A-Living Smart City Services Co., Ltd. Class H (HK:3319) has released an update.
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A-Living Smart City Services Co., Ltd. has issued a profit warning, anticipating a significant net loss of RMB 1,540 million to RMB 1,700 million for the first half of 2024, in stark contrast to the RMB 840 million net profit in the same period of 2023. The expected loss is attributed to the downturn in China’s property market, impacting revenues and service quality, as well as creditworthiness issues with related party customers, resulting in substantial impairment provisions. Investors are advised to exercise caution and look out for the interim results announcement due in August 2024.
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