Investment & Market Trends

ACE Market-listed SMTrack Bhd has triggered Guidance Note 3 (GN3) status after recording continued losses and a decline in shareholders’ equity. In a filing with Bursa Malaysia, the company said its cumulative losses for the 18 months ended Dec 31, 2024 and the 18 months ended June 30, 2023 amounted to RM46.76 million, exceeding its shareholders’ equity of RM45.73 million as at end-December 2024. This triggered Rule 2.1(c)(i) under GN3. SMTrack also breached Rule 2.1(c)(ii) after posting a net loss of RM30.95 million for the 18-month period ended Dec 31, 2024, which was more than 50% higher than the RM15.81 million loss recorded in the previous corresponding period. In addition, its shareholders’ equity stood at less than 50% of its share capital of RM114.86 million, triggering Rule 2.1(c)(iii). The company said it plans to apply for a waiver from being classified as an affected listed issuer, noting that it has already initiated measures to improve its financial performance. “The board is confident that the group’s financial performance can be stabilised moving forward,” it said. SMTrack has been loss-making since its listing in 2011 and has changed its financial year-end multiple times. Most recently, it revised its financial year-end to June from December in November last year. For the 12 months ended Dec 31, 2025, the group reported a significantly reduced net loss of RM728,000 compared with RM28.74 million previously. However, revenue declined sharply to RM2.99 million from RM32 million. The company’s shares were untraded on Monday, with the last transaction recorded on April 10 at one sen, giving it a market capitalisation of RM13.21 million.

Contemporary Amperex Technology Co Ltd (CATL) is reportedly considering a potential share sale in Hong Kong that could raise up to US$5 billion (RM19.9 billion), following a strong rally in its share price. According to sources familiar with the matter, the world’s largest electric-vehicle (EV) battery manufacturer has held preliminary discussions with several banks regarding a possible equity placement. The discussions remain at an early stage, and no final decision has been made. In addition to a share sale, CATL is also said to be exploring the option of issuing convertible bonds as part of its broader funding strategy. These instruments could provide the company with greater flexibility in raising capital while managing dilution. The potential fundraising exercise comes on the back of strong market performance. CATL’s shares have surged approximately 160% since its Hong Kong debut in May last year, following a secondary listing in the city. The company is also listed in Shenzhen, with a current market capitalisation of about US$289 billion. A representative for CATL declined to comment on the matter. Operationally, CATL has continued to demonstrate resilience despite intense competition in China’s EV sector, where a prolonged price war has pressured margins across the industry. The company recently reported full-year 2025 results that exceeded market expectations, supported by growth in its overseas business and its leading position in the energy storage segment. As global demand for EVs and renewable energy solutions continues to expand, CATL is expected to channel any new funds raised towards capacity expansion, technological development and international growth initiatives.

Victory Giant Technology Huizhou Co has begun bookbuilding for its Hong Kong listing, which could raise up to HK$17.5 billion (US$2.2 billion), potentially making it one of the city’s largest IPOs this year. The printed circuit board (PCB) manufacturer is offering 83.3 million shares at up to HK$209.88 each, according to its listing documents. The company also has an option to increase the deal size to nearly US$3 billion. The offer price represents a discount of about 37% to its last closing price in Shenzhen, where the company is already listed. Typically, dual-listed companies trade at a discount in Hong Kong compared to their mainland shares. Strong investor interest in artificial intelligence (AI) has driven Victory Giant’s share price sharply higher, rising more than fourfold over the past year and valuing the company at around US$37 billion as of last Friday. Its shares also gained as much as 4.2% in Shenzhen following the announcement. A total of 37 cornerstone investors have committed to subscribing approximately US$997 million worth of shares. These include Yunfeng Capital, backed by Jack Ma, Morgan Stanley & Co International Plc, Hillhouse Investment, and South Korea’s Mirae Asset Securities Co. Cornerstone investors typically agree to hold shares for at least six months in exchange for guaranteed allocations. The listing comes at a time of heightened global market volatility, partly driven by geopolitical tensions such as the Iran conflict, and increasing regulatory scrutiny in Hong Kong’s financial sector. These factors could test investor appetite for new listings in the region. Founded in 2006, Victory Giant is a key player in high-density interconnect and multi-layer PCBs, which are essential components for AI servers and chips. The company counts Nvidia Corp among its major partners. Riding on strong demand for AI-related infrastructure, Victory Giant’s shares surged more than 580% in 2025, making it the top performer on the MSCI Asia Pacific Index. The company reported revenue of 19.3 billion yuan (US$2.8 billion) last year, with analysts expecting further growth, including a projected 70% increase in revenue by 2026.

