Freeman FinTech warns of HK$717m lossBusiness | 18 Nov 2019 3:51 pm
Freeman FinTech (0279) warned that it expected to record a significant net loss of HK$717 million for the six months ended September 30.
This was due to provision for impairment loss of loans receivable of HK$253 million, finance costs of HK$386 million and provision for impairment of factoring receivables of HK$42 million.
Meanwhile, the company said it held a wealth management product, which was due to mature on October 23, with a remaining outstanding principal amount of 580 million yuan (HK$647 million) yet to be redeemed.
The relevant financial institution, which manages the product, was not able to redeem the product, the company said.