On November 9, 2025, during the annual conference of The Chinese Finance Association (TCFA), Bob McCooney, Vice Chairman and Global Head of Capital Markets at Nasdaq, shared insights on the IPO market's recovery this year, driven by multiple factors. He emphasized that Asia remains the primary growth engine for international business.
McCooney reflected, "When I took over international operations in 2008, nearly all companies listing in the U.S. were from China—a trend that lasted a decade." Over time, capital flows shifted toward Southeast Asia, with companies like Grab becoming iconic cases. Now, Japan and South Korea are emerging as new growth hubs. Nasdaq has seen a near-doubling in Japanese IPOs this year, with South Korean firms also maintaining a steady pipeline. He predicts a new landscape where China, as the world's second-largest economy, retains its entrepreneurial significance, Southeast Asia stays dynamic, and North Asia becomes the next growth frontier.
"You understand the entrepreneurial spirit of Chinese founders, right? Many start businesses with a goal—to list on Nasdaq one day. We’ve benefited greatly and are deeply grateful for their trust," McCooney noted. While acknowledging shifts in regional weightings, he stressed, "China’s dominance in volume won’t be overtaken soon."
McCooney also highlighted Hong Kong’s booming IPO market, crediting its enhanced appeal to successes like POP MART. "Bonnie [HKEX CEO Bonnie Chan] and her team have done an exceptional job," he said. Data shows HKEX led global IPO fundraising in the first three quarters of 2025, raising HKD 182.3 billion (up 228% YoY), with full-year totals poised to reclaim the global top spot.
He views such competition among exchanges as beneficial, driving industry-wide improvements in liquidity, service quality, and technological innovation. "Our goal is to make Nasdaq the natural choice for companies going global," McCooney asserted.
Having recently traveled to Dubai, Riyadh, Kazakhstan, Vietnam, Jakarta, Singapore, Shanghai, and Tokyo, McCooney emphasized Nasdaq’s commitment to understanding client needs firsthand.
Sector-wise, he remains bullish on mobility (e.g., Pony.ai, WeRide, FlashEx) and emerging industries like space exploration (Firefly). FinTech and crypto firms (Circle, Gemini, Chime, eToro) also sustain market momentum. On rumors of OpenAI’s potential 2026 IPO, McCooney declined specifics but expressed Nasdaq’s ambition to be the "go-to" for AI listings.
In 2025, Nasdaq tightened listing rules, raising minimum public float to $15 million, requiring $25 million minimum IPO proceeds, and streamlining compliance and delisting processes. "Liquidity is paramount," McCooney explained.
TCFA, founded in 1994, is the largest global professional network for Chinese finance professionals, with over 10,000 members.