China’s largest insurer, Ping An Insurance Group, is reportedly looking to scale back its exposure to software-focused private equity by selling stakes in several funds, according to sources familiar with the matter. The group has appointed Campbell Lutyens to manage the sale of fund interests worth approximately US$1 billion. The process is understood to have begun in March. Most of the assets being divested are linked to two software-focused funds managed by Vista Equity Partners, established in the late 2010s and primarily invested in North America. The portfolio also includes a North America-focused fund managed by KKR & Co. The move comes amid shifting sentiment in the private markets, where some private credit funds have reduced lending to software companies, while several planned exits by private equity firms in the sector have faced delays. Over the past 15 years, private market investors have channelled significant capital into software businesses, attracted by the high-growth potential and recurring revenue nature of software-as-a-service (SaaS) models. In recent years, software and technology services have accounted for roughly half of all private equity deal activity, making it one of the most heavily concentrated sectors. Ping An had previously tapped the secondary market in 2024 through its overseas arm, offloading certain fund stakes while retaining asset management responsibilities. The current transaction is said to follow a similar structure, allowing the insurer to unlock liquidity while continuing to grow its asset management business. Parties involved, including Vista, KKR, Campbell Lutyens and Ping An Insurance Overseas (Holdings), declined to comment on the matter. China’s insurers are subject to regulatory limits on offshore investments, including quotas under schemes such as the Qualified Domestic Institutional Investor (QDII) programme.

Interior fit-out specialist Inspace Creation Bhd is aiming to raise RM17.13 million from its initial public offering (IPO) in conjunction with its listing on the ACE Market of Bursa Malaysia, scheduled for May 8, 2026. The IPO involves the issuance of 68.5 million new shares at an issue price of 25 sen each. Of the total proceeds, RM6 million will be allocated towards setting up a new storage and mock-up facility, RM4.39 million for working capital, RM2.74 million for the repayment of bank borrowings, and RM4 million to cover listing expenses. Executive director Wong Chong Siong said the company’s immediate focus post-listing is to strengthen its core corporate segment while pursuing larger-scale projects. He added that Inspace is also expanding into other commercial segments by collaborating with developers on show units, sales galleries and ongoing developments, as well as tendering for projects in the commercial and hospitality sectors. Looking ahead, the group plans to broaden its project portfolio over the next one to two years, including venturing into government-related projects. On the impact of global geopolitical tensions, Wong said the company has not experienced any significant disruption to its operations, as it primarily focuses on commercial office spaces. He noted that demand remains resilient, even during challenging periods, citing the group’s ability to secure projects during the COVID-19 pandemic as offices continued to undergo restructuring and upgrades. He also highlighted that the company is not directly involved in construction and benefits from a diversified material base, reducing reliance on any single cost component. This allows Inspace to adjust materials and apply value engineering when necessary to meet client requirements. Meanwhile, executive director Edward Cheong Han Bin said one of the key challenges faced by the company is balancing client expectations with tight timelines and budget constraints. He noted that most projects have a duration of eight to 12 weeks on-site, requiring efficient delivery while meeting design specifications and cost requirements. Applications for the IPO opened today and will close at 5pm on April 22, 2026. TA Securities Holdings Bhd has been appointed as the principal adviser, sponsor, sole placement agent and sole underwriter for the IPO.

Affin Bank Bhd has received approval from the Securities Commission (SC) for a change in controller, fulfilling a key condition for its proposed RM50 million acquisition of Pheim Asset Management Sdn Bhd (Pheim AM). In a Bursa Malaysia filing, the bank said the approval, granted on April 13, 2026, covers the change in control of Pheim AM, Pheim Islamic Asset Management Sdn Bhd and Pheim Unit Trusts Bhd as part of the proposed transaction. The approval is subject to any conditions imposed by the SC. Earlier this month, Affin Bank also obtained approval from Bank Negara Malaysia for the acquisition. First announced in November 2025, the proposed deal involves acquiring 100% equity interest in Pheim AM, marking a strategic move to strengthen the bank’s asset management capabilities.

Sasbadi Holdings Bhd has secured a RM17.2 million contract from the Ministry of Education (MoE) to publish, print and supply textbook packages under the new 2027 school curriculum. In a filing with Bursa Malaysia, the group said the contract was awarded to its wholly owned subsidiary, Sasbadi Sdn Bhd (SSB), together with its indirectly wholly owned subsidiary, The Malaya Press Sdn Bhd. Both entities have received a total of five letters of acceptance from the MoE in relation to the project. The contract is scheduled to run over a three-year period from April 9, 2026 to April 8, 2029, covering the production and nationwide distribution of the required educational materials. Sasbadi said the first tranche of the contract, valued at RM13.7 million, is expected to be delivered to schools across Malaysia starting from August 2026, in line with the rollout of the updated curriculum. The group noted that the contract is expected to contribute positively to its earnings and net assets for the financial year ending Aug 31, 2026, and throughout the duration of the contract period. This latest contract reinforces Sasbadi’s position as a key player in Malaysia’s educational publishing sector, particularly in supporting national curriculum initiatives through the provision of learning materials.

