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HONG KONG, China Evergrande Group was officially delisted from the Hong Kong stock exchange on Monday, closing one of the most dramatic rises and collapses in China’s property market history. The world’s most indebted developer, burdened with over US$300 billion (RM1.26 trillion) in liabilities, had its shares suspended since Jan 29 after a court ordered the company to be liquidated when it failed to repay debts and restructure. This suspension paved the way for its removal from the exchange. Once a giant in China’s property boom, Evergrande’s 2009 Hong Kong listing was the largest for a Chinese private developer. Its market value soared from US$9 billion at debut to a peak of US$51 billion in 2017. However, by early 2024, it had plunged to just US$282 million. Shares that once traded at HK$31.39 fell to HK$0.163 before trading stopped. “The delisting marks a milestone, symbolising the end of Evergrande’s dramatic rise and fall, as well as the fading of China’s debt-fuelled property growth model,” said Alec Tseung of KT Capital Group. The downfall mirrors the fate of its founder, Hui Ka Yan, who rose from a poor rural background to become one of China’s richest men. Hui was later banned from the securities market for life, fined 47 million yuan, and accused of inflating financial results and fraud. He has since been detained by authorities while liquidators pursue court cases to recover billions in assets. Evergrande’s collapse also highlights wider troubles in China’s property sector, which has been battling a deep liquidity crunch since 2021. Earlier this month, China South City became the first state-backed developer to face a liquidation order, joining several private peers. Although Beijing is trying to revive the sector through stimulus and easing property rules, analysts remain doubtful about a strong rebound, pointing to weak household demand and strained finances among buyers. Evergrande’s liquidation is expected to drag on for a decade, with creditors unlikely to recover much. So far, liquidators have managed to raise about US$255 million from selling offshore assets, a tiny fraction of the US$45 billion in claims. For many investors and homebuyers, the collapse has been devastating. “I chose Evergrande because I thought such a big developer would never fail. I was wrong,” one buyer wrote on social media while waiting for his unfinished home.

KUCHING, A new bill to regulate e-commerce will introduce clearer definitions for all parties involved, including online marketing affiliates, to ensure fairer and more comprehensive rules, said Deputy Minister of Domestic Trade and Cost of Living Fuziah Salleh. She said talks with industry players highlighted the need to separate affiliates from sellers, as current laws treat them the same. The e-commerce bill, expected to be tabled in March, will close gaps in existing laws and better protect the rights of all involved, said Fuziah Salleh. “Affiliates don’t own the products — they only promote them. So, consumers shouldn’t hold affiliates accountable like sellers. The new framework will ensure fairness for all,” Fuziah said after a legal review session on e-commerce. The bill, expected to be tabled in the Dewan Rakyat in March, will officially recognise affiliates as a separate category. This move will close gaps in existing laws, strengthen consumer protection, and ensure clearer responsibilities in the e-commerce space. She added that defining each party’s role will boost transparency, accountability, and create a fairer marketplace. E-commerce has also seen a surge in complaints — 14,211 in 2023, 10,486 in 2024, and 4,809 recorded up to July 31 this year. Most involved undelivered goods, misleading ads, counterfeit products, and sellers using fake identities. Fuziah stressed these figures highlight the urgent need for stronger, updated legislation to protect both consumers and businesses.

BENGALURU, Shares of Wipro Ltd came into focus after the Indian IT services giant announced it will acquire the digital engineering business of HARMAN International for $375 million in an all-cash deal. The acquisition, Wipro said, is aimed at strengthening its capabilities in digital engineering, cloud, and connected products, further positioning the company as a strategic partner to global enterprises undergoing large-scale digital transformation. HARMAN, a wholly owned subsidiary of South Korea’s Samsung Electronics Co Ltd, is known for its expertise in automotive technology, consumer audio, and connected services. Its digital engineering division provides product design and development services to clients across industries, including consumer technology, healthcare, and communications. By integrating HARMAN’s digital engineering team, Wipro will gain access to deep domain knowledge, talent, and client relationships, significantly enhancing its ability to compete in high-value digital engineering projects. “This acquisition will bolster Wipro’s capabilities in building intelligent connected experiences and accelerate our growth in the digital engineering space,” the company said in a statement. Analysts noted that the move reflects a broader trend of Indian IT majors deepening their presence in the digital engineering market, which is projected to grow rapidly amid rising demand for cloud-native, AI-driven, and connected product solutions. Wipro’s stock reacted positively in early trade following the announcement, with market participants closely watching how the integration of HARMAN’s digital unit will impact its revenue trajectory in the coming quarters. The deal is expected to close in the second half of 2025, subject to customary closing conditions and regulatory approvals.

