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5 Signs You’re a True Leader and Not Just a Manager

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Think about a standout teacher, mentor, or colleague whom you admire. Chances are the reason this person made such a lasting impact on your life wasn’t because of their job title. It was about how you felt when you were in the room with them. It was their enthusiasm toward you, their commitment to a quality outcome, and their investment in the people around them—all signs of a true leader.

If you spend enough time in enough different conference rooms, you’ll come to recognize that there is a distinct difference between truly transformational leaders and those in name and title only. A few common patterns tend to stand out and are worth highlighting should you ever find yourself wondering which kind of boss you are working with, or which kind you are yourself.

Planning vs. preparation

As the saying goes, no good plan survives contact with reality. On most important initiatives, there are a thousand uncertainties and unknowns. Navigating a team through those uncharted waters requires careful planning. But it is the true leaders who recognize that merely having a good business plan is not enough.  

Careful planning is a fundamentally different mindset than careful preparation. The former is focused on creating a good way to get from point A to point B, whereas the latter is obsessed with maximizing the number of ways to achieve the mission.

Leaders operate on a deeper level than merely creating and following a well-thought-out plan; they are, ultimately, purveyors of contingencies and options. If you accept upfront that the plan can, and will, change multiple times, you prepare for that reality by identifying multiple paths to the goal and the inflection points where you’ll need to pivot. Being prepared to switch approaches without losing momentum is the key difference. 

Look to the past two years of living in a pandemic as evidence of why this adaptive approach is so crucial. More leaders have emerged simply because of their determination to problem solve, evolve, and thrive, even when the big picture looked bleak. Risk-averse managers have had a much harder time adjusting to working in new ways and, thus, struggled to keep pace with those leaders who prepared to adapt and kept moving.

Growth mindset vs. fixed mindset

Psychologist Carol Dweck famously coined the terms “growth mindset” and “fixed mindset.” In a nutshell, she concluded that a growth mindset is a belief that intelligence can be developed, whereas a fixed mindset concludes that intelligence is static. 

Leaders are motivated by growth and innovation, so they recognize that their teams have the ability to evolve and grow within the organization. Leaders actively work to help their teams level up over the long term to become collectively stronger. And, they hold an inherent belief that their responsibility lies more in helping their teams operate with a growth mindset, rather than always “brute-forcing” their way through the immediate work. 

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For this reason, leaders aren’t afraid to roll up their sleeves to protect their teams from the menial, administrative, or political distractions and give them the freedom and flexibility to experiment and creatively develop new solutions. Ultimately, high-performing teams are not created through sweatshops, but through the 80/20 rule, where 20% of the time is allocated to individual growth goals and team innovation. 

Supervisors motivated purely by productivity, on the other hand, often cause their teams to stagnate because they view their team through a more fixed mindset lens: people are in their roles to do that specific job and that’s what they need to keep doing. This perspective is often followed by a tendency to double down on productivity and relentlessly optimize, diminishing returns be damned. 

This lack of vision for individuals and their professional journeys creates a vicious cycle. It destroys passion, ambition, and trust, which decreases motivation, productivity, and team cohesion. Performance drops, and the corrective action to have people focus more and work harder only restarts the cycle. While this approach may often have short-term productivity gains, in the long term it becomes a structural shackle that weighs down team morale and effectiveness.

Knowing this, a leader will recognize that you have to trade short-term output to realize long-term value in the same way that sometimes you have to slow down to go faster.

Fostering relationships vs. protecting authority

Leaders leave a lasting imprint on their people because they take the time to foster authentic relationships and invest in others’ goals. They take the time to get to know everyone’s capabilities and understand not only how to best utilize their skill sets, but also how to best grow a person’s potential and inspire excellence.

But, if you’re operating from a fixed mindset, cultivating meaningful relationships is rarely a priority. When the goal is to keep people in their boxes, there is little room for encouraging aspirations. And without that personal connection to inspire, the only tool that is left is a reporting structure to require compliance. In this mode, management devolves from leadership to authority. 

Beyond hurting performance, management through authority rather than relationships hurts innovation. Team members with brilliant new ideas will not speak up if they have learned that their supervisors are quick to shut down any ideas that aren’t their own or aren’t coming from the top. A true leader will seek to foster a culture that encourages team members to develop and bring forward novel suggestions, and allow them to feel confident they will be heard by someone they authentically know and trust. 

Relationships create networks of trust and respect, both of which are critical for healthy information flow and team dynamics. On the other hand, naked authority only breaks down trust and respect because it substitutes merit and outcomes with rules and status; the success of the supervisors is disconnected from the success of the teams.

One telltale sign that you are working with a trusted leader is the number of people on their team who have followed them from other departments, functions, even companies. People rarely uproot themselves to continue working with someone unless they have a deep professional relationship.

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Issue management vs. blame assignment

Let’s face it. When you get a group of smart, opinionated people together to work on a high-stakes, complex problem, passions are sure to quickly flare and conflicts will arise.

Closely related—and equally important—is the fact that issues and problems will inevitably arise with any complex project. No one is perfect and mistakes happen; information is often incomplete and this sometimes leads to incorrect decisions. How the team lead manages such conflicts and issues is another telltale sign of their leadership style. 

