Hong Kong Stock Market News | Vanke Corporation fell nearly 4% in the afternoon, Jinan Vanke General Manager taken away for investigation
Vanke Corporation fell nearly 4% in the afternoon, as of the time of publication, it fell 3.63% to HKD 4.25 with a turnover of HKD 194 million. On the news front, market news reported that Xiao Jin, the general manager of Vanke Jinan Company, was taken away for investigation by the Shandong police 48 hours ago. The Shanghai Securities News quoted Jinan Vanke's response, stating that Xiao Jin is cooperating with the relevant authorities for personal reasons, the company's operations are normal, and Jin Yabin has taken over as the general manager of Jinan Company. Currently, the investigation is still ongoing, please refer to the information disclosed by the relevant government departments. In addition, Nomura's previous research report indicated that Vanke's revenue fell by only 8% year-on-year last year, but core profits dropped by 51% to RMB 9.8 billion, with a further deterioration in gross profit margin, down 4 percentage points year-on-year to 15.2%. Furthermore, Vanke announced no dividend distribution, the first time in 31 years. The bank believes that due to Vanke's greater operational and financial difficulties since the third quarter of last year, the performance is disappointing but understandable. At the same time, the company needs to protect its solvency
According to the information from the Zhitong Finance and Economics APP, China Vanke (02202) fell nearly 4% in the afternoon, dropping 3.63% to HKD 4.25 at the time of publication, with a turnover of HKD 194 million.
On the news front, market reports indicate that Xiao Jin, the general manager of Vanke Jinan, was taken away by the Shandong police for investigation 48 hours ago. The Shanghai Securities News quoted Jinan Vanke's response, stating that Xiao Jin is cooperating with the relevant authorities for personal reasons, and the company's operations are normal, with Jin Yabin taking over as the general manager of Jinan. Currently, the investigation is still ongoing, so please refer to the information disclosed by the relevant government departments.
In addition, Nomura's previous research report pointed out that Vanke's revenue only dropped by 8% year-on-year last year, but core profits plummeted by 51% to RMB 9.8 billion, with a further deterioration in gross profit margin, down 4 percentage points year-on-year to 15.2%. Furthermore, Vanke announced that it will not distribute dividends for the first time in 31 years. The bank believes that due to Vanke's greater operational and financial difficulties since the third quarter of last year, the performance is disappointing but understandable. At the same time, the company needs to protect its solvency