Well being complement provider Herbs Technology (2593) has issued a revenue warning lower than three months after its highly-anticipated Hong Kong itemizing, pointing to the itemizing expense as the first offender.
The corporate, co-founded by native actor Roger Kwok Chun-on and his sister Gammy Kwok Chi-yan, expects a 2024 revenue between HK$11 million and HK$13 million, a drop of as much as 72 p.c from the HK$39.5 million seen a 12 months prior.
Herbs Technology cited itemizing bills of round HK$19 million in December final 12 months as a key issue, noting the fee accounted for over 10 p.c of the HK$125 million raised in its preliminary public providing.
Different causes embody increased depreciation bills as a consequence of newly opened self-operated shops, in addition to a decline in wholesale gross sales, which weighed on whole income and gross revenue, the corporate stated.
Herbs Technology’s tranche was 6,083 instances oversubscribed, the best on report after Most Kwai Chung’s (1716) which was 6,288 instances oversubscribed in 2018.
Its shares as soon as fell 2.6 p.c to HK$1.83 apiece at this time, marking a 51.2 p.c decline from its supply value of HK$3.75.
STAFF REPORTER
