SHE:002444

Hangzhou Greatstar Industrial Sees Up to 15% Increase in H1 Profit; Shares Plunge 10%

Hangzhou Greatstar Industrial (SHE:002444) forecasts its attributable profit to fall 5% to 1.21 billion yuan or rise by up to 15% to 1.46 billion yuan in the first half from 1.27 billion yuan in the year-ago period, according to a Thursday filing with the Shenzhen bourse.Earnings per share could range between 1.0123 yuan and 1.2254 yuan from 1.0656 yuan a year earlier.The hand tool manufacturer attributed the forecast to a 5% rise in revenue following higher investment in cross-border e-commerce.Shares slid 10% during afternoon trading on Thursday.

Hangzhou Greatstar Industrial Seeks Stake in Zhejiang MYbank

Hangzhou Greatstar Industrial (SHE:002444) is looking to purchase a total of 1.54% in the equity of Zhejiang MYbank held by Hangzhou Heboshi E-commerce and Wanxiang Sannong for a total of 324.5 million yuan, according to a Monday filing with the Shenzhen bourse.The company will purchase a 0.86% stake in MYbank held by Heboshi, or equivalent to 56.7 million shares at 181.6 million yuan.Hangzhou Greatstar will also acquire a 0.68% stake in MYBank from Wanxiang Sannong for about 143 million yuan.Shares fell 2% during afternoon trading on Monday.

Greatstar's Controlling Shareholder Plans to Divest Part of Company Stake

Hangzhou Greatstar Industrial's (SHE:002444) controlling shareholder, Gigadevice Holding Group, plans to divest 0.29% of the company's share capital, or 3.5 million shares, according to a Thursday filing on the Shenzhen bourse.The final price will be determined based on the market price on the trading day. The transfer period will be between July 1 and Sept. 30.The stake will be transferred to Qiu Jianping through block trading.After the transaction, Gigadevice's holdings in the power tool maker will decline to 38.53% from 38.82%, while Qiu's stake will rise to 4.18% from 3.89%.

Jefferies Adjusts Hang Zhou Great Star Industrial's Price Target to 19 Yuan from 18 Yuan, Keeps at Underperform