LEAP Market Bursa Malaysia: What Investors & Entrepreneurs Need to Know
•By Maher Alias
Artikel ini juga tersedia dalam Bahasa Melayu
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Many investors in Malaysia are only familiar with the Main Market and ACE Market on Bursa Malaysia, but there is actually another lesser-known market segment — the LEAP Market. This platform is designed specifically for SMEs (Small and Medium Enterprises) looking to raise capital through the capital market, and it is only accessible to sophisticated investors. This article will break down everything about the LEAP Market — from listing requirements to how you can invest in it.
LEAP stands for Leading Entrepreneur Accelerator Platform — a market segment on Bursa Malaysia launched in 2017. It was specifically designed to provide opportunities for small and medium enterprises (SMEs) that have not yet met ACE Market listing requirements to raise capital and enhance their profile through the capital market.
Unlike the Main Market and ACE Market, the LEAP Market is an adviser-driven market and is only accessible to sophisticated investors — meaning regular retail investors cannot purchase shares of companies listed here.
Since its launch in 2017, the LEAP Market has achieved several important milestones. According to The Star, as of May 2025:
By sector, LEAP Market companies comprise:
However, the rate of new listings has slowed — only 1 company in 2023, 4 in 2024, and 1 as of May 2025. This indicates challenges that still need to be addressed to make the LEAP Market more attractive to SMEs.
For context, Bursa Malaysia has a total of 1,072 listed companies: Main Market (809), ACE Market (218), and LEAP Market (45).
The LEAP Market has the most relaxed listing requirements compared to the Main Market and ACE Market. Here are the key criteria according to Bursa Malaysia:
| Criteria | Requirement |
|---|---|
| Company type | Public company incorporated in Malaysia |
| Core business | Must have a clearly defined core business |
| Minimum operating track record | None — even new companies can apply |
| Minimum profit | None — no profit requirement for listing |
| Public spread | Minimum 10% of total ordinary shares |
| Adviser | Must appoint a Continuing Adviser for a minimum of 3 years post-listing |
The absence of minimum profit and operating track record requirements makes the LEAP Market an ideal choice for:
This is the most unique aspect of the LEAP Market — only sophisticated investors can buy and sell shares on this platform. According to Schedules 6 & 7 of the Capital Markets and Services Act 2007 (CMSA), sophisticated investors include:
Important note: Sophisticated investor criteria were expanded on 1 July 2021 to broaden the LEAP Market investor base.
Understanding the differences between these three market segments is important for investors and entrepreneurs. Here is a quick comparison:
| Aspect | Main Market | ACE Market | LEAP Market |
|---|---|---|---|
| Company type | Large & established | Medium & growing | SMEs & startups |
| Operating track record | 3-5 years | No minimum | No minimum |
| Minimum profit | Yes (RM20 million+ market cap) | None | None |
| Investors | All investors | All investors | Sophisticated investors only |
| Minimum public spread | 25% | 25% | 10% |
| Adviser | Not required | Required (3 years) | Required (3 years) |
| Number of companies | 809 | 218 | 45 |
| Liquidity | High | Moderate | Low |
For a deeper understanding of the differences between these market boards, read our articles on Main Market vs ACE Market differences and 3 market boards on Bursa Malaysia.
One of the main attractions of the LEAP Market is that it can serve as a stepping stone for listing on the ACE Market. The transfer framework came into effect on 1 April 2023 with the following requirements:
To date, 7 companies have successfully transferred from LEAP to ACE Market. The most recent example is Jishan proposing its transfer to the ACE Market in December 2025 after being listed on LEAP since February 2021.
Transferring to the ACE Market opens the door to retail investors — meaning share liquidity increases dramatically and the company gains access to a much larger investor base.
For Entrepreneurs/Companies:
For Sophisticated Investors:
If you meet the sophisticated investor criteria, here are the steps to invest in the LEAP Market:
Important: Due to low liquidity, be prepared to hold your investments for a longer period. Do not expect to sell as easily as shares on the Main Market.
LEAP (Leading Entrepreneur Accelerator Platform) Market is a market segment on Bursa Malaysia launched in 2017 to provide listing and capital-raising opportunities for SMEs. It is only accessible to sophisticated investors.
No. Only sophisticated investors are eligible — individuals with net assets exceeding RM3 million, annual income exceeding RM300K, or capital market investments exceeding RM1 million. Regular retail investors are not permitted.
As of 2025, there are 45 companies still listed on the LEAP Market. Since 2017, 57 companies have been listed — 7 transferred to ACE Market and 5 were delisted.
Yes. Since April 2023, LEAP companies that have been listed for a minimum of 2 years and meet ACE Market requirements can apply for transfer. 7 companies have successfully done so to date.
The LEAP Market offers the most relaxed listing requirements — no minimum profit requirement, no minimum operating track record, and lower listing costs. It also serves as a stepping stone to the ACE Market.
Key risks include very low liquidity (difficulty buying and selling shares), smaller and riskier companies, and a limited investor base that affects efficient price discovery.
Shariah compliance status depends on individual companies. The Securities Commission Malaysia issues a Shariah-compliant securities list updated twice a year, and some LEAP Market companies are included in that list.
The LEAP Market is a regulated market on Bursa Malaysia with formal listing requirements and ongoing oversight, while equity crowdfunding through SC-licensed platforms like pitchIN allows retail investors to invest with smaller amounts without shares being listed on the exchange.
The LEAP Market plays an important role in Malaysia's capital market ecosystem as a platform for SMEs to raise capital and build corporate credibility. While it faces challenges in terms of liquidity and listing rates, the transfer framework to the ACE Market makes it an attractive pathway for companies planning long-term growth. For sophisticated investors, it offers a unique opportunity to invest in high-potential companies at an early stage.
While the LEAP Market is restricted to sophisticated investors, you can start building your investment portfolio on the Main Market and ACE Market which are open to all investors.
Open a CDS Trading Account to start investing in shares listed on Bursa Malaysia and take advantage of investment opportunities across various market segments.
Download the free Stock Market Basics Ebook to understand the fundamentals of stock investing including the differences between market boards on Bursa Malaysia.