Capital, Earnings & M&A
Vitasoy's 80 Years of Glory Hits a Profit Warning Stalemate
On August 6, Hong Kong's Vitasoy International issued a profit warning, expecting operating profit for the six months ending September 30, 2021, to range between a loss of HK$50 million and a profit of HK$60 million, a decline of about 91% to 107% compared to the same period in 2020, mainly due to a sharp drop in market demand in the second quarter of fiscal 2021/2022. Since early July, Vitasoy's market value has evaporated by HK$4.6 billion, and an inappropriate content release has severely damaged its brand image, leading to consumer boycotts and negative impacts in mainland China.
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