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Lifestyle

Chow Tai Fook Launches First Bangkok Store, Eyes More International Expansion

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Chow Tai Fook Jewellery Group, the largest jewellery retailer in China with an extensive network of stores across mainland China and Hong Kong, is accelerating its international expansion as it seeks new growth opportunities beyond its domestic market. The company has marked its entry into Southeast Asia with the opening of a flagship store in Bangkok, Thailand, located in the luxury lifestyle and shopping destination Siam Paragon, which officially launched on Friday. This move reflects a broader trend of Chinese and Hong Kong consumer brands expanding overseas to counter slowing domestic growth, increased market saturation, and pricing pressures in China, the world’s second-largest economy. Sonia Cheng, vice-chairman of Chow Tai Fook, said the company’s international expansion, particularly in Southeast Asia, “is seeing strong momentum,” signaling the group’s strategic pivot toward markets with high potential for luxury retail growth. The Bangkok store is just the beginning of Chow Tai Fook’s global expansion plans. The company aims to open its first stores in Australia and Canada by the end of June 2026 and is targeting the Middle East, with planned openings in Dubai and Doha within the next two years. “We remain committed to measured, value-adding growth, with Dubai and Doha next on the horizon — a testament to our brand’s enduring global appeal,” Cheng added. As part of strengthening its global brand presence, Chow Tai Fook also appointed Chinese actor Yang Yang as its global brand ambassador, further reinforcing the company’s image as a contemporary and internationally recognizable luxury brand. The company’s push into international markets comes amid increasing competition in China from emerging players like Laopu Gold, which has attracted attention with its luxury retail experience and focus on traditional Chinese craftsmanship in jewellery. By diversifying geographically, Chow Tai Fook aims to balance its exposure between domestic and international markets, leveraging its nearly century-long heritage to attract new consumers and reinforce its position as a leading global jeweller. This expansion also aligns with a larger trend of Chinese consumer and lifestyle brands, such as Pop Mart, Miniso, Xiaomi, and Anta, pursuing international growth as a way to build stronger global footprints, diversify revenue streams, and enhance brand prestige. Chow Tai Fook’s strategy highlights its ambition to evolve from a regional powerhouse into a truly global luxury jewellery brand.

Investment & Market Trends

Mitsubishi To Acquire Aethon’s US Gas Assets For US$5.2 Billion

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Mitsubishi Corp has agreed to acquire Aethon Energy Management LLC’s US natural gas and pipeline assets in a US$5.2 billion (RM21.1 billion) deal, marking the largest investment by a Japanese firm in the American shale sector. The acquisition covers Aethon III LLC, Aethon United LP, and associated entities and interests, the company said on Friday. Negotiations for the deal have been ongoing since mid-2025. Including Aethon’s US$2.33 billion debt, the total enterprise value of the transaction reaches US$7.5 billion. Under the agreement, Aethon retains the right to repurchase up to 25% of its upstream and midstream assets. The move reflects Japanese energy firms’ growing interest in the US oil and gas sector, supported by incentives from the Trump administration to boost investment in North America. Mitsubishi, which counts Berkshire Hathaway as a major shareholder, is strengthening its position in one of its most profitable sectors—natural gas. “The US gas market is the world’s largest in terms of domestic demand, production, and exports, and demand is expected to rise further due to increasing power needs from AI and data centres,” Mitsubishi said. Aethon, based in Dallas, operates extensively in the Haynesville shale basin across eastern Texas and northern Louisiana, near key LNG export terminals. Founder Albert Huddleston and his family stand to gain substantially from the deal. Mitsubishi already holds stakes in US LNG export facilities, and the acquisition aligns with Japan’s push to secure energy supply amid expected growth in electricity demand driven by AI and digital infrastructure. Other Japanese energy companies have made similar moves in recent years, including Tokyo Gas Co’s US$2.7 billion purchase of Rockcliff Energy II LLC in 2023 and Jera Co’s recent shale gas investment in western Louisiana.

