Snap's controversial "no vote" shares have spurred a debate over the merits of dual-class stocks, and the Singapore Exchange (SGX) — which is striving to become the first Asian market to allow such a structure — said it would not consider a listing as "radical" as Snap.
In an interview with CNBC, SGX's head of capital market development Mohamed Nasser Ismail said the proposed Singapore system calls for some regulatory control and safeguards of investors' rights.
"I don't think what we have envisaged for dual-class share structure is until that extent, where investors are merely financial investors and have no say in the direction of the company. We're not there yet. We're not the U.S. market that has other mechanisms for regulating corporate excesses like class action suits," he told CNBC on Monday.
"So, an offering like Snap is not something that would be considered here, not at this time. It's pretty radical," he added.