9th Nov 2015 08:40
LONDON (Alliance News) - Chinese e-commerce company JQW PLC on Monday said its 2015 profit is set to fall year-on-year as the suspension of its operations in China goes on.
The company said it is continuing to work closely with Administration of Industry and Commerce to meet all the requirements needed to restart its operations in the country. It will only be able to restart once the go-ahead is given by the Chinese government.
In September, the company said it had been fined CNY18,000 and handed penalty of a one-month suspension after it was found to have violated Chinese advertisement law, advertisement management regulations, and laws prohibiting of pyramid selling. Its operations have been suspended since then.
"The board is reviewing the financial impact of the suspension on the company. However it no longer considers that profit for the full year will be of a similar magnitude to last year," the company said.
JQW shares were down 11% to 5.20 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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