12/01/2026
POLICY MEMORANDUM TO BURSA MALAYSIA
Subject:
Mandatory Suspension and Capital Restoration Framework for PN17 Companies Using Real Asset Injection
Purpose
This memorandum proposes a preventive and restorative regulatory framework for PN17 companies, grounded in capital survival thresholds and real economic recovery, to protect investors and restore market integrity in view of down trend affected by world scenario caused by AI and robotic intervention affecting the world economic scenario...
1. Problem Statement
PN17 status represents structural corporate failure, not temporary volatility.
Current practices allow:
Continued trading despite critically weakened capital
Ongoing extraction of value through management salaries and perks
Repeated extensions without real recovery
Progressive destruction of minority shareholder value
This creates systemic moral hazard and undermines confidence in the Malaysian capital market.
2. Capital Survival Threshold Principle
Financial Analogy
A listed company originally priced at RM1 IPO that falls to RM0.30 (30%) or below has lost 70% of its capital strength.
Bioelectric Analogy
Healthy human cells: –70 mV
Danger threshold: –30 mV
Below –30 mV: cellular collapse and cancer development
Conclusion:
A company trading at ≤30% of IPO price is in capital collapse mode, analogous to a cell entering pathological failure.
3. Proposed Regulatory Rule
Automatic Capital Protection Trigger
Any listed company whose share price falls to 30% or below of its IPO price shall be automatically suspended.
Suspension is protective, not punitive.
4. Conditions for Reinstatement
Reinstatement must be based on real economic recovery, not accounting adjustments.
Approved methods:
Fresh cash injection
Injection of income-generating assets
Injection of operational business units
Injection of productive technology assets
Disallowed methods:
Repeated deadline extensions
Cosmetic restructuring
Paper profits
Salary continuation without turnaround performance
5. Alignment With IPON Asset-Injection Solution Model
IPON Model Overview
The IPON model restores failing entities by injecting productive bioelectric medical assets, not debt or dilution.
These assets:
Are revenue-generating
Are operationally deployable immediately
Serve public health and social value
Convert listed shells into functional operating entities
Application to PN17 Companies
Under Bursa supervision, PN17 entities may be revived through:
Injection of IPON bioelectric machines as tangible assets
Immediate deployment via wellness centers, clinics, or service networks
Revenue generation replacing speculative valuation
Capital restoration through real cash flow, not dilution
This mirrors biological repair:
Restore cellular energy first, then normal function returns.
6. Governance Safeguards
Executive remuneration capped during PN17 recovery phase
Mandatory disclosure of asset performance post-injection
Shareholder approval for all asset injections
Independent valuation of injected assets
7. Expected Outcomes
Stronger investor protection
Reduced PN17 abuse
Higher listing standards
Faster, real recoveries
Restoration of Bursa Malaysia’s credibility
8. Closing Statement
A stock exchange is a capital health system.
When corporate capital falls below survival threshold,
intervention must be mandatory—just as in medicine. INFOGRAPHIC: CELL VOLTAGE vs SHARE PRICE COLLAPSE
Title
When Capital Energy Collapses: Biology & Markets Follow the Same Law
LEFT PANEL – HUMAN CELL (Vertical Scale)
–70 mV (Green): Healthy Cell
Normal repair & regeneration
–50 mV (Yellow): Stress
Fatigue, inflammation
–30 mV (Red): Danger Zone
Repair stops
Below –30 mV (Black): Disease / Cancer
Systemic failure
RIGHT PANEL – LISTED COMPANY (Vertical Scale)
100% IPO Price (Green): Healthy Company
Strong capital, growth
50% IPO Price (Yellow): Distress
Loss of confidence
30% IPO Price (Red): PN17 Danger Zone
Capital collapse
Below 30% (Black): Value Extraction Phase
Shareholders lose, insiders survive
BOTTOM CONNECTOR
Same Principle. Same Outcome.
Restore Energy or Suspend Activity.
CALLOUT BOX
IPON Solution:
Inject real assets → restore capital energy → resume healthy operation MINISTERIAL BRIEFING NOTE
Subject:
Strengthening PN17 Oversight to Protect Investors and Restore Market Integrity Through Real Asset Injection
Prepared for:
Minister / Deputy Minister
(Ministry of Finance / Ministry of Investment, Trade and Industry)
1. Executive Summary
PN17 companies represent a structural weakness within the capital market that exposes retail investors to prolonged losses while allowing value extraction by insiders.
