Asia on fire: Of finance, climate, tourism, and cities in motion

IPOs falter, Jakarta tops Tokyo, tourism patterns shift, temperatures rise, and China sets solar and tech records

The initial public offering (IPO) market in India last year was hot, with companies raising over $22 billion in 2025. But half of the 350-plus companies that listed on the stock exchange last year traded below their offer price, according to a new research report released by HSBC Global Investment Research — a sobering fact despite what otherwise looked like a rush of companies eager to list on the bourses.

 

The report also highlights some surprising statistics on Asia, covering the changes and milestones of 2025. Just like India’s hot IPO market, Asia is also heating up — and it’s warming twice as fast as the global average. The average temperature (in degrees Celsius, for the decade 1991–2024) rose by more than 0.4, compared to the global average of 0.2.

 

Asia also saw a new city take top honours as the most populous in the world. In the middle of last year, Jakarta surpassed Tokyo for the first time to become the most populous city globally, home to 42 million people. India ranked fourth, with New Delhi at 30 million, while Bangladesh took second place, followed by Japan in third.

 

In tourism, there was another upset. Thailand was dethroned by Malaysia as the top tourism destination in the Association of Southeast Asian Nations in 2025. Based on data up to August, Malaysia welcomed 28 million tourists, leaving Thailand behind at around 21 million, followed by Vietnam (over 16 million), Singapore, Indonesia, and the Philippines.

 

Mainland China, meanwhile, continued breaking records. The country added 275 gigawatt of solar capacity in 2025 — equivalent to the total installed solar capacity of the US, highlighting how fast it is growing.

 

China also built robotaxis last year at a cost of only $40,000 each — just one-third to one-fifth of the cost of those made by Waymo in the US, reflecting the country’s ability to produce high-technology products far cheaper than elsewhere.

 

Despite tensions between China and Taiwan, air travel between the two remained intense. The Hong Kong–Taipei route was the busiest cross-border airline route in the world, with nearly 6.8 million seats last year. Next in line were Cairo–Jeddah, Kuala Lumpur–Singapore, Seoul–Tokyo, Seoul–Osaka, and Jakarta–Singapore. In fact, nine of the 10 busiest routes in the world are in Asia.

 

In the semiconductor world, Taiwanese giant Taiwan Semiconductor Manufacturing Company continues to reign, accounting for 12.8 per cent of the FTSE (excluding Japan) — more than double the next-largest stock in 2025, Tencent, which held 5 per cent.

 

Hot markets, hotter planet, record-breaking cities

 

·         Half of IPOs in India traded below their offer price

 

·         Asia warming twice as fast as the global average

 

·         Jakarta becomes the most populous city in the world

 

·         Thailand dethroned as top Asean tourism destination; Malaysia takes over

 

·         China’s solar capacity increase in 2025 equals total solar installations in the US