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Yahoo
6 days ago
- Business
- Yahoo
Chinese AI Chipmakers Target $1.66 Billion in Onshore Listings
Two Chinese AI chip companies aim to raise a combined $1.66 billion through initial public offerings, as China steps up efforts to achieve chip independence amid an escalating U.S-China tech competition. Beijing-based Moore Threads plans to raise 8 billion yuan, equivalent to $1.12 billion, while Shanghai-based MetaX is targeting 3.9 billion yuan, according to prospectuses filed Monday with the Shanghai Stock Exchange. Amazon Is on the Cusp of Using More Robots Than Humans in Its Warehouses A Hot New Firm Opened the Private Market to the Little Guy. Now It Is in Big Trouble. Can a Longtime Car Executive Turn Around Gucci's Parent? Why Investors Are Right to Love Dividends Boeing CFO Exit Is Latest Change in Chief Executive Kelly Ortberg's C-Suite Founded in 2020 by former Nvidia executive Zhang Jianzhong, Moore Threads specializes in designing graphics processing units for AI training. The company plans to use the IPO proceeds to fund new AI chip research and development and to bolster working capital. MetaX, also founded in 2020 by former AMD employees including Chairman Chen Weiliang, focuses on full-stack GPU chips and related solutions. It intends to use the funds to support high-performance GPU research and development. Both companies aim to list on Shanghai's STAR Market, the tech-focused board of the Shanghai Stock Exchange. Moore Threads was added to the U.S. entity list in October 2023, which restricts limits its access to American technology and equipment. Despite rapid revenue growth, both companies continue to post steep losses as they expand and invest heavily in research and development. Moore Threads' revenue more than tripled to 438.85 million yuan in 2024, while its net loss narrowed but remained at 1.49 billion yuan. MetaX's revenue surged more than tenfold to 743.1 million in 2024, up from 53 million a year earlier. However, it posted a net loss of 232.5 million yuan, attributing it to the low market penetration of domestically produced chips, limited sales scale of its self-developed GPUs and high research and development costs. Write to Sherry Qin at He Thought an Employee Stole Crypto. The FBI Says It Was a North Korean Scammer. Home Depot Wins Bidding War to Buy GMS for $4.3 Billion From Tariff Pain to Record Highs, a Wild Quarter on Wall Street Mark Zuckerberg Announces New Meta 'Superintelligence Labs' Unit Robinhood Goes All In on Crypto With Major Product Push Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data


Focus Malaysia
12-06-2025
- Business
- Focus Malaysia
Chin Hin to procure AAC machinery from Shanghai-listed Jiangsu Teeyer for its 3rd manufacturing plant
CHIN Hin Group Bhd, Malaysia's leading integrated constriction conglomerate, has inked a memorandum of understanding (MOU) with Jiangsu Teeyer Intelligent Equipment Co Ltd, a leading global provider of autoclaved aerated concrete (AAC) production systems listed on the Shanghai Stock Exchange. The MOU entered into through the group's wholly-owned subsidiary Starken AAC Sdn Bhd signifies Chin Hin's strategic expansion into its third AAC manufacturing facility which is set to be situated adjacent to the group's existing factory in Serendah, Selangor. Scheduled for full production by May 31 next year, the new facility will significantly elevate the Chim Hin's production capabilities by adding a capacity of over one million cubic metres per year. Listed on the Shanghai Stock Exchange with a RM3.2 mil market capitalisation, Teeyer is globally acclaimed for its expertise in AAC production systems. With over 35 years in the industry and having exported nearly 150 production lines to over 20 countries, Teeyer is recognised for pioneering technological advancements such as the MES system for precise production management and being the first Chinese company to localise AAC cutting machinery. Currently, Chin Hin's two existing AAC plants have a combined production capacity of about 1.2 million cubic metres. With the addition of this third facility, the group's total AAC production capacity will rise to over 2.2 million cubic metres annually, hence further consolidating its leadership in the building materials industry. 'This strategic partnership with Teeyer is a significant milestone for Chin Hin as it substantially enhances our production capabilities and strengthens our competitive edge in the market,' commented Chin Hin Group's CEO (Building Materials Division) Ng Wai Luen. 'Moreover, Teeyer's extensive global experience and technological expertise align perfectly with our growth strategy to meet rising demand for sustainable and high-quality building materials in Malaysia and beyond.' To-date, Chin Hin has continued its commitment to innovation and sustainable growth by reinforcing its leadership position in Malaysia's integrated building materials industry. This collaboration aligns with the group's on-going efforts to invest in advanced manufacturing capabilities, driving operational efficiency and responding to the increasing market demand for environmentally friendly construction materials. At the close of today's (June 12) market trading, Chin Hin Group was up 3 sen or 1.44% to RM2.12 with 245,600 shares traded, thus valuing the company at RM7.51 bil. – June 12, 2025


