Hong Kong drink maker Vitasoy’s profits sink after mainland China boycott sparked by leaked memo controversy

Nov 25, 2021 | INVESTING

Hong Kong beverage company Vitasoy saw its profits tank in the six months to the end of September as business took a huge hit from boycotts in mainland China that at one point saw the iconic soy drink being pulled from shelves.Revenue slid 18 per cent to HK$3.6 billion (US$460 million) in the period, according to a filing to the stock exchange on Thursday. Net income plummeted 95 per cent to HK$32.8 million, dented by a fall in sales in mainland China, even as its operations in other markets…

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