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China’s Anta Sports Products has made an offer to acquire a 29% stake in struggling German sportswear brand Puma from France’s Pinault family, according to sources familiar with the discussions. The offer was made several weeks ago, and Anta has already secured financing for the potential acquisition, two of the sources said. However, negotiations have since stalled, one source added. All sources spoke on condition of anonymity as the talks are private. The Pinault family’s investment vehicle, Artemis, is said to be seeking a price of more than €40 per share for its Puma stake, a separate source told Reuters. Artemis is led by François-Henri Pinault, chairman of luxury group Kering. The Pinault family acquired the stake in 2018, when Kering divested Puma as part of its strategy to become a pure luxury-focused group. Both Artemis and Puma declined to comment, while Anta did not immediately respond to a request for comment. Puma’s market capitalisation stood at €3.3 billion (US$3.85 billion or RM15.6 billion) at Wednesday’s close, roughly half its value a year earlier, as the company grapples with declining sales and weak consumer demand. The sportswear group appointed Arthur Hoeld as chief executive officer in October, unveiling a turnaround plan after recent sneaker launches, including the Speedcat, failed to gain traction. Sales have also suffered as consumers shifted towards competitors such as Adidas, On and Hoka. Hong Kong-listed Anta, known for acquiring and revitalising Western sports and lifestyle brands, has previously explored a bid for Puma. In 2019, Anta led a consortium that acquired Amer Sports, the owner of brands including Wilson and Salomon. A senior source close to Artemis said in September that the Pinault family viewed its Puma stake as non-strategic, but was unwilling to sell at the company’s then-prevailing valuation. Puma shares have since rebounded by about 15%. Artemis, which controls Kering, auction house Christie’s and talent agency CAA, has faced investor scrutiny over rising debt levels built up as the Pinault family diversified beyond luxury amid a slowdown in global luxury demand.

Chinese regulators are examining whether Meta Platforms Inc.’s US$2 billion acquisition of AI start-up Manus violates national security or technology export rules. The early-stage review could potentially delay or complicate the deal if officials find any wrongdoing. Although Manus is now headquartered in Singapore, Chinese authorities are focusing on AI technology developed by the company when it was still based in China. The start-up’s agentic AI system can perform tasks such as booking flights, screening resumes, creating itineraries, and analyzing stocks, but it is unclear whether Beijing considers this technology critical to national security. The review, first reported by the Financial Times, remains preliminary, and regulators may ultimately choose not to intervene. However, similar reviews in the past have led to formal investigations, penalties, or conditions being imposed on deal approvals. China has previously scrutinized other high-profile transactions, such as ByteDance Ltd’s sale of TikTok US, which has yet to receive full approval from authorities. Meta’s acquisition marks a rare US purchase of an Asian tech company and represents CEO Mark Zuckerberg’s latest multi-billion-dollar bet on AI. Manus’ parent company, Butterfly Effect Pte, was founded in China before relocating to Singapore over the past year. The start-up has mainly focused on international markets, and its products have never been offered in China. The move comes amid Beijing’s push to strengthen domestic technology capabilities and reduce reliance on US software and semiconductors. The acquisition has drawn scrutiny in the US as well; in 2025, venture firm Benchmark faced criticism from lawmakers and investors for backing AI companies with links to China.

