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Investment & Market Trends, News

Crewstone and Solyco Partner to Unlock $165 Million in Cross-Border Investment Opportunities

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KUALA LUMPUR: Crewstone International (“Crewstone”), a Malaysia-based private equity firm, is pleased to announce a Co-General Partnership with Solyco Capital (“Solyco”), a U.S.-based private equity group with 6 offices across the US and UK. The investment is designed to open new US and UK investment opportunities to Crewstone’s growing international network and strengthen Crewstone’s position as a preeminent player in the US and UK markets. The investment represents over $165 Million in committed capital, to be initially focused on two core initiatives: 1) Working with the newly formed Solyco UK to create or acquire an FCA-regulated financial services firm and provide access to the growing private investment market in the UK (in progress), and 2) Investment into the US via Solyco’s expanding platform, including a direct investment into Solyco SPV II, which features a curated selection of more than 15 companies across high-growth sectors including Artificial Intelligence, Technology, Biotech, SportTech, HealthTech, Energy, and Logistics, with an estimated valuation of over $1.4 Billion USD1.  This partnership marks a significant milestone in Crewstone’s international expansion, following the launch of its U.S. subsidiary, Crewstone Capital, in New York at the end of 2024. The alliance will not only strengthen Crewstone’s U.S. footprint but also establish a foundational presence in the UK. Solyco US plans to work hand-in-hand with Crewstone US to provide not only an opportunity pipeline but also access to later stage transactions, from investment rounds to IPO. As part of the initial phase, Crewstone will raise over USD 15 million through its network of limited partners via a dedicated fund structure, — the Solyco Capital Opportunistic Fund. The capital will be channeled into a UK-domiciled SPV to facilitate the acquisition or creation of a Regulated UK investment firm, opening the door to direct investment in a range of UK and European companies, and potentially participating in select Government Initiatives such as the venerated EIS program. Participating LPs will have the opportunity to acquire up to 10% equity in the SPV, subject to full subscription. The initiative is designed to create a scalable platform for broader expansion across the European financial services landscape.    In parallel, Crewstone is launching a broader fundraising initiative of up to USD 150 million, beginning with an initial USD 50 million tranche dedicated to Solyco’s Portfolio SPV II. This capital will be strategically deployed across transformational sectors with strong market relevance and long-term value creation. This phase of the partnership aims to position Crewstone and Solyco as leading cross-border private capital partners, unlocking high-impact investment opportunities across developed markets.    “The partnership with Solyco Capital marks a significant milestone in our expansion into the UK while reinforcing our U.S. presence and establishing a growth platform across transformative sectors. Our combined capabilities are set to deliver long-term value to both investors and stakeholders,” said Dato’ Izmir Mujab, CEO of Crewstone International.    “Our partnership with Crewstone is a unique and powerful fit within Solyco’s global expansion strategy. Through this alliance, Crewstone’s LPs will gain access to the distinctive value of our growing portfolio, while our companies will gain access to opportunities for global export,” said John Garcia, Founder and Managing partner of Solyco Capital.  “We were drawn to the strength and reputation of Crewstone’s founders, and equally impressed by their culture of transparency, performance, and fierce dedication to protecting and serving their LPs — values that align seamlessly with our commitment to service, purpose, and impact across the assets, companies, and markets in which we invest. Together, Crewstone and Solyco Capital form a dynamic force of good, delivering a powerful combination of value creation, growth, and intentionally designed – near-and long-term liquidity – across global markets.” 

