China's Fenbi jumps on AI education services launch, high R&D cost drags price later

Fenbi

11/06/2024 04:44

** Shares of Chinese vocational education and training
services provider Fenbi Ltd  2469.HK  rise as much as 5.5% to
HK$4.60, their highest since May 17
    ** Stock gives up all gains later and last down 2.1%
    ** Co says it will introduce its self-developed AI
intelligent teacher in August 2024 
    ** Fenbi also says its research and development expenses
increased 27.9% Y/Y to 251.4 mln yuan ($34.7 mln) in 2023
    ** Says the AI learning toolkits will be embedded in Fenbi
online platform and as a key component to be implemented in its
systematic courses for national or provincial recruitment and
qualification examinations
    ** Hang Seng Tech Index  .HSTECH  eases 1.4%, Hang Seng
Composite Index  .HSCI  drops 1.7% and Hang Seng Index  .HSI 
falls 1.6%
    ** Stock down 7% YTD  


($1 = 7.2529 Chinese yuan renminbi)

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