Seasoned leaders look beyond conflicts to root causes and address concerns head-on without hiding or obfuscating the underlying issue. They’ll often ask questions such as “How can I help?” or “What do you need from me?” Their focus is directed toward immediate mitigation and preventive actions to protect the team from being burdened by the same problem again. 

It is a wholly different matter when an issue or conflict is met by management with suspicion and an inquisition to find the blameworthy. The language you’ll hear is often fundamentally different as well, where instead of questions about support, you hear things like “What are you doing about this?” or “Who is responsible for this?”

As the saying goes, with leadership the buck stops here. Good leaders fundamentally understand that any mistake is ultimately theirs to shoulder, and they do not look for scapegoats or engage in political gamesmanship at the expense of their team. 

Driving success vs. avoiding failure

Leaders focus on achieving success while rule followers obsess about avoiding failure. While there are myriad ways you can fail, you only succeed by achieving your goals. Because leaders own that responsibility and do not play hot potato with the outcome, their team engagement style reflects this flexible mentality. 

True leaders focus on the ultimate objectives of their team efforts, not the specific means to get there. It’s not the punch list of tasks that gets the job done, but the underlying work that the task list is supposed to help navigate. Accuracy and thoroughness are, of course, critical to success, but management is intended to help work get done, not create work for the sake of management. 

Leaders evangelize a common vision and mission for why the work matters, what the ultimate goals are, and what good looks like. Their questions center around whether the team has everything it needs, about who is accountable for driving the outcomes, and whether those outcomes are of the highest quality.

Success frequently requires taking risks. Where a servant-leader will lean into uncertainty for the sake of the right outcomes, a self-interested supervisor will seek ways to limit their individual exposure at the expense of the collective outcome. 

Leadership is an art with a distinct style

Leaders drive to thrive while bosses struggle to survive. Leaders emerge while bosses are

Issue management vs. blame assignment

Let’s face it. When you get a group of smart, opinionated people together to work on a high-stakes, complex problem, passions are sure to quickly flare and conflicts will arise.

ALSO READ:   The Quiet Preparation: Will 2026 Mark the Revival of Southeast Asia's IPO Hopefuls?

Closely related—and equally important—is the fact that issues and problems will inevitably arise with any complex project. No one is perfect and mistakes happen; information is often incomplete and this sometimes leads to incorrect decisions. How the team lead manages such conflicts and issues is another telltale sign of their leadership style. 

Seasoned leaders look beyond conflicts to root causes and address concerns head-on without hiding or obfuscating the underlying issue. They’ll often ask questions such as “How can I help?” or “What do you need from me?” Their focus is directed toward immediate mitigation and preventive actions to protect the team from being burdened by the same problem again. 

It is a wholly different matter when an issue or conflict is met by management with suspicion and an inquisition to find the blameworthy. The language you’ll hear is often fundamentally different as well, where instead of questions about support, you hear things like “What are you doing about this?” or “Who is responsible for this?”

As the saying goes, with leadership the buck stops here. Good leaders fundamentally understand that any mistake is ultimately theirs to shoulder, and they do not look for scapegoats or engage in political gamesmanship at the expense of their team. 

Driving success vs. avoiding failure

Leaders focus on achieving success while rule followers obsess about avoiding failure. While there are myriad ways you can fail, you only succeed by achieving your goals. Because leaders own that responsibility and do not play hot potato with the outcome, their team engagement style reflects this flexible mentality. 

True leaders focus on the ultimate objectives of their team efforts, not the specific means to get there. It’s not the punch list of tasks that gets the job done, but the underlying work that the task list is supposed to help navigate. Accuracy and thoroughness are, of course, critical to success, but management is intended to help work get done, not create work for the sake of management. 

Leaders evangelize a common vision and mission for why the work matters, what the ultimate goals are, and what good looks like. Their questions center around whether the team has everything it needs, about who is accountable for driving the outcomes, and whether those outcomes are of the highest quality.

Success frequently requires taking risks. Where a servant-leader will lean into uncertainty for the sake of the right outcomes, a self-interested supervisor will seek ways to limit their individual exposure at the expense of the collective outcome. 

Leadership is an art with a distinct style

Leaders drive to thrive while bosses struggle to survive. Leaders emerge while bosses are appointed. A dozen more catchy slogans to follow.

Beyond the stereotypes and the hype, there is a common pattern across the different personalities, management styles, seniority, and experience that identify true leaders.

Leadership is a style on its own. Look around to see where you can spot it.

. A dozen more catchy slogans to follow.

Beyond the stereotypes and the hype, there is a common pattern across the different personalities, management styles, seniority, and experience that identify true leaders.

Leadership is a style on its own. Look around to see where you can spot it.

Source AB


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The Quiet Preparation: Will 2026 Mark the Revival of Southeast Asia’s IPO Hopefuls?

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Southeast Asia tech startups are quietly strengthening corporate governance and cleaning their books for a major IPO comeback in 2026. Explore the data, trends, and strategic shifts reshaping the region’s capital markets.

