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    002371   CNE100000ML7

NAURA TECHNOLOGY GROUP CO., LTD.

(002371)
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China's state chip fund to cut stakes in two more tech companies

07/13/2020 | 08:52pm EDT

China's largest state-backed semiconductor fund plans to reduce its holdings in two listed technology companies, a decision that comes following a torrid bull run in China's stock market.

The bull run, encouraged by state media, has been fuelled by signs of an early economic recovery for China from the coronavirus, capital market reforms and accelerating inflows of foreign funds.

Sanan Optoelectronics Co Ltd said in a filing on Tuesday that China Integrated Circuit Industry Investment Fund, also known as the 'Big Fund', reduced its ownership in the company by one percentage point to 9.29%, selling 44.793 million shares between July 8 and July 10.

The stake reduction is part of a previously announced plan to cut holdings by 2% by Jan. 4, 2021, according to the statement.

NAURA Technology Group Co Ltd also said in a filing that the 'Big Fund' will reduce 2% in the company over the next six months. The fund currently holds 49,31,000 million shares in the company and is its third-largest shareholder.

The share sales follow similar ones on Friday, when Shenzhen Goodix Technology Co, Wuxi Taiji Industry Co and Beijing BDStar Navigation Co said the 'Big Fund' would reduce its stake in the companies.

Tech stocks have been surging in China for the past year on the back of state support, driven by tensions between Washington and Beijing over Shenzhen-based Huawei Technologies Co. Ltd.

(Reporting by Samuel Shen and Josh Horwitz, Editing by Sherry Jacob-Phillips)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BEIJING BDSTAR NAVIGATION CO., LTD. -0.07% 42.76 End-of-day quote.-16.01%
NAURA TECHNOLOGY GROUP CO., LTD. 9.66% 432 End-of-day quote.139.02%
SANAN OPTOELECTRONICS CO., LTD. -1.25% 42.58 End-of-day quote.57.65%
SHENZHEN GOODIX TECHNOLOGY CO., LTD. 6.07% 119.29 End-of-day quote.-23.31%
WUXI TAIJI INDUSTRY COMPANY LTD. -1.27% 9.34 End-of-day quote.-1.16%
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Financials
Sales 2021 8 575 M 1 327 M 1 327 M
Net income 2021 798 M 123 M 123 M
Net Debt 2021 195 M 30,2 M 30,2 M
P/E ratio 2021 269x
Yield 2021 0,04%
Capitalization 214 B 33 195 M 33 199 M
EV / Sales 2021 25,0x
EV / Sales 2022 19,3x
Nbr of Employees 5 977
Free-Float 49,2%
Chart NAURA TECHNOLOGY GROUP CO., LTD.
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NAURA Technology Group Co., Ltd. Technical Analysis Chart | 002371 | CNE100000ML7 | MarketScreener
Technical analysis trends NAURA TECHNOLOGY GROUP CO., LTD.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 11
Last Close Price 432,00 CNY
Average target price 266,64 CNY
Spread / Average Target -38,3%
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Managers and Directors
Hai Hong Tao General Manager & Director
Yan Hui Li Chief Financial Officer
Jin Rong Zhao Chairman
Xue Xin Zhao Chairman-Supervisory Board
Yue Liu Independent Director