While it was a positive story for markets globally through June, emerging market indices specifically were up and APAC demand was strong (+16% month-over-month). Since April, APAC markets have been bolstered by easing trade tensions due to the 90-day tariff pause on U.S. and China trade deals. With a slight extension until August 1 on the tariff pause, the pending expiration has begun to build uncertainty. 

While APAC growth has been significant, the standout market so far this year has been Hong Kong with significant increases in activity and fees – DataLend data reports a +10.6% increase in fees for H1 2025. The biggest driver of this has been the increase in IPO listings with IPO activity almost 8 times that seen for the first half of 2024. With Chinese firms concerned about delisting potentials in the U.S., Hong Kong is the market of choice with 44 IPOs in the first half of the year and some predicting the number could break 100 by the end of the year. Hong Kong is on track to retake the crown of top fund-raising venue globally, and with continued IPO fuelled growth almost assured, Hong Kong is expected to remain a strong market within the Asia region for the foreseeable future.