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KKR & Co. is planning a tender offer to take Taiyo Holdings Co. private in a deal that values the Japanese firm at approximately ¥500 billion (US$3.2 billion or RM12.93 billion). Under the proposed transaction, KKR intends to pay ¥4,750 (RM120.48) per share, according to a statement released late Tuesday. This price represents a 117% premium over the six-month average unaffected closing price as of May 27, prior to media reports about a potential bidding process. Following the announcement, Taiyo shares fell 5.7% to ¥4,700 in Tokyo on Wednesday, marking the lowest level since December 22. The tender offer has received the support of Taiyo’s board of directors, as well as its largest shareholder DIC Corp, asset manager Kowa Co, and funds managed by Hong Kong-based Oasis Management Co., which together hold roughly 42.2% of the company’s outstanding shares. The founding family has indicated plans to reinvest in the investment vehicle that will own Taiyo post-transaction, maintaining a stake in the company. According to sources familiar with the matter, discussions between KKR and Taiyo began in February, with the parties finalizing the take-private offer over the past several months. Initial expectations had suggested a potential offer price below Taiyo’s then level of ¥6,000 per share, highlighting the premium now being proposed in the deal. The move reflects KKR’s continued focus on strategic acquisitions in Asia, particularly in companies with strong fundamentals and growth potential that can benefit from private ownership and long-term operational support.

BYD Co’s exports and overseas sales rose 65% in March, driven by surging oil prices from the Iran conflict, which boosted demand for electric vehicles (EVs). However, the automaker continues to face challenges in the domestic Chinese market. Sales of BYD Co’s vehicles outside China hit 120,083 units in March, the highest in three months as high energy costs support demand for electric vehicles. Sales outside China reached 120,083 units in March, the highest in three months. Despite the overseas gains, total deliveries fell about 20%, marking a seventh consecutive month of decline. Still, BYD reclaimed its lead over Geely Automobile Holdings Ltd, which had outsold BYD in January and February. The data highlights the hurdles for BYD, which is relying on international expansion to offset slowing domestic demand and profits. Efforts to stimulate China sales through advanced batteries and ultra-fast charging have yet to fully sway consumers, especially after EV subsidies were reduced. March showrooms across Asia suggested a temporary lift for BYD abroad as rising fuel prices renewed interest in EVs, though global economic uncertainty could limit long-term demand. Future export growth will depend on ramping up new plants in Hungary, Thailand, and Brazil, and increasing local production, according to Chris Liu, senior analyst at Omdia. BYD expects exports to reach 1.5 million vehicles in 2026, up from a previous target of 1.3 million. Geely plans to raise its export target to 750,000 units. In China, volatile gasoline prices may continue to favor EVs, potentially supporting BYD’s domestic market share. The March figures provide the first clear view of demand after the extended Lunar New Year holiday. Last week, BYD reported a sharper-than-expected drop in fourth-quarter earnings, capping its first annual profit decline in four years.

CIMB is collaborating with the Securities Commission Malaysia (SC) and Bursa Malaysia on a FIKRALab pilot to develop a new instrument for the country’s Islamic capital markets, Bernama reported. The pilot forms part of the SC’s Capital Market Masterplan 2026-2030, aimed at broadening the investment universe for Shariah-compliant funds and providing more ways for these funds to tap into the region’s growing Islamic banking sector. FIKRALab, launched by the SC as a co-creation and applied research platform, focuses on developing new Islamic capital market products and unlocking Shariah-derived income within mixed-activity groups. The initiative aligns with CIMB’s Forward30 strategy, which prioritizes Islamic finance as a key growth area. Over half of CIMB’s financing book in Malaysia is already Shariah-compliant, while CIMB Niaga in Indonesia is in the process of converting its Islamic banking unit into a full-fledged Islamic bank. CIMB Group CEO Novan Amirudin said the pilot will allow the bank to introduce new Shariah-compliant structures for investors with Islamic mandates, supporting Malaysia’s efforts to strengthen innovation, resilience, and competitiveness in the Islamic capital market.

