China Literature Ltd, a leading online literature platform, saw its stock price plummet by 5.01% intraday on Wednesday, as the company warned of a significant net loss and goodwill impairment for the 2024 financial year.
According to the company's statement, China Literature expects to report an IFRS net loss ranging from RMB 150 million to RMB 250 million for 2024. Additionally, the company anticipates a substantial non-cash impairment of goodwill between RMB 1,050 million and RMB 1,150 million.
The expected financial performance has raised concerns among investors, leading to the sharp decline in the company's stock price on Wednesday. Analysts suggest that the massive impairment charge could significantly impact China Literature's financial position and future profitability.
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