China's Weimob sinks to 14-mth low, says operations remain normal

Weimob

13/12/2023 05:00

** Shares of China's cloud-based commerce and marketing
solutions firm Weimob Inc  2013.HK  fall as much as 14.8% to
HK$2.65, their lowest since October 2022
    ** Stock is the fourth biggest loser in Hang Seng Composite
Index  .HSCI  
    ** Shares down 10.2% so far this week, on track for the
third straight week of losses if trend holds
    ** Shanghai-based company says it has noted of recent drop
in its stock price but says its business operations remain
normal and maintain healthy and rapid growth, while its cash
flow managements continue to improve
    ** Co say it has sufficient cash reserves and the management
team is confident in the co's future development prospects  
    ** Hang Seng Tech Index  .HSTECH  and Hang Seng Composite
Index  .HSCI  both eases 0.8%, while Hang Seng Index  .HSI 
slips 0.7%
    ** Stock down 57.8% YTD 

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