Ni Hsin EV Tech Sdn Bhd (NH EV TECH) is proposing to conduct an Initial Exchange Offering (“IEO”) exercise. Pursuant to the proposal NH EV TECH had on 7 August 2023 signed the following two (2) agreements:
1. IEO Agreement with PITCH PLATFORMS SDN BHD (IEO Operator): and
2. Service Agreement (SA) with MASVERSE SDN BHD (Service Provider).
Pursuant to the agreements, the IEO Operator shall provide its IEO Services to the a wholly owned subsidiary of Main Market – listed Ni Hsin Group Berhad (Ni Hsin; NIHSIN, 7215) with the end objective of hosting the Company on its licensed IEO Platform (pitchIN) while the Service Provider shall conduct in-depth analysis and design the tokenomics for the Company’s utility token (Token) for its IEO pitchIN.
Managing Director of NH EV TECH Khoo Chee Kong, said: “NH EV TECH’s venture into EV two-wheelers has gained traction and we are making good progress in terms of promoting the transition from ICE two-wheelers to EV two-wheelers in support of reducing carbon emissions, creating green economy and achieving sustainability. We have received very encouraging interests and feedback from our engagements with various government departments and agencies as well as corporate entities on the use of EV two-wheelers in security, surveillance, enforcement as well as operational functions.”
Khoo adds, “We foresee healthy growth prospects for our EV two-wheeler business, not just in outright sales of the products but the rent-to-own, rent-to-use and ride sharing business models. In line with the forecasted growth, we need to expand our manufacturing and operational capacities. To finance this expansion, we are proposing to raise funds via the issue of utility tokens which will be hosted on the IEO platform, pitchIN, which is registered and recognised by the Securities Commission.”
pitchIN CEO Sam Shafie said, “It’s exciting to see Ni Hsin EV Tech, a pioneer in electric vehicles and smart mobility, considering the path of IEO fundraising through issuing utility tokens. pitchIN looks forward to working with NH EV TECH and Masverse. At pitchIN, we value innovation and clarity, and we see great potential in this approach. The issuance of an IEO utility token is a perfect fundraising mechanism for projects that aim to create and accelerate a community ecosystem. Furthermore, this is a high impact EV project that will bring about positive changes to our transport system.
pitchIN has led the way in ECF fundraising in Malaysia. We have raised the most funds and hosted the highest number of companies. We aim to replicate our success with our new IEO services. Like all other pitchIN fundraising projects, the proposed NH EV TECH utility token will undergo rigorous due diligence and screening processes before it is launched to the public on our IEO platform. We’re here to support Ni Hsin in this exploration, always with an eye on compliance and the necessary approvals, as we work together to shape the future of sustainable transportation”
MASVERSE CEO Chiew Kian Kok said, “The tokens issued by NH EV TECH are Utility Tokens, which means they have practical functionalities within a specific ecosystem, rather than being investment-oriented securities. In the IEO market, Utility Tokens are expected to gain new premium space as investors recognize their actual use cases and potential value within specific projects or platforms.
Tokenomics will play a crucial role in providing sustainability for Utility Tokens, helping to foster project development and increase holder participation. Additionally, Tokenomics will offer new financial means for product enthusiasts to benefit from participating in the project ecosystem, gaining profits or ownership rights. This innovative financial model will bring more possibilities for participants while supporting the success and growth of the project. Therefore, with the new role of Tokenomics, the value of Utility Tokens will continue to be acknowledged and driven within the IEO market and ecosystem.”