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Hong Kong Capital Markets Recover as Three Firms Announce Major Fundraising Efforts

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Hong Kong’s capital markets are experiencing a robust rebound, with three prominent mainland Chinese and Hong Kong companies announcing plans to raise funds in the city on Wednesday. The surge follows a period of market revitalisation, driven by increased investor confidence and favourable economic conditions. Among the fundraising initiatives, China Petrochemical Corporation (Sinopec) announced that its offshore subsidiary, Deep Development 2025, has received approval to issue HK$7.75 billion (US$990 million) worth of exchangeable bonds in Hong Kong. The seven-year bonds are backed by shares of another Sinopec offshore subsidiary and are intended to refinance the group’s medium and long-term offshore debt. Meanwhile, Shanghai Microport Medbot, a medical equipment manufacturer, is preparing to raise approximately HK$389.62 million through the issuance of 25.1 million new shares at HK$15.50 each. After accounting for fees and expenses, the expected net proceeds of around HK$382.33 million will be allocated to research and development and the replenishment of working capital. Additionally, CSI Properties, a Hong Kong-based property investment firm, plans to allow its subsidiary, ESL, to issue new notes with a three-year maturity. The exact offering amount will be announced later, and the proceeds will be used to optimise CSI’s debt structure and balance sheet. The renewed fundraising activities highlight the ongoing recovery of Hong Kong’s capital markets, which began to rebound in late 2024 following three years of declines. As of April 2025, the total market capitalisation of stocks traded in the city had reached US$38.8 trillion, representing a 21% increase from US$32.1 trillion in the previous year. Trading activity has also surged, with the average daily turnover in April 2025 amounting to US$274.7 billion, marking a 145% increase from the US$112.3 billion recorded a year earlier. This resurgence has created an opportune environment for fundraising, supported by falling interest rates and growing investor interest. This week, Contemporary Amperex Technology, the world’s leading electric vehicle battery maker, launched a dual primary listing in Hong Kong, targeting a potential raise of up to HK$41 billion. If successful, this would be the largest share sale in the city since Kuaishou Technology’s US$6.2 billion initial public offering (IPO) in January 2021. Hong Kong’s capital market recovery has also propelled the city to the third spot globally for IPOs in the first quarter, with 15 companies raising HK$17.7 billion—nearly three times the amount raised during the same period last year, according to KPMG. Kenny Ng Lai-yin, a strategist at Everbright Securities International, attributed the positive fundraising environment to the recovery of capital markets and lower interest rates. The three-month Hong Kong interbank offered rate, currently at its lowest since July 2022, has made debt issuance more attractive. Issuing debt in Hong Kong, according to Ng, provides companies with access to a diverse investor base while enhancing their brand presence on the global stage. -South China Morning Post

News

India’s RBI Reviews EV-Linked E-Wallets Following Taxi App Collapse

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The Reserve Bank of India (RBI) is reviewing several digital wallets linked to electric vehicle (EV) companies following the unexpected collapse of BluSmart, the country’s largest all-EV taxi service. The sudden shutdown left users unable to access funds stored in the app’s e-wallet, prompting concerns about the lack of safeguards for consumers who load money into so-called closed-loop wallets. According to sources familiar with the situation, the central bank has initiated informal consultations with EV charging-point operators and other app-based EV platforms to evaluate potential consumer risks. This scrutiny follows allegations of fraud against BluSmart, which highlighted vulnerabilities in India’s fast-growing digital services ecosystem. Closed-loop wallets, widely used within the EV sector for services such as ride booking and charging, function solely within a single platform. Unlike open-system wallets regulated by the RBI, these digital wallets lack direct central bank oversight, making them particularly susceptible if the platform fails. Following the BluSmart shutdown, thousands of users who had preloaded cash into the wallet for airport and intra-city rides found themselves unable to obtain refunds or transfer their funds. The company informed customers that it could take up to 90 days to process refunds. The RBI is now considering proposing escrow arrangements for consumer balances in app-specific wallets, similar to those required of payment aggregators, to safeguard funds if a company ceases operations. Another option on the table is extending elements of the Prepaid Payment Instruments (PPI) guidelines to large-scale closed wallets. While the RBI has not yet taken a formal stance, any move to increase oversight could significantly impact India’s digital economy. Many platforms rely heavily on prepaid balances to build consumer loyalty and encourage repeat transactions. Sources indicated that the central bank may also hold a meeting with stakeholders in the coming weeks to discuss potential measures. An official response from the RBI is still pending. -Bloomberg

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Honda Expects 70% Fall in Annual Profit as Tariffs Hit Hard

