HC Group

Aug 25, 2022

(Yicai Global) Aug. 25 -- HC Group will not shut down any other business except for Beijing Huicong 360 Technology, the Chinese e-commerce company’s telemarketing unit, according to an insider. Huicong 360 ceased operations while all other segments are operating normally, an insider at HC, the firm that 10 years ago was competing with Alibaba Group Holding, told Yicai Global. Employees at Huicong 360 received a notice that the platform will shut down today and wait for work assignments, according to rumors circulating on social media yesterday. Huicong 360 was established in January last year, according to corporate information platform Tianyancha. Founded in 1992 as Hc360.Com, HC is a business service provider and industrial platform covering 63 industries. Listed on Hong Kong’s Growth Enterprise Market in December 2003 as HC International Information, it was moved to the bourse’s main board in 2014. HC International [HKG: 2280] was trading down 4.3 percent at 33 Hong Kong dollar cents (4 US cents) as of 1.30 p.m. today, giving it a market capitalization of HKD432.3 million (USD55.1 million). Alibaba’s shares [HKG: 9988] rose 4.2 percent to HKD89.85 (USD11.45), reaching a total value of HKD1.9 trillion (USD242.2 billion). The exchange was closed in the morning due to a typhoon. HC’s net loss narrowed 28 percent to CNY74.7 million (USD10.9 million) in the first half of 2022 from a year earlier, the firm said in its latest earnings report. Revenue fell 14 percent to CNY6.1 billion (USD891 million). Editor: Futura Costaglione