CCSC Technology International Holdings Limited - CCTG STOCK NEWS

CCSC Technology International Holdings (Nasdaq: CCTG) reported financial results for fiscal year 2024. Revenue decreased by 38.7% to $14.7 million, compared to $24.1 million in FY 2023. Gross profit fell by 50.1% to $3.9 million, with gross margin declining to 26.6%. The company reported a net loss of $1.3 million, compared to a net income of $2.2 million in the previous year.

Despite challenges, CCSC highlighted strategic initiatives including its Nasdaq listing in January 2024, a cooperation agreement with Innogetic International to explore AI applications in manufacturing, and plans for a European supply chain management center in Serbia. The company remains focused on innovation, operational efficiencies, and market expansion to drive future growth.

CCSC Technology International Holdings, a Hong Kong-based company listed on Nasdaq under the symbol CCTG, has entered into an international purchase agreement with SHI / LIGHTCARE-SOLUTIONS ApS, a Danish healthcare lighting design and supply company. Under this agreement, CCSC will manufacture and supply healthcare lighting products based on SHI's designs to customers in the Asia Pacific region. The agreement projects an annual purchasing amount starting at €0.50 million (approximately US$0.54 million) in 2025, increasing to €3.50 million (approximately US$3.76 million) by 2030. CEO Kung Lok Chiu highlighted that this partnership aligns with CCSC's strategic goal of diversifying its product portfolio and expanding into the healthcare sector, expecting significant growth for both companies.

On June 13, 2024, CCSC Technology International Holdings (Nasdaq: CCTG), a Hong Kong-based interconnect products manufacturer, announced a strategic cooperation with Innogetic International

The agreement, signed on May 22, 2024, focuses on leveraging digital technologies like AI to enhance manufacturing processes. The companies will establish a joint venture in Hong Kong to facilitate this collaboration, sharing information and expertise to drive advancements in AI applications within manufacturing.

CEO Mr. Kung Lok Chiu emphasized the potential for significant growth and innovation through this partnership, aiming to enhance CCSC's position in the industry.

On May 16, 2024, CCSC Technology International Holdings announced plans to build a new supply chain management center in Merosina, Serbia. The 50,000-square-meter facility will commence construction in August 2024 and is slated for completion in 2025. This center will become the headquarters for CCSC's supply chain operations in Europe and will utilize advanced automation and storage technology. CCSC has established a new subsidiary, CCSC Technology Doo Beograd, to oversee operations. The project, fully supported by the Merosina government, has an estimated investment of $6 million. CEO Kung Lok Chiu emphasized that this initiative is part of a strategic plan to enhance business agility and support long-term growth.

CCSC Technology International Holdings has appointed Jung Yi Chiu as the Chief Strategy Officer, effective May 1, 2024. Mr. Chiu brings over 30 years of experience in sales, marketing, and business development within the electronics industry. His track record includes driving strategic initiatives and fostering innovations to enhance growth and profitability.

CCSC Technology International Holdings Limited (CCTG) reports a decrease in revenue and gross profit for the first six months of fiscal year 2024, with stable gross margins. The company completed an IPO on Nasdaq under the ticker symbol 'CCTG' to enhance global competitiveness. Despite macroeconomic challenges, CCSC plans to focus on growing industries like new energy, robotics, and medical, while continuing to invest in R&D for innovative products.

CCSC Technology International Holdings Limited (CCTG) announced the full exercise of the over-allotment option by the underwriters of its initial public offering, resulting in the sale of an aggregate 1,581,250 ordinary shares for gross proceeds of US$6.325 million. The company's ordinary shares began trading on the Nasdaq Capital Market on January 18, 2024, under the ticker symbol 'CCTG'. The proceeds from the Offering will be used primarily for upgrading facilities, management systems, marketing efforts, expanding the sales team, research and development, strategic acquisitions, and working capital. The Offering was conducted on a firm commitment basis, with Revere Securities LLC and R.F. Lafferty & Co., Inc. acting as the underwriters. Registration statements on Form F-1 relating to the Offering were filed with the U.S. Securities and Exchange Commission and were declared effective in December 2023 and January 2024. This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the Company’s securities.

CCSC Technology International Holdings Limited (CCTG) recently closed its initial public offering, raising $5.5 million from the sale of 1,375,000 ordinary shares at $4.00 per share. The company will use the proceeds for facility upgrades, marketing, research and development, strategic acquisitions, and general corporate purposes. The Offering was conducted on a firm commitment basis, with Revere Securities LLC and R.F. Lafferty & Co., Inc. acting as the underwriters. The company's shares began trading on the Nasdaq Capital Market on January 18, 2024, under the ticker symbol 'CCTG'.

CCSC Technology International Holdings Limited (CCTG) announced the pricing of its initial public offering (IPO) of 1,375,000 ordinary shares at a public offering price of US$4.00 per ordinary share. The IPO is expected to generate aggregate gross proceeds of US$5.5 million before deducting underwriting discounts and other related expenses. The company's ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on January 18, 2024 under the ticker symbol 'CCTG'. Additionally, the underwriters have been granted a 45-day option to purchase up to an additional 206,250 ordinary shares at the public offering price, less underwriting discounts.