KUALA LUMPUR, May 11 (Bernama) -- Late selling pressure dragged Bursa Malaysia into negative territory at the close, reversing earlier gains as profit-taking in heavyweight banking and transportation counters dampen overall market sentiment. At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.75 points to 1,745.31 from Friday’s close of 1,748.06. The benchmark index, which opened 5.94 points firmer at 1,754.0, moved between 1,744.99 and 1,754.0 during the trading session. Market breadth was positive with gainers leading losers 562 to 558. A total of 636 counters were unchanged, 897 untraded, and 12 suspended. Turnover increased to 4.20 billion units worth RM3.17 billion compared with 3.31 billion units worth RM3.00 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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