China Literature faces worst session in six weeks as annual revenue dips

China Literature

19/03/2024 03:13

** Shares of China Literature Ltd  0772.HK  fall 9% to
HK$24.90, on track for biggest one-day pct decline since Feb. 5
if losses hold
    ** Stock hits lowest since March 12 and on course to snap
two straight sessions of gains
    ** Stock second biggest pct loser in the Hang Seng Tech
Index  .HSTECH  and fifth biggest decliner in the Hang Seng
Composite Index  .HSCI  
    ** Tencent-backed Chinese online literature and intellectual
property incubation platform says its 2023 revenue fell 8% YoY
to 7 bln yuan ($972.47 mln) while net profit up 32.3% YoY and
the company has resolved not to recommend a final dividend 
    ** Tencent  0700.HK  shares slip 0.2%
    ** The Hang Seng Tech Index falls 1.6%, the Hang Seng
Composite Index slips 0.9% and the Hang Seng Index  .HSI  eases
0.8%
    ** Stock of China Literature down 13.3% YTD

($1 = 7.1982 Chinese yuan)

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