MONEY MASTER

Key Takeaways SK Hynix's US listing is more than seven times oversubscribed , highlighting continued institutional confidence despite recent volatility in AI stocks. The US$24.5 billion offering could become the second-largest US IPO by a foreign company , behind Alibaba's 2014 listing. The strong demand suggests investors remain bullish on the long-term AI semiconductor story , even after recent corrections. Institutional investors appear to be viewing the recent pullback as a buying opportunity rather than the end of the AI cycle. The success of this IPO could become an important gauge of global appetite for AI-related investments. Market Insight Over the past two weeks, AI-related stocks have experienced one of their sharpest pullbacks this year. SK Hynix  has fallen around  30% from its record high , while semiconductor stocks globally have come under pressure as investors questioned whether AI-related spending could continue at its current pace. Yet behind the scenes, a v...

Key Takeaways Wall Street rallied to fresh highs , led by AI and Magnificent Seven stocks, with the Dow Jones setting another record close. Maybank Investment Bank upgraded Malaysia's technology sector to Positive , citing stronger semiconductor demand and improving order visibility. Bursa Malaysia eased 0.11% , reflecting sector rotation despite a stronger ringgit and improving outlook for technology stocks. ViTrox and ITMAX emerged as Maybank's preferred picks , while strong earnings and IPO demand highlighted continued strength across selected sectors. Technology and AI remain key investment themes , supporting Malaysia's semiconductor supply chain and export outlook. Market Overview Global investor sentiment strengthened after another robust session on Wall Street, where  AI-related stocks  reignited market momentum. The  Dow Jones Industrial Average  reached a new record closing high, while the  Nasdaq Composite  jumped more than 2% as investors return...

SpaceX is transitioning from hype-driven trading to institutional positioning and that’s where the real trend will be defined. SpaceX finally paused its explosive rally, but the bigger story is what this pullback reveals about positioning, liquidity, and what comes next. Key Points SpaceX fell ~5% , marking its first decline since IPO Stock had surged  nearly 50% in just 3 days  prior Still trading  ~42% above IPO price (US$135) Valuation slipped below Amazon, now  ~US$2.5 trillion Low free float (~4.2%)  is amplifying volatility Broader market weakness after  Fed rate outlook  also weighed This isn’t a breakdown and it’s the first real test after extreme post-IPO momentum. Why the Drop Happened The decline wasn’t driven by fundamentals, but by a mix of technical and macro factors: 1. Low Float = High Volatility Only a small portion of shares are tradable, which means: Prices can  spike quickly on demand But also  reverse sharply  on pro...

SpaceX is preparing for its IPO with  investment-grade credit backing , a rare move for a loss-making company. This could significantly  lower borrowing costs and unlock massive funding capacity  for its next growth phase. What Happened SpaceX  is said to have secured  investment-grade ratings  from major agencies IPO expected to raise  ~US$75 billion Likely to issue debt  shortly after listing SpaceX is positioning itself to access cheaper, large-scale financing immediately after IPO. Why This Is Unusual Typically, investment-grade companies have: Stable profits Predictable cash flows But SpaceX: Reported  US$4.28 billion loss (latest quarter) Still received strong credit backing This breaks traditional credit rules showing how powerful its future revenue visibility is. What’s Supporting the Credit Strength Despite losses, SpaceX has massive contracted revenue: US$30B deal with Google (cloud services) ~US$45B agreement with Anthropic (AI-rel...

Malaysia’s equity market remained under pressure as  rising global yields and geopolitical risks  weighed on sentiment, while standout corporate developments, including  SkyeChip’s strong IPO listing,  drew investor attention. Global Pressure Weighs on Local Sentiment Wall Street closed lower overnight: S&P 500   -0.67% Nasdaq Composite   -0.84% Dow Jones Industrial Average   -0.65% The decline was driven by  rising bond yields , with the  US 10-year yield near 4.7% , pressuring high-growth technology stocks. KLCI Extends Losing Streak The  FTSE Bursa Malaysia KLCI Index  slipped  0.03% , marking its  fifth consecutive session of losses . Market sentiment remained cautious amid: Iran war-driven volatility Earnings season uncertainty Ongoing  portfolio repositioning Malaysia Auto Sales Show Strong Recovery Malaysia’s automotive sector delivered a positive update: April Total Industry Volume (TIV): 72,113 units (+14...

