多年来，马来西亚一直是东南亚重要但相对被忽视的私募资本市场。如今情况正在改变。而过去18个月，我们的报道也让这一趋势越来越难以忽视。
For years, Malaysia was an important but comparatively under-discussed private-capital market in Southeast Asia. That is changing. And over the past 18 months, our own reporting has made that increasingly difficult to ignore.
SkyeChip是马来西亚首家本土IC设计公司，于5月上市，截至10月初，其股价较发行价已上涨超过200%。上周提交的2027年预算案拨出250亿令吉用于国内投资，通过政府关联投资者实施，其中包括12亿令吉用于帮助本地半导体公司进入更高价值的细分领域，4.5亿令吉用于初创企业，以及21亿令吉用于中等规模企业。另一笔规模可观的芯片相关IPO已在筹备之中。
SkyeChip, Malaysia’s first homegrown IC design company, listed in May, and by early October its shares had risen more than 200% from the offer price. Budget 2027, tabled last week, earmarks RM25 billion in domestic investment through government-linked investors, including RM1.2 billion to help local semiconductor companies move into higher-value segments, RM450 million for startups and RM2.1 billion for mid-tier companies. Another sizeable chip-related IPO is already in the pipeline.
在我们10月14日发表的报道中，记者Katrina Bianca Cuaresma探讨了一个更艰难的问题：首笔支票之后会发生什么？资本正在到位。基础设施正在建设。国家正在提供支持。
in a story we published on Oct 14 our reporter Katrina Bianca Cuaresma looks at the harder question: what happens after the first cheque? Capital is arriving. The infrastructure is being built. The state is backing it.
但正如我们在报道中所见，资本流入和产能扩张并不会自动转化为定价权、持续利润率或可信的退出途径。
But, as we have been seeing in our reporting, capital inflows and capacity expansion do not automatically translate into pricing power, durable margins or credible exits.
更有趣的问题是：这里将建设什么，谁最终将获得价值。这就是我们想要提出的问题。
The more interesting question is what gets built from here, and who ultimately captures the value. That is the question we want to put in a room.
也是因此，我们首次将DealStreetAsia峰会带到吉隆坡。马来西亚资本与增长峰会2027马来西亚及东南亚的产业重塑：从资本流入到持久价值2027年1月28日吉隆坡现已开放早鸟票：199美元，截止至10月31日为期一天，我们将汇聚塑造马来西亚及东南亚下一阶段增长的投资者、企业和资本配置者——包括私募股权和风险投资投资者、主权及机构资本、基础设施投资者、成长型企业、工业领袖以及推动转型的融资从业者。
And that is why, for the first time, we are taking a DealStreetAsia Summit to Kuala Lumpur. Malaysia Capital and Growth Summit 2027 Malaysia and SE Asia’s Industrial Reset: From Capital Inflows to Lasting Value 28 January 2027 Kuala Lumpur now: Early-bird tickets: US$199 until 31 October Over one day, we will bring together the investors, companies and capital allocators shaping Malaysia and Southeast Asia’s next phase of growth—PE and VC investors, sovereign and institutional capital, infrastructure investors, growth companies, industrial leaders and the practitioners financing the transition.
议程将涵盖私募资本、半导体和技术、数据中心和数字基础设施、先进制造、基础设施和能源、中型企业以及国家资本日益增长的作用。虽然马来西亚是起点，但讨论的焦点是东南亚。
The agenda will span private capital, semiconductors and technology, data centres and digital infrastructure, advanced manufacturing, infrastructure and energy, mid-market companies and the growing role of state capital. And while Malaysia is the starting point, the conversation is Southeast Asian.
对DealStreetAsia团队和我而言，这一点很重要。我们希望利用吉隆坡来了解马来西亚正在发生的变化，能够告诉我们关于整个地区正在进行的更广泛的工业和投资重置的信息。以下是我一直在反复思考的一些问题：在资本支出繁荣背后，真正具备定价能力、可防御利润率和扩张能力的企业位于何处？
For the DealStreetAsia team and me, that part matters. We want to use Kuala Lumpur to understand what the changes taking place in Malaysia tell us about the broader industrial and investment reset underway across the region. These are some of the questions I keep coming back to: Where are the real businesses behind the capex boom, with pricing power, defensible margins and the ability to scale?
价值链的哪些部分今天真正具备投资价值，哪些部分仍处于标题所暗示的更早发展阶段？
Which parts of the value chain are genuinely investable today, and which are still earlier in their development than the headlines suggest?
这一轮投资周期能否产生可持续收益、可信的退出路径以及下一代地区性企业？我认为这次会议值得您花时间的原因上个月，我们在新加坡的峰会汇聚了1,400多名与会者、650多家公司、350多家有限合伙人以及125多位演讲者。今年早些时候，我们首次将峰会形式带到了香港，汇聚了来自该地区领先私募资本机构的高级投资者和机构配置者。但数字只是其中的一部分。
Can this investment cycle produce sustainable earnings, credible exits and the next generation of regional companies? Why I think this room will be worth your time Our Singapore Summit last month brought together 1,400+ attendees, 650+ companies, 350+ LPs and more than 125 speakers. Earlier this year, we took our Summit format to Hong Kong for the first time, bringing together senior investors from some of the region’s leading private-capital firms and institutional allocators. But the numbers are only part of it.
我认为我们活动之所以有效，正是DealStreetAsia自身所依赖的同样因素：我们的新闻编辑室和我们的网络。
What I think makes our events work is the same thing that sits behind DealStreetAsia itself: our newsroom and our network.
每天报道这些市场的编辑和记者将制定议程并主持讨论。我们将围绕那些实际分配资本、为这些行业进行承保并参与建设相关公司的人来构建此次活动。
The editors and reporters who cover these markets every day will shape the agenda and moderate the conversations. We will build the room around people who are actually allocating capital, underwriting these sectors and building the companies involved.
而且，一如既往，我们将努力超越谈话要点，深入探究投资者和公司真正需要理解的内容。
And, as always, we will try to get beyond the talking points and into what investors and companies genuinely need to understand.
我们已经对马来西亚的私募资本和商业生态系统进行了超过十年的报道。
We have been covering Malaysia’s private-capital and business ecosystem for more than a decade.
我们现在将峰会地点改为吉隆坡，因为根据我们的调查，现在是时候这样做了。
We are now taking our summit to Kuala Lumpur because the reporting tells us it is time.
如果您在马来西亚或东南亚进行投资、开展业务或开展相关活动，希望您能于1月28日与我们一同参加这次峰会。乔吉·菲利普（Joji Philip）DealStreetAsia的创始人兼主编
If you invest, build or operate in Malaysia or Southeast Asia, I hope you will join us on January 28. Joji Philip Founder and Editor-in-Chief DealStreetAsia