Zhihu's Hong Kong shares drop most on record ahead of Q1 results
25/05/2022 07:41
** Hong Kong-listed shares of Chinese question-and-answer
website Zhihu Inc 2390.HK drop 10.1% to HK$20.40, their
biggest intraday pct fall since debut on April 22
** Stock hit the lowest since May 16; among the 15 biggest
pct decliner on the Hong Kong bourse
** Stock tracks 14.7% plunge in the New York-listed shares
ZH.N on Tuesday, the worse day since March 21
** Zhihu, which provides services similar to Quora Inc, is
forecast to post a quarterly revenue of 725.7 mln yuan ($108.80
million) later in the day. That compares with 478.3 mln yuan
revenue in Q1 2021 and 1.02 bln yuan in Q4 urn:newsml:reuters.com:*:nL5N2XF2SF
** Chinese tech giants are under pressure as issues remain
on dispute around auditing compliance of China-based companies
listed on U.S. stock exchanges, while a U.S. Securities and
Exchange Commission official warned time was "running out" to
reach a workable deal urn:newsml:reuters.com:*:nL2N2XH048 urn:newsml:reuters.com:*:nL2N2XG28B
** Zhihu is among the stocks potentially facing delisting in
the United States for not giving access to their audited
accounts (https://bit.ly/3amaIPj)
** The Hang Seng sub-index, which tracks information
technology firms .HSCIIT , slips 0.7%, Hang Seng Tech Index
.HSTECH eases 0.1%, and Hang Seng Index .HSI edges up 0.1%
($1 = 6.6699 Chinese yuan)
(Reporting by Donny Kwok)
((donny.kwok@thomsonreuters.com))