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Zhengtongauto (01728.HK) accepted criticism from the Hong Kong Stock Exchange and emphasized that the undisclosed transaction was unrelated to the largest shareholder.
Zhengtongauto (01728.HK) issued an announcement stating that the Stock Exchange issued a disciplinary action statement regarding the undisclosed major and connected transactions. Several former directors of the company have been disciplined from public condemnation to the Stock Exchange's statement of director's unsuitability. The Stock Exchange also criticized the company's previous violations of the Listing Rules because the commitment letter and top-up agreement constituted major and connected transactions. The company stated that the commitment letter and top-up agreement were made in 2016 and 2020 respectively, both of which occurred when Guomao Holdings acquired 29.9% of the company's shares in August 2021 and became the company's largest
zhengtongauto (01728.HK): Loss of 0.635 billion yuan in the first half of the year.
Zhengtong Auto (01728.HK) announced on August 29th that for the six months ended June 30, 2024, revenue decreased by about 19.8% to approximately RMB 9.876 billion, primarily due to a decrease in the number of new car sales and the selling price of new cars; overall gross profit decreased by about 71.9% to approximately RMB 0.177 billion, and the gross margin decreased by 3.3 percentage points to 1.8%, mainly due to a decrease in the average selling price of new cars; the loss for the period was approximately RMB 0.635 billion, compared to a loss of approximately RMB 0.386 billion for the same period in 2023, mainly due to a decrease in new car sales revenue and new car sales.
ZHENGTONGAUTO: ANNOUNCEMENT OF INTERIM RESULTSFOR THE SIX MONTHS ENDED 30 JUNE 2024
China Zhengtong Auto Services Forecasts 65% Wider Loss in H1
Zhengtongauto (01728.HK) is expected to increase its net loss by 65% in the first half of the year.
Zhengtong Auto (01728.HK) issued a profit warning, expecting a net loss increase of approximately 65% for the six months ending in June compared to the same period last year. This is mainly due to intensified competition in the mainland automobile market, resulting in a decrease in new car sales volume and selling prices.
Express News | Zhengtong Auto (01728.HK): It is expected that the Group will record a net loss increase of approximately 65% year-on-year for the six months ended June 30, 2024.
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