South China City (01668) surged more than 25% in the afternoon. As of press release, it had risen 27.95% to HK$0.206, with a turnover of HK$347.97 million.
April 30,$CHINASOUTHCITY (01668.HK)$It surged more than 25% in the afternoon. As of press release, it had risen 27.95% to HK$0.206, with a turnover of HK$347.97 million.
According to the news, on April 29, South China City announced the latest developments relating to overseas debt restructuring. According to the announcement, South China City has appointed Anmai Finance Consulting Co., Ltd. as financial advisor and Linklaters as legal adviser to jointly assist the company in handling overseas debt restructuring matters.
According to reports, South China City previously disclosed that the Group expects to lose about HK$4 billion to HK$5 billion after tax in the 2023 fiscal year. Expected losses are mainly due to loss of fair value of investment properties, impairment of assets receivable and other receivables, increased provision for inventory impairment, loss of fair value of financial assets, and decline in rental income.