BRIEF: China Glass plunges to $690 million annual loss amid solar, property slumps
Float glass producer China Glass Holdings Ltd. (3300.HK) warned on Monday it expects to report a 4.8 billion yuan ($690 million) loss for last year, representing a nearly fivefold increase from its 964 million yuan loss in 2024.
The company attributed last year’s steep loss to weak domestic demand for glass, driven by slumps in the key real estate and solar sectors, pressuring its prices, even as rising costs squeezed its gross margins. That ultimately led to partial production suspensions, triggering 4.6 billion yuan in impairment charges.
China Glass said it will work to strengthen its working capital management and implement strict cost controls. Concurrently, it will seek financial backing from shareholders, potential investors, and local governments while negotiating with its lenders. The company also plans to expand its overseas footprint, seeking to lay the foundation for sustainable operations in the future.
Shares of China Glass opened flat at HK$0.51 on Tuesday. The stock is down 33% from its 52-week high.
By Lau Chi Hang
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