The center of support for Asian companies pursuing IPOs and U.S. listings, previously focused on China, is said to be shifting to Southeast Asia and Japan, with the number of IPOs in Malaysia increasing and Japanese companies advancing preparations for U.S. listings.
MarcumAsia, a New York-based accounting and advisory firm, expects the share of its China-related work to fall from 95% in 2021 to 50% or less by 2026. The firm explained that work related to Southeast Asia is expected to account for the majority, pointing to a broader distribution of investment opportunities in Asia beyond China.
According to the firm, as support for Asian companies seeking U.S. listings shifts toward Southeast Asia, the move away from a China-centered model is being viewed as part of a long-term trend. Bernstein believes that more than half of leading unicorn companies and M&A activity will originate in Asia over the next approximately 10 years.
Malaysia accounted for 36 of the 47 IPOs conducted in Southeast Asia in the first half of 2026, the highest number in the region. Japanese companies are also said to be moving from considering whether a U.S. listing is feasible to making concrete preparations, as efforts to expand overseas gather momentum.
The Japan Go IPO Summit was held in September, with more than 600 people registering and 100 Japanese private companies participating. Bernstein said the event reflected growing interest in overseas expansion among Japanese companies.