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Market Daily Report: Bursa Malaysia's Key Index Rebounds 0.27 Pct On Heavyweight Buying

KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing.  On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion.   Dealers said that investors were cautious following geopolitical developments in Asia. 
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Chinese EV Truckmaker Zhizi Eyes $200M Hong Kong IPO

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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