📈 Wall Street Hits Records: Fed Cut, Small-Caps Surge, and Tech Deals Spark Rally
US:DGT:Dow Jones Industrial Average
US:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
The Dow Jones Industrial Average gained 124 points (0.27%) to close at 46,142.42, while the S&P 500 rose 0.48% to 6,631.96. The Nasdaq Composite advanced 0.94% to 22,470.73. All three indexes hit fresh intraday records after the Federal Reserve cut rates by a quarter point.
US:RUT:Russell 2000
The Russell 2000 jumped 2.4% Thursday, recording its first all-time high close since November 2021. The index is up 3% this week, on pace for its seventh straight winning streak — the longest since late 2020.
US:FDX:FedEx
FedEx surged 5.8% after reporting adjusted Q1 earnings of $3.83 per share on $22.24 billion revenue, topping forecasts of $3.59 per share and $21.66 billion revenue.
US:SCHL:Scholastic
Scholastic plunged 11% after posting a wider-than-expected Q1 loss of $2.52 per share, compared with last year’s $2.13 per share loss.
US:INTC:Intel
US:NVDA:Nvidia
Intel soared 22.8% — its best day in nearly 38 years — after Nvidia announced a $5 billion investment to co-develop data center and PC chips. Nvidia shares also rose 3.5% on the news.
US:WFC:Wells Fargo
Wells Fargo’s Investment Institute raised its S&P 500 target for 2024 to a range of 6,600–6,800 from 6,300–6,500. For 2026, the outlook increased to 7,400–7,600 from 6,900–7,100, reflecting a more than 7% upgrade.
🚨 Malaysia Corporate Roundup: Earnings Beats, Big Deals, and Legal Battles
KL:8206.KL:Eco World Development Group
Eco World Development exceeded its FY2025 sales target with RM3.84 billion achieved in 10 months, surpassing the RM3.5 billion goal. 3QFY2025 profit rose 25% to RM101.2 million on 45% revenue growth to RM761.9 million.
KL:2593.KL:United Malacca
United Malacca more than doubled its 1QFY2026 net profit to RM37.8 million from RM13.3 million a year ago, boosted by stronger crude palm oil and palm kernel prices alongside lower costs. Revenue rose 17% to RM191.6 million.
KL:3174.KL:Land & General
Land & General will launch its maiden industrial park at Sungai Jernih Estate, Hulu Selangor, starting in late 2026. The 2,500-acre project will span over a decade, with rezoning from agriculture to industrial already underway.
KL:5288.KL:Sime Darby Property
Sime Darby Property is exploring ventures beyond property development, including commercial, industrial, data centres and potential solar projects. CEO Datuk Seri Azmir Merican said no significant announcements are imminent.
KL:7047.KL:FBG Holdings
FBG Holdings, formerly Fajarbaru Builder, plans a rights issue of up to 836.6 million shares with free warrants to raise RM150.6 million. Proceeds will fund land acquisition for its RM2 billion Medi-City project in Batu Kawan, Penang.
KL:5125.KL:Pantech Group Holdings
Pantech Group received a Notice of Assessment from IRB for RM6.76 million in capital gains tax for the year 2025. The company intends to appeal the decision.
KL:9571.KL:Binastra Corp
Binastra Corp reported a 24.3% rise in 2QFY2026 net profit to RM28.4 million, driven by strong construction contributions. Revenue surged 71.9% year-on-year to RM396.8 million.
KL:9939.KL:Magna Prima
Magna Prima’s major shareholders Datuk Seri Bryan Wong and MD Eddy Seah triggered a conditional takeover offer at 73 sen per share after their stakes rose to 35.73% through Hallson Holdings’ RM16.5 million purchase of 5.66% from Prisma Pelangi.
KL:7164.KL:KNM Group
KNM Group, a PN17 company, secured an interim Court of Appeal order restraining legal actions against it until May 2026, when its main appeal will be heard.
KL:0081.KL:MClean Technologies
MClean Technologies said it is unaware of any corporate developments explaining its share price spike, after Bursa Malaysia issued an unusual market activity query. Shares hit a four-year high, surging nearly 14% intraday before closing up 6.45%.
🌏 Asia Market Wrap: Banks Cut Rates, Big Tech Moves & Auto Talks
HK:00011.HK:Hang Seng Bank
Hang Seng Bank will cut its HKD prime lending rate by 12.5 bps to 5.125% from 5.25%, effective Sept 19, aligning with the Fed’s recent move and local market trends.
