HK Stock Market Move | COOLPAD GROUP (02369) resumes trading with a high opening and then falls low, dropping more than 45% at one point. The company had previously halted trading due to a delay in publishing its financial results.

COOLPAD GROUP (02369) announced resumption of trading after being suspended for nearly a year. The stock opened more than 30% higher in early trading today, but quickly dropped, falling over 45% at one point during the trading session. As of the time of writing, it was down 31.67% at HKD 0.041, with a trading volume of 35.44 million Hong Kong dollars and a volatility of up to 76.67%. On the news front, COOLPAD GROUP recently announced its full-year performance for 2023 and mid-term performance for 2024. The revenue in 2023 was approximately 307 million Hong Kong dollars, a year-on-year increase of 2.73%; the attributable loss to owners of the company was about 221 million Hong Kong dollars, a decrease of 64.68% year-on-year. The mid-term revenue for 2024 was 252 million Hong Kong dollars, an increase of 47.1% compared to the previous year, with the loss narrowing to 90.22 million Hong Kong dollars. According to public information, at the end of March 2024, the auditors of Coolpad, Ernst & Young, received anonymous allegations before their resignation, claiming that COOLPAD GROUP had improperly used funds in transactions with a related party of one of its directors. As a result, Coolpad underwent an independent investigation, Ernst & Young resigned, the release of the financial results was delayed, and the stock was suspended on April 2, 2024.