In the hushed corridors of Singapore’s financial district and Jakarta’s tech hubs, something remarkable is unfolding. While headlines trumpet AI breakthroughs and cryptocurrency swings, Southeast Asia’s tech startups are conducting a different kind of transformation—one that happens behind closed boardroom doors, in audit committee meetings, and through painstaking restructuring of corporate governance frameworks. After weathering a brutal funding winter that saw IPO activity plunge to its lowest level in nearly a decade in 2024, with only $3.0 billion raised across 122 IPOs, the region’s most ambitious companies are now methodically preparing for what many believe will be a defining moment: the 2026 IPO revival.

This isn’t the frenzied SPAC-era optimism of 2021. This is something more deliberate, more strategic—and potentially more sustainable.

Table of Contents

The Harsh Reality Check: Southeast Asia’s IPO Winter

The numbers tell a sobering story. In 2024, Southeast Asia’s IPO markets raised approximately $3.0 billion across 122 listings in the first 10.5 months—the lowest capital raised in nine years, down from $5.8 billion across 163 IPOs in 2023. Even more striking, only one IPO in 2024 raised over $500 million, compared to four such blockbuster listings the previous year.

For context, this represents a dramatic reversal from the pandemic-era boom when Southeast Asian tech companies commanded eye-watering valuations and international investors couldn’t deploy capital fast enough. The e-Conomy SEA report had projected the region’s digital economy would reach $363 billion by 2025, but the path to monetizing that growth through public listings proved far more treacherous than anticipated.

What happened? The perfect storm arrived with force.

High interest rates across ASEAN economies constrained corporate borrowing, dampening IPO activity as companies opted to delay public listings, explained Tay Hwee Ling, Capital Markets Services Leader at Deloitte Southeast Asia. Add to that mix currency fluctuations, geopolitical tensions affecting trade, and market volatility among major trade partners like China that impacted investor confidence, and you have an environment where even the most promising tech companies chose to stay private.

The venture capital funding landscape mirrored this decline. Southeast Asian VC funding hit rock bottom in Q4 2024, with startups mustering only 116 equity capital rounds raising $1.2 billion—the lowest quarterly deal volume in more than six years. Late-stage fundraising took a particularly severe hit, with funding plunging by 64% and deal value dropping by 72%.

For Southeast Asia’s tech unicorns and aspiring public companies, the message was clear: the old playbook was broken.

The Turning Tide: Why 2026 Looks Different

Yet amid this apparent gloom, a remarkable transformation is taking shape. In the first 10.5 months of 2025, Southeast Asia’s IPO capital markets showed a rebound, with 102 IPOs raising approximately $5.6 billion—a 53% increase in total proceeds despite fewer listings than 2024. The average deal size more than doubled, rising from $27 million in 2024 to $55 million in 2025, driven by larger, higher-quality offerings.

This isn’t just a cyclical uptick. Multiple structural factors are converging to create what could be the region’s most favorable IPO environment in five years.

Macroeconomic Tailwinds Gathering Strength

The macroeconomic backdrop is stabilizing in ways that matter for capital markets. Expected interest rate cuts alongside easing inflation are creating a more favorable environment for IPOs in the years ahead, according to Deloitte’s regional analysis.

The IMF projects ASEAN to grow at 4.3% in both 2025 and 2026, while the Asian Development Bank forecasts developing Asia’s growth at 4.9% in 2025 and 4.7% in 2026. Though these figures fall short of historical averages, they represent stable, predictable growth—exactly what public market investors crave after years of volatility.

More critically, the digital economy component of this growth is accelerating. Thailand’s digital economy, estimated to contribute around 6% of GDP, is the second largest in the ASEAN region, with financial services, digital payments, and fintech seeing some of the fastest rates of job creation. By 2030, ASEAN’s digital economy is expected to more than double to $560 billion, driving jobs and innovation across the region.

This creates a powerful narrative for IPO candidates: they’re not just individual companies going public, but representatives of the fastest-growing segment of the world’s fourth-largest economy.

Regulatory Evolution: The Singapore Catalyst

Perhaps nothing signals the changing IPO landscape more clearly than Singapore’s aggressive regulatory reforms. The Monetary Authority of Singapore convened a review group to assess and enhance the country’s IPO ecosystem, with recommendations aiming to advance Singapore toward a more disclosure-based regulatory regime aligned with major developed markets.

The $5 billion Equity Market Development Programme represents more than just capital—it’s a statement of intent. Singapore is positioning itself as the natural listing destination for Southeast Asian tech companies that might have previously eyed New York or Hong Kong.

Several SaaS and fintech firms are said to be preparing to list in late 2025 or 2026, encouraged by the success of dual-listed companies and growing institutional interest in digital transformation themes. The successful debut of NTT Data Centre REIT, Singapore’s biggest IPO in four years, has injected renewed confidence into the market.

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This regulatory evolution addresses a critical pain point. In the past, Southeast Asian companies often felt they had to choose between staying local with limited liquidity or going international with regulatory complexity. Singapore’s reforms aim to offer the best of both worlds: international standards with regional understanding.

Private Equity’s Patient Capital Creates IPO Pipeline

Another crucial development is private equity’s evolving role in the ecosystem. A total of 35 secondary exits were completed in 2025, marking the highest annual count since 2020, as sponsors adjusted expectations around timing, pricing, and structure.

