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On April 30, CCB International published a research report. Based on the banks unchanged forecast of 13 times the price-to-earnings ratio for fiscal year 2025, it lowered Li Nings (02331.HK) target price by 6% from HK$15.4 to HK$14.5, and maintained a "neutral" rating. The report pointed out that Li Nings retail sales in the first quarter of 2025 increased by low single digits year-on-year, which was basically in line with the banks and market expectations. The companys performance continued to lag behind its major peers, reflecting the continued loss of market share. The bank pointed out that Li Nings sales have been weak since April, with no obvious signs of improvement. Offline sales continue to be dragged down by slowing store traffic. The bank expects this difficult operating environment to continue until the second quarter of 2025. At present, the bank maintains its forecast of 1% full-year revenue growth in fiscal year 2025.On April 30, CCB International published a research report, raising the target price of Zhaojin Mining (01818.HK) by 35% from HK$16.4 to HK$22.1, and maintaining the "outperform" rating. The report pointed out that Zhaojins profit in the first quarter of 2025 exceeded expectations, with revenue increasing by 54% year-on-year, net profit increasing by 198% year-on-year, and gross profit margin expanding to 50.3%, the highest level since the fourth quarter of 2021. Net profit in the first quarter of 2025 also hit a record high. The bank is optimistic about the outlook for gold production, raising Zhaojins self-produced gold production forecast by 8% to 18.3 tons in 2025 and by 10% to 25.3 tons in 2026. The bank raised its gold price forecast for 2025 by 12% to US$3,115 per ounce and its gold price forecast for 2026 by 16% to US$3,300 per ounce.The main crude oil futures contracts fell in the short term, with SC crude oil falling nearly 3%, low-sulfur fuel oil falling more than 2%, and fuel oil and asphalt falling more than 1%.The Hong Kong-listed company Grand Slam Group (03390.HK) saw its share price increase by 45% at one point, with a total market value of HK$460 million.The main contract of low-sulfur fuel oil (LU) fell 2.00% during the day and is now trading at 3,417.00 yuan/ton.

Fugitive Turkish crypto fraud suspect arrested in Albania resort

Jimmy Khan

Aug 31, 2022 14:31

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The creator of the cryptocurrency exchange Thodex, a fugitive Turkish national sought by Interpol for alleged cryptocurrency fraud, was apprehended by Albanian police on Tuesday, according to authorities and media.


Faruk Fatih Ozer has been named as the suspect by Turkish and Albanian media. According to the Turkish interior ministry, extradition processes have begun.


Police identified the suspect only by his initials, F.O., and said that the 28-year-old was taken into custody in Himare, a southern vacation town, along with two Albanian assistance, as part of operation Brain.


According to a statement from the police, "Operation 'Brain' was organized and completed" after "several searches in many locations of the nation based on the information acquired on the operational route concerning the presence of a person highly sought by Turkish justice."


F.O., a 28-year-old Turkish national, was captured and arrested as part of this operation.


According to the statement, bank cards, mobile devices, and computers were confiscated by police.

When Turkish police conducted a raid on Thodex last year, it was conducting daily cryptocurrency trading worth hundreds of millions of dollars. Six suspects, including business officials and Ozer's brother and sister, were detained and ultimately imprisoned.


Interpol had issued a red notice for Ozer at Turkey's request after he had taken a flight to Albania before the company's issues became public knowledge and the website was shut down.


Sevgi Erarslan, a lawyer for Thodex, had earlier claimed that the exchange's failure was caused by both a hacking attempt and the excessive volatility of several crypto currencies. She said that the fraud suspicions were unfounded.


Additionally, Erarslan said that the business compensated the more than 800 individuals who lost money when the exchange failed.


Later, when certain local exchanges were being looked into for fraud, Turkish authorities outlawed the usage of cryptocurrency assets for payments. Turkey has seen a surge in the use of digital currencies, driven by growing inflation and a decline in the value of the lira.

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