moomoo ID:0
Log Out
Log in to access Online Inquiry

What Are Dual Listing And Secondary Listing?

Views 29512022.09.21

Key Takeaways

● A dual listing refers to a company getting listed on two or more primary stock exchanges.

● Secondary listing is when a company lists its same stock on other stock exchanges than the primary one.

● Dual listing offers companies additional capital and higher liquidity because their shares are accessible to more investors.


A dual listing is when a company goes public on two or more stock exchanges; both or all are considered primary.

In a secondary listing, the company lists its stock on other stock exchanges than the primary one to expand its investor base.

How a Dual Listing Works

Generally, companies that intend to get dual-listed would first choose to go public in their home countries. Then they would get listed on stock exchanges in other countries, considering their business models and major markets.

Many American firms choose to go public domestically only because the US capital market is the largest in the world.

For non-American companies, the depth of the US capital market is also attractive.

Technically, a company has to meet every exchange's requirements before getting dual-listed. The process is usually time-consuming and costly, involving stringent scrutiny and regulation. Furthermore, shares of a dual-listed company cannot be directly traded in different jurisdictions. Its stock price can be affected by trading hours and exchange rates.

On the other hand, a dual listing gives the company access to more potential investors, increasing the possibility of raising more capital and providing higher liquidity. The company may also use it to improve its international image.

How a Secondary Listing Works

A secondary listing is under less scrutiny and regulation than a dual listing, so the procedures involved are usually simpler. A company that seeks a secondary listing may also enjoy more requirement waivers and exemptions.

Generally, a secondary-listed company only needs to abide by regulations of the primary exchange, without having to pay for the cost of a complete listing on other exchanges.

Since the shares can be traded across exchanges, the company's stock price in different jurisdictions remains essentially the same (adjusted for exchange rates).

So the share price in the secondary market is subject to price fluctuations in the primary market.

Moreover, it's important to differentiate between secondary listings and American Depositary Receipts (ADRs). Technically, ADRs are contracts representing securities of a public company and can be traded on multiple exchanges.


Both dual listing and secondary listing have their pros and cons. It's up to the company to decide which form suits its goals and priorities better.

Trade like a pro with moomoo

Get free stock and start your professional trading today

Terms and conditions apply right-arrow

This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information having regard to your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty as to its adequacy, completeness, accuracy or timeliness for any particular purpose of the above content.

Moomoo is a financial information and trading app offered by Moomoo Technologies Inc.

In the U.S., investment products and services available through the moomoo app are offered by Moomoo Financial Inc., a broker-dealer registered with the U.S. Securities and Exchange Commission (SEC) and a member of Financial Industry Regulatory Authority (FINRA)/Securities Investor Protection Corporation (SIPC).

In Singapore, investment products and services available through the moomoo app are offered through Moomoo Financial Singapore Pte. Ltd. regulated by the Monetary Authority of Singapore (MAS). Moomoo Financial Singapore Pte. Ltd. is a Capital Markets Services Licence (License No. CMS101000) holder with the Exempt Financial Adviser Status. This advertisement has not been reviewed by the Monetary Authority of Singapore.

In Australia, financial products and services available through the moomoo app are provided by Futu Securities (Australia) Ltd, an Australian Financial Services Licensee (AFSL No. 224663) regulated by the Australian Securities and Investment Commission (ASIC). Please read and understand our Financial Services Guide, Terms and Conditions, Privacy Policy and other disclosure documents which are available on our websites https://www.futuau.com and https://www.moomoo.com/au. Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd. and Futu Securities (Australia) Ltd are affiliated companies.