The Zhitong Finance App learned that China Everbright Green Environmental Protection (01257) fell by more than 7%. As of press release, it was down 7.41% to HK$0.75, with a turnover of HK$1.062 million.

According to the news, China Everbright Green Environmental Protection issued a profit warning. It is expected to lose no less than HK$300 million in 2023, changing from profit to loss over the previous year. Losses totaled not less than HK$570 million, mainly due to wear and tear on intangible assets, property, plant and equipment, right-to-use assets, accounts receivable and contract assets.

According to the company's announcement, losses on intangible assets, property, plant and equipment, and usage rights assets are mainly due to the continuous sharp drop in volume and price in the domestic hazardous waste and solid waste disposal market, and operating losses on some of the company's projects continue. In addition, accounts receivable and contract asset wear and loss are mainly due to failure to collect government subsidy for online renewable energy in a timely manner.