Here’s a List of the Biggest Asian Companies to Watch Out for in 2025

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(Bloomberg) — Traders are eyeing a revival of Asian public offerings in 2025 as India’s pipeline remains strong and Hong Kong recovers.

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New equity sales in India are expected to surpass last year’s record of $20.7 billion, as a strong economy and strong demand from mutual funds fuel stock growth. Meanwhile, share offerings of mainland-listed companies in Hong Kong will boost the city’s IPO market as offshore deals, which once dominated the region’s volumes, slow.

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“We’re starting to see a lot of activity in terms of applications for the 2025 proposal,” with a lot of deals related to the theme between the country and Hong Kong, said Aaron Oh, head of Asia-Pacific capital markets at UBS Group AG. .

Here are some of the biggest potential stock sales to watch in Asia this year.

Hong Kong deals

• Contemporary Amperex Technology Co.: The world’s leading electric vehicle battery maker, better known as CATL, is preparing for a second listing in Hong Kong that could raise at least $5 billion, making it the city’s biggest since early 2021.
• Jiangsu Hengrui Pharmaceuticals Co.: The company is said to be considering a Hong Kong listing that could raise at least $2 billion.
• Foshan Haitian Flavoring & Food Co.: A second listing for Haitians, one of China’s largest manufacturers, could raise at least $1.5 billion.
• Seres Group Co.: Huawei Technologies Co.’s electric vehicle partner. he is said to be putting together a Hong Kong listing that could raise more than $1 billion.
• Eastroc Beverage Group Co.: The Chinese energy drink maker is said to be considering a Hong Kong listing that could raise as much as $1 billion, after a previous plan to sell Swiss shares fell through.

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India IPOs

• HDB Financial Services Ltd.: A unit of HDFC Bank Ltd., India’s largest private sector lender, plans to raise up to 125 billion rupees ($1.5 billion) through an IPO.
• LG Electronics India: South Korean company LG Electronics Inc. is said to be considering a total investment of up to $15 billion for the listing of its Indian unit in the first half of this year.
• Quest Global Services Pte: The Carlyle Group Inc. is said to be weighing an IPO for the engineering services company that could raise about $1 billion.
• Zetwerk Pvt Ltd.: The supply chain startup is said to be considering fundraising options including an IPO that could help raise up to $1 billion.
• Indian Business of Mahle GmbH: The German auto parts maker is said to be putting together an IPO for its Indian business, and the deal could raise up to $400 million.

Other Asian listings

• The Shein Group: The online fashion retailer could list shares in London as soon as early this year, in an IPO that could value the company at £50 billion ($62 billion).
• JX Advanced Metals Corp.: Japanese oil refiner Enos Holdings Inc. is said to be considering selling about 70% of the chip-material maker in an initial share sale that could raise up to ¥700 billion ($4.5 billion).
• Chery Automobile Co.: The automobile unit of Chery Holding Group Co. may seek a valuation of more than 100 billion yuan ($14 billion) in a Hong Kong IPO as early as this year.
• MMC Port Holdings Sdn.: The port operator is said to be weighing an IPO in Kuala Lumpur that could raise up to 7 billion ringgit ($1.6 billion), potentially making it Malaysia’s biggest in more than a decade.
• GCash: The largest fintech platform in the Philippines is said to be considering an IPO that could raise $1 billion to $1.5 billion in the second half of 2025, a size that would likely make the listing the country’s largest ever.

—Courtesy of Julia Fioretti and Manuel Baigorri.

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