Fenbi Group disclosed "stock trading losses of 56 million yuan", former CEO Zhang Xiaolong had boasted about monthly stock trading gains of 53 million yuan last month.

Hong Kong-listed company Fenbi Group (02469.HK) announced its interim results forecast today, disclosing that it sold certain ETF products and listed securities purchased through the public market between July 1 and July 7, recording a total investment loss of approximately US$8.3 million (approximately RMB 56.15 million). As of the market close last Friday (July 24), its investments measured at fair value through profit or loss still held listed securities of three public companies with a total value of approximately US$8.5 million. The board of directors stated that it will closely monitor the performance of the investment portfolio. Previously, on June 3, Fenbi CEO Zhang Xiaolong stated in a lecture at Renmin University of China that he had earned 53 million yuan in one month by investing 80 million yuan in cash in the market last month, and advised students that "it is best to speculate in technology stocks, and even better to speculate in US stocks." He then left the stage after using profanity due to the lukewarm reaction from the audience. Earlier this month, Zhang Xiaolong resigned from his positions as Executive Director, CEO, and Chairman of the Board of Fenbi. Fenbi's stock price once plunged nearly 17% today, hitting a historical low.