REMt (00601) soared more than 48% yesterday and continued to rise in early trading today, with a maximum increase of more than 17% during the session. However, the stock price later fell and turned down more than 8%. As of press time, it has fallen 8%, to HKD 0.115, with a turnover of HKD 2.9777 million, and the amplitude has approached 30%.
According to the news of the Wisdom Wealth App, REMt (00601) soared more than 48% yesterday and continued to rise in early trading today, with a maximum increase of more than 17% during the session. However, the stock price later fell and turned down more than 8%. As of press time, it has fallen 8%, to HKD 0.115, with a turnover of HKD 2.9777 million, and the amplitude has approached 30%.
On the news side, REMt announced in early May that the second auction of Baishan Tianan Assets had failed. The group received a notice from Baishan Court that Baishan Tianan Assets will be publicly auctioned from 10:00 on May 22, 2024 to 10:00 on July 21, 2024 (excluding delays), with a starting price of approximately CNY 106 million.
According to the company's 2023 annual report, the annual income was CNY 263 million, a year-on-year decrease of 31.4%; a loss of CNY 424 million was recorded, turning from a profit of CNY 1.4 million in the previous year to a loss. This is mainly due to the low and volatile price of magnesium ingots, which suppresses the company's profit margins; magnesium business continues to lose money, and impairment losses of non-current assets need to be provided in the amount of about CNY 204 million; a one-time income of CNY 267 million from debt restructuring was recognized in the previous year.