Starry Sky Chinese (06698) fell by more than 7%. As of press release, it was down 7.01% to HK$6.5, with a turnover of HK$2,5403 million.
The Zhitong Finance App learned that Starry Sky Chinese (06698) fell by more than 7%. As of press release, it was down 7.01% to HK$6.5, with a turnover of HK$2,5403 million.
According to the news, Starry Sky Chinese issued a profit warning. The group expects a net loss of between RMB 1.6 billion and RMB 1.7 billion for the year ended December 31, 2023 (fiscal year 2023). Compared with the net profit of about RMB 84.6 million for the year ended December 31, 2022, it will change from profit to loss.
According to reports, the net loss for fiscal year 2023 is mainly due to the board of directors predicting that the Group's future music copyright licensing and offline activities will shrink drastically. As a result, the estimated amount of goodwill impairment in fiscal year 2023 is approximately RMB 1.2 billion; some of the Group's projects have lost or been delayed; and the Group's TV series have been depreciated due to the long storage period.