BUZZ — Shanghai Fudan jumps most in two years on robust earnings outlook
* Shares of Shanghai Fudan Microelectronics Group jump 16.8% to HK$25.64, on course for the biggest one-day pct rise since October 2024 * Stock hit the highest level since October 8, snapping seven consecutive sessions of losses * Shanghai-listed stock soar 20% to 56.76 yuan, the biggest one-day pct gain since October 2024; stock touches the highest point since September 30 * China-based system solutions provider for integrated circuits estimates its revenue for nine-month ended in September to jump 14.1%-20.7% y/y to 3.45-3.65 billion yuan ($515.80-$545.70 million) with net profit to soar 187.63%-248.18% y/y * Says growth is due to recovery in industry conditions and rising demand from downstream customers, among others * YTD, Hong Kong stock down 45%, Shanghai-listed shares down 23.1%, Hang Seng TECH Index down 24.8% ($1 = 6.6887 Chinese yuan renminbi) (Reporting by Donny Kwok) ((donny.kwok@thomsonreuters.com)
* Shares of Shanghai Fudan Microelectronics Group jump 16.8% to HK$25.64, on course for the biggest one-day pct rise since October 2024 * Stock hit the highest level since October 8, snapping seven consecutive sessions of losses * Shanghai-listed stock soar 20% to 56.76 yuan, the biggest one-day pct gain since October 2024; stock touches the highest point since September 30 * China-based system solutions provider for integrated circuits estimates its revenue for nine-month ended in September to jump 14.1%-20.7% y/y to 3.45-3.65 billion yuan ($515.80-$545.70 million) with net profit to soar 187.63%-248.18% y/y * Says growth is due to recovery in industry conditions and rising demand from downstream customers, among others * YTD, Hong Kong stock down 45%, Shanghai-listed shares down 23.1%, Hang Seng TECH Index down 24.8% ($1 = 6.6887 Chinese yuan renminbi) (Reporting by Donny Kwok) ((donny.kwok@thomsonreuters.com)