Fangzheng Holdings (00418) rose more than 29% at the end of the session. As of press release, it was up 25% to HK$0.65, with a turnover of HK$7.2284 million.
The Zhitong Finance App learned that Fangzheng Holdings (00418) rose more than 29% at the end of the session. As of press release, it had risen 25% to HK$0.65, with a turnover of HK$7.2284 million.
According to the news, Fangzheng Holdings previously announced interim results. The Group's revenue was HK$0.385 billion, up 3.22% year on year; shareholders should have accounted for losses of HK$4.402 million, a decrease of 83.63% year over year. According to the announcement, the Group will continue to develop innovative solutions and provide customers with more cost-effective products and solutions to meet customer needs, thereby enhancing its competitiveness.
Notably, Fangzheng Holdings announced in mid-July that the loan entrusted to Fangzheng of Peking University had been further settled in July 2024, amounting to approximately RMB 8.9 million. As a result, the impairment provision in the amount of approximately $8.9 million will be refunded. In its financial statements for fiscal year 2019, the Group accrued impairment provisions for default loans granted to Peking University Fangzheng and its affiliates, with a total amount of approximately $0.382 billion. The loan of approximately 0.121 billion yuan loaned to Peking University Fangzheng was paid off during 2022. As a result, an impairment provision of approximately $0.121 billion has been returned in the Group's financial statements for fiscal year 2022.