HK Stock Movement | GIANT BIOGENE (02367) Drops Over 4% as BofA Notes Weak Double 11 Sales; Management Lowers Guidance

Stock News12-03

GIANT BIOGENE (02367) surged over 12% yesterday following a share buyback announcement but retreated more than 4% today. At press time, the stock fell 3.38% to HK$38.36, with a turnover of HK$428 million.

The company disclosed plans to exercise its share repurchase authorization, allowing it to buy back up to 103.6 million shares, or 10% of its issued shares (excluding treasury shares).

BofA Securities reported that GIANT BIOGENE faced sales pressure during the Double 11 shopping festival. According to management data, sales of the "KFM" brand on Tmall and Douyin dropped 20% and 50% year-on-year, respectively. In contrast, the "KLJ" brand achieved positive growth during the same period.

The report noted that management has lowered this year's performance guidance, expecting flat or slightly declining revenue. Net profit forecasts were also revised downward to a mid-to-high single-digit year-on-year decline.

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