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On August 13, Tianjin Jianfa's Hong Kong stocks suffered a negative impact and its share price plummeted. At one point during the day, the share price plummeted by 55%. As of the close, Tianjin Jianfa's share price fell by 51.82%, and its total market value was only HK$110 million.

On August 5, Tianjin Jianfa issued a profit warning announcement, predicting that its net profit in the first half of this year will be no less than 10 million yuan, a decrease of no more than 8.6 million yuan or 46.2% compared with the group's net profit of approximately 18.6 million yuan in the same period last year.

The announcement stated that the main reasons for the expected year-on-year decrease in net profit include the decrease in the number of new construction projects compared with the same period last year, resulting in a decrease in revenue; the reversal of impairment losses during the reporting period decreased by approximately RMB 4 million, because a reversal of impairment losses of RMB 9 million was recorded due to the transfer of properties to the Group in the same period last year, while the Group recorded an impairment loss of approximately RMB 5 million on contract assets and trade receivables during the current reporting period.

It is worth mentioning that Tianjin Jianfa is a newly listed stock in April this year, with an issue price of HK$2.5. This means that as of today's closing, the cumulative drop in Tianjin Jianfa's share price has been close to 80%.

According to the prospectus, Tianjin Jianfa was established in 2010 and is a private construction group in Tianjin, mainly focusing on municipal public works in Tianjin. Among them, municipal public works, foundation engineering and construction engineering are the company's main sources of income.

According to Frost & Sullivan, Tianjin Jianfa ranks fourth among private companies engaged in municipal public engineering in Tianjin based on revenue generated from municipal public engineering in 2022.

In terms of performance, from 2020 to 2023, Tianjin Jianfa's revenue was RMB 93 million, RMB 275 million, RMB 289 million and RMB 320 million respectively; net profit was RMB 7.354 million, RMB 41.414 million, RMB 35.09 million and RMB 41.045 million respectively, of which there was a negative year-on-year growth in 2022.

Editor: Shi Jian | Reviewer: Li Zhen | Supervisor: Wan Junwei

Source: https://www.top168.com/news/show-49351.html