The Zhitong Finance App learned that Shengnuo Pharmaceutical-B (02257) fell more than 11% in the afternoon to a new low. Recently, the stock price has continued to decline, with the biggest drop of more than 93% from its all-time high. As of press release, it fell 11.07% to HK$6.43, with a turnover of HK$16.9093 million.
According to the news, Shengnuo Pharmaceutical's 2023 financial report shows that the company obtained additional revenue of US$1,414,000 during the period, a year-on-year decrease of 33.11%; shareholders should have accounted for a loss of US$786.91 million, a decrease of 10.88% year-on-year. Furthermore, 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. Up to now, Shengnuo Pharmaceutical has not commercialized any products.
Notably, 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 said through its public account 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.