Current mechanisms focus on extensions and restructuring, but often fail to deliver real capital restoration. This briefing proposes:
A clear capital survival threshold
Automatic protective suspension
Recovery via real asset injection, not paper restructuring
A pilot recovery model using productive operating assets (e.g. IPON bioelectric medical equipment)
The objective is to protect investors, restore confidence, and raise listing discipline without burdening public funds.
2. The Core Issue
Key observations across PN17 entities:
Share prices commonly fall below 30% of IPO value
Capital structure becomes non-viable
Minority shareholders continue to bear losses
Management often continues remuneration and benefits
Turnaround plans rely heavily on accounting measures, not operational recovery
This creates a moral hazard and weakens public trust in the equity market.
3. Capital Survival Threshold Concept
A simple, transparent benchmark is proposed:
When a listed company’s share price falls to 30% or below of its IPO price, it signals capital collapse rather than market volatility.
This mirrors biological systems where, once energy falls below a critical threshold, normal function ceases unless external intervention occurs.
4. Proposed Regulatory Direction
A. Automatic Protective Suspension
Triggered at ≤30% of IPO price
Objective: stop further erosion, not punish the company
B. Mandatory Capital Restoration
Reinstatement permitted only upon:
Fresh cash injection or
Injection of real, income-generating assets
Injection of operating businesses or technologies
Extensions without tangible recovery should be limited.
5. Why Asset Injection Matters
Preserves shareholder value
Converts speculative shells into operating entities
Avoids repeated dilution
Encourages responsible corporate stewardship
Aligns capital markets with real-economy productivity
6. Strategic Opportunity: Asset-Based Recovery Pilot
Malaysia can lead the region by piloting a regulated PN17 recovery framework using productive assets—without government bailouts.
This aligns with:
Investor protection
Capital market reform
Healthcare innovation
Social impact without fiscal strain
7. Ministerial Decision Points
The Minister may consider directing:
Bursa Malaysia & SC to study a 30% capital survival trigger
Design of a PN17 Asset-Injection Recovery Framework
Approval of a limited pilot programme (details below)
8. Conclusion
A capital market must intervene before irreversible damage occurs.
Early, rule-based action restores trust, discipline, and long-term sustainability.
PN17 RECOVERY PILOT PROPOSAL
Asset-Injection Turnaround Model Using IPON Bioelectric Assets
1. Pilot Objective
To demonstrate that PN17 companies can be revived through the injection of productive, revenue-generating assets, rather than prolonged restructuring or dilution.
2. Pilot Scope
3–5 PN17 companies
Selected across non-financial sectors
Companies with minimal litigation exposure
Willing boards and shareholder consent
3. Recovery Model: IPON Asset Injection
Injected Assets
IPON bioelectric medical machines
Valued as tangible operating assets
Independently assessed and disclosed
Deployment
Operated through:
Wellness centres
Medical partners
Community health programmes
Immediate service-based revenue
4. Why IPON Assets Are Suitable
High utilisation rate
Non-speculative
Not dependent on export cycles
Generates recurring cash flow
Aligns with ageing population and preventive healthcare demand
Strong social benefit profile
5. Capital Restoration Mechanism
Assets injected into PN17 entity
Company resumes operations with real revenue
Cash flow improves balance sheet
Share price stabilises organically
Trading reinstated upon meeting thresholds
6. Governance & Safeguards
Independent valuation of assets
Executive remuneration capped during recovery
Quarterly performance disclosure
Bursa / SC oversight
Shareholder approval mandatory
7. Success Metrics
Share price recovery above 30% threshold
Positive operating cash flow
Reduced reliance on extensions
Improved minority shareholder outcomes
Replicable model for future PN17 cases
8. Cost to Government
Zero fiscal outlay
Regulatory oversight only
Private assets, private risk, public benefit
9. Strategic Impact
Raises PN17 recovery standards
Reduces abuse of listed status
Positions Malaysia as a capital market reform leader
Bridges capital markets with real-economy productivity...10. Closing Statement
This pilot treats capital collapse as a recoverable condition, provided real energy is injected early.
