Red Star Macalline Reports Major Asset Impairment Provision

Red Star Macalline Group Corporation Ltd Class H (HK:1528) has released an update.

Red Star Macalline Group Corporation Ltd. has announced a significant provision for asset impairment amounting to RMB764 million from January to September 2024, with reversals and write-offs totaling RMB797 million. This adjustment has impacted the company’s total profit, reducing it by approximately RMB760 million. The provision reflects the company’s adherence to accounting standards and a thorough assessment of its financial assets and other receivables.

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