HK:0017.HK:New World Development
Distressed Hong Kong developer New World Development has finalized a HK$88.2 billion (US$11.2 billion) refinancing deal, marking the city’s largest-ever refinancing transaction. The firm, controlled by tycoon Henry Cheng, secured 100% lender approval before the June 30 deadline, avoiding a potential collapse of the deal.
The refinancing includes multiple loan tranches maturing from June 2028 and introduces financial covenants tied to some group assets. New World has faced financial pressure due to Hong Kong and mainland China’s property downturn and recently delayed coupon payments on four perpetual notes. CEO Echo Huang emphasized a strategy to reduce debt and improve cash flow.
SGX:558.SI:UMS Holdings
UMS Holdings, already listed on the Singapore Exchange, has released its prospectus for a secondary listing on Bursa Malaysia by way of introduction, scheduled for August 1. There will be no issuance of new shares. The move is aimed at broadening its investor base and enhancing share liquidity.
For FY2024, UMS reported earnings of $40.6 million, down 32% y-o-y, and revenue of $242.1 million, down 19%. In 2H2024, earnings dipped 29% to $11.1 million. Shares will be fully fungible between SGX and Bursa.
Dezign Format has lodged a preliminary offer document to list on SGX’s Catalist board, marking potentially the fifth IPO of 2025. Its business spans event services, commercial fit-outs, and immersive experiences.
The group posted FY2024 earnings of $5 million, up from $3.3 million in FY2023. Revenue climbed to $33.4 million from $26 million in FY2023. It holds an order book of $23.89 million, with $10.47 million already booked in 1QFY2025.
Other 2025 IPO filings include Vin’s Holdings, Info-Tech Systems, Lum Chang Creations, and Nippon Telegraph and Telephone (NTT).
SGX:Z74.SI:Singapore Telecommunications (SingTel)
SingTel CEO Yuen Kuan Moon received $8.2 million in total remuneration for FY2025, a 16.8% increase from FY2024. His pay package includes $1.3 million base, $2.2 million cash bonus, and nearly $4.6 million in share awards (RSA and PSA combined).
The increase followed SingTel’s FY2025 earnings of $4.02 billion, up 405% y-o-y, largely driven by a $1.3 billion exceptional gain from divesting its Comcentre HQ. Core revenue rose slightly to $14.15 billion.
SGX:5WH.SI:Rex International
Rex International announced that its subsidiary Rex Oman is exploring debt financing for its Oman operations. The financing will support Masirah Oil, 87.5%-owned by Rex Oman, and be used for asset development and general corporate purposes.
US:DIA:Dow Jones Industrial Average
US:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
US President Donald Trump reiterated that he may not extend the July 9 trade deadline, reinforcing expectations of new tariffs unless deals are struck. He signaled he’s ready to impose 25% tariffs if talks don’t close, despite Treasury Secretary Scott Bessent noting that only a subset of negotiations might conclude by then.
The uncertainty surrounds key U.S. trade relationships with countries like India, UK, and China, with only partial progress reported on major sticking points such as fentanyl and market access.
SGX:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
US:DIA:Dow Jones Industrial Average
Stocks closed out June on a high as S&P 500 rose 0.52% to 6,204.95, while the Nasdaq Composite gained 0.47% to 20,369.73, and the Dow Jones Industrial Average climbed 0.63% to 44,094.77 — all setting fresh record closes.
The rally follows Canada’s decision to rescind its digital service tax, easing trade tensions with the U.S., after President Donald Trump declared he was “terminating ALL discussions” with Canada. Markets are now bracing for the July expiry of Trump’s 90-day tariff reprieve, while Treasury Secretary Scott Bessent said negotiations with some countries remain unresolved.
SGX:S27.SI:S&P 500
The S&P 500 soared nearly 5% in June and more than 10% in Q2, while the Nasdaq Composite jumped almost 6% for the month and 18% for the quarter. The Dow gained more than 4% in June and nearly 5% in Q2.
Despite the stellar performance, UBS’s Leslie Falconio warned that volatility could return in H2 2025. She expects the Fed’s benchmark rate to drop by 1% by Q1 2026. Similarly, Barclays flagged that caution still prevails, noting large allocations in money market funds and geopolitical risks like Middle East tensions.
US:COIN:Coinbase
Coinbase emerged as the best-performing stock in the S&P 500 in June, jumping 43% — its best month since November. The rally follows its index inclusion and growing interest in stablecoins and new product launches. Coinbase is now at its highest level since its 2021 IPO, as investors eye its close link with Circle Internet Group, which recently submitted a U.S. bank charter application.
US:AVAV:AeroVironment
Shares of AeroVironment fell over 6% after announcing a plan to raise $750 million through common stock and another $600 million via convertible notes due 2030, aiming to refinance debt.
