China's Qingling Motors hits more than 7-week low on 2023 loss projection

Qingling Motors

14/03/2024 03:40

** Shares of Qingling Motors Co Ltd  1122.HK  fall as much
as 12.5% to HK$0.56, their lowest since Jan 22
    ** Stock on track for the biggest one-day pct drop since
June 2020
    ** The Chinese automobiles maker sees loss before tax of
45-55 mln yuan ($6.26-$7.65 mln) for 2023 amid downturn in
traditional fuel vehicle market while commercial truck industry
is still in early stages of recovery and raw material prices
remain high
    ** Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  both slip 0.4%
    ** Stock up 13.7% YTD  


($1 = 7.1923 Chinese yuan renminbi)

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