Leoch International Surges Over 50% in Morning Session After Halting Planned US Listing of Energy Unit

Stock News04-02

Leoch International (00842) experienced a sharp increase of more than 50% during the morning trading session. At the time of writing, the stock was up 30.36%, trading at HK$0.73, with a turnover of HK$14.4259 million. The surge follows the company's announcement that it has decided not to proceed with the proposed spin-off and separate listing of Leoch Energy Inc. on a U.S. stock exchange at this stage. The decision was made after considering various factors, including current market and regulatory conditions. Leoch Energy Inc. will now adjust its financing strategy and seek new opportunities.

Additionally, Leoch International's annual results showed full-year revenue of RMB 17.212 billion, a year-on-year increase of 6.7%. However, the company reported a loss attributable to owners of the parent of RMB 174 million, a shift from profit to loss compared to the previous year. The company stated that business growth did not meet expectations, with significant divergence in growth across regional markets. Profitability declined noticeably, with operational performance turning from profit to loss, highlighting increased operational pressure. Despite the 6.7% growth in full-year sales revenue, profit margins continued to narrow, resulting in a full-year shift from profit in 2024 to a loss of RMB 191 million.

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