US:PRGS:Progress Software
Progress Software slid 3% after Q2 revenue came in at $237.4 million, just below estimates. However, adjusted EPS of $1.40 beat expectations of $1.30.
US:CIRCL:Circle Internet Group
Circle Internet Group, known for its stablecoin operations, rose over 1% after it was reported the firm had filed for a U.S. bank charter, potentially bolstering its regulatory status in the digital finance space.
US:DIA:Dow Jones Industrial Average
Looking ahead, investors await economic data including the S&P Global PMI, ISM manufacturing report, and JOLTS to gauge future growth amid persistent inflation stability and interest rate expectations. Morgan Stanley’s Mike Wilson remains optimistic, citing “pent-up demand” and forecasting a broader recovery through late 2025 as the Fed pivots toward rate cuts.
HK:01299.HK:AIA
AIA Group has repurchased 2.5 million shares on June 30, totaling HK$177 million, at prices between HK$70.5 and HK$71.8. Since the approval of its buyback mandate on May 23, AIA has bought back 87.24 million shares, representing 0.8156% of its issued share capital.
HK:00017.HK:New World Development
New World Development has secured a new bank facility agreement to refinance HK$88.2 billion in existing offshore unsecured financial debt, offering it vital liquidity support amid ongoing restructuring efforts.
HK:00017.HK:New World Development
Separately, New World Development announced it had reached its annual contracted sales target of HK$26 billion, further stabilizing its balance sheet and fulfilling its 2025 projections.
HK:00384.HK:China Gas Holdings
BOCI downgraded China Gas Holdings to Hold after its FY2025 net profit missed expectations.
HK:09988.HK:Alibaba (BABA-W)
Alibaba launched its first AI model for gastric cancer image screening, marking a significant development in medical AI capabilities.
HK:IFBH.HK:IFBH
IFBH shares closed up 43.9% to HK$40 at midday following its IPO, drawing strong investor interest.
KL:5283.KL:Sapura Energy
Sapura Energy Bhd has received Bursa Malaysia’s green light for its regularisation plan, aiming to exit PN17 status. The plan includes capital reconstruction, debt restructuring, and a fundraising exercise, with MIDF Amanah Investment Bank Bhd acting as adviser. The proposal still requires shareholder and regulatory approvals.
KL:4715.KL:Genting Malaysia
Genting Malaysia Bhd submitted a formal bid for a US$5.5 billion casino licence in Queens, New York. The proposed upgrade to its Resorts World New York City includes a massive investment and is expected to transform it into a world-class integrated resort. A decision is due by December 1.
KL:7293.KL:Yinson Holdings
Yinson Holdings Bhd will pause major investments to focus on cash flow stability after posting a 43% drop in 1QFY2026 net profit to RM115 million. Revenue also declined to RM1.23 billion. The company declared a two sen dividend, payable on September 26.
KL:5398.KL:Gamuda
Gamuda Bhd secured a RM3.72 billion contract from Taiwan International Ports Corp Ltd for the Kaohsiung LNG Terminal. The project, in joint venture with Dong Pi Co Ltd, includes wharf construction, bridges, and marine structures and is expected to be completed in five years.
KL:9075.KL:Theta Edge
Theta Edge Bhd, via subsidiary Theta Technologies and in consortium with Harta Unity, won an RM87.87 million contract to build fibre optic infrastructure along Petronas Gas Bhd’s pipeline right of way in Terengganu.
KL:7189.KL:LFE Corp
LFE Corp Bhd secured four contracts worth RM70.85 million for construction and materials supply in Ara Damansara and Cyberjaya. Awards came from SD Ara Damansara Development and Puncak Concept Sdn Bhd, involving works for the Oasis Ara and Persiaran Sepang projects.
KL:7215.KL:Ni Hsin Group
Ni Hsin Group Bhd signed a heads of agreement to explore acquiring Hy-Fresh Group, one of Malaysia’s largest halal-certified poultry firms. The agreement allows 90 days for exclusive negotiation, pending due diligence and approvals.
KL:0175.KL:HHRG
HHRG Bhd’s unit filed a police report against former CEO Fong Chee Khuen over alleged unauthorised money-lending transactions. Fong, dismissed in May, was CEO since October 2022 and had ties to HHRG Capital Sdn Bhd.
KL:5173.KL:Shin Yang Group
Shin Yang Group Bhd is acquiring 1.95 hectares of leasehold land and a warehouse in Kuching for RM12.05 million from Forescom Plywood Sdn Bhd. The move is aimed at expanding logistics services and reducing rental dependency.
KL:5140.KL:Marine & General
Marine & General Bhd’s net profit fell 2.81% in 4QFY2025 to RM17.61 million despite 12.81% higher revenue of RM93.81 million. Full-year net profit slipped 6.2% to RM44.12 million, with revenue slightly up to RM352.23 million. No dividend was declared.
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