HC Group posts loss in 2019

Hong Kong, 27th March: Last week, the HC Group, an online B2B information services provider in China, reported total revenues of US$2.1 billion for the year ended 31st December 2019. That represents growth of 41% year-on-year. The revenue growth was mainly from HC’s smart industries business managed on its B2B trading platforms.

However, the company recorded net loss of US$66 million in the year, compared with a net profit of US$93 million in 2018. The company attributed the loss to: (i) customers were more cautious in terms of their spending; (ii) a one-time provision for goodwill and intangible assets impairment; and (iii) the company’s rising spend on R&D.