KUALA LUMPUR, June 22 (Bernama) -- Bursa Malaysia ended on a softer note today as investors engaged in profit-taking following the recent rebound in the local market, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 0.65 per cent, or 11.19 points, to 1,700.84 from last Friday's close of 1,712.03. The benchmark index opened 1.56 points lower at 1,710.47 and moved between 1,699.94 and 1,712.32 throughout the trading session. Market breadth was negative, with decliners outnumbering gainers 560 to 481. A total of 608 counters were unchanged, 1,649 untraded, and 14 suspended. Turnover slipped to 3.29 billion units worth RM2.40 billion from 3.45 billion units worth RM3.79 billion on Friday.
Chinese IT Firm Picks Banks for Second Listing Amid China’s Market Shift
- Unisplendour Corp, a Beijing-based IT services provider, is planning a second listing in Hong Kong to raise around US$1 billion (RM4.42 billion) to fuel its overseas expansion.
- BNP Paribas SA, China Merchants Bank International, and CSC Financial Co have been tapped as lead banks for the offering, with more banks potentially joining the deal.
- The company confirmed it is exploring equity financing in Hong Kong but has not finalized the plan or a listing timeline.
China’s IPO Shift to Hong Kong
- Chinese firms are increasingly turning to Hong Kong for capital as China limits domestic stock sales to stabilize its equity market.
- Other major Chinese companies seeking Hong Kong listings include:
- Contemporary Amperex Technology Co Ltd (CATL) – the world’s largest battery maker
- Jiangsu Hengrui Pharmaceuticals Co – a major drugmaker
- Foshan Haitian Flavouring & Food Co – a leading condiment producer
- These deals support Hong Kong’s IPO revival, with 2025 listings projected to more than double to US$22 billion, as market confidence improves following a 17% rise in the Hang Seng Index.
Unisplendour’s Market Position & Growth Strategy
- The company specializes in cloud computing, software development, servers, and storage systems.
- Its Shenzhen-listed shares have risen 12% in 2025, valuing the company at approximately 90 billion yuan (RM54.85 billion).
Hong Kong’s IPO Rebound
- The influx of Chinese firms listing in Hong Kong signals confidence in the city’s financial market recovery.
- Higher valuations and regulatory easing could further boost IPO activity, making Hong Kong a preferred listing destination for Chinese firms eyeing global expansion.
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