China Youzan (08083) rose more than 10% at one point. At the time of publication, it rose 7.02% to HKD 0.061, with a turnover of HKD 3.0142 million.
According to the Zhitong Finance and Economics APP, China Youzan (08083) rose more than 10% at one point and rose 7.02% to HKD 0.061 as of publication, with a turnover of HKD 3.0142 million.
On the news front, China Youzan released its 2024 semi-annual report, with revenue of approximately RMB 0.686 billion, a year-on-year decrease of 5.2%. The loss attributable to the parent company's owner was RMB 17.224 million, compared to a profit last year. In the first half of the year, Youzan realized a GMV of approximately RMB 49.9 billion, a year-on-year increase of about 2%. In addition, Youzan achieved an operating profit of approximately RMB 51.22 million in the first half of the year, exceeding the full-year figure for 2023. As of now, Youzan has achieved operating profit for seven consecutive quarters.
In addition, according to the share repurchase authorization, China Youzan announced that the company is authorized to repurchase up to 10% of the total number of shares issued by the date of the annual general meeting of shareholders, which is not more than 3.298 billion shares. The company plans to use its own financial resources to allocate funds for share repurchases. The board of directors will decide whether to cancel the repurchased shares or keep them as treasury shares, depending on the market conditions and the capital management needs of the group at the time of the share repurchase.