Changxin Technology fell more than 8% in early trading on Oct. 19 and briefly touched 41 yuan, marking a recent low, according to Bitget market data. By the time of publication, the stock had narrowed its loss to 6.5% and was trading at 42.1 yuan.
The move came after the company disclosed its latest earnings guidance on Oct. 16. Changxin Technology said it expects revenue for the first three quarters to reach 265 billion yuan to 270 billion yuan, up by 232.916 billion yuan to 237.916 billion yuan from a year earlier. It also forecast net profit attributable to shareholders of the parent company at 131 billion yuan to 132.5 billion yuan, an increase of 136.280 billion yuan to 137.780 billion yuan year over year.
For the same period last year, the company, listed as 688825, reported revenue of 32.084 billion yuan and net profit attributable to shareholders of the parent company of negative 5.280 billion yuan. Separately, Changxin Technology said Chairman Zhu Yiming had proposed a share buyback worth 1 billion yuan to 2 billion yuan for employee equity incentives, an employee stock ownership plan, or a reduction in registered capital.
Changxin Technology fell more than 8% at the open on Oct. 19 and briefly dropped to 41 yuan, a recent low, according to Bitget market data. By the time of publication, the stock was down 6.5% at 42.1 yuan.
Company had released earnings guidance earlier
On the news front, Changxin Technology said in an Oct. 16 filing that it expects revenue for the first three quarters to come in at 265 billion yuan to 270 billion yuan, up by 232.916 billion yuan to 237.916 billion yuan from the same period last year. It also expects net profit attributable to shareholders of the parent company to reach 131 billion yuan to 132.5 billion yuan, an increase of 136.280 billion yuan to 137.780 billion yuan year over year.
In the same period last year, Changxin Technology (688825) reported revenue of 32.084 billion yuan and net profit attributable to shareholders of the parent company of negative 5.280 billion yuan.
Chairman proposes share buyback
The company also said Chairman Zhu Yiming had proposed a share buyback of 1 billion yuan to 2 billion yuan. The repurchased shares would be used for employee equity incentives, an employee stock ownership plan, or a reduction in registered capital.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