PETALING JAYA, Hibiscus Petroleum Bhd, through its wholly-owned unit Hibiscus Oil & Gas Malaysia Ltd, has entered into an agreement with PetroVietnam Exploration Production Corp Ltd (PVEP), the operator of Block 46/13 PSC offshore Vietnam. The agreement will allow production from Block 46/13 to be tied into and processed via the existing facilities under the PM3 Commercial Arrangement Area (CAA) Production Sharing Contract, which are operated by Hibiscus. In its Bursa Malaysia filing, Hibiscus said the deal will make better use of available capacity at the PM3 CAA PSC facilities, while setting out a commercial framework for managing production handling and cost allocation related to Block 46/13. The company added that the arrangement is expected to enhance operational efficiency and strengthen collaboration between the two parties, although no financial terms of the agreement were revealed.

KUALA LUMPUR, The third edition of Selangor Export Day, happening on Aug 25–26, is set to gather over 200 entrepreneurs and businesses, particularly micro, small and medium enterprises (MSMEs), from diverse industries across the state. In a statement, the Malaysia External Trade Development Corporation (MATRADE) said the event will help entrepreneurs expand into export markets, further strengthening Selangor’s role as one of Malaysia’s top exporting states. MATRADE chairman Datuk Seri Reezal Merican Naina Merican. MATRADE chairman Datuk Seri Reezal Merican Naina Merican noted that Selangor recorded RM357.06 billion in export value in 2024, a 7.3% increase from the previous year. “Selangor Export Day is more than just an entrepreneur programme — it is a platform for entrepreneurs to connect, exchange ideas, innovate and gain inspiration. I encourage all entrepreneurs, especially in Selangor, to take advantage of this opportunity to access the latest export-related insights and prepare for the global market,” he said. The 2025 edition, held at Dewan Raja Muda Musa in Section 7, Shah Alam, is organised by the Selangor government through the State Economic Planning Unit (UPEN) and Selangor State Development Corporation (PKNS), in partnership with MATRADE. The event will be officiated by state Youth, Sports and Entrepreneurship Committee chairman Mohd Najwan Halimi and PKNS Group deputy chief executive officer (corporate) Suhaimi Kasdon, with MATRADE CEO Datuk Seri Mohd Mustafa Abdul Aziz also in attendance. Over the two days, participants can look forward to exporter advisory clinics, market opportunity briefings, success story sharing, as well as information on financial facilities and grants for exporters. Mohd Najwan highlighted that MSMEs are the backbone of Selangor’s economy. With the right support and global exposure, he said, they can strengthen their export potential sustainably. “In the digital economy era, entrepreneurs’ ability to adopt new technologies, leverage e-commerce and use market insights will define their resilience. That’s why collaboration between MATRADE and the state government through Selangor Export Day is crucial to ensure MSMEs remain resilient and grow into competitive global exporters,” he added.

In January, Starbucks announced plans to add at least 100 new outlets in Korea this year, after opening its 2,003rd store. From January to June, Starbucks Korea recorded an operating profit of 75.4 billion won (US$54 million), a slight dip of 4% from 75.8 billion won last year. However, sales rose 4.2% to 1.56 trillion won from 1.49 trillion won. The company has also ramped up marketing initiatives. In early 2023, it started replacing its name-calling pickup system with vibrating pagers at select stores, and since April 2024, Starbucks drinks have been available on food delivery app Baedal Minjok (Baemin). Starbucks Korea is jointly owned by Shinsegae’s Emart, which holds a 67.5% stake, and the Government of Singapore Investment Corporation (GIC), which owns 32.5%.

Sabana REIT has named Karen Lee as the chief executive officer (CEO) of its newly internalised manager, marking a key milestone in the trust’s transition. Lee brings more than two decades of experience in the real estate investment trust (REIT) industry. She previously served as deputy CEO of the merged ESR REIT and was CEO of ARA LOGOS Logistics Trust prior to its merger with ESR. Alongside her appointment, Sabana REIT has also announced Goo Li Ling as the chief financial officer (CFO) of the internal manager. Goo, who most recently held the role of managing director, finance for real estate funds at Keppel Fund Management until June this year, also brings 20 years of experience. Her past roles include a stint at Suntec REIT between 2004 and 2006. The trust further strengthened its governance structure with the appointment of two new board directors: Havard Chi from Quartz and Bhavik Umesh Doshi from One Hill Capital, effective August 22. These leadership changes follow Sabana REIT’s landmark move last year to internalise its management. On July 21, 2023, the REIT called for an extraordinary general meeting (EGM) to remove its external manager, and by August 7, unitholders voted in favour of the resolution to terminate Sabana Real Estate Investment Management (SREIM). On August 5, 2024, the REIT confirmed that it had identified candidates for senior leadership positions and executed letters of intent ahead of the official appointments. The latest leadership announcement underscores Sabana REIT’s commitment to establishing a fully internalised management structure to better align with unitholders’ interests.

