Stock Alert: Secoo Holding Shares Up 36% In Premarket

(RTTNews) - Shares of Secoo Holding Ltd. (SECO) are rising over 36% in pre-market today, following the company's Q4 results.

Net income attributable to ordinary shareholders of Secoo Holding for the fourth quarter was RMB41.0 million (US$5.9 million), compared to RMB46.5 million last year. Net earnings per American Depositary Share or ADS were RMB0.79 (US$0.11) compared to RMB0.89 reported for the fourth quarter of 2018.

Non-GAAP net earnings per ADS were RMB0.78 (US$0.11) versus RMB1.01 earned a year ago.

Total revenues increased 13.8% to RMB2,040.1 million (US$293.0 million) from RMB1,792.6 million for Q4 2018.

Number of active customers increased by 50.9% to 612.5 thousand for Q4 2019 from 406.0 thousand for Q4 2018.

Shaojun Chen, Chief Financial Officer of Secoo, said, "...Entering into 2020, considering the shock on the macroeconomy brought by the COVID-19 epidemic in the first quarter and its enduring impact in the quarters ahead, we currently tend to keep a conservative view on our business performance. Despite the challenging market environment, we will continue to pursue solid organic growth and explore valuable partnerships to enhance our suite of offerings and strengthen our brand leadership in the market. We believe our core capability will support us to achieve long-term corporate goal and maximize shareholder value."

Separately, the company announced that its Board of Directors has approved a share repurchase program, whereby Secoo is authorized to repurchase its own Class A ordinary shares in the form of American Depositary Shares with an aggregate value of up to US$20 million during the next twelve-month period, starting from April 30, 2020, the effective date of the program.

The stock has been trading in the range of $2.13 - $10.11 for the past one year, and closed Wednesday's trade at $2.64, up 36 cents or 15.79%. SECO is currently trading at $3.55, up 94 cents or 36.02% in the pre-market trading session.