Fenzhui Group discloses “stock-trading losses of 56 million yuan,” and former CEO Zhang Xiaolong previously boasted last month that he earned 53 million yuan a month trading stocks.

PANews July 28 news: Hong Kong-listed company Mofei Group (02469.HK) today released a mid-term performance outlook, disclosing that between July 1 and July 7 it sold several ETF products and listed securities purchased through the public market, recording total investment losses of about $8.3 million (approximately RMB 56.15 million). As of the close of last Friday (July 24), among its investments measured at fair value with changes recognized in profit or loss for the current period, it still held listed securities of three public companies with a total value of about $8.5 million. The board said it will closely monitor the performance of the investment portfolio.

Earlier on June 3, Mofei CEO Zhang Xiaolong said at a lecture at Renmin University of China that last month he used $80 million in cash to enter the market and made RMB 53 million in a month, and advised students, “It’s best to trade tech stocks—an even better choice is to trade U.S. stocks.” After swearing and leaving due to the cold reaction from the audience, he left the venue. At the beginning of the month, Zhang Xiaolong had already stepped down from roles including executive director, CEO, and chairman of the board of Mofei. Today, Mofei’s share price at one point plunged nearly 17%, hitting a historic low.