Recon Technology Receives Nasdaq Delisting Determination; Submits Appeal
- Recon Technology Delisting: Recon Technology, Ltd. received a delisting notice from Nasdaq due to failure to meet the minimum bid price rule, with trading of its ordinary shares set to be suspended on May 2, 2024.
- Appeal and Consolidation: The company has appealed the delisting determination to a Hearings Panel, and a consolidation of its Class A ordinary shares is expected to take effect on May 1, 2024.
- About Recon Technology: Recon Technology, Ltd. is China's first NASDAQ-listed non-state owned oil and gas field service company, providing advanced technologies to major oil exploration companies in China.
- Forward-Looking Statements: The press release includes forward-looking statements about Recon's strategy, plans, intentions, and beliefs regarding future occurrences or results, subject to risks and uncertainties.
- Cautionary Note: Recon emphasizes that forward-looking statements are based on assumptions and factors that may change, urging readers to consider risks and uncertainties disclosed in SEC filings.
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Recon Achieves Milestone: Construction of Chemical Recycling Plant Completed as Project Approaches Production Start
Project Milestone: Recon Technology Ltd. announced the successful topping out of its 40,000-ton-per-year waste plastic chemical recycling project in Shandong, marking a significant step towards equipment installation and commissioning.
Investment and Returns: The company has invested over $15 million into the project, which is expected to generate annual returns of approximately $30 million upon full completion by November 2025.
Technological Innovations: The project utilizes advanced technologies including a dual-process approach of catalytic pyrolysis and catalytic reforming, aimed at enhancing the value of pyrolysis oil produced from difficult-to-recycle plastic waste.
Future Goals: CEO Yin Shenping emphasized the commitment to establishing the facility as a leading benchmark in plastic recycling, focusing on operational efficiency, environmental performance, and compliance with international sustainability certifications.
Analysts’ Opinions Are Mixed on These Energy Stocks: ARC Resources (OtherAETUF) and Recon Technology (RCON)
ARC Resources Analysis: Analysts maintain a Buy rating on ARC Resources with a price target of C$32.00, indicating a strong buy consensus and potential upside from current share prices.
Recon Technology Rating: Recon Technology receives a Hold rating from analysts, reflecting a cautious outlook with no significant growth expectations.
Recon Technology, Ltd Reports Financial Results for the First Six Months of Fiscal Year 2025
Financial Performance Overview: Recon Technology, Ltd reported a revenue decrease to RMB42.1 million ($5.8 million) for the first six months of fiscal 2025, down 7% from the previous year, while gross profit increased to RMB13.4 million ($1.8 million), resulting in an improved gross margin of 31.7%. The net loss decreased to RMB20.7 million ($2.8 million) compared to RMB23.1 million ($3.2 million) in the same period last year.
Future Outlook and Developments: CEO Shenping Yin highlighted an anticipated rebound in business, particularly in digital solutions and oilfield environmental protection sectors, alongside significant progress in a chemical recycling plant project set to begin construction in April 2025.
Recon Technology, Ltd Reports Financial Year Results for Fiscal Year 2024
Financial Performance Overview: Recon Technology, Ltd reported a 2.6% increase in total revenue to RMB68.8 million ($9.5 million) for the fiscal year ending June 30, 2024, with gross profit rising to RMB20.9 million ($2.9 million) and a reduced net loss of RMB51.4 million ($7.1 million), down from RMB61.4 million ($8.5 million) in the previous year.
Future Growth Prospects: The CEO highlighted opportunities for growth in the oil industry as China's investment continues, with plans to expand into broader energy sectors, including carbon-zero initiatives and chemical recycling, while also anticipating increased business volume in oilfield services.
Recon Technology Regains Nasdaq Compliance; Hearing Moot
Recon Technology receives Nasdaq delisting determination
Recon Achieves Milestone: Construction of Chemical Recycling Plant Completed as Project Approaches Production Start
Project Milestone: Recon Technology Ltd. announced the successful topping out of its 40,000-ton-per-year waste plastic chemical recycling project in Shandong, marking a significant step towards equipment installation and commissioning.
Investment and Returns: The company has invested over $15 million into the project, which is expected to generate annual returns of approximately $30 million upon full completion by November 2025.
Technological Innovations: The project utilizes advanced technologies including a dual-process approach of catalytic pyrolysis and catalytic reforming, aimed at enhancing the value of pyrolysis oil produced from difficult-to-recycle plastic waste.
Future Goals: CEO Yin Shenping emphasized the commitment to establishing the facility as a leading benchmark in plastic recycling, focusing on operational efficiency, environmental performance, and compliance with international sustainability certifications.
Analysts’ Opinions Are Mixed on These Energy Stocks: ARC Resources (OtherAETUF) and Recon Technology (RCON)
ARC Resources Analysis: Analysts maintain a Buy rating on ARC Resources with a price target of C$32.00, indicating a strong buy consensus and potential upside from current share prices.
Recon Technology Rating: Recon Technology receives a Hold rating from analysts, reflecting a cautious outlook with no significant growth expectations.
Recon Technology, Ltd Reports Financial Results for the First Six Months of Fiscal Year 2025
Financial Performance Overview: Recon Technology, Ltd reported a revenue decrease to RMB42.1 million ($5.8 million) for the first six months of fiscal 2025, down 7% from the previous year, while gross profit increased to RMB13.4 million ($1.8 million), resulting in an improved gross margin of 31.7%. The net loss decreased to RMB20.7 million ($2.8 million) compared to RMB23.1 million ($3.2 million) in the same period last year.
Future Outlook and Developments: CEO Shenping Yin highlighted an anticipated rebound in business, particularly in digital solutions and oilfield environmental protection sectors, alongside significant progress in a chemical recycling plant project set to begin construction in April 2025.
Recon Technology, Ltd Reports Financial Year Results for Fiscal Year 2024
Financial Performance Overview: Recon Technology, Ltd reported a 2.6% increase in total revenue to RMB68.8 million ($9.5 million) for the fiscal year ending June 30, 2024, with gross profit rising to RMB20.9 million ($2.9 million) and a reduced net loss of RMB51.4 million ($7.1 million), down from RMB61.4 million ($8.5 million) in the previous year.
Future Growth Prospects: The CEO highlighted opportunities for growth in the oil industry as China's investment continues, with plans to expand into broader energy sectors, including carbon-zero initiatives and chemical recycling, while also anticipating increased business volume in oilfield services.
Recon Technology Regains Nasdaq Compliance; Hearing Moot
Recon Technology receives Nasdaq delisting determination
