Bawang International 1338

[winston]

not vested

BAWANG GROUP Surges 15% This Morning as It Wins Litigation & Gets $3M Compensation

BAWANG GROUP (01338.HK) has shown unstable share price recently.

After hitting $0.5 (over 2-month high), it fell after meeting a resistance, and this morning the share rose 15%, last stood at $0.455 on volume of 21.41 million shares.

BAWANG GROUP won in the legal proceedings in the High Court of Hong Kong against Next Magazine's defamation, as Next Magazine claimed that a shampoo of Bawang was found with an excessive amount of a carcinogen, Dioxane.

Next Magazine has to pay 80% of legal costs of Bawang and HK$3 million compensation to Bawang, but much lower than about HK$600 million, the amount asked by Bawang.

Source: AAStocks Financial News

[winston]

not vested

BAWANG GROUP Once Jumps 16%; Expects Interim Results to Swing to Profit

BAWANG GROUP (01338.HK) issued a positive profit alert, expecting to record a profit for the six months ended 30 June 2016, against the loss in the year-ago period.

The turnaround was mainly due to the increase in the sales revenue of the continuing operations in the manufacturing and sales of the household and personal care products by 30-40%.

The stock breached above 20MA ($0.58) this morning and escalated up to 16% to peak at $0.64, temporarily refraining at $0.65. It last traded at $0.61, surging 11%, on increasing volume to 28.1 million shares.

Source: AAStocks Financial News