Wei Qiao Textile Fell Nearly 4% Expected Mid-Term Performance Decreased Significantly

In July 9th, Wei Qiao textile (2698.HK) reported HK $2.44, down 3.94%, and temporarily traded HK $2 million 560 thousand, the latest total market value of HK $2 billion 900 million.


Wei Qiao textile announced yesterday evening that it expects the mid term performance of the company to be significantly lower than that of the same period in 2018. The main reason is that although the company's electricity business has maintained stable operation in the first half of 2019, the global economic growth is weak and market consumption has weakened, resulting in a weak demand for China's cotton textile market and a pressure on the entire textile industry, thereby negatively affecting the gross margin and gross margin of the company. In the first half of 2019, the company continued to improve its staff benefits and further increase its staff wages, resulting in an increase in staff costs over the same period last year.