Shares of Xingkong Huawen (06698) fell by more than 9%, reaching a new low of HKD 2.95 since its IPO. In just one year, the company's market cap has dropped from nearly HKD 50 billion to the current HKD 1.2 billion.
According to the financial app Zhidao Finance, shares of Xingkong Huawen (06698) fell more than 9%, hitting a new low of HKD 2.95 since its IPO. In just one year, the company's market cap has dropped from nearly HKD 50 billion to the current HKD 1.2 billion. As of the time of writing, it has fallen by 9.51%, to HKD 2.95, with a turnover of HKD 7.9208 million.
According to the news, Xingkong Huawen has issued a profit warning, expecting to generate revenue of approximately CNY 68.6 million to CNY 73.6 million in the first half of this year, compared to about CNY 1.44 billion in the same period last year. It is expected to incur a net loss of approximately CNY 53.5 million to CNY 58.5 million, compared to a net loss of CNY 17.2 million in the same period last year. The company stated that the expected increase in net losses is consistent with the expected decrease in revenue, mainly due to a decrease in the number of variety shows compared to the same period last year. It is reported that "China's Good Voice" has not been able to resume broadcasting since it was suspended in August last year.