Shengnuo Pharmaceutical-B (02257) surged more than 19% in the intraday period. As of press release, it rose 17.31% to HK$14.64, with a turnover of HK$43.540,800.
The Zhitong Finance App learned that Shengnuo Pharmaceutical-B (02257) surged more than 19% in the intraday period. As of press release, it had risen 17.31% to HK$14.64, with a turnover of HK$43.540,800.
According to the news, from the 28th to 29th of last month, Shengnuo Pharmaceutical's stock price continued to dive. The closing price fell by 12.08% and 24.41%, respectively, and hit a new low since listing. In response, Shengnuo Pharmaceuticals issued an announcement stating that it was unaware of any causes of stock price fluctuations, and would confirm that there were no significant adverse changes in the Group's business operations or the company's core product development. The management team remains confident about the Group's long-term development prospects.
According to the 2023 interim results previously released by the company, as of the first half of 2023, cash and cash equivalents on the company's accounts were only US$57.299 million, a year-on-year decrease of 66.23%. In other words, based on the company's net loss of 41.106 million US dollars in the previous half year, the cash on the account was only enough for Shengnuo Pharmaceutical for half a year. Furthermore, as can be seen from the 2023 interim results disclosed by Shengnuo Pharmaceuticals, since the company still does not have a single commercialized product, sales revenue from 2019 to the first half of 2023 was zero.