THE date Oct 8, 2026, marks a particularly meaningful milestone for me, both professionally and personally.
It is a testament to a value creation proof of concept that I have strongly advocated since the introduction of Bursa Malaysia’s LEAP Market in 2017 – that sustainable corporate value creation should begin with small, measured and orderly steps, allowing businesses to grow progressively while managing downside risks.
There is a Chinese philosophy that all great achievements begin with small steps.
I have always believed that the same principle applies to corporate development and value creation.
Value creation should not be about taking excessive risks to achieve extraordinary results within the shortest possible time.
Rather, it should be about building a sustainable business, progressively strengthening its fundamentals and creating value in an orderly manner.
The successful transfer of Lim Seong Hai Capital Bhd
(LSH Capital) to the Main Market of Bursa Malaysia, having progressed through all three markets – LEAP, ACE and Main Market – in just five years, two months and eight days, is a compelling demonstration of this philosophy.
From RM46mil to RM1.5bil
When LSH Capital was first listed on the LEAP Market on July 30, 2021, the group recorded an annual profit after tax (PAT) of approximately RM4.14mil, with a market capitalisation of merely RM46.2mil.
Today, upon its successful transfer to the Main Market, LSH Capital commands a market capitalisation of approximately RM1.5bil, with its latest annual group PAT reaching approximately RM102.08mil.
In just five years, two months and eight days, LSH Capital has achieved almost 25-fold growth in annual profitability and more than 32-fold growth in market capitalisation.
These achievements did not happen overnight.
Throughout its listed journey, LSH Capital expanded through organic growth and strategic mergers and acquisitions, progressively leveraging its listed platform to strengthen its business fundamentals and financial position.
To me, true value creation is not merely about increasing market capitalisation.
It is equally about building a stronger corporate institution, strengthening governance and creating sustainable value for shareholders.
An orderly corporate journey
I have often described the three markets of Bursa Malaysia using a simple analogy.
The LEAP Market is like kindergarten or pre-primary education, the ACE Market represents primary and secondary education, while the Main Market is comparable to graduating from university.
We do not expect a child to enter university without first going through the necessary stages of education.
Likewise, we should not expect a small and medium enterprise or SME entrepreneur, who may have spent decades building a successful private business, to immediately appreciate all the responsibilities and governance requirements of a public-listed company.
Corporate governance, directors’ responsibilities, conflict-of-interest management, related-party transactions, sustainability and accountability to minority shareholders are concepts that must be progressively understood and practised.
Corporate maturity cannot be achieved overnight. It must be learned, experienced and developed through an orderly corporate journey.
Similarly, we learn to swim in a smaller, protected pool before progressing to a larger pool and eventually swimming in the open sea.
The LEAP Market provides that initial environment, allowing SMEs to progressively develop the resilience, discipline and corporate capabilities necessary to navigate the increasingly demanding requirements of the ACE and Main Markets.
The advantages of starting small
Moreover, one important advantage of the LEAP Market is its flexibility in allowing companies to undertake a listing by introduction, subject to applicable listing requirements.
With a minimum public shareholding spread of 10%, SME promoters may retain up to 90% ownership while offering a relatively small stake to business associates, employees and eligible investors who believe in their long-term prospects. This is particularly meaningful for family-owned SMEs, where entrepreneurs may be reluctant to significantly dilute their ownership merely to achieve a public listing.
As the business expands, strengthens its profitability and establishes a stronger track record, subsequent corporate exercises can be undertaken at progressively higher valuations, supported by genuine business fundamentals.
This step-by-step approach allows promoters, management, employees and investors to grow together and participate in the value created throughout the corporate journey.
An unforgettable experience
I remain deeply appreciative of Tan Sri Lim Keng Cheng and his siblings for believing in this proof of concept and entrusting Astramina Advisory with the opportunity to act as the approved adviser and sponsor for LSH Capital’s maiden LEAP Market listing in July 2021.
I can still vividly recall that the listing took place during the Covid-19 pandemic, when movement restrictions prevented us from conducting the customary listing ceremony at Bursa Malaysia.
Upon securing Bursa Malaysia’s approval, we arranged to borrow the ceremonial gong and conducted our own modest listing celebration at Wisma LSH.
It was an unconventional but unforgettable experience.
Looking back today, from ringing a borrowed gong at Wisma LSH during the pandemic to celebrating LSH Capital’s successful transfer to the Main Market five years, two months and eight days later, the journey is particularly meaningful.
It demonstrates what can be achieved when entrepreneurs have strong conviction, a clear vision and the willingness to build their businesses progressively.
Value creation must ultimately translate into sustainable returns for shareholders.
A firm’s success should not be measured solely by share price appreciation, but also by its ability to generate sustainable earnings and reward shareholders through appropriate dividend distributions.
LSH Capital’s dividend policy, targeting approximately 30% of its PAT, is an example of balancing business reinvestment with shareholder returns.
For investors who participated in its initial LEAP Market listing, or subsequently following its transfer to the ACE Market in March 2025, the company’s progression demonstrates the potential benefits of supporting businesses through their various stages of development.
Value creation must be sustainable, supported by genuine business growth, profitability, sound governance and the ability to deliver long-term shareholder returns.
Building tomorrow’s Malaysian corporate champions
Malaysia has no shortage of capable SME entrepreneurs who have built successful businesses through decades of perseverance and resilience.
However, not all possess the experience or resources to embark immediately on a conventional ACE or Main Market listing.
The LEAP Market should therefore be recognised not merely as an alternative fundraising platform, but as an important corporate development platform for SMEs.
Not every SME needs to become a billion-ringgit company overnight. What matters is having the opportunity to begin the journey, develop progressively and create sustainable value along the way.
For me, Oct 8, 2026 is more than a corporate milestone. It is a personal affirmation of a philosophy I have advocated for many years.
Start small. Grow progressively. Manage risks. Strengthen governance. Build resilience. Create sustainable value.
I sincerely hope that LSH Capital’s success will encourage more Malaysian SMEs and family-owned businesses to embark on their own capital-market journeys through the LEAP Market, thereby building a stronger pipeline of Malaysian corporate champions and future unicorns.
After all, every great company has to start somewhere.
Datin Wong Muh Rong is managing director of Astramina Advisory Sdn Bhd. The views expressed here are the writer’s own.
