Reflecting on a very busy year, the FinanceAsia editorial team has selected five important stories from Asia Pacific’s financial markets across the last 12 months. Here they are:
M&A: A proposed merger of Nissan and Honda, two Japanese automakers, was scrapped in February. The proposed deal, which could have given birth to the world’s third-largest carmaker, was linked to Japan’s longer than expected corporate reform journey. Although there has been an uptick in M&A in Japan overall with private equity firms being particularly active, another deal that didnt happen was Canada’s Alimentaatiion’s proposed $46 billion bid for Japan’s Seven & i Holdings, which was dropped in July.
Read more: Analysis: Scrapped Nissan-Honda merger highlights Japan’s restructuring challenges
ECM: In May, Chinese EV battery maker CATL enjoyed its HK$41 billion ($5.27 billion) listing on the Hong Kong Stock Exchange (HKEX), becoming the largest initial public offering (IPO) globally in 2025. The spree of A+H listing is expected to continue in 2026, with over 300 IPO filings in the pipeline for the HKEX. Mainland Chinese firms are increasingly seeing Hong Kong as their optimal place for fundraising, amid growing US-China tensions.
Read more: CATL enjoys bumper listing on HKEX
Digital assets: Hong Kong passed its landmark stablecoin ordinance in August, prompting a flurry of stablecoin activity in the city. The first batch of licensees are yet to be announced, with the regulators trying to cool down the hype. Use cases for the blockchain-based payment medium remain unclear.
Read more: Will Hong Kong open its doors to retail stablecoins?
M&A, private equity: Control investing and leveraged buyouts are on the rise across Asia, as public markets weren’t meeting expectations and many Asian corporates deal with generational shifts in leadership. Such investing is increasingly coming into the spotlight with growing investor attention.
Read more: Q&A: HOPU Investments on Asia’s rising control investing
Tariffs: US president Donald Trump’s so-called ‘Liberation Day’ made headlines hundreds of times, with each of the announcements and trade deals shaking Asian markets. Heading into 2026, the geopolitical environment will continue to shape the space, in predictable and unpredictable ways.
Read more: Global lenders turn to tech and stress tests amid tariff surge
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