HK-listed Ming Yuan Cloud falls after forecasting bigger yearly loss

Ming Yuan Cloud group

08/03/2023 03:10

** Shares of enterprise resource planning (ERP) solutions
provider Ming Yuan Cloud Group Holdings Ltd  0909.HK  fall as
much as 7.2% to HK$5.31, their lowest since March 1
    ** Stock set for biggest daily percentage decline since Feb
10, if current losses hold; down for a third consecutive session
    ** Second biggest pct loser in the Hang Seng sub-index on
information technology firms  .HSCIIT  and fourth biggest pct
decliner in the Hang Seng Tech Index  .HSTECH 
    ** Guangdong-based co says it expects to post a net loss of
up to 1.18 bln yuan ($169.27 mln) for 2022, compared with a 344
mln yuan loss in 2021, as COVID-19 outbreaks in China impacted
customer investment in digitalisation 
    ** The Hang Seng sub-index on information technology firms
drops 3.1% and the Hang Seng Tech Index plunges 3.6%
    ** The Hang Seng Composite Index  .HSCI  and the Hang Seng
Index  .HSI  both fall 2.4%


($1 = 6.9712 Chinese yuan)

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