Shengnuo Pharmaceutical-B (02257) fell nearly 5%. As of press release, it was down 4.79% to HK$7.55, with a turnover of HK$4.724,200.
The Zhitong Finance App learned that Shengnuo Pharmaceutical-B (02257) fell nearly 5%. As of press release, it fell 4.79% to HK$7.55, with a turnover of HK$4.724,200.
According to the news, Shengnuo Pharmaceutical recently raised questions in the market due to a sharp rise in directors' remuneration amounts. According to financial data, Shengnuo Pharmaceutical's directors' remuneration increased from 1.91 million US dollars in 2022 to 3.37 million US dollars in 2023, a sharp increase of 76.44% over the previous year. In response to this, the company's public account stated that the financial remuneration figures for directors or other employees include cash and non-cash costs. Simply comparing the 2022 and 2023 sets of figures would be taken out of context and drawn misleading conclusions. Furthermore, the increase in employee compensation in 2023 was mainly due to non-cash equity incentive expenses. In 2022, the company experienced just over a month of equity incentive payments, while in 2023, the company experienced a full year of equity incentive payments.
Notably, according to Wind data, the company's cash and cash equivalents decreased from US$105 million in 2022 to US$24 million in 2023, ranking last among over 60 Hong Kong 18A biomedical companies. According to the 2023 annual report previously disclosed by the company, the company obtained additional revenue of US$1.414 million last year, a year-on-year decrease of 33.11%; losses during the year were US$84.99 million, a decrease of 12.7% year-on-year. Up to now, Shengnuo Pharmaceutical has not commercialized any products.