The Zhitong Finance App learned that Shengnuo Pharmaceutical-B (02257) rose more than 8% in early trading. As of press release, it had risen 6.22% to HK$8.54, with a turnover of HK$8.3984 million.
According to the news, Lu Yang, founder and CEO of Shengnuo Pharmaceuticals, said in an investor conference call in response to investors' questions that his shares will no longer be at risk of being forcibly sold. Shengnuo Pharmaceutical previously announced that the 1,560,000 company shares held by Lu Yang, accounting for 1.78% of the total number of issued shares, were forcibly sold on March 7, 2024.
In addition, Shengnuo Pharmaceutical recently announced annual results. The group obtained additional revenue of US$1,414,000, a year-on-year decrease of 33.11%; shareholders' losses amounted to US$786.91 million, a year-on-year decrease of 10.88%. According to the announcement, the Group continued to make significant progress in pipeline development and business development during the first three months of 2023 and 2024 until the date of this announcement. In view of global macroeconomic uncertainty, to ensure sufficient cash reserves, the Group has prioritized the allocation of resources to high-potential projects and has suspended or slowed the development of other projects.