HK Stock Market Move | SHUI ON LAND(00272) rose by over 3% after issuing a profit warning. It is expected that the net profit for the year 2024 will decrease to about 800 million to 825 million Hong Kong dollars.

SHUI ON LAND (00272) rose more than 3% after issuing a profit warning, and as of the time of writing, it had risen by 2.86% to 0.72 Hong Kong dollars, with a trading volume of 9.0236 million Hong Kong dollars. On the news front, on February 28, SHUI ON LAND announced that it is expected that the net profit for the year ending December 31, 2024 will be between 800 million and 825 million yuan, compared to the net profit for the same period in 2023 of 1.397 billion yuan. The net profit for the year ending December 31, 2024 will need to be confirmed by the auditor. The announcement stated that the main reason for the decrease in net profit is that during the year ending December 31, 2024, the completion of residential units by the Group's subsidiaries and their investments in joint ventures have decreased.