HK:00023.HK:Bank of East Asia
Bank of East Asia lowered its HKD prime rate to 5.375% from 5.5%, while also reducing the savings rate for balances above $5,000 from 0.25% to 0.125%, effective Sept 22.
HK:09618.HK:JD-SW
US:JD:JD.com
JD-SW (JD.com) received German antitrust approval for its acquisition of Ceconomy AG, parent of MediaMarkt and Saturn, cementing its European retail expansion.
HK:01357.HK:Meitu
Meitu founder Cai Wensheng sold 3.5 million shares at an average of HK$9.5675 each, cashing out about HK$33.5 million.
HK:0175.HK:Geely Auto
HK:1211.HK:BYD Company
Geely Auto, BYD Company, and 16 other automakers joined a CAAM exchange meeting to discuss trade-in policies and industry challenges.
HK:0700.HK:Tencent
HK:9988.HK:Alibaba (BABA-W)
HK:0388.HK:HKEX
HK:0981.HK:SMIC
HK:1310.HK:HKBN
HK:0669.HK:Shoucheng
HK:600276.HK:Hengrui Pharma
HK:002050.HK:Sanhua Intelligent Controls
The Hang Seng Index closed down 363 points, weighed by losses in Tencent and Alibaba, though chipmakers like SMIC and others including HKBN, Shoucheng, Hengrui Pharma, and Sanhua hit new highs. HKEX fell more than 3%.
HK:0388.HK:HKEX
HKEX signed an MoU with the Abu Dhabi Securities Exchange, strengthening international market cooperation.
HK:0005.HK:HSBC
HSBC cut its USD savings rate by 12.5 bps to 0.25%, and separately reduced its HKD best lending rate by 12.5 bps to 5.125%.
HK:2888.HK:Standard Chartered HK
Standard Chartered HK lowered its HKD best lending rate by 12.5 bps to 5.375%, following moves by other local banks.
HK:2388.HK:BOC Hong Kong
BOC Hong Kong cut its HKD prime rate by 12.5 bps to 5.125%, in line with easing policies.
HK:2196.HK:Fosun Pharma
Fosun Pharma had its target price raised by Citi to HK$35.3, with focus shifting toward R&D monetization potential.
HK:6823.HK:CITIC Telecom
CITIC Telecom resumed trading after securing a two-year extension of its CTM concession deal with the Macau government.
HK:0002.HK:CLP Holdings
HK:2638.HK:HK Electric Investments
HSBC Research said CLP Holdings and HK Electric Investments stand to benefit from Northern Metropolis development, keeping both rated as buys.
HK:0700.HK:Tencent
HK:9988.HK:Alibaba (BABA-W)
HK:9999.HK:NetEase
HK:1024.HK:Kuaishou
HSBC Research turned more positive on AI, highlighting Tencent, Alibaba, NetEase, and Kuaishou as top picks. Goldman Sachs also raised Tencent’s target price to HK$701.
HK:0020.HK:SenseTime
SenseTime’s target price was raised by Goldman Sachs to HK$3.09, citing stronger earnings forecasts.
HK:9992.HK:Pop Mart
Morgan Stanley rated Pop Mart overweight with a HK$382 target price, seeing production ramp-ups as customer growth drivers. Shares rebounded 4% even as HSI slipped.
HK:1347.HK:Hua Hong Semiconductor
Goldman Sachs upgraded Hua Hong Semiconductor to buy, raising its target price to HK$68.1 amid stronger earnings expectations.
HK:0012.HK:Henderson Land
UBS said Hong Kong developers face pressure from the lack of stamp duty cuts, though Henderson Land may outperform peers.
HK:3311.HK:China State Construction International
JPMorgan highlighted China State Construction International as a major Northern Metropolis beneficiary, setting a target price of HK$15.
HK:0823.HK:Link REIT
HK:1972.HK:Swire Properties
HK:0016.HK:Sun Hung Kai Properties
Citi picked Link REIT, Swire Properties, and Sun Hung Kai Properties as top names in ultra-luxury housing, expecting continued outperformance.