The Sun
12-06-2025
- Business
- The Sun
Chin Hin to procure AAC machinery from Shanghai-listed Jiangsu Teeyer for its third manufacturing plant
KUALA LUMPUR: Leading integrated builder conglomerate Chin Hin Group Bhd's wholly-owned subsidiary, Starken AAC Sdn Bhd (SAAC), has signed a memorandum of understanding (MoU) with Jiangsu Teeyer Intelligent Equipment Co Ltd, a leading global provider of autoclaved aerated concrete (AAC) production systems listed on the Shanghai Stock Exchange. The MoU marks Chin Hin's strategic expansion into its third AAC manufacturing facility, which is set to be situated adjacent to the group's existing factory in Serendah, Selangor. Scheduled for full production by May 31, 2026, the new facility will significantly elevate the group's production capabilities by adding a capacity of over 1,000,000 cubic meters per year. Chin Hin group CEO for building materials division Ng Wai Luen said this strategic partnership with Jiangsu Teeyer is a significant milestone for Chin Hin, as it substantially enhances production capabilities and strengthens its competitive edge in the market. 'Jiangsu Teeyer's extensive global experience and technological expertise align perfectly with our growth strategy to meet rising demand for sustainable, high-quality building materials in Malaysia and beyond,' he said in a statement. Jiangsu Teeyer, listed on the Shanghai Stock Exchange, has a market capitalisation of approximately RM2.3 billion. The company is globally acclaimed for its expertise in AAC production systems. With over 35 years in the industry and having exported nearly 150 production lines to more than 20 countries, Jiangsu Teeyer is recognised for pioneering technological advancements, such as the MES system for precise production management and being the first Chinese company to localise AAC cutting machinery. Currently, Chin Hin's two existing AAC plants have a combined production capacity of approximately 1,200,000 cubic meters. With the addition of this third facility, the group's total AAC production capacity will rise to over 2,200,000 cubic meters annually, further consolidating its leadership in the building materials industry. Chin Hin continues its commitment to innovation and sustainable growth, reinforcing its leadership position in Malaysia's integrated building materials industry. This collaboration aligns with Chin Hin's ongoing efforts to invest in advanced manufacturing capabilities, driving operational efficiency, and responding to the increasing market demand for environmentally friendly construction materials.


Mint
09-06-2025
- Business
- Mint
AVIC Shenyang Aircraft to Aerospace Nanhu Electronic: Chinese defense stocks rally as Pakistan plans J-35 jets purchase
Chinese defence stocks surged on Monday following reports that Pakistan plans to acquire some of China's most advanced weaponry in a major arms deal. AVIC Shenyang Aircraft Company share price hit the 10% daily upper limit on the Shanghai Stock Exchange, marking gains for a third consecutive session. According to a Bloomberg report, Pakistan intends to procure 40 J-35 fifth-generation fighter jets, along with KJ-500 airborne early warning and control aircraft and HQ-19 ballistic missile defence systems. The J-35, developed by AVIC Shenyang Aircraft and unveiled at the 2024 Zhuhai Airshow, is considered the centrepiece of the proposed deal. If finalised, this would mark the first international sale of the J-35 fighter jets. AVIC Shenyang share price has rallied over 16% in the past seven trading sessions. The broader optimism also lifted other Chinese defence stocks. Shares of Aerospace Nanhu Electronic Information Technology surged as much as 15%, while Inner Mongolia First Machinery Group, Jiangxi Hongdu Aviation Industry, AVIC Heavy Machinery, and AVIC Chengdu Aircraft rose between 2% and 4%. The Hang Seng China A Aerospace & Defence Index gained nearly 2%. The development comes against the backdrop of renewed geopolitical tensions between India and Pakistan. Pakistan's announcement, made via a social media post on Friday, follows a series of confrontations that began in early May. Chinese defence stocks had earlier rallied when Pakistan claimed that Chinese-made J-10C fighter jets helped down six Indian aircraft. However, that rally in Chinese defence stocks was short-lived after India downplayed those claims and launched 'Operation Sindoor,' a precision airstrike campaign deep into Pakistani territory. Amid these escalations, Chinese defence stocks have seen heightened volatility, reacting to each turn in the India-Pakistan conflict. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.


The Star
06-06-2025
- Business
- The Star
China, HK stocks close down as US-China call offers no clear progress on trade
A screen displays market movements in the Shanghai Stock Exchange. — AFP SHANGHAI: China and Hong Kong stocks ended slightly lower on Friday, as investors remained cautious after a call between U.S. President Donald Trump and Chinese leader Xi Jinping failed to provide clear signals of progress in easing trade tensions. Trump and Xi confronted weeks of brewing trade tensions and a battle over critical minerals in a rare leader-to-leader call on Thursday, leaving key issues unresolved for future talks. "If you look at the conversation between Chinese and U.S. presidents, there's nothing concrete that's positive. So little impact on stocks," said Guo Jianwen, partner at Shanghai-based hedge fund Haiyi Capital. China's blue-chip CSI300 Index fell 0.1%, while the Shanghai Composite Index was flat. Hong Kong benchmark Hang Seng Index dipped 0.5%. For the holiday-shortened week, the CSI 300 Index gained nearly 1%, while the Hang Seng Index rose 2.2%. "The only good news is that things are not getting worse," said William Xin, chairman of Shanghai-based hedge fund Spring Mountain Pu Jiang Investment Management. "If Trump can come to China for a visit in the short term, that would be hugely positive." Chinese markets have lacked clear direction since April 2, when Trump unveiled sweeping reciprocal tariffs, raising fears of a global trade disruption. The blue-chip CSI300 Index has barely budged from the April 2 level, and Hong Kong's benchmark Hang Seng Index gained less than 3% during the period, both lagging the recovery seen among major global markets. Investors should not over-interpret the talk as both sides are still struggling to adapt to each other in a broad confrontational trend, said Charles Wang, chairman, Shenzhen Dragon Pacific Capital Management. Wang said the most significant takeaway from the leaders' exchange was Xi's warning to Trump against provocative actions on Taiwan, which he interpreted as a signal that Beijing is not preparing for a near-term military move. Chinese tech American Depositary Receipts (ADRs) rose just 0.85% in New York overnight following the call, while tech majors listed in Hong Kong fell 0.6%. Onshore non-ferrous metal shares gained 1.1%, and materials stocks listed in Hong Kong jumped 2.4%. China's 10-year and 30-year government bond yields held steady, after the country's central bank said it would inject 1 trillion yuan ($139.23 billion) cash to its banking system via outright reverse repos on Friday. - Reuters