Conba Clarifies USD15 Billion Annual Sales Target is Chairman’s Own Vision, Not Official Forecast

Conba Clarifies USD15 Billion Annual Sales Target is Chairman’s Own Vision, Not Official Forecast

Dou Shicong

Date: Thu, 10/12/2017 - 17:12 / Keywords: Zhejiang Conba Pharmaceutical, Hu Jiqiang, Clarification
Conba Clarifies USD15 Billion Annual Sales Target is Chairman’s Own Vision, Not Official Forecast
Conba Clarifies USD15 Billion Annual Sales Target is Chairman’s Own Vision, Not Official Forecast

(Yicai Global) Oct. 12 -- Zhejiang Conba Pharmaceutical Co. [SHA:600572] clarified that the CNY100 billion (USD15.18 billion) annual sales goal previously mentioned by its chairman Hu Jiqiang is his own personal vision, rather than the company's official forecast and target.

If Conba maintains its average annual growth rate of more than 30 percent over the next ten years, annual sales will reach CNY100 billion, Hu said at an entrepreneurs’ conference in Hangzhou on Sept. 30. The company’s growth is expected to reach 40 to 50 percent this year, he added.

Multiple media outlets picked up on Hu’s speech, leading to today’s clarification by the company.

Conba’s operating income for the first half of this year reached CNY2.34 billion, an annual increase of 21.34 percent, while annual growth last year was 13.55 percent.

The firm also acknowledged its inadequate implementation of information disclosure rules by its chairman, which has brought dissatisfaction among investors. Conba will work to ensure that only objective, truthful and accurate information is released in the future.

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Keywords: Zhejiang Conba Pharmaceutical, Hu Jiqiang, Clarification