China Feihe slumps over 12% in Hong Kong after forecasting up to 36.4% drop in H1 profit

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Shares of China Feihe, the country’s largest infant milk formula company, are slumping more than 12% in Hong Kong to hit a low of HK$4.38 after the company issued a profit warning.

China Feihe said the company’s consolidated net profit for the first half of 2023 is expected to be in the range of 1.45 billion – 1.75 billion yuan, sliding by 23.2% – 36.4% from a year earlier. Revenue is expected to reach 9.58 – 9.87 billion yuan in the first half, in line with a year earlier.