News

Prudential Japan Life CEO To Step Down After Staff Misconduct Scandal

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The CEO of Prudential Financial’s Japan life insurance unit is set to resign following a major staff misconduct scandal involving approximately 100 employees, the company confirmed on Friday. The misconduct, which includes embezzlement and improper handling of customer funds, is estimated to total around ¥3.1 billion (US$19.6 million or RM79.6 million). The misconduct affected 498 customers and reportedly involved employees receiving funds improperly through investment solicitations or personally borrowing money from clients. The company had initially flagged the issue in 2024 and has been conducting a detailed review since August of that year to investigate multiple cases of financial misconduct by current and former staff. Kan Mabara, the current CEO and president of Prudential Japan Life, will step down from his role effective February 1. He will be succeeded by Hiromitsu Tokumaru, who currently serves as president and CEO of Prudential Gibraltar Financial Life Insurance. The revelations, first reported by the Asahi newspaper, have intensified scrutiny of the company’s internal controls and compliance measures. Prudential Financial, the US-based diversified financial services group, stated that it is taking steps to strengthen governance and restore confidence among its customers in Japan, while continuing to assess the full impact of the misconduct on its operations and reputation. This development marks a significant leadership change at Prudential Japan Life, as the company works to address the fallout from one of the largest internal misconduct cases in its recent history.

Investment & Market Trends

YTL Cement To Sell 7.2% Of Malayan Cement For RM755 Million

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YTL Cement Bhd, the largest shareholder of Malayan Cement Bhd, is set to raise up to RM755 million by selling a 7.2% stake in the company through a secondary placement of up to 100 million shares. The shares are priced at RM7.55 each, representing a discount of 3.58% to the last closing price of RM7.83. The placement includes a base tranche of 65 million shares (4.7% of Malayan Cement’s existing share capital) and an upsized option for an additional 35 million shares, if fully exercised. The bookbuilding for the placement closed on Thursday, with payment and share allocation scheduled for Jan 20. YTL Cement currently holds a 65.4% stake in Malayan Cement, with Prudential plc as the second-largest shareholder at 8.43%. Over the past year, Malayan Cement’s shares have surged over 60% to a high of RM8.10, their highest since January 2017. At the time of writing, the stock was at RM7.70, giving the company a market capitalisation of RM10.64 billion.

ESG, International News

Genting Plantations’ Indonesia Unit Hit With RM97m Forest Fine

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Genting Plantations Bhd announced on Friday that its Indonesian subsidiary has been slapped with a substantial fine of 396 billion rupiah (approximately RM96.6 million) by Indonesia’s Forest Area Enforcement Task Force. The penalty was imposed over alleged non-compliance with regulations in forest-designated areas. The affected unit, PT Susantri Permai, which is 95%-owned indirectly by Genting Plantations, received an interim notice from the enforcement authority. The company confirmed that the fine has already been paid while the notice awaits finalisation by the relevant Indonesian authorities. Details regarding the nature of the alleged breach were not disclosed, and the group did not indicate whether the fine would have any material effect on its financial performance. Indonesia has in recent years intensified regulatory enforcement against plantation operators found to be conducting activities in restricted forest areas. This crackdown has included seizing non-compliant land and, in some cases, transferring it to state-owned plantation companies such as Agrinas Palma Nusantara. Genting Plantations, a unit of Genting Bhd, manages a total landbank of about 64,300 hectares in Malaysia and roughly 178,900 hectares in Indonesia, including plasma schemes. The company operates seven palm oil mills in Malaysia and six in Indonesia, with a combined milling capacity of 725 tonnes per hour, supporting its substantial production operations across the region. Following the announcement, Genting Plantations’ shares were up slightly by 0.4% to RM5.16 during the midday session on Friday, valuing the company at RM4.63 billion. Despite this uptick, the stock has declined 9.31% over the past 12 months, reflecting broader market pressures and investor sentiment in the plantation sector. The enforcement action against PT Susantri Permai underscores ongoing scrutiny of Indonesian plantation operations, particularly for foreign-owned firms, as the government seeks to ensure sustainable practices and adherence to environmental regulations. Analysts note that while the fine is significant, Genting Plantations’ diversified operations and substantial landholdings may help absorb the financial impact without materially affecting its long-term prospects. This development comes amid a period of heightened regulatory focus in Indonesia’s palm oil sector, where companies are expected to comply with strict forest and environmental standards to maintain operational licences and avoid penalties.