KUALA LUMPUR, JPMorgan Chase has agreed to pay the Malaysian government US$330 million to settle all matters linked to its involvement in the multibillion-dollar 1MDB scandal, both parties confirmed on Friday. Investigators in Malaysia and the United States previously revealed that at least US$4.5 billion was misappropriated from 1Malaysia Development Berhad (1MDB) between 2009 and 2014. In 2021, 1MDB filed lawsuits against units of JPMorgan, Deutsche Bank, and Coutts & Co, accusing them of negligence, breach of contract, conspiracy to defraud, and dishonest assistance. Court filings showed that 1MDB had sought US$800 million in damages from JPMorgan (Switzerland) Ltd. Under the settlement, JPMorgan’s payment will be channelled into the government’s 1MDB Asset Recovery Trust Account. “The settlement resolves all current and future claims between the parties and prevents any further litigation related to 1MDB,” both sides said in a joint statement. They also confirmed that all outstanding appeals related to the lawsuit against JPMorgan’s Swiss unit at the Malaysian High Court will be withdrawn.

KUALA LUMPUR, United Overseas Bank (Malaysia) Bhd (UOB Malaysia) is partnering with FMM House Sdn Bhd to launch its RM3 billion ASEAN Green Medium Term Notes (MTN) Programme, aimed at driving sustainable growth in Malaysia’s logistics infrastructure. UOB Malaysia is acting as the principal adviser, lead arranger, lead manager, and facility agent for the programme, underscoring the bank’s commitment to advancing green financing and innovation in the capital markets. Chief executive officer Ng Wei Wei said this represents UOB Malaysia’s second green logistics hub project in Selangor, following its earlier support for Global Vision Logistics, which was Malaysia’s first green-certified logistics development and one of the largest in ASEAN. “These initiatives reflect our continued efforts to deliver innovative solutions that support clients in decarbonising and transitioning to low-carbon, future-ready infrastructure,” Ng said in a statement. Proceeds from Tranche 1, valued at up to RM630 million with a 15-year tenor, will go toward developing three green logistics hubs in Pulau Indah, Klang, Selangor. The programme, structured for multi-tranche issuances, will provide financing for FMM House’s future logistics infrastructure projects. “This programme is a key milestone in redefining logistics infrastructure through automation and sustainability. With UOB Malaysia’s backing, we are confident in delivering world-class, green-certified developments that create long-term value,” said FMM House director Tan Sri Teo Chiang Hong. The Pulau Indah development will feature automated warehouse storage systems with a gross floor area of 1.67 million square feet, a storage capacity of 218,000 pallets, and both ambient and cold room facilities. The project has also secured pre-certified Gold Status under the Leadership in Energy and Environmental Design (LEED) framework, a globally recognised green building standard.

PETALING JAYA, Datuk Idham Nawawi will step down as Chief Executive Officer (CEO) of CelcomDigi Bhd at the end of his term on Aug 31, 2025, the company announced in a statement. Datuk Idham Nawawi. Idham, who has led CelcomDigi since its formation following the landmark merger between Celcom and Digi in 2022, is leaving the role for personal reasons after serving three years at the helm. To ensure a smooth transition, Idham will continue to serve as an adviser to the board until Nov 30, 2025, providing guidance and support to the leadership team. CelcomDigi has appointed Deputy CEO Albern Murty as acting CEO effective Sept 1. Albern will take on this responsibility in addition to his current role. Before the merger, he served as CEO of Digi.Com Bhd and has over two decades of experience in the telecommunications industry. Idham, who first joined Celcom Axiata Bhd (now Celcom Bhd) on Sept 1, 2018, has been credited with leading the company through a critical period of transformation and spearheading the successful integration of Celcom and Digi. Under his leadership, CelcomDigi strengthened its market position and enhanced its digital and network capabilities, laying the foundation for the company’s next phase of growth. CelcomDigi expressed its appreciation for Idham’s contributions, highlighting his role in shaping the merged entity and driving innovation in Malaysia’s telco industry.