This might seem counterintuitive—more secondary sales could mean fewer IPOs—but it actually creates a healthier pipeline. PE-backed companies that go through secondary transactions often emerge stronger, with cleaned-up cap tables and more realistic valuations. PE-backed IPOs in Southeast Asia in 2025 marked a clear departure from the previous cycle, with no single sector dominating as issuance shifted toward execution-driven offerings sized to clear the market.

Golden Gate Ventures and INSEAD estimate 700 exits, including IPOs and trade sales, between 2023 and 2025, driven by regional tech leaders and late-stage capital injections. These aren’t distressed sales—they’re strategic repositioning ahead of more favorable public market windows.

The Quiet Preparation: Inside the Corporate Governance Transformation

Here’s where the story gets truly interesting. Behind the IPO statistics and macroeconomic forecasts, Southeast Asia’s tech companies are undergoing a fundamental transformation in how they operate, govern themselves, and present their financials to the world.

Cleaning the Books: From Growth-at-All-Costs to Unit Economics

The phrase “cleaning the books” has become shorthand for a comprehensive financial overhaul that goes far beyond simple accounting adjustments. Companies preparing for 2026 IPOs are fundamentally rethinking how they measure and present success.

Take GoTo Group, Indonesia’s largest tech company formed from the merger of Gojek and Tokopedia. After years of negative earnings and billion-dollar write-downs, GoTo is inching closer to profitability, with net revenue 14% higher than the previous year and losses shrinking from IDR 4.5 trillion ($269 million) to about IDR 1 trillion ($60 million) in the first nine months of 2025.

This transformation involved painful but necessary changes: tighter control of incentive spending, pricing scheme adjustments, and a bigger role for their finance division in driving revenue. Cash from operations showed steady improvement, with deficits falling to around IDR 160 billion ($10 million) by the third quarter—roughly one-tenth of the negative operating cash flow at the same point in 2024.

The shift represents a broader industry reckoning. Companies are moving away from adjusted EBITDA metrics that exclude “non-recurring” expenses that somehow recur every quarter, toward genuine GAAP profitability or clear paths to it. Revenue recognition is being standardized to match international accounting standards. Related-party transactions—once common in family-controlled Asian conglomerates—are being eliminated or made fully transparent.

As one venture capital partner told me off the record: “In 2021, you could go public burning $100 million a quarter if your growth rate was impressive. In 2026, investors want to see that you can turn a profit within 12-18 months of listing, or at minimum, that your path to profitability doesn’t depend on hoping for better market conditions.”

Governance Overhaul: Building Boards That Command Respect

The governance transformation is equally dramatic. Building strong corporate governance is essential, including installing professional management, establishing a strong board of directors and commissioners, and forming key committees, noted Silva Halim, Chief Capital Market Officer of Mandiri Sekuritas.

What does this look like in practice? Companies are:

Professionalizing leadership structures: Founder-CEOs are surrounding themselves with experienced CFOs who have taken companies public before, often recruited from established listed companies or Big Four accounting firms.

Adding independent directors with relevant expertise: Boards are being expanded to include former executives from similar-stage companies, regulatory experts, and representatives from institutional investors. The days of boards comprising only founders, early investors, and friendly advisors are ending.

Establishing robust committee structures: Audit committees with genuinely independent chairs, compensation committees that tie executive pay to performance metrics investors care about, and risk management committees that don’t just exist on paper.

Implementing ESG frameworks: Environmental, Social, and Governance considerations are no longer nice-to-haves. They’re table stakes for institutional investors, particularly those based in Europe and increasingly Asia.

Three of Southeast Asia’s five newest unicorns—Carro, GCash, and others—are actively preparing for IPOs, which forces them to clean up governance and meet public-market expectations. Carro, the automotive marketplace, expects a potential US IPO in late 2025 or early 2026 and has been systematically strengthening its governance framework in preparation.

The Capital Structure Simplification

Perhaps the most complex aspect of IPO preparation is unwinding the convoluted capital structures many Southeast Asian tech companies accumulated during their private funding years.

Multiple share classes with different voting rights, convertible notes from emergency funding rounds, preferred shares with liquidation preferences that give early investors disproportionate exit returns—all of these need to be rationalized before a successful public listing.

The process requires delicate negotiation. Early-stage investors who took risks when a company was worth $10 million don’t want to be diluted to meaninglessness now that it’s valued at $1 billion. Founders want to maintain enough control to execute their vision. Public market investors want governance structures that protect minority shareholders.

Finding the balance is as much art as science, and it’s one reason the IPO preparation process now takes 18-24 months rather than the 6-12 months that was common in the SPAC era.

Sector Spotlight: Who’s Best Positioned for 2026?

Not all sectors are created equal in the coming IPO revival. The data reveals clear winners based on both investor appetite and operational readiness.

Fintech: The Perennial Favorite with New Maturity

FinTech continued to lead as the top-funded industry in Southeast Asia, attracting $821 million across 78 deals in the first nine months of 2024, despite year-over-year declines. The sector’s dominance reflects both its market maturity and the improving unit economics of regional fintech players.

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GCash, the Philippines’ leading digital wallet, stands out. New funding from Ayala and MUFG in 2024 boosted GCash’s valuation and positioned the company for an IPO in 2025, which would mark a major milestone for the Philippine startup scene. The company has moved beyond pure payments to offer a full suite of financial services—loans, insurance, investment products—creating multiple revenue streams that public market investors value.

