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Last $1.31 HKD
Change Today +0.11 / 9.17%
Volume 2.7M
1039 On Other Exchanges
Hong Kong
As of 4:01 AM 08/28/15 All times are local (Market data is delayed by at least 15 minutes).

fortunet e-commerce group lt (1039) Snapshot

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52 Week High
06/11/15 - $2.77
52 Week Low
09/1/14 - $0.38
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Current Stock Chart for FORTUNET E-COMMERCE GROUP LT (1039)

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fortunet e-commerce group lt (1039) Details

Fortunet e-Commerce Group Limited, an investment holding company, manufactures and sells axle and related components for medium and heavy duty truck aftermarkets and original equipment manufacturers (OEM) markets in the People’s Republic of China. The company operates through three segments: OEM and Related Market, Aftermarket, and Train and Railway Business. Its axle components comprise cast steel and punched steel axle housings, brake drums, axle shafts, axle differentials and reductors, steering knuckles, and front axle beams; and a range of front, middle, and rear axle assemblies and suspension assemblies. The company also manufactures and sells roughcasts and gears; and train bolsters, train side frames, and related train components. It also exports train side frames and train bolsters. The company was formerly known as Changfeng Axle (China) Company Limited and changed its name to Fortunet e-Commerce Group Limited in June 2015. The company was founded in 2001 and is based in Sha Tin, Hong Kong. Fortunet e-Commerce Group Limited is a subsidiary of Changfeng Axle Holdings Ltd.

950 Employees
Last Reported Date: 04/17/15
Founded in 2001

fortunet e-commerce group lt (1039) Top Compensated Officers

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Executives, Board Directors

fortunet e-commerce group lt (1039) Key Developments

Fortunet e-Commerce Group Limited, Board Meeting, Aug 21, 2015

Fortunet e-Commerce Group Limited, Board Meeting, Aug 21, 2015. Agenda: To consider and approve the interim results of the company and its subsidiaries for the six months ended 30 June 2015 and its publication; and to consider the payment of an interim dividend, if any.

Fortunet e-Commerce Group Limited Provides Earnings Guidance for the Six Months Ended June 30, 2015

The board of directors of Fortunet e-Commerce Group Limited reported that based on the preliminary unaudited consolidated management accounts of the group for the six months ended June 30, 2015, it is expected that the total revenue of the group will decrease by approximately 60% as compared to the same period last year and the total impairment of assets, including property, plant and equipment, inventories and receivables, related to the train and railway business and the manufacture and sale of axle and component parts of motor vehicles will be revised to approximately RMB 590 million. Such revision is mainly attributable to the continuing depressed business environment of the above sectors which brought about under utilization of production capacity of the Group's business in the axle and component of motor vehicles. Price competition among competitors is also significant in the motor vehicles repair market. The reason for the above increase was due to the fact that, apart from provisions of RMB 250 million needed to be made to the group's train and railway business, the Board is of the view that it would be prudent to make additional provisions of RMB 340 million in respect of the group's fixed assets, inventory and receivables relating to the group's truck business which had suffered operating losses over the years. In addition, the loss on changes in fair value of the derivative component of approximately RMB 70 million (subject to finalisation) on the secured convertible bonds due 2018 issued by the company on June 3, 2015, will increase the losses of the group for the six months ended June 30, 2015.

Fortunet e-Commerce Group Limited Announces Auditor Changes

The board of directors of Fortunet e-Commerce Group Limited announced that Deloitte Touche Tohmatsu has resigned as auditor of the company with effect from 17 July 2015. The Board further announced that KPMG has been appointed as the new auditor of the company with effect from 17 July 2015 to fill the casual vacancy following the resignation of Deloitte. KPMG shall hold office until the conclusion of the next annual general meeting of the company.


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