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MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  Suning.com Co., Ltd.    002024   CNE000001KF2

SUNING.COM CO., LTD.

(002024)
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China's finance ministry calls out Xiaomi over accounting errors

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10/29/2018 | 11:20pm EDT
FILE PHOTO: Customers wait to pay at a Xiaomi store in Beijing

BEIJING (Reuters) - Chinese authorities on Tuesday said smartphone maker Xioami Corp made errors in its accounting, sending the company's Hong Kong-listed shares down amid a wider sell-off of China tech stocks.

Xiaomi was one of several internet firms named in the annual inspection by China's Ministry of Finance. Other firms include e-commerce giant Suning.Com Co Ltd and online game developer Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co Ltd.

Xiaomi's stock was down 4 percent on Tuesday morning.

The ministry in its report said Xiaomi had made tax errors on corporate gifts and had incorrectly recorded some corporate costs. The document noted that the firm has already rectified the errors.

It also noted that other companies had made efforts to evade taxes by shifting their profits overseas.

A Xiaomi spokeswoman declined to comment on the report.

The rebuke comes as the company is facing teething issues following its much-anticipated listing in July. Its stock is down more than 30 percent since the initial public offering (IPO) amid a wider sell off of China tech stocks that has also affected peers Alibaba Group Holding Ltd and Tencent Holdings Ltd.

It also comes as China is making revisions to its tax code and cracking down on evasion in a wide-scale cleanup that ensnared A-list movie star Fan Bingbing among others. [nL4N1WJ0LU]

Despite its tumbling price, Xiaomi has reported healthy smartphone sales in 2018. Earlier this month it said it has already surpassed its full-year sales goal of 100 million handsets.

(Reporting by Cate Cadell; Editing by Christopher Cushing)


Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED -0.48% 306.43 Delayed Quote.45.20%
JUST GROUP PLC 4.36% 46.96 Delayed Quote.-43.04%
LETS HOLDINGS GROUP CO., LTD. 0.89% 9.03 End-of-day quote.49.50%
LINE CORPORATION 0.00% 5360 End-of-day quote.0.19%
LOOK HOLDINGS INCORPORATED 6.89% 962 End-of-day quote.-23.16%
SUNING.COM CO., LTD. -0.31% 9.73 End-of-day quote.-3.76%
TENCENT HOLDINGS LIMITED -0.53% 563.5 End-of-day quote.50.03%
WILL GROUP, INC. -3.56% 839 End-of-day quote.-32.99%
WUHU SANQI INTERACTIVE ENTERTAINMENT NETWORK TECHNOLOGY GROUP CO., LTD. -1.90% 32.08 End-of-day quote.19.12%
XIAOMI CORPORATION -0.22% 22.35 End-of-day quote.107.33%
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Financials
Sales 2020 289 B 43 192 M 43 192 M
Net income 2020 1 057 M 158 M 158 M
Net cash 2020 12 869 M 1 926 M 1 926 M
P/E ratio 2020 89,1x
Yield 2020 0,39%
Capitalization 90 249 M 13 501 M 13 506 M
EV / Sales 2020 0,27x
EV / Sales 2021 0,22x
Nbr of Employees 42 196
Free-Float 29,9%
Chart SUNING.COM CO., LTD.
Duration : Period :
Suning.com Co., Ltd. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends SUNING.COM CO., LTD.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 14
Average target price 12,72 CNY
Last Close Price 9,73 CNY
Spread / Highest target 43,9%
Spread / Average Target 30,7%
Spread / Lowest Target -2,36%
EPS Revisions
Managers
NameTitle
En Long Hou President
Jin Dong Zhang Chairman
Xiao Ling Wang Chairman-Supervisory Board
Wei Min Sun Vice Chairman
Xiang Sheng Meng Director & Senior Vice President
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