The Zhitong Finance App learned that Quanfeng Holdings (02285) fell more than 9%. As of press release, it was down 9.72% to HK$19.14, with a turnover of HK$7.49 million.

J.P. Morgan Chase previously stated that while maintaining the “plus” rating of Quanfeng Holdings, the target price was lowered by 21% from HK$38 to HK$30. The performance of the company's stock price from the beginning of 2023 to date is far worse than the Hang Seng State-owned Enterprises Index and global peers due to the company's low liquidity and the late inventory of its main customer, Lloyd's.

The bank said that Quanfeng Holdings' 2023-2024 earnings forecast for 2023-2024 was lowered by 95%/72% to 0.01/0.07 US dollars to reflect the profit warning previously issued, but it believes that the company's competitiveness is still there, yet it believes that the worst period has passed under Lowe's de-inventories, US interest rates, and the property market cycle.