OSK Ventures International Bhd has exited its investment in Alternatives.pe following the acquisition of the Singapore-based private market data provider by Japanese business intelligence firm Uzabase Inc. Uzabase announced the deal on March 16 and completed the acquisition on April 1. The value of the transaction was not disclosed. OSK VI held a minority stake in Alternatives.pe through its ET Fund II, which focuses on Southeast Asia’s new economy companies. The exit was achieved within two years of the initial investment. Executive director Amelia Ong said the trade sale marks a successful outcome, adding that Alternatives.pe is now positioned to scale further as part of a larger private market data group. OSK VI had also been a user of the platform prior to investing, leveraging it for valuation and stakeholder reporting purposes. Founded in 2019, Alternatives.pe has developed one of the largest private market databases in Southeast Asia, covering over 350,000 companies. Its data is primarily sourced from official government filings, offering higher accuracy compared to platforms that rely on web-based or crowdsourced information. Ong said the investment was driven by a clear gap in the region, where institutional-grade private market data — comparable to platforms like PitchBook in Western markets — remains limited. Alternatives.pe addressed this need with its proprietary, filings-based database. She added that private market allocations in Asia-Pacific have been growing at a high-teens compound annual growth rate, alongside a steady increase in the number of private market firms. At the time of OSK VI’s investment, Alternatives.pe held an estimated 31% market share among venture capital firms actively investing in Southeast Asia, positioning it as a leading first mover in the space. On the exit decision, Ong noted that the acquisition by Uzabase offered strong strategic value, enabling faster growth for Alternatives.pe than it could achieve independently. She emphasised that OSK VI adopts a flexible investment approach, focusing on delivering meaningful returns rather than adhering to fixed holding periods. The firm maintains close engagement with its portfolio companies, including access to operational metrics and early preparation for potential exits. Uzabase, which operates the Speeda business intelligence platform and NewsPicks media outlet, said the acquisition supports its goal of becoming Asia’s leading economic information platform by 2028. It plans to integrate Alternatives.pe’s Southeast Asia and Australia datasets into Speeda’s global network.

Khazanah Nasional Bhd has disposed of a 3.13% stake, or 57.9 million shares, in TIME dotCom Bhd, following the telecom group’s recent share price peak of RM6.28. The transaction, carried out on April 8, did not disclose the exact proceeds in a Bursa Malaysia filing. However, Bloomberg off-market data showed that large blocks were traded at RM5.80 per share, indicating that the stake sale could be valued at up to RM335.82 million. The shares were sold at a 7.6% discount to TIME’s record closing price of RM6.28 on March 11. Following the disposal, Khazanah retains an estimated 10.04% stake in TIME, largely held through its investment vehicle, Pulau Kapas Ventures Sdn Bhd. Khazanah has been gradually reducing its shareholding in TIME through a series of block trades between 2023 and 2025, including the disposal of 131.15 million shares in 2025 alone. Meanwhile, TIME executive vice-chairman Afzal Abdul Rahim remains the company’s largest shareholder, with a 20.36% deemed interest. This comprises a 10.09% direct stake and a 10.27% indirect stake held via Megawisra Sdn Bhd and Global Transit International Sdn Bhd. For the financial year ended Dec 31, 2025, TIME reported an 11.8% increase in net profit to RM428.16 million, up from RM382.83 million a year earlier. Revenue also rose 6.1% to RM1.79 billion from RM1.69 billion. The company has also revised its dividend payout policy to 75% of net profit, after excluding extraordinary items, up from 50% previously. On the market front, TIME shares gained three sen, or 0.5%, to close at RM5.91 on Friday, giving the group a market capitalisation of RM10.93 billion. Over the past year, the stock has risen by 20.9%.

Systech Bhd executive chairman Datuk Ong Theng Soon has increased his stake in the e-business and cybersecurity firm to 4.71%. In a Bursa Malaysia filing on Friday, the group said Ong acquired 15.72 million shares, representing a 2.22% stake, via a direct business transaction on April 7. The shares were purchased at 9.5 sen each, for a total consideration of RM1.49 million. Ong first emerged as a shareholder in October 2025, shortly after his appointment as executive chairman, when he acquired 17.2 million shares or a 2.62% stake. He subsequently bought an additional 400,000 shares in November, raising his interest to 2.68%. Meanwhile, his spouse, Liew Su-Wen, had also built up a significant stake in Systech before gradually trimming her holdings in early 2026. Liew initially acquired 17 million shares (2.59%) on Oct 17, 2025, and quickly increased her stake by purchasing another 27 million shares (4%), bringing her total interest to 6.69% and making her a substantial shareholder. She continued to accumulate shares, adding a further 27.54 million shares on Oct 27 to reach a peak stake of 10.88%. However, from December onwards, Liew began reducing her holdings. She disposed of 3.5 million shares on Dec 18, lowering her stake to 9.63%, followed by additional disposals totalling 33.6 million shares in January, which reduced her interest to 4.87%. In February, she briefly increased her stake to 5.08% after acquiring 1.48 million shares, but subsequently pared down her holdings again on March 10 by disposing of 4.85 million shares. This brought her stake to 4.39%, below the 5% threshold required to be classified as a substantial shareholder. On the market front, Systech shares closed unchanged at 16 sen on Friday, giving the group a market capitalisation of RM113.5 million. The stock has gained approximately 10% year-to-date.