Hangzhou Iron & Steel warns of trading risks amid volatility
Hangzhou Iron & Steel (SSE: 600126) has issued a trading risk warning due to recent significant stock price increases and high trading volumes, which the company believes are detached from its fundamental performance. The company notes a cumulative increase of 213.15% since January 22, 2025, coupled with a high average turnover rate of 12.63% in the last three trading days, signaling potential market over-speculation. The company clarifies its limited involvement in DeepSeek AI technology, stating that its main business remains steel production and sales, with minimal revenue impact from AI-related ventures. The company also forecasts a net loss attributable to shareholders of approximately 630 million yuan for 2024 and highlights ongoing low gross profit margins in the steel industry, further contributing to financial vulnerability. The company further reported board member changes, with Qin Ju resigning as a board member, and independent director Wang Hongwen resigning. The company says it will appoint replacement board members as soon as possible.
This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com
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