ACE vs Main vs LEAP Market: Bursa Boards Compared
The short answer
Bursa Malaysia runs three listing platforms: the Main Market for larger, established companies, the sponsor-led ACE Market for small and mid-sized companies, and the LEAP Market as a feeder market for smaller enterprises [1]. Main and ACE shares are open to the public, but LEAP is restricted to sophisticated investors [1][2]. ACE companies can later move to the Main Market once they meet its profit track record [3].
What are Bursa’s three boards?
Bursa Malaysia offers three listing platforms: the Main Market, the ACE Market and the LEAP Market [1]. They differ in the type of company, the way suitability is assessed and the investors allowed to trade.
The Main Market is for established companies that meet a minimum profit track record or a minimum size based on market capitalisation, or that hold the right to build and run an infrastructure project [1]. According to Bursa’s listing criteria page, the profit test asks for aggregate after-tax profit of at least RM30 million over the most recent three full financial years and at least RM15 million in the latest year, while the market capitalisation test asks for at least RM500 million upon listing [1]. The page states no effective date, and it was read on 29 October 2026 [1]. The ACE Market is a sponsor-led market aimed at companies with strong growth prospects [1]. The LEAP Market is an adviser-driven market for small and medium-sized companies seeking greater access to capital [1].
Our glossary has one-line definitions of the Main Market and the ACE Market. This article focuses on how they compare, because that comparison is what changes how you read a stock’s risks.
How do the three boards compare side by side?
The table below summarises the differences that matter most to an investor.
| Feature | Main Market | ACE Market | LEAP Market |
|---|---|---|---|
| Type of company | Established; profit track record or size test [1] | Growth-oriented [1] | Smaller; adviser-driven [1] |
| Track record rule | Minimum profit or size test [1] | No minimum profit or track record [1] | No minimum profit or track record [1] |
| Suitability judged by | Regulator tests [1] | Sponsor [1] | Adviser [1] |
| Who may invest | Public [1] | Public [1] | Sophisticated investors only [1][2] |
| Public shareholders at listing | At least 1,000 holding 100+ shares [1] | At least 200 holding 100+ shares [1] | At least 10% of shares in public hands [1] |
Two points follow. First, a lower entry bar for listing means more of the due diligence falls on you as an investor. Second, the investor restriction on LEAP means ordinary retail accounts cannot normally buy those shares, so most readers will deal only with Main and ACE.
Who can invest in LEAP Market stocks?
Only sophisticated investors, as defined under Schedules 6 and 7 of the Capital Markets and Services Act 2007, can invest in LEAP Market stocks [2]. Bursa’s own FAQ gives examples: an individual with total net personal assets above RM3,000,000 or gross annual income above RM300,000 in the preceding twelve months, or a corporation with total net assets above RM10,000,000 based on its last audited accounts [2]. The FAQ page states no effective date, and it was read on 29 October 2026 [2].
The restriction exists because the market is a qualified one. When Bursa introduced a route for LEAP companies to move up in 2023, it noted that the LEAP Market was launched on 25 July 2017 as a qualified market accessible only to sophisticated investors [5]. Thresholds and rules can be revised, so confirm the definition in force with Bursa Malaysia or the Securities Commission before relying on these figures.
How do ACE and Main Market listing rules differ?
The main difference is how suitability is judged. For the Main Market, an applicant must pass one of the listing tests, such as the profit test or the market capitalisation test [1]. For the ACE Market, there is no minimum operating track record or profit requirement; a sponsor assesses whether the business suits the market, and sponsorship is required for at least three full financial years after admission, or at least one full financial year after the company has generated operating revenue, whichever is later [1].
Sponsors consider factors such as business outlook, corporate governance and the effectiveness of internal controls [3]. Applicants to the ACE Market are also expected to show visible growth prospects, an effective leadership team, adequate systems and a risk management system [3].
The regulators’ roles have also shifted. Bursa Securities has taken over prospectus review and registration for ACE Market IPOs from the Securities Commission since 1 January 2022 [6]. Listing criteria are revised from time to time, and the Securities Commission publishes its Equity Guidelines in dated revisions [7]. Always check the version in force when comparing.
What does a sponsor do on the ACE Market?
A sponsor is a principal adviser that assesses whether a company is suitable for the ACE Market and takes responsibility for that judgement [3]. In practice, it fills the role that a profit track record plays on the Main Market.
For an investor, this has two practical effects. A sponsor’s involvement is a layer of scrutiny, but it is not a guarantee of quality. And because ACE companies need not show a profit record, their earnings history may be shorter or less stable. Read the financial statements and treat each business on its own evidence.
Can a company move from ACE to Main?
Yes. Companies listed on the ACE Market can eventually transfer to the Main Market, provided they achieve the profit track record required for the Main Market [3]. The Edge Malaysia reported that this transfer is simpler because both markets serve the same pool of investors [4].
LEAP companies have their own route to the ACE Market. Under a framework introduced on 31 March 2023, a LEAP company must have been listed on LEAP for at least two years, be assessed as suitable for the ACE Market by a sponsor, and undertake a public issue of shares on the ACE Market [5]. It must also withdraw its LEAP listing and give shareholders an exit offer [5]. A move upwards is possible, not automatic.
How should a beginner use this?
Use the board as a risk label. A Main Market listing implies an established record; an ACE listing implies a growth story that you must test yourself. Our guide for beginners explains how to set up a routine for that testing.
Frequently asked questions
Can retail investors buy LEAP Market shares?
LEAP is accessible only to sophisticated investors [2], so ordinary retail accounts generally cannot.
Is the ACE Market riskier than the Main Market?
ACE has no minimum profit track record [1], so its companies may have shorter records. That is a feature of the board, not a verdict on any single company.
Does a sponsor guarantee an ACE company is sound?
No. A sponsor assesses suitability for listing [1], but investors still need to read the financial statements.
How long must a company wait to move from LEAP to ACE?
Under the 2023 framework, a LEAP company must have been listed for at least two years and meet the other conditions [5].
Sources
- Bursa Malaysia — Listing Criteria page: Main, ACE and LEAP admission criteria, profit and market capitalisation tests, public spread, sponsorship and investor type (page states no effective date; read 29 October 2026)
- Bursa Malaysia — FAQs on General Information of LEAP: sophisticated investor definition and examples with RM thresholds (page states no effective date; read 29 October 2026)
- Conventus Law — sponsor factors for ACE Market applicants and transfer to Main Market
- The Edge Malaysia — ACE and Main sharing the same pool of investors
- Mondo Visione (Bursa Malaysia media release) — LEAP Market launch date and LEAP-to-ACE transfer framework of 31 March 2023
- Transatlantic Law International — Bursa Securities taking over ACE Market prospectus review and registration from 1 January 2022
- Securities Commission Malaysia — Equity Guidelines published in dated revisions
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