UBS established a leading position in Asia’s equity capital markets in 2025 through consistent regional performance, product breadth and an ability to deliver complex transactions for clients navigating market turbulence.
The bank achieved top-tier rankings across Asia-Pacific and Southeast Asia ECM league tables by both volume and value, while also maintaining a strong franchise across Greater China and other key markets, reflecting its platform scale and execution strength.
Its performance shows a strategy centred on full product capability and an integrated regional franchise. UBS combines strength in IPOs, follow-ons, block trades and equity-linked solutions with sector expertise and on-the-ground coverage, enabling it to originate and execute across a wide range of client situations.
During the awards period, our equity capital markets franchise weathered ongoing volatility well
Ivy Hu and Aaron Oh
Its approach relies on advice, structuring and distribution rather than balance sheet deployment, supported by close connectivity between investment banking, global markets and wealth management. This allows the bank to deliver tailored capital solutions while mobilising demand from a broad and diversified global investor base.
The effectiveness of this model is evident in a succession of landmark transactions across Asia’s major markets in 2025. UBS played leading roles in many of the region’s most significant IPOs, including CATL’s $5.2 billion Hong Kong listing, among the largest IPOs in Asia in recent years, and MIXUE Group’s $510 million offering, which attracted strong institutional support and heavy oversubscription.
In Southeast Asia, the firm acted as joint global coordinator on the $591 million IPO of Maynilad Water Services in the Philippines and led major listings such as Centurion Accommodation REIT and NTT DC REIT in Singapore, both of which drew strong demand. In India, UBS acted as joint bookrunner and lead manager on HDB Financial Services’ $1.46 billion IPO and worked on other large transactions including ICICI’s $1.17 billion IPO, reinforcing its presence in one of the region’s most active equity markets.
Longstanding relationships
Beyond IPOs, UBS demonstrated strength in follow-on and block transactions, where execution certainty, timing and distribution are critical. The bank acted on transactions such as BYD’s $5.6 billion H-share placement, one of the largest equity offerings globally, alongside a broad range of accelerated secondary trades across China, Hong Kong and Korea. Its ability to secure repeat mandates remains a defining feature, with longstanding relationships with issuers such as BYD and Alibaba translating into multiple transactions across the cycle.
The franchise also stood out for its leadership in equity-linked solutions. UBS executed a wide range of convertible and exchangeable bond transactions, incorporating structures such as capped calls and concurrent share buybacks to meet specific client objectives. Transactions such as Alibaba’s $3.2 billion convertible bond highlight its ability to combine capital raising with balance sheet optimisation in a volatile market environment.
We continued to demonstrate market leadership across many geographies, reflecting the strength of our business and deep client relationships across the region
Aaron Oh and Ivy Hu
In 2025, UBS combined scale, product breadth and execution quality with deep stakeholder relationships and regional insight to help clients navigate the year’s complex market conditions. Its strong league table performance, alongside its central role in the region’s most significant transactions, reflects a franchise that consistently shapes market outcomes and delivers successful execution for its clients.
“During the awards period, our equity capital markets franchise weathered ongoing volatility well,” say Aaron Oh and Ivy Hu, co-heads of ECM, Apac. “We continued to demonstrate market leadership across many geographies, reflecting the strength of our business and deep client relationships across the region. We’re delighted to have this recognised again.”
