Hong Kong Stock Market News | GOGOX drops over 9% during trading, Alibaba reduces its holdings four times.

GOGOX fell more than 9% during trading, and as of the time of writing, it has dropped 8.33% to HKD 0.495, with a turnover of HKD 2.5485 million. According to data from the Hong Kong Stock Exchange, Alibaba reduced its holdings of GOGOX by 669,400 shares on January 4th, with an average price of HKD 0.5533 per share, cashing out approximately HKD 370,000, and reducing its stake from 8.04% to 7.93%. Since December 12, 2023, in less than a month, Alibaba has reduced its holdings of GOGOX shares four times, with a total reduction of approximately 7.5948 million shares and a cumulative cash-out of approximately HKD 4.63 million. According to GOGOX's five-year financial data disclosed in the 2022 annual report, the company has incurred losses of CNY 1.07 billion, CNY 180 million, CNY 660 million, CNY 870 million, and CNY 1.21 billion from 2018 to 2022, respectively. In addition, it incurred a loss of CNY 640 million in the first half of 2023. Over the past five and a half years, GOGOX has accumulated losses of over CNY 4.6 billion. 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 its business investment plan, it is expected to continue to incur losses at least until 2024.