The Zhitong Finance App learned that Huitao Group (08238) has now dropped more than 15%. As of press release, it fell 15.72% to HK$0.193, with a turnover of HK$21.3672 million.
According to the news, Huitao Group announced its interim results. The group achieved earnings of HK$10.877 million during the period, a decrease of 43.94% over the previous year; shareholders should account for losses of HK$13.478 million; shareholders should account for a profit of HK$5.613 million in profit for the same period last year, turning profit over loss over the previous year. The decline in revenue was mainly due to the reduction in demand for advertising in the Macau market due to the publication and advertising business as well as exhibitions and trade shows and related services.
It is worth noting that the company's stock price plummeted 97% in a single day on August 7. Furthermore, Huitao Group has a high shareholding concentration. As of March 31, Chuangyuan International Co., Ltd. was the single largest shareholder of the company, with a shareholding ratio of 61.73% and a high concentration of shares. According to data from the Hong Kong Stock Exchange, since May 24 this year, Chuangyuan International Co., Ltd. has reduced its shares in Huitao Group several times. The shareholding ratio has dropped from 51.44% to the current 21.61%.