BRIEF: Gogox logs HK$1 million profit on fund investment
Intra-city logistics provider Gogox Holdings Ltd. (2246.HK) said on Tuesday it redeemed a fund investment worth HK$66.18 million（$8.53 million）, citing a defensive strategy for the decision to sell just months after making the investment.
The company invested in the fund only late last year, but cited recent market volatility and heightened uncertainties in global central bank policies and economic outlooks for the early exit. The board determined that liquidating the position would mitigate potential losses while bolstering corporate cash reserves through a more defensive strategy.
The redemption generated a profit of about HK$1.18 million, with proceeds to be allocated as general working capital.
Shares of Gogox were up 2.8% on Wednesday midway through the trading day in Hong Kong. The stock is down 60% from its 52-week high.
By Lau Chi Hang
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