South China City (01668) fell by more than 3%. As of press release, it was down 3.29% to HK$0.147, with a turnover of HK$1,418,200.
The Zhitong Finance App learned that South China City (01668) fell by more than 3%. As of press release, it fell 3.29% to HK$0.147, with a turnover of HK$1,418,200.
According to the news, South China City issued a profit warning. It is expected that the Group will lose between HK$4 billion and HK$5 billion after tax for the nine months ending December 31, 2023. The expected losses are mainly due to loss of fair value of investment properties; asset impairment of receivables and other receivables; increased inventory impairment provisions; loss of fair value of financial assets; and decline in rental income.
According to reports, South China City previously issued a warning saying that due to increasingly tight liquidity, it is expected that the April and October 2024 notes will default. According to the company, the above default may trigger default events under other debts, which in turn will result in failure to fulfill payment obligations under outstanding debts, thereby causing significant adverse effects on business, operations and financial conditions, including the possibility of bankruptcy or other forms of restructuring.