Chinese auto dealer China MeiDong hits over 2-year low on weak H1 outlook

China MeiDong Auto Holdings

23/08/2022 05:45

** Shares of automobile dealer China MeiDong Auto Holdings
Ltd  1268.HK  fall as much as 7.2% to HK$15.38, their lowest
since May 2020 
    ** Stock to mark its biggest daily pct drop since June 13 if
losses hold; third-biggest pct decliner in the Hang Seng
Composite Index  .HSCI  
    ** Guangdong-based co expects H1 net profit to drop no more
than 40% year-on-year due to lower new car sales during the
pandemic, cost on convertible bond issue and one-off expenses on
acquisition  urn:newsml:reuters.com:*:nFWN2ZY1PY
    ** Says overall financial position is sound and healthy
    ** The Hang Seng Commerce & Industry Index  .HSNC  eases
0.6% and the Hang Seng consumer goods and services index
 .HSCGSI  falls 1.3%
    ** The Hang Seng Composite Index slips 0.4% and the
benchmark Hang Seng Index  .HSI  slides 0.5%
    ** As of last close, the stock had plunged 58.8% this year

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