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ArtGo Holdings Ltd. ( (HK:3313) ) has issued an update.
ArtGo Holdings has decided to cease pursuing the renewal of the mining licence for its Dejiang Mine after years of regulatory uncertainty and a lack of affirmative feedback from authorities, despite having resubmitted its application following an earlier rejection. The board concluded that the substantial capital, management resources and environmental restoration commitments required, combined with tightened safety and environmental standards and weak demand in China’s marble sector, make the renewal commercially unviable; instead, the company will prioritise directing limited financial resources to its Yongfeng Mine, where it sees more immediate potential to boost production and profitability while streamlining its overall business portfolio and cutting costs.
The most recent analyst rating on (HK:3313) stock is a Hold with a HK$0.15 price target. To see the full list of analyst forecasts on ArtGo Holdings Ltd. stock, see the HK:3313 Stock Forecast page.
More about ArtGo Holdings Ltd.
ArtGo Holdings Limited is a Hong Kong–listed company engaged in the marble products business in mainland China, operating marble mines and related stone processing activities. Its assets include the Yongfeng Mine, which currently holds a valid mining licence and is positioned as the Group’s primary production base amid a challenging domestic construction and property market.
Average Trading Volume: 778,611
Technical Sentiment Signal: Strong Sell
Current Market Cap: HK$213.3M
See more data about 3313 stock on TipRanks’ Stock Analysis page.