Executives of state-owned China Tower — Deputy General Manager Gu Xiaomin (L), Chairman of the Board, Executive Director and General Manager Tong Jilu and Deputy General Manager Gao Buwen — raise their glasses during the company's IPO launch ceremony in Hong Kong on August 8, 2018.

Strong deal-making momentum in Asia Pacific this year is set to continue in 2019 despite global trade uncertainties, an international law firm said Monday, cautioning that valuations for public listings may slip marginally.

The region has seen a banner year for capital market deals, both domestic and cross-border, marked by strong activity out of Japan and Hong Kong.

One of the mega-deals this year was Takeda Pharmaceutical's $59 billion takeover of London-listed Shire, which marked the biggest-ever foreign acquisition by a Japanese company. With regard to initial public offerings, Chinese mobile phone infrastructure builder China Tower listed in Hong Kong in what was Hong Kong's largest IPO for the year.

Japan's Softbank Group is set to list shares in its telecommunications unit on Wednesday in what will be the country's largest public listing. Expected to raise some 2.65 trillion yen ($23.5 billion), the IPO will be one of the biggest in the world.

In its Global Transactions Forecast for 2019, Chicago-based Baker McKenzie noted the strong momentum for mergers and acquisitions, as well as IPOs, in Asia Pacific this year, as deal-makers focused on economic fundamentals instead of global trade and protectionist worries. Much of that momentum will likely continue into 2019, the law firm said.

"Our forecast is for a robust increase in M&A, and sustained strength in IPO activity in 2019," said the report, compiled with research firm Oxford Economics. However, it added that overall deal fever in the region will likely cool off in 2020, citing a natural slowdown after consecutive strong years as well as an expected slowdown in economic growth.