Shenzhen Stock Exchange, 6/28/11
Chinese information security and telecommunications chip maker Nationz Technologies (300077.SZ) said in a public filing today that it predicts net profits of between RMB 52 mln and 63 mln for the period from January 1, 2011 to June 30, 2011, a drop of between 40% and 50% from H1 2010's RMB 105.6 mln.
The company said that the drop in net profits for H1 2011 was the result of developments in the mobile payment services industry.
The filing was based on an initial review of unaudited figures by Nationz's finance department.
Editor's Note: In mid-May, Chinese telecom equipment and terminals manufacturer ZTE Corporation (0763.HK; 000063.SZ) announced that it would divest itself of its stake in Nationz. Subsequently, between May 24 and June 22, ZTE disposed of over 17.5 mln shares of Nationz, reducing its stake in Nationz from 20% (54.4 mln shares) to 13.55% (36.85 mln shares).