Asia Centric by Bloomberg Intelligence

Larry Tabb, a market structure expert at Bloomberg Intelligence, and Sharnie Wong, a senior analyst covering Asian equity markets, dive into the striking contrast in global IPO trends. They discuss why Hong Kong is flourishing with a pipeline of over 300 IPOs while others falter. The duo highlights regulatory factors, motivations for going public, and the rising interest of Chinese firms shifting from the US to Hong Kong. They also explore the broader economic implications of dwindling IPOs and potential policy solutions to revive markets.

Taro Kimura, Japan's senior economist at Bloomberg Economics and former Bank of Japan staffer, shares insightful analysis on Japan's current economic landscape. He discusses the resurgence of inflation at nearly 3%, driven by food prices and the 2022 oil shock. Kimura explains how Prime Minister Sanae Takaichi's pro-growth policies might complicate the Bank of Japan's ability to manage inflation. He also touches on Takaichi’s controversial remarks about Taiwan and their geopolitical implications, all while examining the challenges and opportunities within Japan's fiscal strategy.

Peter Kim, a managing director and investment strategist at KB Securities, shares his insights on South Korea’s booming Kospi Index, which surged 70% this year, notably powered by AI-linked tech giants like Samsung. He discusses President Lee Jae Myung's pro-market reforms and their impact on investor sentiment, including major tax cuts. Kim also examines the overheating property market and the geopolitical balancing act with China and the US, suggesting that Korea can harness both powers while navigating these complexities.

In this intriguing discussion, Robert Lea, a senior tech analyst at Bloomberg Intelligence focused on China's AI landscape, reveals how China's low-cost, open-source approach sets it apart from the US's expensive AI infrastructure spending. He emphasizes that while US firms plan to invest heavily, China's broader economy may reap more benefits from its AI rollout. Lea explores the contrasting paths of both nations, touches on the challenges of achieving artificial general intelligence (AGI), and questions profitability timelines for Chinese tech firms.

Giovanni Serio, a 20-year veteran of commodity trading and former head of research at Vitol, dives into the secretive world of trading houses like Vitol and Trafigura. He sheds light on how these firms operate, driven by flexibility and scale. Giovanni highlights the critical role of technology and data analytics in transforming market transparency and discusses how geopolitical events have reshaped trading dynamics. He also explores why oil prices are increasingly influenced by supply rather than demand and the evolving culture within the commodity trading sector.

The world's demographic shift is often framed as a looming crisis, but new data suggests a more nuanced outlook. Hong Kong leads the longevity frontier with an average life expectancy of 86 years, having steadily increased by 0.25 years annually for over 150 years. Meanwhile, a landmark IMF study finds that today's 70-year-olds have the same cognitive ability as 53-year-olds in 2000, underscoring how healthier aging is reshaping workforce dynamics. Kevin Daly, managing director and senior economist at Goldman Sachs, joins John and Katia to discuss why aging may not be economically detrimental, how healthier lives extend workforce participation, and why the “silver economy” narrative oversimplifies consumption trends. Read Goldman Sachs’ related research: The Path to 2075 — The Positive Story of Global Aging (https://www.gspublishing.com/content/research/en/reports/2025/05/20/2d3fe290-10b1-44be-8d0e-77b8d303928f.html)See omnystudio.com/listener for privacy information.

In this live episode, recorded at Bloomberg's Investment Management Summit in Singapore, we sit down with Matthew Michelini, head of Asia-Pacific business for Apollo Global Management. We explore his optimism about Japan, driven by its corporate governance reform and the vast $7.5 trillion in consumer deposits. We also discuss how private capital is shaping asset allocation and the challenges posed by intense competition in the private-equity industry. See omnystudio.com/listener for privacy information.

Singapore’s government is investing heavily to become a global hub for finance, commodities and transportation. The spending includes $3 billion for Changi airport’s terminals and infrastructure and equity market reform to attract more capital. Singapore’s household assets could nearly double to $4 trillion by 2030 and the MSCI stock index is set to double in the next five years, according to Morgan Stanley. Nick Lord, research director for the Asean research department at Morgan Stanley and who authored a report this year on the subject, says the equity market reforms are key to unlocking growth. He discusses the latest developments in the city state with John and Katia.See omnystudio.com/listener for privacy information.

The competition is intensifying among global hedge funds giants to attract top traders and analysts. There's particularly high demand for talent at "pod shops", which allow portfolio managers to run their own strategies and manage allocated capital. High-profile managers with strong track records can command pay packages in the tens of millions of dollars. "The type of manager we're trying to hire, they are hiring us. It's not [us] hiring them", says Jay Luo, President of Dymon Asia Capital, a regionally focused alternative manager with about $5 billion in assets. He likens managing a pod shop to running a high-performance sports team and shares his insights on competing against global hedge funds like Millennium and Point72 -- with hiring the right person sometimes years in the making. He joins John and Katia on the Asia Centric podcast.See omnystudio.com/listener for privacy information.

Hong Kong's financial sector is roaring back, with IPOs surging and the city's exchange leading the world in public fundraising. The Hang Seng Index is up more than 30% this year, driven by biotech and tech stocks, while new stablecoin regulations are positioning Hong Kong as a digital-assets hub. Billions in untapped funds from mainland China are flowing in, fueling a wave of new family offices and a generational shift in wealth management. Vivien Khoo, CEO of the Private Wealth Management Association in Hong Kong and a member of the government's Web3 task force, joins John Lee to discuss the drivers behind the city’s comeback. She shares insights into Hong Kong’s evolving role as a global connector, the rise of next-gen investors and the impact of digital-asset regulation.See omnystudio.com/listener for privacy information.