Foreword 3

Acknowledgements 4

Abbreviations and acronyms 9

Executive summary 10

1 Asian capital markets developments 13

1.1. Capital markets amid trade policy uncertainty and geopolitical tensions 15

1.2. Policy considerations 37

References 38

Notes 39

2 Creating value and increasing trust 41

2.1. Equity market performance and the valuation challenge 42

2.2. Factors contributing to a valuation discount of Asian companies 47

2.3. “Value-up” initiatives: objectives, design and policy approaches 53

2.4. Market outcomes and early evidence 56

2.5. Policy considerations 60

References 61

3 The size and the role of institutional investors 65

3.1. Institutional investors in Asia 66

3.2. Regulatory frameworks for institutional investors in Asia 74

3.3. Institutional investor engagement 80

3.4. Policy considerations 89

References 90

4 Human capital 93

4.1. Introduction 94

4.2. Disclosure frameworks and standards 94

4.3. Market practices 97

4.4. Human capital and financial performance 104

4.5. Policy considerations 106

References 107

Notes 109

5 Developments in crypto-asset markets 111

5.1. Global and regional crypto-asset market trends 113

5.2. Key and emerging risks from crypto-assets 117

5.3. Evolving policy frameworks across Asia 121

5.4. Global standards supporting regulatory alignment 122

5.5. Policy considerations 123

References 124

Notes 129