Stock Track | Shanghai Fudan Microelectronics Surges Despite Profit Outlook

Stock Track10-18

Shares of Shanghai Fudan Microelectronics Group Company (01385) soared 17.32% on Thursday, despite the company's guidance for a 30% to 38% decline in its nine-month profit for 2024.

In a filing with the Hong Kong stock exchange, Fudan Microelectronics attributed the expected profit decrease to lower revenue and gross margins, as well as increased research and development expenses for the current period compared to the same period last year.

However, investors appeared to shrug off the profit warning, with the stock closing at HK$17.80, up HK$2.40 or nearly 16% from the previous day's close. The surge in share price suggests that the market may be anticipating a recovery in Fudan Microelectronics' business performance in the coming quarters or positive developments related to the company's future prospects.

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