IPO activity in Asia is picking up, but the real story starts well before companies reach the market. Strong pipelines often reflect confidence from founders and improving conditions beneath the surface. That can create opportunities for investors willing to look ahead.

Portfolio Manager for the Fidelity Special Situations and Asia Pre-IPO Strategies, Dale Nicholls and Investment Director for Private Markets, Tony Liu talk through the current IPO environment in Asia and what it reveals about private company activity. Drawing on their experience across the region, they explain how pre‑IPO investing fits into the broader opportunity set and how they think about risk, timing and growth.

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Read our full disclaimer. This episode was recorded 23 March 2026