It replaces delay with discipline.
Speculation with production.
And erosion with restoration.致马来西亚证券交易所的政策备忘录
主题:
针对使用实物资产注入的PN17公司的强制停牌和资本恢复框架
目的
本备忘录旨在为PN17公司提出一项预防性和恢复性监管框架,该框架以资本生存门槛和实际经济复苏为基础,旨在保护投资者并恢复市场诚信,以应对人工智能和机器人干预导致的全球经济下行趋势……
1. 问题陈述
PN17状态代表的是结构性企业失败,而非暂时的波动。
目前的做法导致:
资本严重受损的情况下仍继续交易
通过管理层薪酬和福利持续榨取价值
反复延期但未实现真正的复苏
少数股东价值逐步被破坏
这造成了系统性的道德风险,并削弱了人们对马来西亚资本市场的信心。
2. 资本生存阈值原则
金融类比
一家最初发行价为1令吉的上市公司,如果股价跌至0.30令吉(30%)或以下,则其资本实力已损失70%。
生物电类比
健康的人体细胞:-70毫伏
危险阈值:-30毫伏
低于-30毫伏:细胞崩溃和癌症发展
结论:
股价跌至发行价30%或以下的公司处于资本崩溃状态,类似于细胞进入病理性衰竭。
3. 拟议监管规则
自动资本保护触发机制
任何上市公司,如果股价跌至发行价的30%或以下,将被自动停牌。
停牌是保护性的,而非惩罚性的。
4. 复牌条件
复牌必须基于实际经济复苏,而非会计调整。
已批准的方法:
注入新资金
注入创收资产
注入运营业务单元
注入生产性技术资产
不被允许的方法:
反复延长期限
表面重组
账面利润
业绩未见好转却继续支付工资
5. 与 IPON 资产注入解决方案模式的契合度
IPON 模式概述
IPON 模式通过注入生产性生物电子医疗资产(而非债务或股权稀释)来挽救陷入困境的企业。
这些资产:
能够产生收益
可立即投入运营
服务于公共卫生和社会价值
将上市空壳公司转变为功能齐全的运营实体
适用于PN17类公司
在马来西亚证券交易所(Bursa)的监管下,PN17类公司可通过以下方式重获新生:
注入IPON生物电装置作为有形资产
通过健康中心、诊所或服务网络立即投入运营
以收益取代投机性估值
通过实际现金流而非股权稀释实现资本恢复
这与生物修复过程类似:
首先恢复细胞能量,然后恢复正常功能。
6. 公司治理保障措施
PN17恢复阶段高管薪酬上限
强制披露注资后资产表现
所有资产注资均需获得股东批准
对注资资产进行独立估值
7. 预期成果
加强投资者保护
减少PN17滥用
提高上市标准
更快、更真实的复苏
恢复马来西亚证券交易所的信誉
8. 结语
证券交易所是资本健康系统。
当公司资本低于生存门槛时,
必须采取干预措施——就像在医疗领域一样。信息图:细胞电压与股价崩盘
标题
当资本能量崩溃时:生物学与市场遵循同一规律
左图 – 人体细胞(纵坐标)
-70 mV(绿色):健康细胞
正常修复与再生
-50 mV(黄色):压力
疲劳、炎症
-30 mV(红色):危险区域
修复停止
低于 -30 mV(黑色):疾病/癌症
系统性衰竭
右图 – 上市公司(纵坐标)
100% IPO 价格(绿色):健康公司
资本雄厚,增长强劲
50% IPO 价格(黄色):困境
信心丧失
30% IPO 价格(红色):PN17 危险区域
资本崩溃
低于 30%(黑色):价值榨取阶段
股东受损,内部人士幸存
底部连接符
同样的原则,同样的结果。
恢复活力或暂停运营。
标注框
IPO解决方案:
注入实物资产 → 恢复资本活力 → 恢复正常运营..部长级简报
主题:
通过注入实物资产加强对PN17公司的监管,以保护投资者并恢复市场诚信
提交对象:
部长/副部长
