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China Leads Asia-Pacific Capital Markets in 2025

Published: Jan. 6, 2026 3:49 p.m. GMT+8

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China dominated Asia-Pacific capital markets excluding Japan in 2025, driving a record year for bond issuance and helping fuel a broader recovery across equity and mergers and acquisitions (M&A), according to LSEG Deals Intelligence.

Primary bond issuance by Asia-Pacific-domiciled issuers, excluding Japan, reached $5 trillion, the highest annual total on record since tracking began in 1980. Chinese issuers accounted for more than 80% of the total.

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Asia-Pacific bond issuance (excluding Japan) hit a record $5 trillion in 2025, with Chinese issuers contributing over 80%.
Equity capital markets rebounded, with almost half of all regional equity fundraising from China, notably via IPOs and follow-ons in Hong Kong.
M&A activity reached a four-year high, boosting investment banking revenues through increased debt, equity, and advisory transactions.

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LSEG Deals Intelligence: LSEG Deals Intelligence reported that China dominated Asia-Pacific capital markets (excluding Japan) in 2025. Chinese issuers were responsible for over 80% of the record $5 trillion primary bond issuance and nearly half of the region's equity capital. This activity contributed to a broader recovery in equity and M&A, and increased investment banking revenues.

AI generated, for reference only