Car tech firm iMotion shares slump 13% in Hong Kong debut
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Chinese auto tech startup iMotion saw its stock slump 13% in its Hong Kong debut, reflecting concerns about its heavy reliance on a single client in a competitive market. The company generates about 95% of its revenue from Geely, making it vulnerable to instability if it loses its biggest client. iMotion posted revenue of RMB 543 million ($76 million) and a net loss of RMB 100 million in the first half of 2023. Losses are expected to continue in the foreseeable future.
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