The Zhitong Finance App learned that China's urban infrastructure (02349) soared by more than 307%. As of press release, it had risen 307.50% to HK$0.16, with a turnover of HK$1.37 million. The stock price hit a phased high.
According to the news, China Urban Infrastructure recently announced results for the six months ended June 30, 2023, with a turnover of HK$30.166 million, a year-on-year decrease of 20.7%; a net loss of HK$30.358 million, a year-on-year narrowing of 48.1%; and a basic loss of HK$0.97 per share.
The year-on-year decrease in turnover during this period was mainly due to a decrease in turnover from the property management business during the period.
CITIC Securities pointed out that in the first half of 2023, property service companies faced the challenge of macroeconomic uncertainty. Through their own active efforts, most companies have proved that the profit growth of property management companies does not need to be based on the premise that repayment quality deteriorates. The receivables problem won't be a persistent problem plaguing the entire industry. We recommend blue-chip property management companies with strong receivables control capabilities and real and trustworthy profitability.