HK Stock Market Move | DONGYUE GROUP (00189) falls more than 7% again this week, with a cumulative drop of over 16%. Its subsidiary Shandong Dongyue Silicone Material saw its net profit for the first three quarters drop by up to 97.4%.

DONGYUE GROUP (00189) fell more than 7% again, with a cumulative drop of over 16% this week. As of the time of writing, it fell by 5.89% to 10.54 Hong Kong dollars, with a turnover of 4.01 billion Hong Kong dollars. In terms of news, DONGYUE GROUP previously announced that its non-wholly owned subsidiary, Shandong Dongyue Silicone Material (300821.SZ), is expected to see a year-on-year net profit decline of approximately 96.27% to 97.40% in the first three quarters; after deducting non-recurring gains and losses, the net profit is expected to decrease by approximately 87.10% to 88.14% year-on-year. During this period, due to the downward fluctuations in the prices of silicone products, the company's main product sales revenue and gross margin have decreased; and the stoppage losses caused by a fire accident at Synthetic Phase B have had an adverse impact on the performance.