China construction machinery group Lonking slips on weak earnings outlook

Lonking Holdings

03/02/2023 07:53

** Shares of construction machinery group Lonking Holdings
Ltd  3339.HK  slip as much as 4.4% to HK$1.52, their lowest
since Jan. 17 
    ** Shanghai-based co expects its 2022 net profit to drop
64.72%-74.91% y/y to 320 mln-450 mln yuan ($47.46 mln-$66.74
mln) amid a fall in domestic demand for construction machinery
and on recurrence of COVID-19  
    ** The Hang Seng Commerce & Industry Index  .HSNC  falls
1.2% and the Hang Seng Composite Index on properties and
construction stocks  .HSCIPC  slips 1.1%
    ** The Hang Seng Composite Index  .HSCI  eases 1.2% and the
benchmark Hang Seng Index  .HSI  slides 1.4%
($1 = 6.7430 Chinese yuan)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))