China's chipmaker Hua Hong fall on weak quarterly results

Hua Hong Grace Semiconductor

07/02/2024 02:48

** Hong Kong shares of China's chipmaker Hua Hong
Semiconductor Ltd  1347.HK  fall 6.9% to HK$14.56
    ** Stock on course for the biggest one-day pct decline since
Jan. 30 if trend holds
    ** Shanghai shares  688347.SS  drop 10.2% at 29.78 yuan, set
for the biggest one-day pct drop since debut on Aug. 7 
    ** Hua Hong says Q4 net profit down 77.7% YoY at $35.4 mln
with revenue down 27.7% YoY at $455.4 mln
    ** Co sees Q1 revenue in the range of $450-$500 mln
    ** In China, blue-chip CSI 300 Index  .CSI300  gains 0.5%
and chipmaking index  .STARCHIP  rises 3.5%
    ** In Hong Kong, Hang Seng Composite Index tracking
industrials  .HSCIIG  rises 2% and Hang Seng Index  .HSI  up
0.8%
    ** Hong Kong-listed stock down 22% YTD, Shanghai shares down
29.4% YTD
     

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