CXMT's Stock Plunges Nearly 9%, Hits Record Low Since Listing
ChangXin Memory Technologies (688825.SH) opened nearly 9% lower on October 19 at 41 yuan, hitting a new low since its listing debut. The company announced last Friday that its net profit for the first three quarters had turned positive, but the third-quarter net profit saw a mere 1%-3.9% quarter-on-quarter increase, a sharp slowdown from the 246% and 113% gains in the previous two quarters.
CXMT's Stock Plunges Nearly 9%, Hitting a New Low Since Its IPO
CXMT (688825.SH) opened nearly 9% lower on October 19, trading at 41 yuan, a new low for the stock since its first day of listing. The company announced late last Friday that its net profit for the first three quarters had turned from a loss to a profit. However, the third-quarter net profit only increased by 1%–3.9% quarter-on-quarter, a significant slowdown from the 246% and 113% growth rates in the previous two quarters.
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