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Market Daily Report: Bursa Malaysia Ends Higher, CI Up 1.10 Pct

KUALA LUMPUR, April 1 (Bernama) -- Bursa Malaysia closed higher on Wednesday, with the key index rising 1.10 per cent, in line with firm gains across regional markets following a strong rally on Wall Street overnight, said an analyst.  IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the improvement in sentiment was underpinned by easing geopolitical concerns and a decline in oil prices.  At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increase 18.54 points or 1.10 per cent to 1,708.90 from Tuesday’s close of 1,690.36. The benchmark index opened 25.58 points higher at 1,715.94, marking its intraday high, and hit a low of 1,700.20 during the mid-morning session. The broader market was positive, with gainers leading decliners 780 to 444. A total of 475 counters were unchanged, 926 untraded and 11 suspended.
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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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