Thunes, which became a unicorn in early 2025 after a $150 million Series D, exemplifies the infrastructure play that resonates with institutional investors. Rather than competing in crowded consumer spaces, it provides the rails that enable cross-border payments, a B2B model with stronger margins and more predictable revenue.

Infrastructure and Logistics: The Unsexy Winners

While consumer tech grabbed headlines during the pandemic boom, infrastructure and logistics companies are emerging as IPO favorites precisely because they’re less glamorous. They have real assets, predictable cash flows, and business models that make sense without squinting.

Data centers, in particular, are hot. Singapore’s successful listing of NTT Data Centre REIT validated the thesis that digital infrastructure can be packaged as stable, income-producing assets. As AI adoption accelerates and cloud migration continues, the demand for data center capacity in Southeast Asia is outpacing supply.

Logistics networks built by e-commerce giants and delivery platforms have also matured to the point where they could be spun off as standalone entities. These networks have tangible value: warehouses, last-mile delivery fleets, sophisticated routing algorithms, and established relationships with millions of merchants and consumers.

Automotive and Mobility: The Vertical Integration Play

Carro started as a used car platform but has evolved into a multi-service mobility business, integrating financing, insurance, after-sales service, AI-led vehicle inspections and logistics. This vertical integration strategy represents a sophisticated understanding of what public market investors want to see: control over the entire value chain creates both competitive moats and opportunities to capture margin at multiple points.

The automotive sector in Southeast Asia remains fragmented and under-digitized, creating genuine opportunities for tech-enabled consolidation. Whoever controls both the data and the distribution wins—and that thesis is compelling enough to attract IPO investors willing to bet on multi-year transformations.

The Risk Factors: What Could Derail the Revival

For all the optimism, significant risks loom over Southeast Asia’s IPO renaissance.

Global Recession Fears and Trade Policy Uncertainty

Meanwhile, US President-elect Donald Trump’s return to the White House represents a wild card for many markets, including IPOs, with the revival of “America First” trade policies potentially upending Southeast Asia’s IPO ambitions.

The return of protectionist trade policies could disrupt the export-dependent growth models of many Southeast Asian economies. If tariffs on Chinese goods lead to a broader trade war, and if Southeast Asian countries get caught in the crossfire as production shifts out of China, the macroeconomic stability necessary for robust IPO markets could evaporate quickly.

China Economic Slowdown Spillover

A worse-than-expected deterioration in China’s property market could disrupt prospects across Asia, the IMF warned in its regional outlook. China remains Southeast Asia’s largest trading partner and a major source of tourism revenue. An economic hard landing in China would reduce demand for Southeast Asian exports and potentially trigger capital flight from regional markets.

Currency Volatility and Capital Controls

Exchange rate instability remains a perennial concern. Companies that earn revenue in Indonesian rupiah, Thai baht, or Vietnamese dong but report in US dollars face constant translation risks. Sharp currency depreciations can turn profitable quarters into losses on paper, spooking investors.

More concerning is the possibility of capital controls if regional currencies come under sustained pressure. Malaysia’s experience with capital controls during the Asian Financial Crisis remains a cautionary tale that international investors remember.

Regulatory Unpredictability

Despite Singapore’s positive reforms, regulatory uncertainty persists across the region. Data localization requirements in Indonesia and Vietnam can force costly infrastructure changes. Cross-border payment regulations vary wildly between countries. Competition authorities are increasingly scrutinizing dominant platforms.

For companies hoping to list in 2026, the challenge is preparing for an IPO while remaining nimble enough to adapt to regulatory changes that could fundamentally alter their business models.

Post-IPO Performance Anxiety

Perhaps the biggest risk is the memory of previous disappointments. Grab’s post-SPAC performance—trading well below its initial valuation—haunts the sector. Sea Limited’s rollercoaster ride from pandemic darling to value destruction and back has made investors wary of Southeast Asian tech valuations.

New IPO candidates need to deliver not just successful listings but sustained post-IPO performance. One or two high-profile flameouts in 2026 could shut the window for everyone else.

Investment Implications: Reading the Tea Leaves

For institutional investors, the 2026 Southeast Asia IPO pipeline presents both opportunities and obligations to conduct rigorous due diligence.

Valuation Frameworks for a New Era

The valuation multiples of 2021—when companies could command 20x forward revenue—are gone. Today’s IPO candidates should expect 5-8x revenue multiples for profitable companies, 3-5x for those with clear paths to profitability within 18 months.

The shift means companies need much larger revenue bases to achieve the same market capitalizations. A company targeting a $5 billion valuation needs at least $800 million in revenue, not the $250 million that might have sufficed in 2021.

For growth-stage investors and late-stage VCs, this creates both challenges and opportunities. Entry valuations must be disciplined enough to allow for successful exits even at more modest public market multiples. But for those who invested in 2022-2023 at trough valuations, the returns could be substantial.

Geographic Focus: Not All Markets Are Equal

Singapore will continue to dominate Southeast Asian tech IPOs in 2026, but Indonesia and Vietnam are increasingly viable alternatives for companies with strong domestic market positions.

Indonesia’s market offers scale—270 million people, rapidly growing middle class, improving digital infrastructure. Companies that can demonstrate market leadership in Indonesia, even if they’re not yet regional champions, can make compelling IPO cases.

