KUALA LUMPUR, July 31 (Bernama) -- Bursa Malaysia ended higher on Friday as investors continued to accumulate blue-chip stocks in line with stronger performances across most regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.50 points to 1,724.90 from yesterday’s close of 1,720.40. The benchmark index opened 0.83 of a point higher at 1,721.23, and moved between 1,715.67 and 1,730.12 throughout the day. The broader market was positive with gainers outpacing losers 707 to 402, while 547 counters were unchanged, 1,085 untraded and 56 suspended. Turnover expanded to 3.03 billion units valued at RM3.56 billion from 2.49 billion units valued at RM2.25 billion on Thursday.
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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