HK Stock Market Move | DONGYUE GROUP (00189) fell more than 7% after the profit soared, expected to increase by more than 30% in the first half of the year. The company has withdrawn its application for IPO on the Sci-Tech Innovation Board in the future.

DONGYUE GROUP (00189) soared after the earnings, then fell more than 7%, dropping over 40% from the high of HK$23.74 on June 23. As of the time of writing, it is down 6.01%, at HK$14.22, with a turnover of HK$5.52 billion. On the news front, DONGYUE GROUP announced positive earnings, expecting a year-on-year increase of over 31% in net profit for the mid-year ending June. The board believes that the profit growth is mainly due to the increase in prices of several products compared to the same period last year. Its subsidiary, Shandong Dongyue Silicone Material, saw a 904.88% year-on-year increase in net profit for the first half of the year. It is worth noting that DONGYUE GROUP's joint venture company, Future Materials, withdrew its application for the Sci-Tech Innovation Board IPO on June 30 due to adjustments in its business development plan. Future Materials primarily engages in the research, production, and sales of fluorinated proton exchange membranes, key raw materials, and derivative products. This withdrawal is not expected to have any adverse impact on the company's business operations and financial condition.