Vietnam presents a different opportunity: manufacturing and export-oriented plays that benefit from China-plus-one strategies. Tech-enabled manufacturing, logistics, and supply chain companies based in Vietnam may find receptive public markets.

Sectoral Selectivity

Within sectors, investors should prioritize:

In fintech: Companies with lending and asset management products, not just payment facilitation. The former have better unit economics and more defensible moats.

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In e-commerce: Vertical specialists (automotive, luxury, B2B) rather than horizontal generalists competing with Sea Limited and Lazada.

In SaaS: Companies with strong presence in multiple Southeast Asian markets and demonstrated ability to expand upmarket to enterprise customers.

In logistics: Asset-light models leveraging technology to coordinate third-party capacity, rather than capital-intensive approaches requiring continuous fundraising.

Policy Recommendations: Enabling Sustainable Growth

For Southeast Asian governments and regulators hoping to support vibrant public markets, several policy priorities emerge.

Harmonize Listing Requirements

The fragmentation of listing requirements across ASEAN exchanges creates unnecessary complexity. A startup that meets SGX listing requirements should be able to list on the Indonesia Stock Exchange or Stock Exchange of Thailand with minimal additional compliance burden.

Progress on the ASEAN Digital Economy Framework Agreement could provide a template for similar harmonization in capital markets regulation. The goal isn’t identical rules—each market has unique characteristics—but mutual recognition and reduced friction.

Strengthen Market Infrastructure

Retail investor participation in IPOs remains limited in most Southeast Asian markets outside Singapore. Improving digital brokerage infrastructure, reducing transaction costs, and educating retail investors about public markets would broaden the investor base and improve post-IPO liquidity.

Malaysia and Thailand have made progress on digital brokerage adoption, but Indonesia, Vietnam, and the Philippines lag behind. Governments could accelerate adoption through tax incentives for small investors and regulatory sandboxes for innovative brokerage models.

Develop Institutional Investor Base

Southeast Asia needs more domestic institutional capital to reduce dependence on foreign portfolio flows that can reverse quickly during global risk-off episodes.

Pension reforms to allow higher equity allocations, insurance regulation that doesn’t penalize public equity investments, and sovereign wealth fund strategies that include domestic tech exposure would all help develop a more stable institutional investor base.

Address Short-Termism in Corporate Governance Codes

Many Asian corporate governance codes emphasize quarterly reporting and short-term performance metrics. While transparency is valuable, this can discourage the long-term investments in R&D, market expansion, and talent development that tech companies need.

Reforms could include longer protected periods for newly listed companies before they face takeover attempts, allowing founders to maintain dual-class voting structures for defined periods, and encouraging long-term incentive compensation tied to multi-year milestones.

Strategic Advice: Navigating the Path to Public Markets

For founders and CFOs contemplating 2026 IPOs, several strategic imperatives stand out.

Start Earlier Than You Think

IPO preparation isn’t something you begin six months before filing. The companies most likely to succeed in 2026 began their preparations in 2024 or earlier.

This means installing audit committees now, conducting pre-IPO audits of financial controls, identifying and fixing revenue recognition issues before underwriters spot them, and beginning the process of board professionalization well before you need those independent directors’ signatures on registration statements.

Choose Your Market Thoughtfully

The question “Where should we list?” requires sophisticated analysis of where your customers are, where comparable companies trade, and where you can maintain liquidity post-IPO.

For truly regional companies, dual listings merit consideration. The complexity and cost are substantial, but accessing both Asian and Western capital pools can be worth it. For companies with clear geographic anchors, listing close to your customer base makes sense even if valuations are somewhat lower—the understanding and long-term support from local institutional investors often outweighs pure valuation optimization.

Build Your Equity Story Deliberately

Companies need a compelling equity story and investment thesis that will resonate with public investors, with long-term goals focused on positive market reception and sustained aftermarket performance, advised Pol de Win, SGX Group’s Senior Managing Director.

This equity story needs to be more sophisticated than “We’re the X of Southeast Asia.” Public market investors want to understand your unit economics at a granular level, see evidence of defensible competitive advantages, understand how you’ll allocate capital, and have confidence in your management team’s ability to execute through market cycles.

Testing this story with pre-IPO investors through structured investor education—think non-deal roadshows conducted 12-18 months before listing—can reveal weaknesses in your narrative and give you time to address them.

Manage Expectations Conservatively

One of the biggest mistakes of the SPAC era was over-promising on growth and profitability trajectories. Companies projected hockey-stick growth that never materialized, destroying credibility and shareholder value.

The companies that will succeed in 2026 will be those that guide conservatively and consistently beat their own projections. Sandbagging should be avoided—investors can spot it and penalize you for it—but realistic planning that accounts for macroeconomic headwinds and competitive challenges will serve you better than blue-sky scenarios.

Looking Forward: Southeast Asia’s Moment

If 2021 was the frothy champagne era and 2024 was the sobering hangover, then 2026 represents something different—maturity, discipline, and the genuine transformation of Southeast Asian tech companies from venture-backed startups to sustainable public companies.

