The Zhitong Finance App learned that TEP International (01368) fell by more than 3%. As of press release, it was down 3.08% to HK$4.41, with a turnover of HK$32.2711 million.

According to the news, on April 19, the 2024 Beijing Half Marathon Organizing Committee issued a decision on the investigation and processing of the results of the men's race, canceling the race results of 4 people including He Jie, withdrawing their trophies, medals, and bonuses, disqualifying TEP as an event partner, and ordering them to publicly apologize to the public, etc. Afterwards, TEP issued an apology statement saying that in preparation for the event, TEP invited four foreign athletes as speed drivers (commonly known as “rabbits”) for Chinese athlete He Jie. The relevant staff of Special Step made a mistake during the registration process and did not identify their identity as a driver. As a result, they participated in the competition as a specially invited player, and there were differences in status and behavior.

Bank of China International believes that with regard to the recent dispute over the men's half-horse race in Beijing, the bank is not expected to have an impact on the sales of the tournament sponsor Special Step; on the contrary, the market overreacted to related events or provided an opportunity to buy the stock. Yamato, on the other hand, said that based on concerns about the development of overseas markets and weak investment in new brands, the bank lowered TEP's earnings forecast for this year and next two years by 4% to 9% and the target price to HK$6, reaffirming the “buy” rating.