By Yifan Wang


Chow Tai Fook Jewellery Group Ltd. shares dived on Friday, after the Hong Kong-based jeweller's latest earnings came in below expectations.

The stock was last down 12% at HK$13.64, putting it on track for its worst one-day drop since it was listed in 2011.

The selloff came after Chow Tai Fook said its net profit in the first half of its fiscal year of 2023 ending in March around 7% on year to HK$3.34 billion (US$428 million).

Citi analysts said the earnings, which were dragged by foreign exchange losses, were below its expectations. They also pointed to management's latest guidance for an expected decline in second-half same-store sales in China, one of Chow Tai Fook's largest markets, as the country struggles with a surge in Covid-19 infections. This led Citi to cut their fiscal 2023 net profit estimates by 6%.


Write to Yifan Wang at yifan.wang@wsj.com


(END) Dow Jones Newswires

11-24-22 2155ET