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Honda Motor Co. has forecast a significant 70% decline in net profit for the financial year 2025–26, citing the adverse effects of U.S. trade tariffs on the global automotive industry. The Japanese automaker expects net profit to fall to 250 billion yen by March 2026, attributing the drop primarily to the economic impact of tariff policies and recovery efforts. This projection follows Toyota’s recent announcement forecasting a 35% year-on-year decrease in annual net profit due to similar pressures. Honda estimates that the tariffs and related recovery measures will cut around 450 billion yen from its operating profit over the year. The negative outlook arises after U.S. President Donald Trump imposed a 25% tariff on imported vehicles last month, a move aimed at revitalising the U.S. automotive sector but posing significant challenges to Japanese manufacturers. Speaking to reporters, Honda CEO Toshihiro Mibe acknowledged the difficulty of making long-term forecasts amid fluctuating trade policies, stating, “The impact of tariff policies in various countries on our business has been very significant.” Honda reported a net profit of 835 billion yen for the previous financial year, marking a nearly 25% drop from the previous period and falling short of its February forecast of 950 billion yen. The decline was attributed to lower sales volumes, especially in China and the ASEAN region, as well as increased incentives for electric vehicle (EV) sales in North America. Despite these challenges, hybrid vehicle sales showed growth. There is a potential silver lining for Honda as recent developments may lessen the financial strain from tariffs. Last month, President Trump issued an executive order to mitigate the cumulative effects of overlapping tariffs, offering a two-year grace period for automakers to restructure their supply chains within the United States. This decision is expected to benefit Honda, which currently manufactures over 60% of its U.S. vehicle sales domestically, the highest proportion among major Japanese automakers. Tatsuo Yoshida, an auto analyst at Bloomberg Intelligence, noted that Honda’s extensive U.S.-based production may cushion the blow compared to its peers, making the impact of tariffs “comparatively smaller” for the company. -Japan Today

Energy & Technology, News

Samsung Invests €1.5 Billion to Acquire German HVAC Leader FlaktGroup

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Samsung Electronics Co. has announced its acquisition of FlaktGroup Holding GmbH, a German ventilation company, for 1.5 billion euros (approximately US$1.68 billion). This marks Samsung’s most significant takeover in nearly eight years, following its $8 billion acquisition of Harman International in 2017. The South Korean tech giant confirmed the deal with Triton, a European investment firm, to purchase a 100% stake in FlaktGroup. Headquartered in Herne, western Germany, FlaktGroup specialises in energy-efficient heating, ventilation, and air-conditioning (HVAC) solutions for diverse applications, including data centres, airports, museums, and commercial buildings. Roh Tae-moon, acting head of the device division at Samsung Electronics, expressed confidence in the strategic move. “Through the acquisition of FlaktGroup, an applied HVAC specialist, Samsung Electronics has laid the foundation to become a leader in the global HVAC business, offering a full range of solutions to our customers,” he said. “Our commitment is to continue investing in and developing the high-growth HVAC business as a key future growth engine.” The acquisition aligns with Samsung Electronics’ broader strategy to secure growth in emerging sectors, including HVAC, robotics, medical technology, and consumer audio. The global HVAC market is expected to expand significantly from $61 billion in 2024 to $99 billion by 2030, at an annual growth rate of 8%. This surge is driven by increased demand for energy-efficient systems and data centre solutions, propelled by the rise of generative AI, robotics, and autonomous technologies. Samsung aims to strengthen its service and maintenance offerings by integrating its building management systems with FlaktGroup’s HVAC control technologies. This combination is expected to deliver a comprehensive suite of energy management tools, enhancing Samsung’s capacity to serve a broader customer base. The acquisition builds on Samsung’s recent initiatives to expand its HVAC business, particularly in ductless systems for residential and commercial applications. In May 2024, Samsung Electronics formed a joint venture with Lennox International Inc. to strengthen its HVAC presence in North America. By acquiring FlaktGroup, Samsung Electronics takes a decisive step towards establishing itself as a global leader in HVAC solutions, positioning the company to capitalise on the sector’s robust growth and evolving technological landscape. -Yonhap

