Research & Analysis
Squadron Insights
In-depth perspectives on Asia-Pacific capital markets, equity financing structures, and share-backed funding developments — from the Squadron Capital research team.
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Single-Stock Financing in Asia: How Concentrated Shareholders Unlock Liquidity
Most Asian founder wealth sits in one stock. Single-stock financing has become the tool of choice for unlocking liquidity from concentrated positions on HKEX, SGX, SET and Bursa Malaysia — without selling a share.
How Private Credit Is Reshaping Shareholder Liquidity in Hong Kong
Private credit is expanding across Asia-Pacific, and Hong Kong sits at the centre of the shift. For HKEX shareholders with concentrated positions, the growth of alternative asset-backed lending is changing how liquidity is accessed.
Hong Kong's 2026 IPO Boom: What the World's Top Listing Market Means for Founder Liquidity
Hong Kong reclaimed the world's number one IPO ranking in early 2026, with around HK$110 billion raised in a single quarter. Behind the headline numbers sits a wave of founders holding newly listed, concentrated stakes — and a growing need for liquidity that does not mean selling.
Asia-Pacific Leads Global Wealth Growth — and the Rise of Private Credit in 2026
Global high-net-worth wealth hit a record US$98.3 trillion in 2025, and Asia-Pacific grew faster than any other region. As that wealth concentrates, private credit and alternative asset-backed lending are reshaping how the region's shareholders access liquidity.
Inside Hong Kong's 3,384 Family Offices: The New Map of Asian Wealth
Hong Kong was home to 3,384 single-family offices by the end of 2025 — a 25% jump in two years. The scale of this concentrated, sophisticated capital is changing how the city's wealthiest families think about liquidity.
Singapore's Family Office Surge: From 400 to 2,000+ and the Liquidity Question
Singapore's single-family offices grew fivefold in four years, managing tens of billions in assets. As private wealth pours in, the next challenge is connecting it to public-market liquidity.
Japan's Governance Revolution: Rising Rates, Cheap Valuations and the Shareholder-Value Story
The Nikkei is near record highs, the Bank of Japan has lifted rates to a three-decade peak, and corporate governance reform is unlocking shareholder value. For Japan's listed companies and their owners, the financing landscape is changing fast.
Thailand and Malaysia: Where Foreign Capital Is Quietly Returning to ASEAN
Thailand's SET has surged and Malaysia drew the region's only net foreign inflows in early 2026. As capital rotates back into ASEAN, the markets' major shareholders are weighing how to fund their next move.
Hong Kong's IPO Revival: 150 Firms Queue Up and SHEIN Possibly Joining
SHEIN's reported decision to abandon its London IPO bid in favor of Hong Kong marks a sharp turn in the path Chinese companies are taking to access global capital.
How Big Banks Drove Singapore's STI to a Standout Year
Singapore's Straits Times Index had a notable year in 2024, standing out as Southeast Asia's best-performing stock market index — driven primarily by the strength of its leading banks.
The Rise of Equity-Backed Loans: How Asia's Wealthy are Navigating Liquidity Challenges
In Hong Kong and mainland China, where financial markets face headwinds and property values remain in flux, high-net-worth individuals are turning to equity-backed loans as a powerful liquidity tool.
Hong Kong Surges Ahead of Singapore in Attracting Chinese HNWIs
Hong Kong is making a decisive comeback in the competition for Chinese high-net-worth individuals, leveraging its proximity to the mainland, reformed investment visa schemes, and a recovering capital market.
Midea's Hong Kong IPO Ignites Hope for Rejuvenated Market
Midea Group's debut on the Hong Kong Stock Exchange has sparked a surge of optimism among investors and market analysts, potentially revitalizing an IPO market eager for significant new listings.
China's Monetary Easing: Stock Market Surge or Short-Term Relief?
China's latest monetary policy adjustments triggered unprecedented stock market surges and record-breaking trading volumes. But are these gains sustainable or merely a short-term reaction?
Asia's Elite Are Embracing Art and Private Markets
High-net-worth individuals in Asia are increasingly channeling their investments into private markets and art, driven by the attraction of higher returns and a desire for portfolio diversification.
Singapore is Becoming The New Wealth Magnet in Asia
Singapore has emerged as a beacon for the affluent in recent years, attracting significant wealth and investment from across Asia — driven by political stability, favorable taxation, and strategic location.
Can Hong Kong's Stock Market Regain Prosperity Through Reforms and IPOs?
Hong Kong's stock market has been on a roller coaster since early 2024, with a notable downward trend following a robust rally. Investors are left wondering whether recent reforms and anticipated IPOs can deliver a sustained rebound.
Hong Kong Spearheads Bitcoin and Ethereum ETF Approvals with Asia Markets Poised to Follow
Hong Kong's recent authorization of Bitcoin and Ethereum ETFs by the SFC marks a groundbreaking moment for cryptocurrency investments in the mainstream financial markets of Asia.
