Movement Alert｜Innovative Metallurgy Falls 6.18% in Regular Trading, Subsidiary Tax Payment of RMB 476 Million Coupled with Aluminum Sector Weakness

Market Focus06-08

On June 8, Innovative Metallurgy (02788.HK) fell 6.18% in regular trading, trading at 18.94 HKD/share, with trading volume of approximately 97.94 million HKD.

On the news front, the company previously announced that its subsidiary Inner Mongolia Chuangyuan Metal Co., Ltd. was required to pay additional taxes of approximately RMB 476 million following a tax compliance review related to its high-tech enterprise preferential tax status. Although the company emphasized that its cash reserves remain ample and that the payment would not materially affect its overall financial position or ongoing operations, the substantial cash outflow weighed on market sentiment.

Meanwhile, the broader aluminum sector experienced significant selling pressure. Within the sector, CHALCO fell 4.65%, RUSAL declined 3.65%, and Nanshan Aluminium International dropped 2.14%, reflecting industry-wide weakness that amplified the stock's decline. Additionally, the company reported short selling of 852,000 shares on June 5, accounting for 9.68% of total turnover, indicating persistent bearish positioning.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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