Citigroup's Co-Head of Equity Capital Markets for Asia, Zhou Weiming, stated that the equity issuance environment in the Asia-Pacific region is expected to remain highly favorable this year, driven by a weakening US dollar and anticipated interest rate cuts in the United States. Last year, IPO fundraising in India and Hong Kong reached approximately $20 billion and $37 billion, respectively, and this year's proceeds in both markets are projected to surpass those records. Furthermore, the Asia-Pacific region could see the emergence of mega IPOs this year with fundraising sizes ranging from $5 billion to $10 billion.

Jan Metzger, Co-Head of Investment Banking for Asia at Citigroup, anticipates that Hong Kong will deliver a strong performance in equity capital market activities this year, expecting some international companies to also list in the city. Zhou Weiming added that markets such as Hong Kong, China; Taiwan, China; Japan; and South Korea are benefiting from the AI trend, being the most active in artificial intelligence investments. "Although there have been some recent pullbacks, I view this as a healthy global correction," he remarked.

Looking ahead to 2026, Citigroup forecasts an increase in merger and acquisition activities from the Gulf Cooperation Council (GCC) targeting Asia, particularly China and related financing. Jan Metzger commented, "China and Asian markets remain crucial for our global clients. Multinational corporations will continuously seek regional growth opportunities, and a majority of our business is inherently cross-border."

Regarding industry themes, Metzger indicated that healthcare, technology, media, and telecommunications (TMT), along with AI, will dominate the financing landscape, and the trend of A-share to H-share listings is expected to continue in the equity capital markets (ECM). On the subject of convertible bonds, Metzger noted that this instrument remains highly attractive to Citigroup's clients, stating, "In this era of increasingly complex global dynamics, bonds that genuinely appeal to clients are particularly favored by investors."