HK Stock Market Move | Shandong Molong Petroleum Machinery (00568) fell more than 4% in morning trading; asset impairment provisions weighed on results, with a loss of more than RMB95 million in the first three quarters.

Shandong Molong Petroleum Machinery (00568) fell more than 4% in morning trading. As of press time, it was down 3.95% at HK$3.77, with turnover of HK$50.5243 million. On the news front, Shandong Molong Petroleum Machinery released its results, with revenue of RMB1.769 billion in the first three quarters, up 48.05% year-on-year; net loss attributable to shareholders of RMB95.1786 million. It is worth noting that in the first three quarters, the company made asset impairment provisions totaling RMB57.6256 million. Excluding the asset impairment provisions, the company's net profit attributable to shareholders for the reporting period would have been -RMB37.553 million, down 791.46% year-on-year. It is worth noting that the outlook for the US-Iran situation remains unclear. According to reports, US Vice President Vance has sent a letter to Secretary of Iran's Supreme National Security Council Mohsen Rezaei in an attempt to restart negotiations. The report said the letter was sent at the direction of US President Trump, and Trump himself was aware of the contact. But Trump himself said on October 28 that he did not instruct Vance to write to Iran.