Changes in Hong Kong stocks | Wanzhou International (00288) fell more than 6% in early trading, and the board meeting was postponed until August 28 to review the interim results

The Zhitong Finance App learned that Wanzhou International (00288) fell more than 6% in early trading. As of press release, it was down 4.01% to HK$7.89, with a turnover of HK$138 million.

According to the news, Wanzhou International announced that the board meeting originally scheduled for August 11 will be rescheduled to August 28 to consider and approve the unaudited comprehensive interim results of the company and its subsidiaries for the six months ended June 30, as well as to consider the payment of an interim dividend (if any). The reason for the delay was that more time was needed to implement the interim results announcement.

Damo recently released a research report saying that due to the year-on-year decline in the unit profit of Wanzhou International's packaged meat business due to an increase in early marketing investment and changes in the product portfolio, while profits from the US packaged meat and slaughter business in the next quarter were under pressure, it is expected that the Group's overall operating profit for the second quarter will record a medium to high unit decline over the same period last year. Damo slightly lowered Wanzhou's profit forecast for this year by about 4%; the target price was lowered from HK$12.7 to HK$11.4.