KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
Key Takeaway: Pony AI, backed by Toyota, seeks to raise up to $195 million through its US IPO, aiming for a valuation of $4.48 billion, signaling a cautious return of Chinese companies to the US stock market.
Chinese self-driving firm Pony AI is pursuing a long-awaited US Nasdaq listing under the symbol "PONY", offering 15 million American Depositary Shares priced between $11 and $13 each. This move comes as the company adjusts its valuation down from $8.5 billion in 2022 to reflect market conditions, targeting $4 billion minimum.
The IPO follows rival WeRide's recent Nasdaq debut and reflects increasing efforts by Chinese self-driving firms to raise funds for scaling operations. Investors including BAIC have indicated interest in purchasing $74.9 million worth of shares, while others agreed to a $153.4 million private placement.
Key Challenges and Opportunities:
- The self-driving sector faces regulatory and profitability hurdles, with significant R&D investment needed for commercial success.
- US national security concerns might limit China-developed systems on American roads, posing additional barriers for Pony.
- However, China’s fast-tracked trial approvals and support for innovation provide a competitive advantage.
This IPO is a notable step in reviving Chinese company listings in the US after Beijing eased its crackdown on tech firms. While Zeekr’s $441 million IPO in May remains the largest US listing by a Chinese firm in 2024, Pony’s success could encourage further activity in the sector.
The offering is underwritten by Goldman Sachs, BofA Securities, Deutsche Bank, Huatai Securities, and Tiger Brokers, with proceeds aimed at expanding Pony’s fleet of 250 robotaxis and 190 robotrucks and deepening its foothold in the high-growth autonomous vehicle market.
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