(财政部/投资、贸易和工业部)
1. 执行摘要
PN17公司代表着资本市场的结构性缺陷,使散户投资者面临长期损失,同时又允许内部人士攫取价值。
现有机制侧重于延期和重组,但往往无法实现真正的资本恢复。本简报提出:
明确的资本生存门槛
自动保护性停牌
通过注入实物资产而非纸面重组进行恢复
使用生产性运营资产(例如IPON生物电医疗设备)的试点恢复模式
目标是在不增加公共资金负担的情况下,保护投资者、恢复信心并提高上市纪律。
2. 核心问题
PN17 实体的主要观察结果:
股价通常跌破 IPO 发行价的 30%
资本结构变得不可持续
少数股东持续蒙受损失
管理层往往继续领取薪酬和福利
扭亏为盈计划严重依赖会计指标,而非运营复苏
这会造成道德风险,并削弱公众对股票市场的信任。
3. 资本生存阈值概念
我们提出一个简单透明的基准:
当一家上市公司的股价跌至 IPO 发行价的 30% 或以下时,这表明资本崩溃,而非市场波动。
这与生物系统类似,一旦能量低于临界阈值,除非有外部干预,否则正常功能就会停止。
4. 拟议监管方向
A. 自动保护性暂停
触发条件:股价低于或等于首次公开募股(IPO)价格的30%
目标:阻止股价进一步下跌,而非惩罚公司
B. 强制性资本恢复
仅在以下情况下允许恢复:
注入新的现金或
注入实际的、能够产生收入的资产
注入运营业务或技术
在没有实际复苏的情况下,延期应受到限制。
5. 资产注入的重要性
维护股东价值
将投机性空壳公司转变为运营实体
避免反复稀释股权
鼓励负责任的企业管理
使资本市场与实体经济生产力保持一致
6. 战略机遇:基于资产的复苏试点
马来西亚可以通过试点使用生产性资产的受监管的PN17复苏框架,引领该地区,而无需政府救助。
这与以下目标相符:
投资者保护
资本市场改革
医疗保健创新
在不增加财政负担的情况下实现社会效益
7. 部长决策要点
部长可考虑指示:
马来西亚证券交易所和证券委员会研究30%资本生存触发机制
设计PN17资产注入复苏框架
批准一项有限的试点计划(详情见下文)
8. 结论
资本市场必须在造成不可逆转的损害之前进行干预。
早期、基于规则的行动能够恢复信任、纪律和长期可持续性。
PN17复苏试点提案
利用IPON生物电资产的资产注入扭亏为盈模式
1. 试点目标
证明PN17公司可以通过注入生产性、创收资产而非长期重组或股权稀释来复苏。
2. 试点范围
3-5 家 PN17 公司
从非金融行业中遴选
诉讼风险极低的公司
董事会和股东均同意
3. 恢复模式:IPON 资产注入
注入资产
IPON 生物电医疗设备
按有形运营资产估值
经独立评估并披露
部署
通过以下渠道运营:
健康中心
医疗合作伙伴
社区健康项目
即时服务收入
4. IPON 资产的优势
高利用率
非投机性
不依赖出口周期
产生持续现金流
符合人口老龄化和预防性医疗保健需求
具有显著的社会效益
5. 资本恢复机制
资产注入 PN17 实体
公司恢复运营并获得实际收入
现金流改善资产负债表
股价稳定有机增长
达到门槛后恢复交易
6. 公司治理与保障措施
资产独立估值
复苏期间高管薪酬上限
季度业绩披露
马来西亚证券交易所/证券委员会监管
股东批准为强制性要求
7. 成功指标
股价回升超过30%门槛
正向经营现金流
减少对延期的依赖
改善少数股东权益
可复制的模式,适用于未来的PN17案例
8. 政府成本
零财政支出
仅需监管
私有资产,私有风险,公共利益
9. 战略影响
提高PN17复苏标准
减少滥用上市地位的行为
使马来西亚成为资本市场改革的领导者
连接资本市场与实体经济生产力
220
10. 结语
这项试点计划将资本崩溃视为一种可逆转的局面,前提是及早注入真正的动力。
它以纪律取代拖延,
以生产取代投机,
以修复取代侵蚀。