Hong Kong’s primary market is showing clear signs of revival. Four companies launched share offerings on Friday, aiming to raise up to  HK$4.9 billion (US$626 million)  combined — extending what is already the city’s strongest start to a year since 2021. A Strong Start to 2026 Hong Kong Exchanges and Clearing  has seen IPOs and secondary listings raise approximately  US$5.5 billion in January , the best January performance since 2021 (US$7.6 billion). The Lunar New Year pause is over — and deal flow is accelerating. Money Master Take This isn’t just about four IPOs. It’s about what reopening issuance tells you about capital markets. 1️⃣ Primary Market Confidence Is Returning When IPO pipelines reopen aggressively: Bankers sense demand Issuers believe valuations are acceptable Institutional money is deploying capital The fact that four deals launched simultaneously suggests  risk appetite has improved materially in Greater China equities . 2️⃣ Sector Positioning ...

Quick Summary Amazon may invest  up to US$50 billion in OpenAI US$15b upfront , US$35b tied to IPO or AGI milestone SoftBank & Nvidia reportedly eye  US$30b each OpenAI IPO valuation could reach  US$1 trillion Deal Structure Still Conditional According to  The Information ,  Amazon  is negotiating a massive funding deal with  OpenAI  that could total  US$50 billion . The proposed structure: US$15 billion immediate investment US$35 billion contingent  on: OpenAI achieving  artificial general intelligence (AGI) Or pursuing a  public listing (IPO) Key point: The majority of Amazon’s capital is milestone-based, reducing upfront risk. AI Funding War Intensifies Other major players reportedly joining the round: SoftBank Group  – US$30 billion (in stages) Nvidia Corp  – US$30 billion (in stages) Backed by existing partner  Microsoft If finalized, Amazon could become  the largest single contributor  in Open...

Quick Summary Bursa Malaysia says lower free float approvals for large IPOs follow clear, rule-based criteria No concerns raised by MSCI  over Malaysia’s index standing Indonesia’s MSCI warning is country-specific , not a regional issue Bursa plans to  boost market quality, disclosures and investor confidence What Bursa Malaysia Said Bursa Malaysia Bhd  clarified that approvals for  large IPOs with free float below 25%  are governed by  transparent regulatory parameters  and  have not triggered concerns from  MSCI Inc. . CEO  Datuk Fad’l Mohamed  stressed that such approvals are  selective and uncommon , typically granted to  mega-listings where liquidity remains sufficient . Recent Examples of Lower Free Float IPOs Sunway Healthcare Holdings Bhd  – approved with  18% free float Other mega IPOs previously granted flexibility: MR DIY Group (M) Bhd 99 Speed Mart Holdings Bhd Eco-Shop Marketing Bhd Key point:  ...

Alibaba Group Holding Ltd  is preparing to spin off and potentially list its AI chipmaking unit  T-Head , tapping into rising investor appetite for companies seen as local alternatives to  Nvidia Corp  in the fast-growing AI accelerator market. According to people familiar with the matter, Alibaba plans to first  restructure T-Head into a partially employee-owned business , before exploring an initial public offering. While the timing and valuation remain unclear, interest in Chinese chipmakers has surged amid Beijing’s push to reduce reliance on US technology. The move comes as Alibaba steps up its ambition to become a  leading AI powerhouse , investing heavily in infrastructure, chips and consumer-facing AI services. CEO  Eddie Wu  has pledged more than  US$53 billion  toward AI and infrastructure, with room to scale further. Why T-Head Matters T-Head plays a strategic role in Alibaba’s ecosystem, supplying chips that support its ...

