Founder Technology to Raise 1.98 Billion Yuan From Share Placement; Shares Up 5%

Founder Technology Group's net profit attributable to shareholders in 2024 jumped 91% to 257.4 million yuan from 135.1 million yuan a year earlier, according to a March 29 disclosure with the Shanghai Stock Exchange.

Earnings per share soared 100% year on year to 0.06 yuan from 0.03 yuan.

The computer peripherals and printed circuit board producer's operating income climbed 11% to 3.48 billion yuan from 3.15 billion yuan in the prior year.

The company's shares closed less than 5%.

Founder Technology Group said shareholders New Founder Holding Development is planning to trim its shareholding in the company by up to 41.7 million shares, or less than 1% stake, citing funding needs..

This will be undertaken via centralized bidding from March 10 to June 9, according to a Friday filing with the Shenzhen bourse.

Shares of the computer peripherals and printed circuit board producer fell 7% in recent trade.

Founder Technology Group said shareholders New Founder Holding Development is planning to trim its shareholding in the company by up to 41.7 million shares, or less than 1% stake, citing funding needs..

This will be undertaken via centralized bidding from March 10 to June 9, according to a Friday filing with the Shenzhen bourse.

Shares of the computer peripherals and printed circuit board producer fell 7% in recent trade.

Founder Technology forecasts its attributable profit to rise 63% to 104% to between 220 million yuan and 275 million yuan in 2024 from 135.1 million yuan in 2023, according to a Tuesday filing with the Shanghai Stock Exchange.

The foreseen increase is attributable to the progress of the computer peripheral and printed circuit board manufacturer's investment and construction, the filing said.

The company was also able to reduce costs during the year, among other factors, the filing said.

Shares jumped 4% during Tuesday's afternoon trading.

This article was automatically generated by Dow Jones using technology from Automated Insights.

Stocks in Greater China fell on Friday.

Hong Kong's Hang Seng Index slipped 0.9% to 19071.62, and China's Shanghai Composite Index fell 1.3% to 3168.52. The Taiwan Taiex index slipped 0.3% to 23011.86.

Among Hang Seng constituents, Haidilao International Holding Ltd. posted the largest decline, falling 4.7%, followed by shares of China Life Insurance Co. Ltd., which fell 4.5%. Shares of Lenovo Group Ltd. fell 4.5%.

Semiconductor Manufacturing International Corp. was the biggest gainer among companies on the Hang Seng, gaining 3.3%, and Zijin Mining Group Co. Ltd. gained 3.0%. Wuxi Biologics (Cayman) Inc. rounded out the top three movers on Friday, as shares gained 2.2%.

Among large mainland China stocks, Fujian Dongbai (Group) Co. Ltd. A posted the largest decline, dropping 10%, followed by shares of Xinjiang Youhao Group Co. Ltd., which dropped 10%. Shares of KraussMaffei Co. Ltd. A dropped 10%.

Guangdong Skychem Technology Co. Ltd. A was the biggest gainer during the session, surging 12%, and Shanghai Bright Power Semiconductor Co. Ltd. A surged 10%. Founder Technology Group Co. Ltd. A rounded out the top three movers on Friday, as shares surged 10%.

In Taiwan, Xavi Technologies Corp. posted the biggest decline among large companies, dropping 10%, followed by shares of FitTech Co. Ltd., which dropped 9.8%. Shares of Vactronics Technologies Inc. dropped 9.5%.

Vivotek Inc. was the biggest gainer among large Taiwan companies during the session, surging 10%, and Adimmune Corp. surged 9.8% Formosa Oilseed Processing Co. Ltd. rounded out the top three movers, as shares surged 8.8%.

On the currency front, the onshore yuan held steady against the U.S. dollar at CNY7.33 while the New Taiwan dollar weakened 0.3% against the U.S. dollar at NT$32.97.

Data source: Dow Jones Market Data, FactSet