The Gist
News and Features
Global Philippines Fine Living
Insights
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
Webinars
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
Downloads
Buildings in the Makati Central Business District
Economic Updates
Monthly Recap: BSP to outpace the Fed in rate cuts 
DOWNLOAD
economy-ss-9
Economic Updates
Quarterly Economic Growth Release: 5.4% Q12025
DOWNLOAD
investment-ss-3
Economic Updates
Policy rate views: Uncertainty stalls cuts
DOWNLOAD
View all Reports
Metrobank.com.ph Contact Us
Follow us on our platforms.

How may we help you?

TOP SEARCHES
  • Where to put my investments
  • Reports about the pandemic and economy
  • Metrobank
  • Webinars
  • Economy
TRENDING ARTICLES
  • Investing for Beginners: Following your PATH
  • On government debt thresholds: How much is too much?
  • Philippines Stock Market Outlook for 2022
  • No Relief from Deficit Spending Yet

Login

Access Exclusive Content
Login to Wealth Manager
Visit us at metrobank.com.ph Contact Us
Access Exclusive Content Login to Wealth Manager
Search
The Gist
News and Features
Global Philippines Fine Living
Insights
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
Webinars
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
Downloads
Buildings in the Makati Central Business District
Economic Updates
Monthly Recap: BSP to outpace the Fed in rate cuts 
May 29, 2025 DOWNLOAD
economy-ss-9
Economic Updates
Quarterly Economic Growth Release: 5.4% Q12025
May 8, 2025 DOWNLOAD
investment-ss-3
Economic Updates
Policy rate views: Uncertainty stalls cuts
May 8, 2025 DOWNLOAD
View all Reports
Equities 4 MIN READ

More SE Asia firms consider US IPOs, filling void left by China peers

September 18, 2023By Reuters
Related Articles
European shares rise ahead of euro zone inflation data April 4, 2023 Asia shares cautious as Wall Street futures slip July 4, 2022 Gold range-bound on firmer dollar, US debt limit uncertainty May 25, 2023

SINGAPORE/SYDNEY, Sept 19 – Several Southeast Asian companies are considering listing in the United States, banking on strong investor appetite for emerging market growth in the absence of Chinese stock offerings.

Senior executives in leading SME digital financing platform Funding Societies, Singapore-based entertainment firm Gushcloud International, and Thai insurance technology firm Sunday told Reuters they were looking into New York as one of their initial public offering (IPO) venues.

This comes on top of recently announced plans by Vietnamese internet company VNG Corp (VNZ) and Philippine real estate company DoubleDragon Corp’s (DD) Hotel101 Global to list in the US, filling a void left by Chinese companies that hit the pause button on US IPOs after political tensions with Washington intensified, Beijing tightened scrutiny of domestic firms seeking overseas listings and China’s own economy slowed.

“China’s shadow in the ASEAN region has shrunk since the world reopened after the pandemic,” said Leif Schneider, senior legal adviser at law firm DFDL Vietnam.

“Chinese competitors have gradually been pushed to the sidelines due to homemade restrictions and the ensuing domestic economic fallout,” he added. “These factors have enabled some of their ASEAN rivals to step out into the spotlight.”

ASEAN, the 10-member Association of Southeast Asian Nations, includes Thailand, Singapore, Malaysia and Vietnam. The bloc’s biggest car e-commerce platform Carsome Group has also said it was considering various global exchanges, including those in the US, for a potential listing.

Southeast Asian firms have raised about USD 101 million via IPOs in the US so far this year, way below last year’s USD 919 million, but bankers expect the pace to pick up over the next 12 months as companies hunt for new sources of capital after relying on private funds for the last few years.

In contrast, Chinese firms have raised USD 463.7 million via U.S listings so far this year, slightly above 2022 levels but a fraction of the USD 12.96 billion and USD 12.48 billion raised in 2021 and 2020, respectively, according to LSEG data.

For investors seeking emerging market exposure, Southeast Asia fits the bill, because of the region’s strong economic growth and increasing population, analysts say.

For example, growth in Indonesia, Southeast Asia’s biggest economy, accelerated at its highest rate in three quarters in the latest April-June period, boosted by strong household and government spending, data showed.

Some Southeast Asia companies seeking listings in the US look to raise between USD 300 million and USD 1 billion, with valuations ranging from USD 1.5 billion to USD 8 billion, bankers said, without naming any firms.

The plans by Southeast Asian firms to list in the US should also cheer Wall Street banks in Asia, who generate about a third of their revenues from equity capital market (ECM) deals which all but dried up with Chinese IPOs.

“For some of the US investors who were focused on emerging markets, their tech exposure largely came from Chinese companies because they were the biggest names listed in the US,” said Sunil Khaitan, Bank of America’s ECM head for Southeast Asia.

“With the current cautious stance around China, these investors are on the lookout for some of the other emerging markets names,” he added.

DIVERSE RETURNS

For companies, the US offers several advantages.

Funding Societies’ co-founder and group CEO Kelvin Teo told Reuters the US was one of the company’s preferred options because it would provide a deep pool of capital and global investor base.

Andrew Lim, Gushcloud’s chief financial officer, also said a US listing would expose the company to “investor familiarity with fast-growing new economy companies”.

Companies in sectors including logistics, technology, mining, electric vehicles, and renewable energy are most likely to seek IPOs both locally and abroad, said Deloitte Southeast Asia Disruptive Events Advisory Leader Tay Hwee Ling.

“International investors are seeing the value of portfolio diversification that Southeast Asia provides,” Tay added.

The expected pickup in Southeast Asian listings, however, could get derailed by share volatility and stringent investor scrutiny, analysts say.

Shares of Vietnamese electric vehicle maker VinFast (VFS) have jumped some 75% since its debut in August, but not without strong volatility in thin trade.

Most US investors, however, are savvy enough when it comes to due diligence.

“US investors are generally proficient and experienced in evaluating opportunities across different sectors, but it is usually helpful for Southeast Asia companies to educate investors on any country-specific factors that may affect their business,” said Art Anuruk Karoonyavanich, head of capital markets at DBS based in Singapore.

(Reporting by Yantoultra Ngui in Singapore and Scott Murdoch in Sydney; Editing by Sumeet Chatterjee and Miral Fahmy)

 

This article originally appeared on reuters.com

Read More Articles About:
Worldwide News Philippine News Rates & Bonds Equities Economy Investment Tips Fine Living

You are leaving Metrobank Wealth Insights

Please be aware that the external site policies may differ from our website Terms And Conditions and Privacy Policy. The next site will be opened in a new browser window or tab.

Cancel Proceed
Get in Touch

For inquiries, please call our Metrobank Contact Center at (02) 88-700-700 (domestic toll-free 1-800-1888-5775) or send an e-mail to customercare@metrobank.com.ph

Metrobank is regulated by the Bangko Sentral ng Pilipinas
Website: https://www.bsp.gov.ph

Quick Links
The Gist Webinars Wealth Manager Explainers
Markets
Currencies Rates & Bonds Equities Economy
Wealth
Investment Tips Fine Living Retirement
Portfolio Picks
Bonds Stocks
Others
Contact Us Privacy Statement Terms of Use
© 2025 Metrobank. All rights reserved.

Read this content. Log in or sign up.

​If you are an investor with us, log in first to your Metrobank Wealth Manager account. ​

If you are not yet a client, we can help you by clicking the SIGN UP button. ​

Login Sign Up