 Granite Asia has secured more than  US$350 million  in the first close of its new Pan-Asia private credit fund, attracting commitments from major Southeast Asian state investors including  Temasek ,  Khazanah Nasional , and the  Indonesia Investment Authority (INA) . The strategy, known as  Libra Hybrid , is targeting a total fund size of  US$500 million . In addition to the three sovereign anchors, the fund drew capital from global institutional investors, sovereign funds, and Granite Asia’s own partners. Temasek invested through its private credit platform  Aranda Principal Strategies , the firm said. Granite Asia added that roughly  30% of the committed capital  has already been deployed across  six transactions . Private Credit Growth Across Asia The launch comes as Asia’s private credit market continues accelerating. According to a report by the Alternative Investment Management Association and several advisory firms, the...

Key Takeaways Moore Threads surged up to  502%  on debut after a  US$1.13 billion  IPO, the second-largest onshore listing this year. The rally underscores strong investor interest in China’s  AI chip sector  amid tech self-reliance efforts. Retail subscriptions were oversubscribed  2,750 times , despite the firm still being unprofitable. Valuation remains stretched at  123x price-to-sales , above peer averages. The company, founded by a former Nvidia executive, rebounded after U.S. sanctions triggered restructuring. More major Chinese semiconductor firms are preparing IPOs, suggesting a deepening onshore pipeline. Moore Threads Technology Co, one of China’s leading artificial intelligence (AI) chipmakers, surged in its Shanghai trading debut after raising  8 billion yuan (US$1.13 billion)  in the year’s second-largest onshore IPO. The stock climbed as much as  502%  from its IPO price of 114.28 yuan, marking what could be the ...

Renewable energy player  Verdant Solar Holdings Bhd (KL:VERDANT)  surged  19% in its maiden trading session  on the ACE Market of Bursa Malaysia on Wednesday, underscoring strong investor enthusiasm for the solar sector. The company’s shares  opened at 37 sen , above its  IPO price of 31 sen , and climbed as high as  38.5 sen  before stabilizing at  38 sen at 9:10 a.m. , with more than  49 million shares traded  in the opening minutes. Strong Demand Fuels Stellar Debut Verdant’s debut follows a  heavily oversubscribed IPO , where retail investors snapped up shares nearly  40 times over the available amount , reflecting optimism in Malaysia’s accelerating clean energy transition. Managing director  Lim Tzer Haur  highlighted the company’s mission to make solar energy more accessible: “Every step of our mission has been clear — to reduce the burden of electricity bills through world-class solar solutions that enabl...

Hong Kong’s stock market revival is gaining momentum, with  more than 200 companies  preparing to go public, according to  Financial Secretary Paul Chan . The surge underscores the city’s renewed role as Asia’s leading capital-raising hub following years of subdued activity. Strong IPO Pipeline Reflects Renewed Confidence In an interview with Bloomberg Television from New York, Chan described the  initial public offering (IPO) pipeline  as “very strong.” “For mainland companies going global, using Hong Kong as a platform to raise funds and employ talent for overseas expansion is a very good business proposition,” he said. The robust pipeline comes as  Chinese firms increasingly turn to Hong Kong  for listings amid improving market sentiment and policy support from Beijing. 2025: Hong Kong’s Best Year for Equity Sales Since 2021 According to Bloomberg data,  equity sales — including IPOs, primary placements, and block trades — raised the most in fo...

Mr DIY’s founders are going public again — this time in Thailand. Malaysian brothers  Tan Yu Yeh and Tan Yu Wei , the self-made billionaires behind the  Mr DIY  home improvement retail empire, are taking their  Thai operations  to the Stock Exchange of Thailand (SET) through an  initial public offering (IPO)  that could raise more than  RM730 million  in total. IPO Details: Dual Fundraising for Growth and Shareholders According to the company’s prospectus,  MR DIY Holding (Thailand) PCL  will raise  up to RM470 million  to fund  store expansion, working capital, and debt repayment . An additional  RM263 million  will be raised for existing shareholder  MDIH Singapore Pte Ltd , which is divesting part of its stake through the offering. The IPO is priced between  8.30 baht (RM1.08)  and  8.60 baht per share , with public subscription running from  October 27 to October 29 , offering in...