China's Tong Ren Tang hits 13-month low on weak earnings outlook

Tong Ren Tang Technologies Co

30/01/2024 02:55

** Shares of Tong Ren Tang Technologies Co Ltd  1666.HK 
drop 11% to HK$5.34, their lowest since December 2022
    ** Stock set for a third straight session of decline, if
losses hold 
    ** Stock marks biggest intraday pct drop since July 2015,
and is biggest pct loser in Hang Seng Composite Index  .HSCI  
    ** The traditional Chinese medicine products maker expects
its 2023 net profit to be in the range of down 3% YoY to up 7%
YoY with the results being affected by the unexpected
fluctuation of price of certain raw materials in 2023
    ** Hong Kong's healthcare index  .HSCIH  drops 2.6%, while
Hang Seng Composite Index  .HSCI  and Hang Seng Index  .HSI 
both fall 2.3%
    ** Stock down 15.7% YTD 

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