IN BRIEF: Gowin New Energy loss narrows, eyes tea business launch

Gowin New Energy Group Ltd - Taiwan-based firm that sells and invests in LED products, and is also launching tea trading business - Pretax loss for 2020 narrows to RMB2.2 million, about GBP245,366, from RMB4.7 million in 2019. This reflects fall in administrative expenses as well as fair value gain on financial assets of RMB1.6 million versus loss of RMB206,000 the year prior. Says it remains focused on the development of its existing businesses and exploring potential new business opportunities. "Significant risk management work has been carried out by the group ahead of formally launching the tea business; however, before it can be ramped up, Covid-19 restrictions in both China and Taiwan will have to be lifted somewhat for the benefit of the supply chain. Consequently, the proceeds from the preference share issue have been set aside and will not be released until the tea business's formal launch," it says.

Current stock price: 0.2 pence

Year-to-date change: down 56%

By Lucy Heming; lucyheming@alliancenews.com

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