The Zhitong Finance App learned that Asia Express (08620) rose more than 24%. As of press release, it rose 20% to HK$0.30, with a turnover of HK$9.87 million. The company's stock price has surged 128% since April.
According to the news, Asia Express recently announced financial results for the year ended March 31, 2023, with earnings of HK$328 million, down 20.6% year on year; net loss of HK$20175,000, up 10.2% year on year; and a basic loss of HK$4.20 cents per share. The increase in net loss for the year ended March 31, 2023 was mainly due to poor peripheral environment and continued obstruction of cross-border land freight traffic, which severely impacted the logistics industry in Hong Kong, China, and had an adverse impact on the Group's revenue generated during the current fiscal year.
Furthermore, Asia Express previously announced that it had completed the placement of a total of 48 million shares (equivalent to about 9.1% of the company's issued share capital immediately after the placement was completed) and successfully placed the shares at the placement price of HK$0.157 per share to no less than six contractors. The net proceeds from the placement were approximately HK$7.3 million. The company intends to use the net proceeds from the placement as the group's general working capital.