Kidztech (06918) resumed trading and surged 55% at one point. As of press time, it has risen by 55.07% to HKD 0.214 with a turnover of HKD 2.1861 million.
According to the Wisdom Financial App, Kidztech (06918) resumed trading and surged 55% at one point. As of press time, it has risen by 55.07% to HKD 0.214 with a turnover of HKD 2.1861 million.
On the news front, Kidztech announced that the company has applied to the Hong Kong Stock Exchange for the resumption of stock trading, and the shares resumed trading on the Hong Kong Stock Exchange at 9:00 am on Thursday, June 27, 2024.
In addition, on June 26, Kidztech released audited annual results for the fiscal year ended December 31, 2023. During the period, the group generated revenue of RMB 131 million, a year-on-year decrease of 22.44%; shareholders' net loss was RMB 97.994 million, a year-on-year increase of 27.83%; and the basic loss per share was 16.8 cents.
According to the announcement, the decline in revenue was mainly due to the simultaneous weakening of demand for foreign toys and a decrease in orders from customers who have long relied on the European and American markets. In addition, in order to speed up inventory turnover, reduce the risk of stockpiling, and accelerate the flow of cash, the group sold some of its inventory of raw materials and electronic parts with low gross margins to customers during the period.