ASIA BUSINESS OUTLOOK8FEBRUARYNEWSROOM CHINESE AI CHIP FIRM AXERA DEBUTS FLAT IN HONG KONG IPOLeighton Asia, part of CIMIC Group, has secured the main works contract for a large-scale data center project in Johor Bahru, Malaysia, marking another major win in the region's fast-growing digital infrastructure market. The award follows Leighton Asia's successful delivery of data center projects for the same client in Indonesia and India, reinforcing a long-standing partnership built on performance and trust.The project is part of a greenfield campus development spanning about 29 acres within a wider 86-acre site. Once complete, the facility will deliver up to 57.6MW of critical IT and network capacity across six colocation buildings. The campus will also include administration offices, operations support areas, security facilities, and full site infrastructure to support large-scale, mission-critical operations.Construction is scheduled to be completed in 2028, adding significant capacity to Malaysia's expanding data center landscape. The Leighton Asia data center project strengthens the Group's footprint in Southeast Asia at a time of rising demand from global technology clients.ACS Group and HOCHTIEF Chief Executive Officer and CIMIC Group Executive Chairman Juan Santamaria said, "With over 9GW of data centre capacity delivered or underway, our Group is uniquely positioned to support the digital infrastructure needs of leading technology clients. We bring deep expertise across the full lifecycle ­ from concept to commissioning ­ enabling scalable, resilient and future-ready solutions."Leighton Asia Managing Director Brad Davey said, "With an established team already on site and deep regional experience gained from successfully delivering data centre projects across the region, Leighton Asia is ready to deliver this highly technical project safely and efficiently for our valued client." Across Asia, Leighton Asia has delivered hyperscale and enterprise data center projects in Malaysia, Indonesia, Thailand, India, the Philippines, Singapore, and Hong Kong, backed by strong capabilities in civil, structural, MEP, and integrated delivery. · Leighton Asia awarded main works contract for a 57.6MW Johor data center campus· Project spans six colocation buildings on a 29-acre greenfield site· Construction completion targeted for 2028· Axera shares trade flat on Hong Kong debut at HK$28.20· IPO raises HK$3 billion despite strong retail demand· Company posts losses amid heavy R&D investmentChinese AI chip vendor Axera Semiconductor initially traded flat in a debut on the Hong Kong $28.20 per share equal to its offer price.The company was able to amass HK$3.0 billion (US$384 million) in proceeds from the sale of 100 million shares to retail investors that placed oversubscribed orders during book building with an aggregate multiplier of 74.4 times.In stark contrast to the strong performance of recent Chinese technology listings including the 64% surge in stock price of montage technology, a data-center chip maker, on its initial day of trading just prior to Axera's debut, Axera experienced a significant decline in stock price in grey pre-official market trading activity (-4.24%) prior to listing indicating subdued investor enthusiasm.Axera designs chips for AI perception and edge computing used in applications such as autonomous vehicles and industrial systems utilizing a fabless approach has achieved significant milestones towards achieving five generations of SoC products and have delivered over 165 million total products to date including over 500,000 entities utilizing smart vehicle chips.Despite Axera achieving significant growth in shipments, the company has reported a net loss of RMB 855.7 million for the first nine months in 2025 on sales revenue of RMB 269 million to 5.8% increase.The company attributes this loss to their continued elevated expenditures on R&D and scaled investments ­ related to increased sales and customer support. LEIGHTON ASIA WINS MAIN WORKS DEAL FOR JOHOR DATA CENTER
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