The Zhitong Finance App learned that China Glass (03300) continued to rise by more than 6% and rose 6.94% at press time to HK$0.77, with a turnover of HK$4.65 million.

According to the news, the company announced on March 15 that the Group expects to lose no more than RMB 500 million for the year ended December 31, 2023, while the Group achieved net profit of approximately RMB 102 million during the same period in 2022. The main causes of this loss were: China's real estate industry continued its recession cycle, causing float glass market prices to fluctuate at a low level; geopolitical conflicts, ongoing global inflation, and large currency exchange rate fluctuations in some countries and regions, leading to a decline in the contribution of the Group's overseas bases; continued interest rate hikes by the Federal Reserve, which led to an increase in the Group's dollar debt costs; and after a comprehensive assessment of production line conditions, corresponding impairment preparations were made for some production lines.

Furthermore, the company previously announced that Tongliao China Glass, an indirect wholly-owned subsidiary of the company, has successfully bid for land use rights in the Horqin Left Wing Houqi Industrial Park in Tongliao City, Inner Mongolia, China in a public tender. On March 13, 2024, Tongliao China and Horqin's left-wing Houqi Natural Resources Bureau signed a confirmation on the land acquisition, at a cost of RMB 507.325 million. Tongliao China and the Horqin Left Wing Houqi Natural Resources Bureau are expected to sign a land use rights contract before March 28, 2024. Tongliao China Glass plans to build two photovoltaic ultra-white rolled glass production lines and supporting deep processing production lines on the site.