HK Stock Market Move | WISE ALLY INTL (09918) surged by over 110% at the close, with expected full-year net profit significantly increasing to a maximum of HK$80 million.

At the close of trading, WISE ALLY INTL (09918) saw its stock price increase by over 110%, reaching 1.38 Hong Kong dollars, with a trading volume of 2.24 million Hong Kong dollars. On the news front, WISE ALLY INTL announced that it expects a net profit of about 60-80 million Hong Kong dollars for the fiscal year 2024, a significant increase from the approximately 1.2 million Hong Kong dollars in the same period in 2023. The increase in profit is mainly attributed to an increase in demand for new products from the group's key customers, leading to an increase in product orders with relatively high marginal profit contributions from customers; effective reduction in material costs for products; and no recorded losses from fair value changes in financial assets in the current period. It was reported that in February this year, WISE ALLY INTL announced its intention to sell a 10% stake in TTL. Upon completion, the company will no longer hold any shares in TTL. TTL mainly engages in the development and sale of high-tech floor care products (including vacuum cleaners). The Board of Directors stated that the short-term outlook for TTL is unclear; the sale of shares provides the group with the opportunity to realize its interests in TTL.