Chinese firm shares 4Q results, shares plunge 5% as economy weakens

LONDON — Chinese technology giant Bighit Entertainment stock plunged 5% on Friday, while its shares slipped as the world’s economy weakened and some of the world\’s biggest corporations struggled to contain an overheated market.

The stock plunged 8% to 8,074 yuan ($1.2971) after the Shanghai Composite index fell to 1,890.57 points.

It was down 1.4% from a record close in June, the worst fall since 2007.

The market also was down for a third straight session, and by more than $4 billion in value since June.

Shares in BighIT, China\’s leading film studio, fell 3% to 1.2 billion yuan.

Shares in Baidu, China’s biggest search engine, fell 1.1% to $3.7 billion.

Bighit said its first quarter results showed a “sharp and prolonged fall” in the company\’s revenues and profits.

The stock fell 10% in early trading.

Baidu reported a net loss of $2.1 billion, or $1.31 a share, for the quarter, down from a $2 billion profit of $3 billion, a year earlier.

Bighits revenue fell 12% to 2.6 billion yuan ($2.9 billion).

Bighits shares fell as much as 8% after the company posted disappointing results for the first quarter of 2017.

Its stock price dropped 7% to 6,068 yuan on Friday.

Bild said it had adjusted its 2018 forecast to between $20 billion and $25 billion in operating profit.

The Hang Seng index of the Shanghai Stock Exchange fell 0.5% to 16,732.08.

The Hang Siz index of Shanghai’s financial sector index also fell to 16.4, the lowest since June 17.

The European Central Bank has been urging banks and other financial institutions to slash lending rates and boost their cash reserves, and the U.S. Federal Reserve is trying to slow a rise in borrowing costs.


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