China Cinda Asset Management hits all-time low on weak earnings outlook

China Cinda Asset Management

25/07/2024 03:13

** Shares of Chinese distressed asset management and
financial services group China Cinda Asset Management  1359.HK 
fall 6.1% to HK$0.62, their all-time low since debut in December
2013 
    ** Stock on track for biggest one-day pct decline since
November 2022 if current losses hold; top pct loser in the Hang
Seng Composite Index tracking financials stocks  .HSCIF , which
slips 0.6%
    ** Co expects its H1 net profit to drop 40%-50% Y/Y due to a
decrease in its income from distressed debt assets at amortized
cost amid changes in market conditions 
    ** Co has also increased provision for credit risk amid
changes in macroeconomic situation 
    ** The Hang Seng Composite Index  .HSCI  and the Hang Seng
Index  .HSI  both fall 1.1% 
    ** Stock down 19.2% YTD

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))