China's Shandong Weigao sinks to near 6-year low on weak earnings forecast

Shandong Weigao Medical Polymer

31/01/2024 04:18

** Shares of Shandong Weigao Group Medical Polymer  1066.HK 
sink 6.3% to HK$5.08, their lowest May 2018
    ** Chinese medical devices developer estimates its FY net
profit to fall 25%-30% YoY with revenue down 2%-5%
    ** Says national volume-based procurement policy has led to
a price reduction per product sold while significant increase in
research and development expenses also hit its results
    ** Hang Seng Commerce & Industry Index  .HSNC  falls 1.4%,
while Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  both slip 1%
    ** Stock on track for worst month since listing in 2004,
down 32.3% so far - LSEG data

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