KUALA LUMPUR, Oct 20 (Bernama) -- Bursa Malaysia’s benchmark index edged higher at the close as bargain hunting emerged following Monday’s sharp sell-off, although it narrowly failed to reclaim the 1,600 level, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 3.83 points, or 0.24 per cent, to 1,599.58 from Monday’s close of 1,595.75. The index opened 3.18 points lower at 1,592.57, marking its intraday low, and reached an intraday high of 1,602.83 in early trading. On the broader market, decliners outnumbered gainers 751 to 331, while 499 counters were unchanged, 1,259 untraded and 10 suspended. Turnover rose to 2.86 billion units worth RM2.42 billion against Monday’s 2.49 billion units worth RM2.38 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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