China Natural Resources Inc. (NASDAQ:CHNR) Stock Continues to Fall: Down 22% in a Week
China Natural Resources Inc. (NASDAQ:CHNR) dropped 11%, and the stock has plunged 22% in a week on no news. Recently, the company announced its financial results for the year ended December 31, 2021. CEO Wong Wah On Edward said that the COVID-19 pandemic significantly impacted the company’s operations. In addition, he said that the pandemic slowed the company’s strategic diversification into other natural resource sectors and health care.
Most importantly, in January 2021, the company closed a private placement with some institutional investors for approximately $7.3 million, which helped the company’s balance sheet. In addition, the company acquired a 9.7% interest in Feishang Anthracite Resources Limited.
Recently, the company appointed pharmaceutical sector executive Peng Wenlie as its VP effective March 22, 2021. Peng bring over 20 years of industry experience and will report to the CEO of the company. Wong said they are delighted to have Peng as a VP because he shares its positive outlook for massive diversification opportunities of operations and expansion of the addressable market. So, in the coming months, CHNR is a stock to watch.
Market Reaction:
On Monday, CHNR stock fell 11.46% at $1.39 with more than 204K shares, compared to its average volume of 149k shares. The stock has moved within a range of $1.3800 – 1.5399 after opening the trade at $1.52. Over the past 52-week, the stock has been trading within a range of $1.0200 – 3.6500.
