Hong Kong Stock Market News | GOGOX drops more than 9%, Alibaba reduces holdings three times in a month, with a loss of over 4.6 billion yuan in the past five and a half years.

Zhitong App learned that GOGOX (02246) fell more than 9%, as of the time of publication, it fell 9.52% to HKD 0.57, with a turnover of HKD 2.4483 million and a total market value of less than HKD 400 million, evaporating nearly HKD 10 billion in market value since its listing in 2022.

On the news front, Alibaba reduced its holdings of GOGOX three times last month. According to data from the Hong Kong Stock Exchange, on December 22nd, Alibaba sold 838,400 shares of GOGOX H shares at a price of HKD 0.5045 per share, cashing out approximately HKD 423,000. Alibaba's latest shareholding ratio has dropped to 8.89%. It is reported that Alibaba reduced its holdings of GOGOX by 4.7176 million shares and 1.3694 million shares on December 12th and 15th respectively, at an average price of HKD 0.6534 per share and HKD 0.551 per share, involving approximately HKD 3.0825 million and HKD 754,000.

According to the five-year financial data disclosed in GOGOX's 2022 annual report, the company's losses from 2018 to 2022 were RMB 1.07 billion, RMB 180 million, RMB 660 million, RMB 870 million, and RMB 1.21 billion. In addition, the company incurred a loss of RMB 640 million in the first half of 2023. Over the past five and a half years, GOGOX has accumulated losses of over RMB 4.6 billion. In addition, GOGOX stated in its prospectus that due to the early stage of its intra-city logistics business, the company has made a large amount of investment to drive business growth. Considering the business investment plan, it is expected that the company will continue to incur losses at least until 2024.