Asian stock markets may have re-discovered some positive momentum after a rocky 2018, but many issuers and investors are increasingly turning to off-market deals to boost valuations and longer-term returns in the face of ongoing volatility.
There are two clear trends, both of which benefit bigger investors with better broker relationships and access to non-public information.
Firstly, there is a far more active secondary market for blocks of shares before a company lists thanks to Asia’s private equity market, which has already doubled in size over the past decade and continues to expand rapidly.
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