KUALA LUMPUR, Sept 28 (Bernama) -- Bursa Malaysia ended marginally lower on Monday amid selling activity as the market lacked fresh catalysts to spur investors’ buying interest, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.60 points, or 0.09 per cent, to 1,670.02, from Friday’s close of 1,671.62. The benchmark index, which opened 0.93 of-a-point higher at 1,672.55, moved between 1,668.61 and 1,674.11 throughout the trading session. Market breadth was negative as losers surpassed gainers 748 to 388, while 517 counters were unchanged, 1,271 untraded and 91 suspended. Turnover slipped to 3.11 billion units worth RM2.40 billion from 4.07 billion units valued at RM2.69 billion on Friday.
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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