The report reviews HKEX disclosures of interests on equity-backed financing from January 2024 to March 2025. The study finds that there is no material impact on the share price after the equity-backed financing disclosures, with activity spread across small, mid and large caps and most concentrated in the healthcare and information technology sectors.

Analysis of our equity-backed financing deals indicates that there is no material impact on the share price performance after share pledging. Firms in the consumer discretionary, health care, industrials and information technology industries have periodically used equity-backed financing.

DeepSeek’s breakthrough in resource-efficient AI has sparked a powerful rally in Chinese stock markets, propelling major Internet and technology stocks to rise and underscoring strong government support for private-sector innovation.

In 2024, Japan's economy showed resilience, with the Nikkei 225 gaining 19%, supported by a weak yen and accommodative monetary policy. The Bank of Japan raised interest rates twice, ending negative rates, while strong exports, tourism and rising wages boosted market confidence. Looking ahead to 2025, gradual rate hikes are expected, balancing economic growth and inflation control.

This 2025 Outlook report provides a comprehensive review of 2024 and outlook for 2025 across asset classes in the US, China, Japan and crypto. While 2024 saw varied market performances with different developments in each region, the outlook for 2025, as forecasted by current market, is optimistic with anticipated stable growth influenced by policies.

This report analyses 2020-2024 share price performance and IPO capital raising trends for large-cap and small-cap companies in Hong Kong, China ADRs and Japan, noting large caps generally outperformed small caps due to better fundamentals and resilience in current volatile markets.