Tenaga Nasional Bhd (TNB) is seeking to raise up to RM10 billion through a sukuk issuance to support its operations, investments and sustainability initiatives. The utility group has lodged an Islamic medium-term note programme, based on sukuk wakalah, with the Securities Commission Malaysia. The programme allows TNB and its subsidiaries to issue sukuk from time to time, with varying sizes and tenures, according to a Bursa Malaysia filing on Wednesday. TNB said the programme provides flexibility to time fundraising activities and structure issuances with different nominal values and tenures for optimal asset-liability management. It also enables the group to tap into a broader pool of investors in the local capital market. Under the programme, TNB may issue conventional sukuk as well as sustainability and sustainability-linked sukuk, in line with its goal of achieving net-zero emissions by 2050. The programme will have a tenure of up to 50 years from the first issuance date, while individual sukuk offerings may range from one to 50 years. The first issuance is expected within 90 business days. CIMB Investment Bank and Maybank Investment Bank have been appointed as joint principal advisers, joint lead arrangers and joint lead managers. CIMB Islamic Bank and Maybank Islamic will serve as joint Shariah advisers. TNB shares rose 18 sen, or 1.29%, to close at RM14.08 on Wednesday, giving the group a market capitalisation of RM82.07 billion. The stock has gained 32 sen over the past year.

Shares of Pop Mart International Group Ltd are in a relentless selloff, with little sign of stabilization as investor skepticism grows over the toymaker’s reliance on its Labubu dolls. The stock has tumbled more than 30% over five sessions through Tuesday, extending a nearly 60% drop from its August record high and wiping out roughly US$33 billion (RM132.81 billion) in market value. The decline followed the company’s earnings report, which highlighted an increasing dependence on its snaggle-toothed Labubu figures. Pop Mart’s results prompted widespread bearish sentiment, with analysts cutting price targets, short interest rising, and the stock continuing to slide despite multiple buybacks. “We don’t think the market has fully priced in a prolonged downturn with much lower margins,” said Sammi Xu, consumer analyst at Deutsche Bank AG, who downgraded the stock to sell. She cited weakening domestic and international sales, high inventory, and repeated earnings revisions as key pressures. Labubu dolls had become a global phenomenon last year, driving Pop Mart shares up roughly 300% from early 2025 to an all-time high in August. But concerns about fading Labubu demand have weighed on the stock, and efforts to diversify intellectual property have yet to produce meaningful growth. The Labubu-led Monsters series accounted for about 40% of revenue last year, up from 23% in 2024, while other figures like Crybaby and Molly underperformed expectations. Inventory turnover has also slowed, with days on hand rising 21% year-on-year to 123 days by end-2025, reflecting longer shipping times, higher overseas sales, and an expanded store network. Even with cheaper valuations and share buybacks, investor confidence remains low. Pop Mart has repurchased roughly HK$1.3 billion (US$166 million/RM670 million) of shares since a record 23% daily drop on March 25. The stock now trades at a record low of 10.3 times forward earnings, compared with its three-year average of 24 times. “The current share price isn’t expensive, but the story behind Pop Mart—whether it’s Labubu or the next global hit—feels uncertain,” said Angus Lee, fund manager at Sparx Group Co., who exited his positions after the earnings announcement. Pop Mart is accelerating the launch of new characters such as Skullpanda and Twinkle Twinkle, unveiling crossover collections and pursuing collaborations, including with Sanrio Co., the FIFA World Cup, and a planned animated film with Sony Pictures Entertainment Inc. Shares fell as much as 2.3% in early Thursday trading after a 1.2% gain on Wednesday. Short sellers have increased their positions, borrowing and selling 123 million shares—up 16% since the earnings release—while options traders pushed put volume to a record high. “The market underestimates the challenges ahead,” said Melinda Hu, consumer analyst at Bernstein. “Slower growth, margin normalization, or IP fatigue could trigger further valuation drops and downward revisions to forecasts.”