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Market Daily Report: Profit-taking Ends Bursa Malaysia's Five-day Winning Streak

KUALA LUMPUR, Jan 28 (Bernama) -- Bursa Malaysia snapped its five-day winning streak to close lower on Wednesday, as investors took profit following a cumulative gain of 4.25 per cent over the past five sessions, said an analyst.  At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.76 points or 0.83 per cent to 1,756.49 from Tuesday’s close of 1,771.25.  The market bellwether opened 1.46 points lower at 1,769.79, marking the day’s high, and hit a low of 1,750.05 during the mid-afternoon session. Market breadth was negative with losers trouncing gainers 876 to 384, while 525 counters were unchanged, 964 untraded and 94 suspended.  Turnover improved to 3.65 billion units worth RM4.41 billion from Tuesday's 3.58 billion units worth RM4.46 billion.  
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Unisplendour Plans US$1 Billion Hong Kong Listing to Expand Overseas

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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