Red Star Development: Stock price abnormal fluctuations, first quarter revenue and net profit both declined
Hongxing Development has announced that its stock experienced abnormal fluctuations, with its price increasing by over 20% in three trading days. The company has clarified that there are no undisclosed material events. In the first quarter of 2026, Hongxing Development reported a 11.23% decrease in revenue to 473 million yuan and a 2.25% decrease in net profit to 28.65 million yuan. The company also noted that its current price-to-earnings ratio is significantly higher than the industry average, warning investors of potential risks. AI