Investment banks handle $61.2b Asia-Pacific share sale boom

China raised $37.8b and accounted for 61.7% of regional proceeds.

Equity and equity-related issuance in Asia-Pacific excluding Japan reached a three-year high of $61.2b in the year to date in first quarter 2026 (Q1 2026), up 40.3% from a year earlier. 

The number of ECM issues rose 6.5%, according to LSEG’s Asia-Pacific Investment Banking Review report for Q1 2026.
China remained the region’s largest market, accounting for 61.7% of proceeds, with $37.8b raised. 

That was 42.9% higher than a year earlier. India and Taiwan followed with market shares of 9.6% and 7.1%, respectively.

Initial public offerings raised $13.3b, up 51.0% from a year earlier, despite a 19.0% fall in the number of IPOs. IPOs accounted for 21.7% of overall ECM proceeds.

Follow-on offerings raised $35.9b, up 31.6% year on year, and made up 71.4% of regional proceeds. 

Convertible issuance totalled $12.0b, up 58.8%, as the number of convertible deals increased 23.1%.

The high technology sector was the largest source of ECM activity, with a 28.3% market share and $17.3b raised, up 151.5% from a year earlier. 

Materials ranked second with $9.7b, a 15.8% share and a 130.1% year-on-year increase. Industrials accounted for 14.2% of the market with $8.7b, down 18.6% from a year earlier. 

Healthcare was the strongest-growing sector, with issuance rising 120.1% year on year.

The largest Asia Pacific ECM deal so far this year was China Shenhua Energy Co Ltd’s $2.89b follow-on offering in Shanghai on 30 March, 2026.

It was followed by Wiwynn Corp’s $2.00b convertible issue in Singapore on 25 March, 2026 and Wuyuan Foods Co Ltd’s $1.55b follow-on offering in Hong Kong on 23 February, 2026.

Morgan Stanley ranked first for Asia Pacific ECM underwriting, with a 9.8% market share and $6.0b in related proceeds.