed, while China and India are Secondary Emerging, which is why index-inclusion decisions remain live news in the latter two and settled in the former.

Sources

This overview is based on the official documents listed below, last checked 2026-09-03. Figures are as stated in those documents.

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