Money & Finance

Chinese bubble tea brand Nayuki has successfully raised US$656 million through its Hong Kong initial public offering. Founded in Shenzhen in 2014 by Peng Xin and Zhao Lin, the company plans to sell 257.3 million shares at a price range of HK$17.2 to HK$19.8, potentially valuing the founders' stake at over US$1.1 billion.

Telecommunications giants Axiata Group and Telenor Asia have completed a landmark merger of their Malaysian wireless operations, creating a stronger digital convergence service provider. The new entity, MergeCo, will be jointly owned by Axiata and Telenor, with each holding a 33.1% stake. The merger promises significant financial benefits, including pre-tax profits of 5.7 billion ringgit and free cash flow of 4 billion ringgit.

UEM Sunrise has partnered with Maybank Islamic's HouzKEY to help first and second-time homeowners acquire their dream property. The collaboration offers zero down payments, zero installments during construction, and 100% financing for 10 projects, making homeownership more accessible.

Malaysian engineering firm KAB and Janakuasa Pte Ltd have signed an agreement to establish a special purpose company targeting Vietnam's renewable energy sector. The partnership will acquire majority stakes in three hydropower projects with a total installed capacity of 180 MW, backed by power purchase agreements valid from 2030 to 2039.

Federal Reserve economists uncover unusual trade patterns between US and China, suggesting potential reporting manipulations during trade tensions that led to billions in economic losses.

Singapore sovereign wealth fund GIC Pte Ltd has purchased a 16% stake in Sunway Healthcare Holdings through Greenwood Capital, investing RM750 million. The deal involves share subscription and convertible preferred shares, expanding GIC's presence in the Malaysian healthcare sector.

The World Bank has lowered Malaysia's GDP growth projection to 4.5% for 2021, citing concerns about the COVID-19 resurgence, health system capacity, and economic disruptions. The revised forecast reflects a slower pandemic containment and vaccination rollout, impacting families and businesses across the country.

Bank Negara Malaysia's international reserves increased to US$111 billion, with foreign exchange reserves at US$99.6 billion. The reserve position can cover 1.2 times imported goods and short-term foreign debt for 8.5 months, demonstrating the central bank's strong financial stability.

GlobalFoundries is investing $4 billion in a new chip factory in Singapore and expanding operations in the US and Germany. The semiconductor manufacturer aims to increase production capacity alongside rivals TSMC and Samsung, addressing ongoing global chip supply challenges in automotive and consumer electronics industries.

Singapore and Vietnam are accelerating joint efforts to develop digital economy partnerships. Foreign Affairs Minister Vivian Balakrishnan met with Vietnamese counterpart Bui Thanh Son to discuss mutual health certificate recognition and travel resumption, marking the first ministerial visit since COVID-19 began.