News

Sapura Energy Posts RM190 Million Profit for FY25 Amid Liquidity Challenges

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Sapura Energy Bhd has reported a return to profitability for the first time in six years, posting a net profit of RM190 million for the financial year ended January 31, 2025 (FY25). This marks a significant turnaround from the previous financial year when the company recorded a net loss of RM509 million. The group’s revenue increased by 8.9% year-on-year (YoY) to RM4.7 billion, reflecting improved performance across its core business segments. The audited financial statements for FY25, prepared by external auditors Messrs. Ernst & Young PLT (EY), received an unqualified audit opinion. However, EY highlighted concerns regarding the company’s ability to continue as a going concern, noting that Sapura Energy’s current liabilities still exceed its current assets. The group continues to face severe liquidity challenges. Despite these concerns, the financial statements were prepared on a going concern basis, which EY stated is contingent on the timely approval, execution, and completion of the Proposed Regularisation Plan by the Long Stop Date of March 11, 2026. This plan is critical for the group’s schemes of arrangement (SOA), conditional funding agreements, and settlements related to previously terminated engineering and construction (E&C) projects. The issue of going concern uncertainties is not new for Sapura Energy, having been flagged in the financial statements for FY2022, FY2023, and FY2024. Previous concerns included the need for restraining order extensions, favourable legal outcomes regarding E&C claims, and at least 75% creditor approval at court-convened meetings for the SOA. Sapura Energy has achieved several critical milestones over the past few years, progressing towards finalising its regularisation plan. The group aims to make a formal submission to Bursa Malaysia by May 2025. In a statement to Bursa, the board expressed confidence in the company’s future, highlighting that successful execution of key restructuring initiatives has established a strong foundation for completing the regularisation plan. -Business Times

News

Kenanga Maintains Positive Outlook on Mah Sing with RM2.46 Target Price

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Kenanga Research has reiterated its “Buy” call on Mah Sing Group Bhd, maintaining its target price (TP) at RM2.46. The recommendation reflects continued confidence in the group’s strategic direction, particularly amid potential changes in AI chip export regulations that could benefit Malaysia’s data centre market. Recent developments surrounding the US AI diffusion rule indicate that the Biden-era restrictions on AI chip exports may soon be repealed. If enacted, this change could remove the current tiered system that limits chip exports based on country classification, including Malaysia. Instead, the US may adopt a more nuanced licensing regime, allowing greater flexibility for companies like Mah Sing to participate in data centre expansions. Kenanga Research views the potential removal of the tiered restrictions as a positive catalyst for data centre growth, with Malaysia positioned to benefit as global tech firms accelerate their infrastructure investments. The construction sector, particularly companies like Mah Sing with significant industrial land assets, is expected to see a valuation uplift. Mah Sing’s ongoing discussions to leverage its Bangi and Southville land for data centre projects align well with this potential policy shift. As data centres continue to be a high-growth area, Mah Sing’s strategic land positioning could unlock significant value, leading to potential long-term re-rating. Kenanga also highlights the broader market environment, where construction and utility sectors are set to benefit from increased data centre activities. YTL Power International Bhd and Tenaga Nasional Bhd, both with existing data centre infrastructure, are also well-positioned to gain. With potential easing of AI chip restrictions, Mah Sing’s strategic land bank could attract more partnerships and investments, strengthening its market position. Kenanga’s positive outlook on Mah Sing remains intact, supported by the company’s proactive approach to capitalising on emerging opportunities in the data centre sector.