Shares of Knowledge Atlas Technology JSC Ltd, better known as Zhipu, gained in their Hong Kong debut following a US$558 million (RM2.27 billion) initial public offering (IPO), making it the first major Chinese generative artificial intelligence (AI) start-up to go public. The stock closed at HK$131.50 (RM68.57) on Thursday, up 13.2%, after opening weaker. Zhipu offered 37.4 million shares at HK$116.20 apiece last week, with retail allocations oversubscribed by more than 1,159 times. Zhipu is the first of China’s so-called “AI tigers” — start-ups developing large language models (LLMs) to rival OpenAI and Anthropic — to list publicly. However, its initial gain is modest compared with the strong debut of Chinese hardware firms, highlighting the tougher market environment for software developers. Analysts note that hardware companies, such as chipmakers, are seen as more central to Beijing’s push for technological self-reliance, while AI software faces fierce competition, price pressures, and limited access to advanced chips due to US export controls. “Investor preference at this stage is still skewed towards tangible infrastructure,” said Gary Tan, portfolio manager at Allspring Global Investments. “Hardware plays offer clearer visibility on government support and a more quantifiable total addressable market.” Zhipu co-founder and chairman Liu Debing acknowledged the challenges of a competitive domestic market, but highlighted the company’s international ambitions. “As we expand globally, users will recognise the value of our models,” he said. The IPO proceeds will be largely allocated to research and development, with 70% earmarked for general-purpose AI model development. The Beijing-based company, founded in 2019 by Tsinghua University researchers, reported revenue of 312.4 million yuan (RM181.42 million) in 2024. Its backers include Alibaba, Tencent, and local government funds, which have helped Zhipu secure contracts with state-owned enterprises seeking customised AI infrastructure. Despite the modest debut, analysts remain positive. Douglas Kim of Smartkarma assigned Zhipu a valuation of HK$223 per share, about 30% below its peer average. Sanford C Bernstein analysts noted that China’s AI sector is only months behind global leaders, predicting continued growth through 2026. The IPO comes amid a broader surge in Chinese tech listings, particularly in semiconductors and AI-related hardware. Recent debuts by Shanghai Iluvatar CoreX, Shanghai Biren Technology, Moore Threads, and MetaX Integrated Circuits have recorded strong first-day gains, underscoring investor appetite for tangible tech assets over software ventures. Zhipu’s current market capitalisation of US$6.6 billion based on the issue price remains lower than many of its chipmaking peers, reflecting the market’s current preference for hardware-focused investments over generative AI software companies in China.

Pioneer Heat Holdings Bhd is planning to list on the ACE Market of Bursa Malaysia as part of its growth and expansion strategy. The group is mainly engaged in providing mechanical engineering services, as well as undertaking civil engineering works for the construction of industrial and supporting facilities across various sectors. In its prospectus exposure, Pioneer Heat said its initial public offering (IPO) will involve the issuance of 86.7 million new ordinary shares. The proceeds raised from the IPO will be channelled towards strengthening the group’s operational capabilities and expanding its footprint. A significant portion of the funds will be used to establish a new headquarters in Sendayan, Negeri Sembilan, alongside the setup of a new office in Sarawak. The company also plans to allocate part of the proceeds for the purchase of additional machinery and equipment to support its project execution capacity. According to the prospectus, the new Sendayan headquarters will feature a total built-up area of 42,790 square feet, comprising a three-storey office building, a one-storey workshop and a one-storey warehouse. The facility is expected to enhance operational efficiency and provide a centralised base for the group’s administrative and engineering activities. Malacca Securities Sdn Bhd has been appointed as the sponsor for Pioneer Heat’s proposed ACE Market listing.

ES Sunlogy Bhd’s wholly owned subsidiary, Savelite Engineering Sdn Bhd, has secured a RM15.22 million contract for a project located in Johor, the company announced in a Bursa Malaysia filing. The contract involves the supply, delivery, installation, testing, commissioning, and maintenance of electrical services as a sub-contractor at Lot 156682 along the Johor Bahru–Pasir Gudang Highway, near Plentong, Johor. The project has been awarded by Parkland Southern Sdn Bhd, the main contractor for the development. ES Sunlogy noted that the sub-contract work is based on a firm price arrangement, which covers all associated costs, including transport, lifting, hoisting, packing, freight, insurance, payroll, taxes, import duties, and any other applicable charges, such as fees, royalties, and exchange rate adjustments. No price adjustments will be made for any future fluctuations. Savelite Engineering also confirmed that it will bear all increases in import duties, tariffs, and taxes that may arise during the contract period, and any such increases will not be recoverable from the main contractor or employer. The award of this contract strengthens ES Sunlogy’s track record in the electrical and engineering services sector, particularly in Johor, and reflects the group’s ongoing capabilities in managing mid-sized infrastructure projects with comprehensive electrical services. This contract is expected to contribute positively to the group’s revenue and earnings once execution is underway, further supporting ES Sunlogy’s strategic growth objectives in the region.