-- Automotive parts supplier Tianhai Automotive Electronics (SHE:001365) is offering 79.0 million shares at 27.19 yuan apiece to raise 2.15 billion yuan in its initial public offering on the Shenzhen Stock Exchange.
Online and offline subscriptions will be on May 7, according to a Wednesday filing with the Shenzhen bourse.
China Merchants Securities serves as the lead underwriter.
Shares of Samsung Electronics (KRX:005930) surged nearly 12% in Wednesday morning trade to hit a market valuation of $1 trillion, supported by the strong demand for AI chips, Bloomberg News reported on the same day.The South Korean chipmaker became the second Asian firm after Taiwan Semiconductor Manufacturing (TPE:2330) to hit the $1 trillion mark, the report said.Overseas investors appear to be driving the recent rally in the stock, supported by a deal between Interactive Brokers and Samsung Securities (KRX:016360) that allows U.S. investors to directly buy South Korean stocks, it said.The firm's semiconductor wing had posted record profit in the first quarter, surpassing expectations by a wide margin on strong AI data center demand, with analysts expecting the momentum to continue in the quarters ahead as contract prices keep moving higher amid a scarce supply, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
The S&P Global Singapore Purchasing Manager's Index posted above the 50.0 no-change mark for the 15th straight month in April, according to survey data released by S&P Global on Wednesday.PMI edged up to 57.9 in April from 56.7 in March, with the latest figure driven by a record injection of new business.The acceleration was also attributed to a pick-up in domestic demand, which offset a softer uptick in exports.
Financial stocks advanced nearly 3% to lead gainers in midday trading on Wednesday after Australia's central bank on Tuesday raised its official cash rate to 4.35%.Westpac Banking (ASX:WBC) rose nearly 5% after Jarden said in a Tuesday note that the bank has "meaningfully" boosted its growth and risk appetite to achieve a larger balance sheet and higher revenue base to increase earnings.On the flip side, energy stocks shed nearly 2% as oil prices declined after President Donald Trump said the US will pause an operation to help ships pass through the Strait of Hormuz due to "great progress" on a deal with Iran.Woodside Energy Group (ASX:WDS) dropped 2%, and Yancoal Australia (ASX:YAL) declined 4%.