HK:0981.HK:SMIC
HK:1347.HK:Hua Hong Semiconductor
HK:0522.HK:ASMPT
SMIC jumped nearly 7% to record highs, while Hua Hong Semiconductor and ASMPT surged over 10% on reports of a China ban on Nvidia AI chip purchases.
HK:1310.HK:HKBN
HKBN skyrocketed 65% to a three-year high after its share offer closed with 48.18% valid acceptance.
HK:1639.HK:Kaisa Capital
Kaisa Capital briefly surged 3.8x after announcing cooperation with a licensed virtual asset trading platform to advance tokenization.
HK:1810.HK:Xiaomi
Reports showed Jack Ma appeared at Alibaba (BABA-W)’s campus alongside Ant Group EVP Shao Xiaofeng, boosting sentiment around Chinese tech peers including Xiaomi.
HK:1072.HK:Dongfang Electric
Dongfang Electric fell more than 4% after placing shares at an ~8% discount, raising HK$1.08 billion.
HK:1478.HK:Q Tech
Q Tech sold a 51.08% stake in its India unit, expecting a gain of over RMB833 million.
HK:2013.HK:Weimob
Weimob announced plans to raise over HK$1.5 billion net via an 8.9% discounted placement to Infini Capital.
📰 Market Movers: Big Deals, Bold Bets and Strategic Shifts
SGX:PH0.SI:Hatten Land
Hatten Land is seeking a 180-day extension of its judicial management order as the group continues restructuring efforts.
SGX:500.SI:Tai Sin Electric
Tai Sin Electric has proposed the acquisition of two companies for a total of US$12.3 million, aiming to expand its business portfolio.
SGX:L19.SI:Lum Chang Holdings
Lum Chang Holdings’ Managing Director, David Lum, disposed of 1,022,000 shares in the company, netting proceeds of about $433,451.16.
SGX:5WF.SI:ISOTeam
ISOTeam plans to raise $10 million via new shares and convertible bond placements to fund drone initiatives.
KL:5211.KL:Sunway Group
HK:00097.HK:Hongkong Land
Sunway Group is acquiring MCL Land from Hongkong Land for $738.7 million, marking its largest deal to date. The transaction boosts Sunway’s Singapore investments to over $1.2 billion since July and raises its Singapore unbilled sales from $614 million to nearly $1.8 billion. For Hongkong Land, the deal accelerates its capital recycling strategy, with proceeds earmarked for share buybacks and premium commercial property growth.
US:NVDA:Nvidia
US:INTC:Intel
US:AMD:Advanced Micro Devices
US:ASML:ASML Holding
Nvidia will invest US$5 billion in Intel, buying shares at US$23.28 each to co-develop chips for PCs and data centres. Intel’s stock surged as much as 28% on the news, while Nvidia gained 3.5%. Rival AMD fell nearly 6% amid heightened competition, while ASML Holding rose over 8% in Amsterdam.
SGX:F9D.SI:Boustead Singapore
Boustead Singapore has named its new REIT UI Boustead REIT, with an IPO portfolio of 23 properties across Singapore and Japan valued at about $1.9 billion. Boustead expects to receive $62.1 million from related divestments, with proceeds directed toward acquisitions, reinvestment, and working capital.
SGX:M01.SI:Metro Holdings
Metro Holdings clarified it has not made any decisions on the proposed transactions mentioned by Boustead Singapore, though it currently holds 26% of the units and 7% of notes due 2031 issued by Boustead Industrial Fund’s trustee.
SGX:SET.SI:Stoneweg Europe Stapled Trust
Stoneweg Europe Stapled Trust (SERT) will divest Cassiopea 1-2-3 in Italy for EUR11.35m and has completed the sale of Poland’s Arkońska Business Park for EUR7.8m, redeploying proceeds toward logistics, light industrial and data centres while managing gearing to a 35%–40% range.
US:ARES:Ares Management
Ares Management completed its purchase of GLP’s non-China fund management business earlier this year, a step that preceded GLP’s plan to float its China arm in 2026.
US:NIO:NIO
NIO raised US$1.16b via equity, pricing ADS at US$5.57 and HK shares at HK$43.36; the EV maker said proceeds will fund R&D, platforms, battery-swap/charging expansion and general corporate purposes. (NIO also has secondary listings: HK:9866.HK, SGX:NIO.)
