According to the report from the Wisdom Finance app, New Focus Auto (00360) had a surge of more than 28%, and the closing price rose nearly 40% yesterday. As of the time of publication, it rose 23.08%, at 0.048 Hong Kong dollars, with a turnover of 9.6382 million Hong Kong dollars.
Regarding the news, New Focus Auto recently announced that its wholly-owned subsidiary New Focus Optoelectronics has received notification from the office for the collection and compensation work of Qingpu Industrial Park in Shanghai. This concerns the industrial land and structures owned by New Focus Optoelectronics outside of Qingpu District, Shanghai. The two parties have not yet signed a land acquisition agreement. The company stated that it will strive to minimize the adverse effects of property acquisition on the normal operation of New Focus Optoelectronics.
It is worth noting that the stock price of New Focus Auto suddenly plunged by nearly 85% at the end of the trading day on June 3, setting a new low in the market. It is known that New Focus Auto is in a heavily concentrated state of equity. As of December 31, 2023, the largest shareholder of the company, Qingdao Guorui New Fox Investment Center (Limited Partnership), held a share of up to 60.692%. In addition, the company's performance in 2023 showed that the revenue for the period was about 555 million yuan, a year-on-year decrease of 6.13%; the loss attributable to shareholders was 87.32 million yuan, a year-on-year increase of 80.03%.