Money & Finance

Chinese bubble tea brand Nayuki, founded in Shenzhen in 2014 by Peng Xin and Zhao Lin, plans to raise $656 million through its Hong Kong initial public offering. The company will sell 257.3 million shares priced between HK$17.2 and HK$19.8, potentially valuing the founders' stake at over $1.1 billion.

Telecommunications giants Axiata Group and Telenor Asia have finalized a strategic merger of their Malaysian wireless operations, creating a robust digital convergence service provider. The combined entity promises significant synergies, with projected pre-tax profits of 5.7 billion ringgit and potential for enhanced market competitiveness in the regional tech landscape.

UEM Sunrise Bhd has partnered with Maybank Islamic's HouzKEY to help more clients become homeowners. The collaboration provides first and second-time homebuyers with zero payments during construction, zero down payments, and 100% financing across 10 projects, making home ownership more accessible.

Malaysian engineering firm KAB partners with Janakuasa to enter Vietnam's renewable energy market. The collaboration involves establishing a special purpose company to acquire majority stakes in three hydropower stations, with power purchase agreements valid from 2030 to 2039.

Federal Reserve economists uncovered significant trade anomalies during Trump's tariff period, suggesting potential misreporting by Chinese exporters and US importers to manipulate trade values and tax implications.

Singapore's sovereign wealth fund GIC Pte Ltd has purchased a 16% stake in Sunway Healthcare Holdings for RM750 million. Greenwood Capital, a GIC arm, signed a share purchase agreement to acquire interests in Sunway Healthcare, including 100 million shares and convertible preferred shares.

The World Bank has reduced Malaysia's GDP growth projection to 4.5% from 6% in 2021, citing concerns about COVID-19 resurgence, healthcare system capacity, and economic disruptions. The downgrade reflects a slower pandemic containment strategy and vaccination rollout, impacting both families and businesses.

Bank Negara Malaysia's foreign exchange reserves increased to US$111 billion, with reserves sufficient to cover 1.2 times imported goods and 8.5 months of short-term foreign debt. The reserves primarily consist of foreign exchange, IMF reserve position, special drawing rights, gold, and other currency reserves.

GlobalFoundries is investing $4 billion in a new chip factory in Singapore, joining rivals like TSMC and Samsung in expanding production capacity. The US-based company plans additional investments in Germany and the United States, aiming to address ongoing semiconductor shortages affecting multiple industries.

Singapore and Vietnam's foreign ministers meet to accelerate digital economy partnerships and mutual health certificate recognition, marking the first ministerial visit since COVID-19 pandemic began.