HK Stock Market Move | CITIC FAMC(02799) continues to rise by over 6%, expected annual net profit to increase more than four times, recently completed the transfer of financial license worth 12 billion yuan.

CITIC FAMC (02799) rose more than 6% again, up 4.76% as of press time, at HK$0.66, with a turnover of HK$104.98 million. On the news front, on January 16, CITIC FAMC released a profit forecast, stating that based on preliminary accounting data, the net profit attributable to the company's shareholders for the year 2024 is expected to be between 9 billion and 10 billion yuan, an increase of 410% to 466% year-on-year. It is reported that the net profit attributable to the company's shareholders for the year 2023 was 1.766 billion yuan. It is worth noting that CITIC FAMC has recently completed the transfer of 60% of the shares of Huarong Financial Leasing Limited to Citic Group. After this transaction is completed, CITIC FAMC will hold 2.503 billion shares of Huarong Finance Leasing, accounting for 19.92%, and the latter will become an associated company of the company, no longer a subsidiary of the consolidated financial statements.