The company's net profit in 2023 was -624 million yuan, a huge decrease from 539 million yuan in the same period in 2022.
Financial Services Association, April 10 (Editor Li Xiang) Yesterday, the volume of China Tianrui Group Cement Co., Ltd. (China Tianrui Cement (01252.HK)) crashed at the end of the day, falling from HK$4.92 to HK$0.048 in just 25 minutes, a drop of 99.04%. The total market value remained at HK$141 million, and the market value evaporated HK$14.548 billion (approximately RMB 13.433 billion) in just 25 minutes.
Earlier this morning, China Tianrui Cement issued an emergency announcement on the Hong Kong Stock Exchange to temporarily stop trading at 9:00 a.m. this morning, pending an announcement regarding the company's insider information. As of 11:00 a.m., the company had not issued an official announcement. According to media reports, business personnel close to the company said that the company's current operating performance is normal.
Meanwhile, the 14 Tianrui Group Bond 02 under Tianrui Group Co., Ltd. (Tianrui Group for short), the parent company of China's Tianrui Cement, also suddenly crashed this morning and fell to 80 yuan at one point. As of 11:00 a.m., according to the Shanghai Stock Exchange bidding system, the transaction price was 84.500 yuan, with a total transaction amount of 29.02 million yuan, a decrease of -14.64% from yesterday's closing price of 98.995 yuan. According to information, the latest 14 Tianrui 02 (124815) debt rating is AA+, with an interest rate of 8.50%, and a stock size of 843 million yuan. The remaining term is only 0.21 years. It is the only surviving debt under the Tianrui Group.
As the parent company of Tianrui Cement, Tianrui Group was founded in 1982. The actual controller of the company is Li Liufa, who became the richest man in Henan twice in 2011 and 2012. In the newly released “2024 Hurun Global Rich List”, Li Liufa and Li Fengyi also ranked 900th on the list with a wealth of 27 billion yuan.
Furthermore, according to the 2023 annual results announcement issued by China Tianrui Cement on April 2, in 2023, China Tianrui Cement had total assets of 40.573 billion yuan, total liabilities of 24.787 billion yuan, operating income of about 7.889 billion yuan, a decrease of 28.6% over the same period in 2022, and net profit of -624 million yuan, a huge drop from 539 million yuan in the same period of 2022.
China Tianrui Cement said in its annual report that in 2023, China Tianrui Cement's cement sales volume and unit sales price both dropped significantly, with sales volume falling by 9.0% and unit sales price by 21.8%. In addition, the sales volume of limestone aggregates in the company's other main business increased slightly by 4.1%, but the unit sales price decreased by 12.6% year on year.