Ruixin International Holdings Ltd. (HK:0724) has released an update.
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Ruixin International Holdings Ltd. announced a significant gross loss due to inventory impairments totaling approximately HK$12.9 million for the year ended 31 December 2023, caused by outdated products and unfulfilled customer forecasts. The company acknowledged the need for more cautious assessment of customer demand to prevent overstocking. These impairments were based on updated net realizable values, subsequent sales, and current market quotations, without independent valuation.
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