Hong Kong Real Estate Sees Temporary Boost, But Full Recovery Uncertain After Cooling Measures End
Hong Kong's real estate market witnessed a robust revival following the government's decision to scrap all property tightening measures. But is the recovery sustainable?
128,000 HNWIs Relocate in 2024: Here Are the Top 5 Golden Visa Programs
In 2024, a groundbreaking 128,000 high-net-worth individuals are expected to relocate globally, seeking new opportunities in different countries. Here are the top five golden visa programs attracting them.
Capital Globalization: Hong Kong and Singapore's Battle for HNWIs
The competition between Hong Kong and Singapore to attract high-net-worth investors has intensified, with both cities implementing strategic measures to lure wealthy individuals and their capital.
Japan's Semiconductor Market Makes a Return: An Opportunity for Investors
Japan is making a remarkable comeback in the semiconductor arena, with strategic government investments, foreign partnerships, and strong stock market performance presenting opportunities for investors.
China's Strategic Market Intervention and Its Implications for High-Net-Worth Investors
The Chinese stock market saw dramatic intervention by the state-owned 'national team' led by Central Huijin Investment. What does this mean for HNWIs navigating China's volatile markets?
Asian Investors, Led by Hong Kong, Emerge as Dominant Overseas Buyers in U.K. Real Estate
Hong Kong investors have become the largest group of overseas buyers in the U.K.'s real estate market, with high-net-worth individuals acquiring properties worth an estimated £10.8 billion.
Pinduoduo Surpasses Alibaba: Redefining E-commerce Dominance in China
Pinduoduo has become the biggest Chinese concept stock in the U.S. market, overtaking Alibaba. This incredible rise marks a critical moment in China's internet industry and brings new opportunities to investors.
The Investment Landscape in 2024: Strategic Realignment and Opportunity
As we bid farewell to 2023, the U.S. Federal Reserve has indicated an end to its aggressive interest rate hikes. This significant shift prompts investors globally to reassess their strategies for 2024.
Thailand's Stance Against Naked Short Selling: A Strategic Move Amidst Uncertainties
Thailand has taken a decisive stand against naked short selling to stabilize the Thai stock market, amid growing concerns over the role of foreign investors in short-selling activities.
US FRTIB Moves Away: Another Significant Blow to Hong Kong's Stock Market?
The U.S. Federal Retirement Thrift Investment Board's decision to exclude Chinese and Hong Kong stocks from its I Fund signifies a pivotal moment for Hong Kong's financial market.
Hong Kong's Stamp Duty Cut and Its Impact on the Stock Market
Hong Kong's recent decision to lower the stamp duty on stock transactions has stirred the financial waters. But is this move enough to revitalize a struggling market?
The JPEX Scandal: Hong Kong's Biggest Cryptocurrency Crime
The cryptocurrency exchange JPEX faced scrutiny after the SFC accused it of regulatory violations, leading to financial issues, arrests of influencers, and a scandal involving HKD 1.4 billion.
SEA's Stock Surge: The TikTok Shop Challenge & the Southeast Asia eCommerce Battlefield
Sea Limited's stock surged more than 17% in September — not due to its own initiatives, but because of the regulatory challenges faced by its competitor TikTok Shop in Indonesia.
The Recent Rise of Huawei-related Stocks: Is it Only Speculation?
The launch of the Huawei Mate 60 series has ignited a surge in related stock prices. But are these 'Huawei concept stocks' genuinely promising, or merely a result of speculative frenzy?
Why is China's Stock Market Turmoil Pushing Away Global Investors?
Foreign investors have unloaded more Chinese stocks in August 2023 than in any other month since records began. Is it just a minor blip or an indication of a deeper underlying issue?
TSMC's Global Gambit to Ride the Geopolitical Tides
TSMC's announcement of a 10 billion Euro investment in a wafer fab in Dresden, Germany, marks its first foray into Europe. But can the semiconductor giant navigate the complex geopolitical pressures it faces?
The Fall of Country Garden: How China's Real Estate Titan Stumbled
Country Garden Holdings, China's largest real estate developer, is now at the epicenter of global financial discussions due to its dramatic downturn, with its stock plummeting 56% within a month.
Could Japan's Stock Market Return to its 1989 Peak?
Could Japan's stock market return to its 1989 peak? The question echoes among investors worldwide as Tokyo's market index outperforms its global counterparts after three decades.
Hong Kong and Singapore's Battle to Dominate the Family Office Sphere
Two of Asia's financial hubs, Hong Kong and Singapore, are vying to become the go-to destination for the world's UHNWIs to park their wealth. Who has the edge?
Can the Government's Lifeline Pull Hong Kong's Property Market Back from the Brink?
Hong Kong's property market is in the grip of a slump, with prices down 20% from their 2019 peak. Can the government's relaxation of mortgage lending restrictions rescue the market?