The Asia-Pacific region’s initial public offering market continued its upward trajectory despite market volatility and geopolitical tensions.
In the first seven months of 2025, 385 listings raised a “$28.4 billion in the region, which marks a 32.6% year-on-year (YoY) increase in IPO proceeds.”
Greater China emerged as the clear leader, driven by Hong Kong’s resurgence and “shifting global capital flows toward Chinese assets amid the evolving economic dynamics,” reveals GlobalData, a data and analytics company.
An analysis of GlobalData’s Deals Database reveals “that the Greater China region accounted for a significant 30% of total activity with 114 listings that amassed a remarkable $14.7 billion.”
At the forefront of this trend is Hong Kong, which is “experiencing a robust rebound fueled by a substantial influx of capital from both mainland China and international investors.”
This resurgence is driven by “evolving global economic dynamics, including shifts in focus due to US tariffs and the devaluation of the US dollar, which has led investors to actively reprice and acquire Chinese assets.”
The convergence of these onshore and offshore financial flows “is actively reshaping Hong Kong’s investor landscape, forging a balanced and dynamic mix of participants poised to capitalize on new and emerging market opportunities.”
Murthy Grandhi, Company Profiles Analyst at GlobalData, comments:
“The Indian IPO market has demonstrated notable growth in the first seven months of 2025, with proceeds more than doubling to $6.3 billion, up from $2.8 billion during the same period in 2024. However, this surge comes alongside a 21.5% decline in the number of listings, indicating a more selective approach from both issuers and investors. Companies are increasingly prioritizing optimal market timing and valuation strategies, a trend influenced by ongoing global uncertainties and geopolitical tensions. As a result, several high-profile firms have chosen to postpone their listings or reassess their valuations, reflecting a cautious environment.”
Despite these near-term challenges, “the regulatory landscape remains supportive, with many companies securing the necessary approvals and standing ready to launch their offerings when market conditions align with their strategic goals.”
The pipeline for IPOs is particularly steady in key “growth sectors, such as technology—including fintech—and healthcare, suggesting that while the current climate may be cautious, the future holds significant potential for savvy investors and issuers.”
During the period, both South Korea and Japan experienced “a decline in total IPO listings, grappling with headwinds stemming from global uncertainties.”
Financial markets were particularly volatile following the US administration’s announcement of “reciprocal” tariffs in early April, which “heightened concerns among investors.”
Additionally, the ongoing US-China trade tensions “have further contributed to the challenging environment, impacting market confidence and overall IPO activity in the region.”
APAC’s IPO landscape was dominated by “the technology and communications industry, with 62 transactions amounting to a total of $2.8 billion, followed by industrial goods and machinery, which recorded 50 deals with overall value of $3.1 billion.”
Few significant IPOs “include Contemporary Amperex Technology and JX Advanced Metals fetching $4 billion and $2.4 billion, respectively.”
GlobalData forecasts further momentum in both the Chinese mainland and Hong Kong markets, “supported by policy incentives, increased interest in A+H listings, targeted support for technology and biotech firms, and a renewed appetite for returning Chinese concept stocks.”
Grandhi concludes:
“As market participants look ahead to the second half of 2025, they anticipate improved performance fueled by stabilizing macroeconomic conditions, easing inflationary pressures, and supportive government initiatives. In contrast, Japan’s IPO market faces multiple challenges that may dampen activity, including regulatory tightening, stricter IPO standards, and ongoing political and economic uncertainty. However, the combination of improving domestic economic fundamentals and a robust pipeline of quality issuers positions India’s IPO market for potential acceleration as investor sentiment strengthens and market volatility subsides.”