SGX:OU8.SI:Centurion Corporation
Centurion Accommodation REIT, sponsored by Centurion Corporation, will list on Sept 25 at S$0.88 per unit, seeking S$771m, with projected DPU yields of 7.47% (FY2026) and 8.11% (FY2027) across PBWA/PBSA assets in Singapore, UK, Australia.
SGX:H78.SI:Hongkong Land
Hongkong Land—a top STI performer YTD—continues executing its 2024 strategy of higher dividends, buybacks and up to US$10b capital recycling, including potential exits from build-to-sell (e.g., MCL Land) and possible REIT recycling, as rates ease.
US:MS:Morgan Stanley
Morgan Stanley Asia helped manage NIO’s share sale alongside UBS and Deutsche Bank (Hong Kong), part of the offering syndicate disclosed with the raise.
US:UBS:UBS Group
UBS acted on NIO’s equity offering together with Morgan Stanley Asia and Deutsche Bank, as detailed in the transaction summary.
US:DB:Deutsche Bank
Deutsche Bank (Hong Kong Branch) joined the NIO deal syndicate with Morgan Stanley Asia and UBS, per the issuer’s offering details.
SGX:S27.SI:S&P 500
S&P 500 slipped 0.1% after the Fed cut rates to 4.0%–4.25%, with Wall Street strategists calling the move well-telegraphed and the outlook “meeting-by-meeting.”
SGX:SET.SI:Stoneweg Europe Stapled Trust
SERT said cumulative divestments since 2022 total ~EUR303.7m, including proceeds redeployed into the AiOnX data-centre development fund (EUR50m), aligning the portfolio mix with higher-value strategies.
SGX:H78.SI:Hongkong Land
Hongkong Land’s Singapore assets (stakes in One Raffles Quay and Marina Bay Financial Centre) remain under consideration as investors gauge further monetisation to narrow P/NAV discounts.
US:NIO:NIO
NIO confirmed no SGD-denominated issue for the raise; its secondary listings remain HK and SGX by way of introduction.
US:ARES:Ares Management
Ares’ tie-up with GLP underscores the backdrop for a potential GLP China listing, which Bloomberg Intelligence notes could aid parent-level deleveraging.
SGX:SET.SI:Stoneweg Europe Stapled Trust
SERT units last traded at EUR1.54 (SGX EUR counter) and S$2.32 (SGD counter) on Sept 17, reflecting recent portfolio reshaping.
SGX:OU8.SI:Centurion Corporation
Centurion highlighted PBWA bed demand outstripping supply in Singapore and strong PBSA occupancy in the UK/Australia, backing the REIT’s yield guidance.
HK:9866.HK:NIO
NIO (HK) pricing and proceeds align with the issuer’s plan to bolster balance-sheet resilience while investing in core EV technologies and networks.
CSC Holdings Raises S$7.8 Million from Fully Subscribed Digital Commercial Papers on SDAX Platform
Quantum Healthcare Limited Announces Extension of Trading Halt Until 22 September 2025 1
Serial Achieva Subsidiary Wins $22 Million Contract for AI Cloud Co-Location Data Center Services in Southeast Asia
Zixin Group Holdings Limited announces a transformative share option deal that could raise approximately S\$26.57 million in new capital.
The deal involves granting options to investors—including key insiders—to subscribe up to 889 million new shares at S\$0.030 per share, representing a potential 55.94% increase over the current issued share capital.
IPO Size: S\$771.1 million (assuming no over-allotment option exercised)
Offering Price: S\$0.88 per Unit
Public Offer Open: 18 September 2025, 10:00 p.m.
Public Offer Close: 23 September 2025, 12:00 noon
Trading Debut: 25 September 2025, 2:00 p.m. on SGX-ST Main Board
Projected Distribution Yields: 7.47% (2026) and 8.11% (2027)
Initial Portfolio Value: S\$1.8 billion (14 assets)
Enlarged Portfolio Value: S\$2.12 billion (15 assets, post-acquisition of EPIISOD Macquarie Park, Australia)
Cornerstone Investors: FIL Investment Management (HK), abrdn Asia, Amova Asset Management, Barings, Cohen & Steers, DBS, DWS, Eastspring, Lion Global, Principal Global, UBS, Value Partners, and others
Sponsor Support: Centurion Corporation Limited will hold 42.8%–45.8% post-IPO, with a planned dividend-in-specie to its own shareholders in 2026
Thank you
