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Last $1.34 HKD
Change Today 0.00 / 0.00%
Volume 578.0K
1039 On Other Exchanges
Hong Kong
As of 4:01 AM 09/1/15 All times are local (Market data is delayed by at least 15 minutes).

fortunet e-commerce group lt (1039) Snapshot

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06/11/15 - $2.77
52 Week Low
09/1/14 - $0.38
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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 Announces Unaudited Consolidated Earnings Results for the Six Months Ended June 30, 2015

Fortunet e-Commerce Group Limited announced unaudited consolidated earnings results for the six months ended June 30, 2015. For the quarter, the company reported revenue of RMB 92,490,000 compared to RMB 218,596,000 reported last year. Loss before taxation was RMB 730,851,000 compared to RMB 47,278,000 reported last year. Loss attributable to equity shareholders of the company was RMB 713,960,000 compared to RMB 51,539,000 reported last year. Loss and total comprehensive income for the period was RMB 726,398,000 compared to RMB 48,820,000 reported last year. Loss per basic and diluted share was RMB 0.60 compared to RMB 0.06 reported last year. Net cash used in operating activities was RMB 5,740,000 compared to RMB 7,009,000 reported last year. Payments for purchases of property, plant and equipment were RMB 38,767,000 compared to RMB 2,053,000 reported last year.

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.


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