Investment & Market Trends, National News

Kenanga Sees CPO At RM4,000/Tonne In 2026

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Kenanga Investment Bank Bhd forecasts crude palm oil (CPO) prices to hover around RM4,000 per tonne in 2026, down from RM4,308 in 2025, citing tight global edible oil supply despite a slight increase in inventories. In a research note on Friday, the bank said upstream margins are expected to remain manageable, even with some cost pressures, while downstream visibility remains weak. It highlighted that integrated plantation players are increasingly focusing on improving asset yields, with non-plantation contributions from property and renewable energy providing some support. Kenanga noted that poor Indonesian yields in 2024 had pushed CPO prices to RM4,700–RM4,800 per tonne in late 2024 and early 2025, before stabilising around RM4,000. Indonesia’s decision to maintain its B40 biodiesel mandate and delay B50 adoption until mid-2026 also underpins the cautious outlook. The bank maintains a ‘neutral’ stance on the sector, observing that limited growth and upside are balanced by healthy profits and solid balance sheets. Smaller plantation players may offer good value, while larger integrated groups are better positioned to weather softer prices. Kenanga’s top picks include Kuala Lumpur Kepong Bhd for strong fresh fruit bunch output and property earnings, PPB Group Bhd (TP: RM12.50) for earnings recovery and low valuation, and TSH Resources Bhd from organic upstream growth.

News

Globetronics Names Ta Shun Dher As New Chairman

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Globetronics Technology Bhd has appointed Ta Shun Dher as its new non-executive chairman, effective Wednesday, Jan 14. Concurrently, the company redesignated former executive chairman Liaw Way Gian as an executive director. Shun Dher, 38, is the son of the late Tan Sri Ta Kin Yan, founder of the Waz Lian Group and Majestic Gen Sdn Bhd. Together with his elder brother Ta Wee Dher, he has helped lead Majestic Gen, a property developer known for its lifestyle-focused and architecturally innovative projects. Before joining Globetronics, Shun Dher oversaw rapid regional expansion at IT Sea Holdings Sdn Bhd, establishing over 20 new operations across Southeast Asia in five years. IT Sea Holdings operates across various consumer sectors, including food and beverage (Bape Café), fashion retail (Aape products), and distribution of IT games and toys, with a 70% stake in Aape Singapore and an associate interest in Thailand’s Infinite 23 Co Ltd. He holds a 4.36% stake in Globetronics, equivalent to 30.8 million shares. Separately, Globetronics announced that Francis Leong Seng Wui, who joined the board following the company’s RM45 million investment in the now Greentronics Technology Bhd in July 2025, has resigned to pursue personal interests. Leong’s departure follows previous resignations from Hong Seng Consolidated Bhd and Revenue Group Bhd in late 2025. With the exit of the Ng Kweng Chong family, Globetronics’ largest shareholders are now Ooi Keng Thye (10.89%) and APB Resources Bhd (9.91%). As of Sept 30, 2025, Globetronics reported cash holdings of RM32.59 million, down from RM114.82 million a year earlier, following a series of investments. The company remains debt-free, with RM83.06 million in other investments and RM50.67 million in associates. Since the July 2025 Mpire investment, Globetronics’ share price has continued to slide, worsened by previous auditor resignations and institutional sell-offs in September 2024. The stock closed at 28.5 sen on Wednesday, its lowest level since April 2009, giving the company a market value of RM201.26 million.

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