China Resources Pharma drops as retail unit plans to shut Hong Kong operations

China Resources Pharmaceutical

08/10/2024 06:39

** Shares of China Resources Pharmaceutical Group Ltd
 3320.HK  drop 12.4% to HK$6.12 
    ** Stock of the Chinese pharmaceutical and healthcare
products distributor on track to snap two straight sessions of
gains, if current trend holds
    ** CR Care, the company's pharmacies retail operating arm,
said on its social media page that it will close all its retail
outlets in Hong Kong with effect from Nov. 8 amid "external
uncertainty" and operating challenges
    ** CR Care operates 19 outlets in Hong Kong, according to
its website  
    ** Co said in its interim report that it operates one of
China's largest retail pharmacy networks, comprising 760 retail
pharmacies under national or regional premium brands CR Care and
Teck Soon Hong
    ** Hang Seng Consumption Index  .HSCGSI  declines 8.1%,
index tracking consumer staples  .HSCICS  drops 8.7% and Hang
Seng Index  .HSI  falls 6.9%


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