KUALA LUMPUR, March 12 (Bernama) -- Bursa Malaysia’s benchmark index reversed earlier losses to end at its intraday high on Thursday, staging a late rebound during the final hour of trading. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.23 points to 1,711.01 from yesterday’s close of 1,708.78. The market bellwether opened 8.09 points lower at 1,700.69, and slipped to its day’s low of 1,694.80 during the mid-morning session before gaining momentum in the afternoon trading toward the close. However, market breadth was negative, with losers leading gainers 538 to 529. A total of 525 counters were unchanged, 1,075 untraded, and 17 suspended. Turnover climbed to 3.01 billion units worth RM3.53 billion from Wednesday’s 2.70 billion units worth RM2.78 billion.
Zhizi’s IPO Plans & Market Position
- Zhizi Automobile Technology Co is considering a Hong Kong IPO to raise about $200 million (¥1.44 billion).
- Discussions with advisers are ongoing, but no final decision has been made.
China’s Growing EV Truck Market
- China leads the global EV market due to cost advantages, technological advancements, and battery material access.
- Electric truck sales in China more than doubled in 2024, highlighting strong demand for commercial EVs.
- Zhizi manufactures electric trucks, tractors, and commercial vehicles, competing with Windrose Technology Inc., another EV truckmaker seeking a public listing.
Zhizi’s Background & Industry Expansion
- Zhizi was founded in 2022 by DECH Future Automobile Technology Co., a joint venture with Shaanxi Automobile Holding Group, one of China’s largest heavy-duty truckmakers.
- The IPO could help Zhizi expand production and compete in China’s rapidly growing commercial EV segment.
Summary:
- Zhizi is considering a $200M Hong Kong IPO to expand its EV truck business.
- China's EV truck market is booming, with sales more than doubling in 2024.
- Zhizi was founded by Shaanxi Auto Holding and aims to strengthen its market position.
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