News

Sarawak Takes Centre Stage at Inaugural ICW Borneo 2025

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KUCHING: The inaugural International Construction Week (ICW) Borneo 2025 has officially commenced at the Borneo Convention Centre Kuching (BCCK), marking a significant milestone for East Malaysia and the wider ASEAN region. Organised by the Construction Industry Development Board (CIDB) Malaysia in collaboration with Qube Integrated Malaysia Sdn. Bhd. (Qube), the event underscores Malaysia’s commitment to sustainable and innovative construction practices as the country takes on the ASEAN Chairmanship for 2025. The two-day event, themed “Innovative Construction for a Sustainable Future”, has attracted a wide array of participants, including policymakers, industry leaders, academics, and innovators. The official opening was presided over by the Premier of Sarawak, The Right Honourable Datuk Patinggi Tan Sri (Dr) Abang Haji Abdul Rahman Zohari Bin Tun Datuk Abang Haji Openg, with the Honourable Dato Sri Alexander Nanta Linggi, Minister of Works, also in attendance. The presence of these senior leaders highlights a firm commitment to sustainable infrastructure development, aligning with Malaysia’s National Construction Policy 2030 and the ASEAN Vision 2045. Addressing the gathering, the Premier of Sarawak emphasised the state’s proactive role in the green transition, describing Sarawak as a crucial player in shaping sustainable infrastructure not only within Malaysia but across Southeast Asia. Meanwhile, the Minister of Works underscored the significance of ICW Borneo 2025 as a platform that transcends industry networking, positioning it as a catalyst for resilient and forward-thinking infrastructure development in the region. As Malaysia leads the ASEAN development agenda under its 2025 Chairmanship, ICW Borneo 2025 serves as a key platform to promote sustainable construction, green energy innovation, and digital transformation. It reflects Malaysia’s ambition to establish itself as a regional hub for resilient, technology-driven, and inclusive infrastructure growth. Coinciding with the main event, the ASEAN Build Construction Working Group (BCWG) Meeting is taking place at the Sheraton Hotel Kuching. This strategic forum unites ASEAN member states to enhance cooperation in standardising the construction sector, addressing technical regulations, and reducing trade barriers. The meeting aims to foster a more integrated and resilient construction industry within the region. One of the highlights of ICW Borneo 2025 is the Construction Sustainability Summit (CSS), a thought leadership forum featuring prominent figures from across ASEAN. Notable speakers include the Deputy Premier of Sarawak, The Honourable Datuk Amar Haji Awang Tengah Ali Hasan, who discussed advancing sustainable construction and renewable energy in the state. Prof. Ir. Dr. Resdiansyah from Indonesia also shared insights on the country’s infrastructure development. The summit also features expert panel discussions on climate-resilient infrastructure, smart city innovation, and sustainable construction materials, involving industry leaders from Sarawak Energy Berhad, Gamuda Engineering, and international sustainability experts. Adding to the event’s dynamic presence is BuildXpo, the official trade showcase of ICW, featuring cutting-edge technologies from 32 local and international exhibitors. Among them are CIDB IBS, Regional Corridor Development Authority (RECODA), and Serendah Steel Manufacturing Sdn Bhd. The exhibition highlights innovative building systems, smart technologies, and sustainable construction materials, reinforcing the industry’s commitment to modernising the construction landscape. In addition, the event includes a series of specialised conferences and workshops focusing on construction revolution practices, project management, and facility management. These sessions aim to equip industry professionals with the knowledge and skills required to navigate the evolving landscape of Construction 4.0. On 15 May, participants will also engage in technical site visits to key energy facilities in Sarawak, including the Sejingkat Power Plant and the Hydrogen Production Plant and Refueling Station. Puan Zainora Zainal, Chief Executive of CIDB, highlighted the strategic importance of ICW Borneo 2025 as a turning point for the industry. By bringing together leading minds and organisations, the event aims to accelerate innovation and strengthen collaboration in the ASEAN construction sector. As the first edition held in East Malaysia, ICW Borneo 2025 signifies Sarawak’s readiness to lead sustainable infrastructure development. The event serves as a prelude to the 27th edition of ICW & BuildXpo 2025, scheduled to take place in Kuala Lumpur this October, further positioning Malaysia as a leader in advancing the region’s construction sector.