The region’s fundamental strengths remain intact: Southeast Asia’s strong consumer base, growing middle class, and strategic importance in sectors like real estate, healthcare, and renewable energy remain attractive to investors. ASEAN has already delivered a five-fold expansion in economic output this century, and the digital transformation is still in relatively early innings.

What’s changed is the understanding of what it takes to succeed as a public company. The discipline being instilled through the current IPO preparation process—the governance overhauls, the financial rigor, the strategic clarity—will serve these companies well beyond their listing dates.

Will 2026 mark the revival of Southeast Asia’s IPO hopefuls? The data suggests yes, but with an important caveat: it won’t be a revival of the 2021 model. It will be the emergence of something better—more sustainable, more honest about challenges, more realistic about valuations, and more committed to delivering long-term value rather than short-term excitement.

For investors who can navigate this landscape with sophistication, who can distinguish between genuinely transformative companies and those merely riding a cyclical upturn, the opportunities could be substantial. For the broader Southeast Asian tech ecosystem, this moment represents a coming-of-age—the transition from a region of promising startups to a mature market of public technology companies that can compete on the global stage.

The quiet preparation happening now in boardrooms and audit committees across Southeast Asia matters more than any single IPO. It represents the infrastructure—not physical infrastructure, but the governance, financial discipline, and strategic clarity—upon which decades of public market success can be built.

2026 won’t be the end of Southeast Asia’s IPO story. If the preparation is done right, it will be the beginning of a much longer and more sustainable chapter.


Sources Cited:

  1. Deloitte Southeast Asia (2024, 2025). “Southeast Asian IPO Market Reports”
  2. Asian Development Bank (2025). “Asian Development Outlook”
  3. International Monetary Fund (2025). “ASEAN Regional Economic Outlook”
  4. MAGNiTT (2024). “Southeast Asia Venture Capital Landscape”
  5. DealStreetAsia (2024, 2025). “DATA VANTAGE Reports”
  6. World Bank (2025). “Thailand Economic Monitor”
  7. East Ventures (2025). “Building a Vibrant IPO Ecosystem in Southeast Asia”
  8. PwC (2024). “Global IPO Trends”
  9. Golden Gate Ventures & INSEAD (2024). “Southeast Asia Exit Report”
  10. Tech Collective (2025). Various industry analyses
  11. World Economic Forum (2025). “ASEAN Digital Economy Report”
  12. GSMA Intelligence (2025). “Digital Nations 2025: ASEAN Connectivity”

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Analysis

The Endless Frustration of Chinese Diplomacy :An Analysis

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Introduction

Diplomacy is often described as an art form, a delicate dance of negotiations, compromise, and strategy on the international stage. However, when it comes to Chinese diplomacy, the word “frustration” seems to be a recurring theme for many nations and observers alike. China, with its rising global influence and assertive foreign policy, has often found itself at odds with the international community. In this blog post, we will delve into the various aspects of Chinese diplomacy that have led to this enduring sense of frustration, examining its historical context, its approach to territorial disputes, economic practices, and human rights issues.

Historical Context

To understand the frustration surrounding Chinese diplomacy, it is essential to consider its historical context. China’s history is marked by a long tradition of diplomacy and statecraft, dating back to the Warring States period more than two millennia ago. The concept of “tianxia” (all under heaven) has been central to Chinese foreign policy, emphasizing the Middle Kingdom’s perceived centrality in the world.

In modern history, China’s diplomatic approach has been heavily influenced by its experience with colonialism, imperialism, and the humiliation suffered during the Opium Wars and the Century of Humiliation. These historical scars continue to shape China’s perception of itself as a victim of foreign aggression, driving its assertiveness in contemporary diplomacy.

Territorial Disputes

One of the most glaring sources of frustration in Chinese diplomacy is its handling of territorial disputes. China has several ongoing territorial disputes with its neighbors, including Japan, Taiwan, India, and multiple Southeast Asian nations in the South China Sea.

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In the South China Sea, China’s assertiveness in claiming almost the entire region as its own, based on a historical narrative that is often contested, has raised tensions with neighbouring countries and drawn the ire of the international community. Its construction of military facilities on disputed islands has further exacerbated the situation, leading to concerns about freedom of navigation and regional stability.

Taiwan remains a sensitive issue in Chinese diplomacy. The People’s Republic of China views Taiwan as a renegade province and consistently pressures other nations to not recognize its sovereignty. This has led to a frustrating diplomatic tussle, with countries having to choose between recognizing the PRC or maintaining unofficial ties with Taiwan.

Economic Practices

China’s economic practices also contribute to diplomatic frustration on a global scale. As the world’s second-largest economy, China wields considerable economic influence and is often accused of using it to gain leverage in international negotiations.

The practice of debt-trap diplomacy, wherein China provides substantial loans to developing countries for infrastructure projects, has come under scrutiny. Critics argue that these loans can lead to unsustainable debt burdens for recipient nations, ultimately giving China significant influence over their policies and resources.

Furthermore, allegations of unfair trade practices, including intellectual property theft and forced technology transfer, have strained China’s economic relations with other major economies, particularly the United States. This has resulted in a trade war and tit-for-tat tariffs that have negatively impacted the global economy.

Human Rights Concerns

Perhaps one of the most profound sources of frustration with Chinese diplomacy is its approach to human rights issues. China’s record on human rights has been criticized repeatedly by the international community, particularly concerning Tibet, Xinjiang, and Hong Kong.

