BUZZ-HK-listed Zengame Technology hits 2-year low on weak profit forecast

Reuters2025-01-22

** Shares of Chinese mobile games developer and operator Zengame Technology Holding 2660.HK drop as much as 13.6% to HK$2.22, their lowest since January 2023

** Stock set for biggest one-day pct decline since March 22, 2024; on track to snap two straight sessions of gains

** Zengame forecasts its 2024 net profit to drop by 35%-45% year-on-year amid a 15%-25% decline in revenue due to lower-than-expected sales of new products, game features during a downturn in the gaming market in 2024

** Company also expects a decline in gross profit margin of 5%-10% amid higher gaming operational costs

** Hang Seng Tech Index .HSTECH falls 2% and Hang Seng Index .HSI eases 1.3%

** Stock dropped 51.4% last year

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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