HK Stock Market Move | CITYCHAMP(00256) surged over 20% in intraday trading. The annual company's owner is expected to have a loss of approximately 254 million Hong Kong dollars, with accumulated impairment of goodwill exceeding 100 million Hong Kong dollars.

CITYCHAMP (00256) rose more than 20% during trading, with a 20.25% increase at the time of publication, reaching 0.47 Hong Kong dollars, with a total turnover of 34.0922 million Hong Kong dollars. On the news front, recently, CITYCHAMP announced its performance for 2024, with total revenue of approximately 1.336 billion Hong Kong dollars, a year-on-year decrease of 18.01%. The company's owners suffered a loss of about 254 million Hong Kong dollars, a year-on-year shift from profit to loss. The loss per share was 5.84 Hong Kong cents. The announcement stated that the after-tax loss includes one-time impairments of the following group assets: a goodwill impairment of 88.991 million Hong Kong dollars from the acquisition of Zhuhai Rossini Watch Co., Ltd; a goodwill impairment of 26.926 million Hong Kong dollars from the acquisition of Jinxi Group; and an impairment of 35 million Hong Kong dollars of the prepayment for investment projects of Ebo Jewelry Group.