The Zhitong Finance App learned that Xiangxing International (01732) fell nearly 9% intraday. As of press release, it fell 5.97% to HK$0.315, with a turnover of HK$2.1063 million.
According to the news, Xiangxing International recently issued an earnings alert saying that compared to the Group's annual profit of about RMB 6.7 million for the six months ending June 30, 2022, the Group's profit for the six months ending June 30, 2023 will drop by no less than 70%.
According to the announcement, the decline in profit was mainly due to the Group's active reduction in supply chain operations to reduce the recoverable risk of accounts receivable from this business, leading to a sharp drop in related revenue and profits; and the decline in the throughput of the service business in Hong Kong due to the impact of the economic environment.