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Asia-Pacific share sales hit four-year high, led by HK, India
Asia-Pacific share sales reached US$262.7 billion in 2025, the highest level in four years, according to Bloomberg data.
Four of the world’s five busiest equity deal venues were in Asia, driven by strong activity in Hong Kong and India.
KPMG estimates Hong Kong listings could raise up to US$45 billion in 2026, the biggest haul in six years.
Major IPOs expected in 2026 include Baidu’s AI chip unit Kunlunxin, India’s Jio Platforms and Zepto, ChangXin Memory Technologies, and Coca-Cola’s Indian bottling arm.
Other potential listings span across Asia, including Shein in Hong Kong, GCash in the Philippines, and companies in Japan, South Korea, Malaysia, and Singapore exploring domestic or US markets.
🔗 Source: Bloomberg
🧠 Food for thought
Implications, context, and why it matters.
Record issuance doesn’t guarantee investor returns in 2026
- Hong Kong raised US$37.22 billion in 2025 1, first worldwide. Clarity on aftermarket gains or whether deals needed discounts is still missing.
- In the first three quarters, A+H listings (dual listings where a company trades both as A-shares in mainland China and H-shares in Hong Kong) made up half of proceeds 2. Average daily turnover rose 43% 3, yet higher volume can reflect volatility given policy-sensitive trading 4.
- The pipeline tops 300 companies 5, and 2026 fundraising could reach HK$300 billion (US$38.5 billion) 1. Buyers are pickier on profit, governance, and clear AI monetization 4, so many applicants may face delays or lower valuations.
Pre-IPO software and investor relations vendors can target 2026 applicants with listing-readiness tools
- Pre-IPO firms need governance, risk, and compliance (GRC). They also need International Financial Reporting Standards (IFRS)/Hong Kong Financial Reporting Standards (HKFRS) consolidation; Sarbanes-Oxley Act (SOX) readiness for US-bound issuers; environmental, social, and governance (ESG) reporting; plus cybersecurity. Since Chapter 18A/18C took effect, 88 biotech and specialist tech listings have come to market 3. The new Technology Enterprises Channel 3 funnels more qualified issuers, which boosts demand for sector tools.
- The Hong Kong Exchanges and Clearing (HKEX) applicant document portal 6 gives real-time visibility into IPO candidates. India’s Securities and Exchange Board of India (SEBI) Draft Red Herring Prospectus (DRHP) filings offer the same. Investor relations platforms can reach issuers 6 to 12 months before listing, when IR setups get decided.
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