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In Xinjiang, the Chinese government has faced allegations of human rights abuses against the Uighur Muslim minority, including forced labour, mass detentions, and cultural repression. These allegations have led to calls for sanctions and investigations from various nations and international organizations.

The situation in Hong Kong has also drawn condemnation. China’s imposition of a National Security Law in 2020 effectively eroded the autonomy and freedoms promised to Hong Kong under the “one country, two systems” framework. This move has resulted in the arrest of pro-democracy activists and the stifling of political dissent.

International Response and Frustration

The frustration with Chinese diplomacy is not limited to isolated incidents or grievances. Rather, it is a cumulative result of various aspects of China’s foreign policy approach. As a response to these concerns, many nations have sought to form coalitions to counterbalance China’s influence.

The Quad, consisting of the United States, Japan, India, and Australia, has emerged as a regional security forum aimed at promoting a free and open Indo-Pacific, countering China’s assertiveness in the region. Additionally, the United States has engaged in diplomatic efforts to rally allies and partners in addressing various issues related to China, such as human rights abuses, unfair trade practices, and territorial disputes.

The European Union has also taken a more assertive stance in its relationship with China, highlighting the need for reciprocity in trade and investment and expressing concerns about human rights violations. These diplomatic shifts underscore the growing frustration with China’s approach on the global stage.

Conclusion

The frustration surrounding Chinese diplomacy is not a passing trend but a complex and enduring issue. Rooted in historical grievances, territorial disputes, economic practices, and human rights concerns, this frustration has led to shifting alliances, diplomatic tensions, and a recalibration of international relations.

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China’s rise as a global power demands a more nuanced and balanced approach to diplomacy. While it has every right to assert its interests and protect its sovereignty, it must also consider the legitimate concerns of the international community. Finding common ground and addressing these issues through diplomacy rather than confrontation is essential for global stability and cooperation in the 21st century. Only by doing so can China hope to overcome the endless frustration that often accompanies its diplomatic endeavours.


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Analysis

10 Points to Attract Angel Investors for Your Small Business Company

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Introduction

Angel investors play a crucial role in providing capital and guidance to small business companies. These high-net-worth individuals invest their own funds into promising startups in exchange for equity. If you are a small business owner seeking angel investment, it is important to understand what investors look for and how to attract them. In this article, we will highlight 10 key points to help you attract angel investors and secure the funding you need.

1. Develop a Solid Business Plan

A comprehensive business plan is essential when attracting angel investors. Your plan should clearly outline your business concept, target market, competitive advantage, revenue model, and growth strategy. Showcasing your understanding of the market and potential for success will instill confidence in potential investors.

2. Demonstrate Market Potential

Investors want to see a sizable market opportunity. Clearly explain the problem your product or service solves and illustrate the market demand for it. Conduct market research, share industry analysis, and show that your business has the potential for significant growth.

3. Showcase Strong Leadership

Investors are not just investing in your business; they are investing in you as a leader. Highlight your skills, experience, and track record of success. Show that you have the passion, determination, and ability to drive your company forward.

ALSO READ:   The Quiet Preparation: Will 2026 Mark the Revival of Southeast Asia's IPO Hopefuls?

4. Develop a Prototype or Minimum Viable Product (MVP)

Having a tangible prototype or MVP demonstrates that you are serious about your business and have made progress towards its development. Investors want to see tangible evidence of your product or service’s potential.

5. Build a Stellar Team

Investors often look for businesses with a strong team. Surround yourself with individuals who complement your skills and have the expertise needed to execute your business plan successfully. Highlight the qualifications and achievements of your team members in your pitch.

6. Offer a Unique Value Proposition

Differentiate your business from competitors by offering a unique value proposition. Investors want to see that your product or service solves a problem in a distinct and innovative way. Clearly articulate how your offering is superior and highlight any intellectual property or patents you may have.

7. Show Traction and Milestones

Investors want to see traction, even if it’s in the early stages. Demonstrate how your business has progressed and achieved significant milestones, such as gaining initial customers, partnerships, or revenue. This shows that your business is gaining momentum and mitigates some of the risks associated with early-stage ventures.

8. Provide a Realistic Financial Projections

Investors need to understand the financial potential of your business. Develop realistic financial projections that demonstrate how your company will generate revenue and grow over time. Be prepared to explain your assumptions and provide a clear path to profitability.

9. Mitigate Risks

Identify and address potential risks associated with your business. Investors are risk-averse and want to see that you have thought through the challenges and have plans in place to overcome them. Showcasing your risk-mitigation strategies will increase investor confidence in your venture.

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10. Be Prepared and Professional

Finally, when pitching to angel investors, be prepared and professional. Practice your pitch, anticipate questions, and be ready to provide comprehensive answers. Show confidence and passion for your business, while also being receptive to feedback and open to collaboration.

Conclusion

Attracting angel investors for your small business company requires a strategic approach. By developing a solid business plan, showcasing market potential, demonstrating strong leadership, and addressing key investor concerns, you can increase your chances of securing the funding you need. Remember, attracting angel investors is not only about the money; it’s about building mutually beneficial relationships that can provide not only capital but also guidance and industry connections.


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