HK Stock Market Move | TOPSPORTS (06110) falls over 7% again, Nike expects sales in Greater China to drop by 20% in the fourth quarter.
Taobo (06110) fell by more than 7% again, dropping by 6.37% to 2.5 Hong Kong dollars as of press time, with a trading volume of 24.776 million Hong Kong dollars.
TOPSPORTS (06110) fell more than 7% again, dropping 6.37% to HK$2.5 as of the time of writing, with a trading volume of HK$24,776,000.
On the news front, Nike's third-quarter performance exceeded expectations, but warned that full-year sales would decline, especially with a pessimistic forecast for the Greater China market, causing widespread concerns among investors. Nike's CFO stated that the company's total revenue is expected to decline by 2% to 4% starting from the fourth quarter beginning in March. In particular, sales in the Greater China region are expected to see a significant year-on-year decrease of about 20%.
It is worth noting that on January 21st, Nike announced that Dong Wei, the leader of Greater China, will officially step down on March 31st. Public data shows that TOPSPORTS is China's largest sportswear retail and service platform, with Nike and Adidas as its main brands, accounting for over 80% of revenue.
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