Shares of iMotion Automotive Technology Suzhou Co Ltd (IMOTIONTECH, 01274.HK) plunged 5.27% in early trading on Thursday, following the release of the company's disappointing annual financial results.
The automotive technology firm reported a substantial loss for the fiscal year, with loss attributable reaching RMB288.32 million. This negative bottom line came despite the company posting revenue of RMB1,247.72 million for the period. The significant loss appears to have spooked investors, leading to a sell-off in the stock.
The sharp decline in IMOTIONTECH's share price reflects growing concerns among investors about the company's financial health and its ability to achieve profitability in the competitive automotive technology sector. As the market digests this financial information, it remains to be seen how the company plans to address its losses and improve its performance in the coming year.
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