Stock Track | CSPC Pharmaceutical Shares Plunge on Weak Profit Outlook

Stock Track11-01

Shares of CSPC Pharmaceutical Group Ltd. plummeted as much as 13% on Thursday, marking the biggest one-day drop since August 22nd. The steep decline came after the Hong Kong-listed company warned of a projected 16% year-over-year decrease in net profit for the nine months ended September, attributed to dwindling revenue from its finished drugs business in key therapeutic areas like oncology, cardiovascular, and nervous system treatments.

With a current market capitalization of around HK$61.4 billion ($7.88 billion), CSPC Pharmaceutical's stock hit a low of HK$5 during trading, the lowest level since September 23rd. The company's shares have now fallen for three consecutive sessions, contributing to a 27.8% year-to-date decline.

The sell-off in CSPC Pharmaceutical's stock contrasted with the broader market trend, as the Hang Seng Commerce & Industry Index climbed 1%, the healthcare index rose 0.7%, and the Hang Seng Index increased by 1% during the same trading session.

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