News

Oxford Innotech Berhad Secures Approval from Bursa Securities for Ace Market Listing

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Kuala Lumpur, 13 May 2025 – Integrated engineering solutions provider, Oxford Innotech Berhad (“OXB”), has recently received approval from Bursa Malaysia Securities Berhad (“Bursa Securities”) to list on the ACE Market of Bursa Securities. OXB, through its subsidiaries (collectively known as the “Group”), is an integrated engineering solutions provider based in Penang that specialises in precision engineering components solutions, mechanical assembly solutions, as well as automation and robotic solutions. Leveraging its breadth of products and services, OXB serves manufacturers and assemblers across a broad spectrum of industries, including semiconductor, electrical and electronics (“E&E”), automotive, and modular building systems. Managing Director of OXB, Mr. Ng Thean Gin, said, “We are grateful to Bursa Securities for granting us the approval to list on the ACE Market. This reflects a shared confidence in our Group’s capabilities and the strategic value we bring to the engineering ecosystem as well as the broader equity market.” “It is exciting times ahead for OXB where we see great growth opportunities, particularly in the semiconductor and modular building systems sectors. We are thrilled to embark on the new chapter in our corporate journey as we continue pushing the boundaries of innovation and efficiency, while at the same time, helping customers streamline operations, reduce costs, and enhance productivity,” Mr. Ng Thean Gin concluded. OXB’s initial public offering (“IPO”) entails a public issue of 143.46 million new ordinary shares, and an offer for sale of 50.00 million existing shares. Collectively, these represent a total of 27.3% of OXB’s enlarged issued share capital of 710.0 million ordinary shares upon listing. The Group aims to be listed by the 3rd quarter of 2025. Malacca Securities Sdn Bhd is the Principal Adviser, Sponsor, Underwriter and Placement Agent, while WYNCORP Advisory Sdn Bhd is the Corporate Finance Adviser for the IPO exercise.

News

Hong Kong Internet Exchange Traffic Increases 37% Over Two Years Boosted by Digital Innovation

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HONG KONG: Equinix, Inc. (Nasdaq: EQIX), the world’s digital infrastructure company®, revealed that Hong Kong’s peak traffic of internet exchanges, including domestic and international, grew by 37% from April 2023 to April 2025, post pandemic. 1 Equinix has recorded an even more significant surge with its Internet Exchange traffic rising at a remarkable growth rate of 57% in the same period. The proliferation of over-the-top (OTT) services, cloud computing and online gaming has been driving internet traffic over the past years. The increasing adoption of bandwidth-intensive applications for AI, machine learning and quantum across business operations and everyday life is set to further propel traffic levels. With the Hong Kong government’s Innovation and Technology Development Blueprint 2 outlining a clear vision for fostering innovation and technology, supplemented by an upcoming HK$10 billion Innovation and Technology Industry-Oriented Fund, the city is poised to channel even more resources into emerging technologies and strategic industries. By exchanging traffic through direct peering within internet exchanges like Equinix Internet Exchange® (EIE), network, content, and cloud service providers can bypass multiple internet hubs and transit providers around the world. This creates point to point connections between peering ecosystems, minimizing multiple hops and significantly reducing latency. As a result, research institutions managing large-file data exchanges, sports and media entertainment companies can enable their end users access content and applications without delays or interruptions. Joanne Hon, Managing Director, Equinix Hong Kong said, “Hong Kong has always been a place where the world comes together — a city that thrives on digital interconnection. At Equinix, we’re proud to play a part in that ambition, helping businesses bridge industries, markets and innovations. Whether it’s enabling real-time collaboration or powering the next wave of AI-driven breakthroughs, we’re committed to building the infrastructure that makes it all possible. That’s why last year, we announced our largest investment in Hong Kong in over a decade with new HK6 development, which we believe will ensure the city’s digital backbone is ready to support its pursuit in becoming a global innovation powerhouse.” EIE in Hong Kong is used by more than 240 of cloud service providers, content delivery network, social media, gaming and OTT companies around the globe, including the US, EMEA and APAC, across Australia, Greater China, India, North Asia, Southeast Asia and Mekong regions. Hosting one of the most mature internet exchange ecosystems in Hong Kong and worldwide, Equinix enables businesses to achieve secure and low-latency data exchange with a robust digital infrastructure that powers everything from AI-driven innovations to real-time global collaboration.

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