Summary by Moomoo AI
NEW FOCUS AUTOMOTIVE TECHNOLOGY HOLDINGS LIMITED (“NEW FOCUS”) ISSUED A PROFIT WARNING ON MARCH 13, 2024, ANNOUNCING THAT IT WILL RECORD A NET LOSS OF APPROXIMATELY RMB85 MILLION TO RMB95 MILLION FOR THE YEAR ENDED DECEMBER 31, 2023, A SIGNIFICANT INCREASE FROM THE NET LOSS OF RMB 49 MILLION FOR THE SAME PERIOD IN 2022. The increase in losses was mainly due to impairment losses on other receivables by the Group, expected to be between RMB65 million and 75 million, reflecting a decrease in the fair market value of the equity held in the two companies, mainly due to a decrease in the market value of the related real estate market and the valuation of one of the companies The value is reduced. The new focus points out that these data are based on preliminary assessments and have not been audited or reviewed by auditors or audit committees. The Company will publish details of its audited annual results in due course.