Weekly roundup
APAC secondaries in the news
The pulse of private markets across Asia-Pacific — tender offers, stake sales, and pre-IPO liquidity across all 10 markets on this site. A running library, refreshed weekly.
Week of July 27, 2026
- Shein targets a late-August to September Hong Kong listing as it discloses 2025 financials
The fast-fashion retailer disclosed $41.9B in 2025 revenue as its draft prospectus firms up a listing window, while still eyeing the $40–50B valuation target that leaves pre-IPO holders absorbing a steep markdown from its $100B 2022 peak.
Week of July 20, 2026
- Revolut prices employee share sale at $115B, becomes Europe's most valuable startup
The UK digital bank priced a secondary share sale at $2,017 a share, up more than 50% from the $75B mark it set in a November 2025 secondary — a global benchmark for how far a well-run fintech can run on private-market liquidity events alone, referenced here for context alongside APAC deal terms.
Week of July 13, 2026
- Zepto's India IPO valuation is reportedly heading toward a near-50% markdown, to $3.5–4B
Domestic investors are said to be bidding the quick-commerce unicorn down to $3–3.5B and foreign investors to about $4.5B, a steep reset from its $7B October 2025 round that would also reprice the offer-for-sale tranche existing investors are selling alongside the IPO.
- Livspace co-founder Ramakant Sharma raises his stake via a secondary share purchase
Sharma bought shares from more than 20 institutional backers, including KKR, TPG, Jungle Ventures, EDBI and Bessemer Venture Partners, diluting their stakes in the Indian home-interiors unicorn in a secondaries deal whose price was not disclosed.
- Inspire Brands Asia, the Anytime Fitness master franchisee, explores a sale worth up to $450M
The Singapore-based operator of the region’s largest gym network — 487 clubs across Southeast Asia, Hong Kong and Taiwan — is backed by Mizuho Asia Partners and Aura Group, who are weighing an exit roughly six years after assembling the Anytime Fitness master franchise.
- Shein’s slowing growth risks weighing on its Hong Kong IPO valuation
Days after China’s CSRC cleared Shein’s HK listing at a $40–50B target, down sharply from its $100B 2022 round, growth concerns are pressuring the number further — a live case study in pre-IPO markdown.
Week of July 6, 2026
- SBI and Amundi price a $1.22B IPO-via-OFS in India’s largest asset manager
The entirely secondary offering — a roughly 10% stake sold by joint owners SBI and Amundi, with no primary proceeds to the company — priced at an implied valuation above $12B for the ₹12.5-trillion-AUM fund house, drawing anchor demand from ADIA and GIC ahead of its July 21 listing.
Week of June 29, 2026
- Blackstone, CVC and MUFG among bidders for a stake in Vietnam’s MoMo
Vietnam’s leading e-wallet is running a process for a stake of up to 50%, with binding bids due in September and a valuation that could reach $2.5–3B if priced above its 2021 mark.
- Pengana’s AI Private Opportunities Trust (AIX) lists on the ASX, raising $267M
The self-liquidating trust gives Australian investors indirect pre-IPO and secondary exposure to private AI names including ByteDance and Handshake, with stakes eyed in OpenAI and Anthropic, exiting via IPO or secondary sale over a 7-year term.
- TOKYO PRO Market starts publishing listed companies’ disclosed listing objectives
JPX began publishing which of its 163 TOKYO PRO Market companies have disclosed why they listed, a transparency step for investors evaluating Japan’s professional-investor board.
Week of June 22, 2026
- Carro plans a US IPO with a Singapore secondary listing to raise $500M at a $3B valuation
The Singapore-founded used-car marketplace, backed by SoftBank, GIC and Temasek, is pursuing a dual US–Singapore listing structure — a notable exit template for the region’s later-stage private companies.
Week of June 15, 2026
- India’s National Stock Exchange files a 100%-secondary DRHP for what could be the country’s largest-ever listing
NSE itself raises no proceeds — the draft filing structures the entire ~14.89-crore-share offering as an OFS by existing shareholders including SBI, Canada Pension Plan Investment Board and Bank of Baroda, at an indicative valuation above ₹5 trillion ($58B+), giving long-time holders of the exchange’s famously illiquid unlisted stock a first clear exit path.
- GCash parent Mynt clears the way for a record $1.5B Philippine IPO at an $8B valuation
The Ant Group and Globe Telecom-backed fintech won Philippine SEC clearance to file for what would be Southeast Asia’s largest fintech listing to date, a bellwether for regional digital-payments exits.
Week of June 8, 2026
- Ant International in talks for $1B round that could value it above $10B ahead of a 2026 HK IPO
Existing shareholders General Atlantic and Silver Lake are among those in discussions to participate in the Singapore-incorporated fintech unit’s pre-IPO round, which analysts say could support an $8–24B Hong Kong listing.
- Zepto’s updated IPO filing reveals a 11.35-crore-share secondary OFS by six investors
India’s quick-commerce leader filed its updated draft prospectus with founders sitting out the offer-for-sale entirely while six existing investors sell down, at an implied valuation of roughly $7–12B depending on final pricing.
Week of May 18, 2026
- Singapore’s DayOne weighs a $5B dual listing in Singapore and New York at a $20B valuation
The AI-driven data-center operator, spun out of China’s GDS Holdings and backed by SoftBank, Coatue and Hillhouse, is lining up banks for what would be one of Singapore’s largest-ever listings.
Week of May 4, 2026
- Malaysia’s Family Office Incentive Scheme clears nine single-family offices
Nine single-family offices with a combined $169M in AUM have won regulatory approval since the 2024 scheme launched, part of the private-capital base that increasingly buys into regional secondaries.
Week of April 27, 2026
- GoTo posts its first-ever net income, shares jump most in four months
Indonesia’s largest listed tech group turned profitable after years of cost cuts, a milestone that strengthens the case for the secondary and continuation-vehicle activity building underneath it.
Week of April 20, 2026
- Golden Gate Ventures seeks $150M from a secondary sale of Southeast Asian startup stakes
The early-stage VC is running a GP-led secondary process across its Southeast Asia portfolio, part of a broader regional shift toward continuation vehicles as traditional exits stay slow.
Week of March 16, 2026
- Walmart-backed PhonePe shelves its India IPO as global market tensions rattle sentiment
The digital-payments giant paused a listing that would have let Walmart, Tiger Global and Microsoft exit via an offer-for-sale at up to $10.5B — below its $12B 2023 private round.
Week of February 2, 2026
- Xiaohongshu (RedNote) valued above $30B in a fresh secondary share deal ahead of its Hong Kong IPO
The Chinese lifestyle platform’s private secondary marks have climbed sharply through 2025–26 as it prepares a Hong Kong listing targeted at more than $70B.
Week of August 18, 2025
- Canva runs an employee share sale at a $42B valuation, up from $32B a year earlier
The Sydney design platform let current and former staff sell up to $3M each of vested stock, a liquidity event triggered in part by its US corporate redomicile ahead of a possible 2026 IPO.