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The latest update is out from DeTai New Energy Group ( (HK:0559) ).
The Stock Exchange of Hong Kong’s Listing Committee has upheld an earlier decision by the Listing Division that DeTai New Energy Group has failed to maintain a sufficient level of operations and assets under Listing Rule 13.24, and therefore decided that trading in the company’s shares should be suspended under Rule 6.01(3). In reaching this conclusion, the committee cited the group’s prolonged low revenue and persistent losses in its hotel hospitality business, weak resort occupancy, lack of a proven track record in self-operating the resort after ending its external operator arrangement, and limited progress and funding committed to a planned renovation project, all of which raised doubts about the substance, viability and sustainability of its business and the company’s ability to deliver the turnaround it projects.
The most recent analyst rating on (HK:0559) stock is a Hold with a HK$0.21 price target. To see the full list of analyst forecasts on DeTai New Energy Group stock, see the HK:0559 Stock Forecast page.
More about DeTai New Energy Group
DeTai New Energy Group Limited, incorporated in Bermuda and listed in Hong Kong, has shifted away from its former electric bicycles and new energy businesses and now relies primarily on a hotel hospitality segment centered on a resort property. Since this transition, the hospitality operations have remained small in scale, generating modest annual revenue and recurring segment losses, with occupancy rates below 60% over the past three years.
Average Trading Volume: 620,385
Technical Sentiment Signal: Sell
Current Market Cap: HK$58.07M
For a thorough assessment of 0559 stock, go to TipRanks’ Stock Analysis page.