Tianjin Development Holdings (02515) plummeted by 48%, hitting a new low since its listing at HKD 0.57.In recent news, the company announced warnings of plummeting profits, expecting a net profit of no less than RMB 10 million yuan for the 6 months ending June 30, 2024. Compared to the net profit of approximately RMB 18.6 million yuan for the six months ending June 30, 2023, the profit is expected to decrease by no less than RMB 8.6 million yuan or 46.2% due to decreased revenue from reduced numbers of new construction projects and less loss reversals.
According to the financial news app, Tianjin Development Holdings (02515) plummeted by 48% to HKD 0.57, reaching a new low since its listing. It is worth noting that the stock price fell nearly 40% on the day of its launch on April 23, 2021.Current market cap is only HKD 127 million, evaporating over 70% from its highest point since listing. As of press time, the stock was down 44.55% at HKD 0.61, with a turnover of HKD 7.5924 million.
Recently, Tianjin Development Holdings has issued a profit warning, expecting a net profit of no less than RMB 10 million yuan for the 6 months ending June 30, 2024, decreasing by no less than RMB 8.6 million yuan (or 46.2%) compared to the net profit of approximately RMB 18.6 million yuan for the six months ending June 30, 2023, mostly due to a decrease in revenue from a reduced number of new construction projects and less loss reversals.