Ziwo

Ziwo: Latest was the announcement of its 1Q13 results on 10 May, which saw a net loss of Rmb1.6m (-147%). Revenues slumped 29.4% to Rmb35.9m. The bad results were mainly attributable to the slow down in demand of our products and decrease in selling price due to challenging market condition. The longer shut down during the Chinese New Year holidays than last year has also contributed to the fall in revenue. The group expects the challenging market environment and decrease in demand for its products to continue, and revenues and gross profit margins are expected to continue to come under increased pressure.