李聲揚：New World sheds Aerospace City to stem bleeding; survival doesn't mean share price must rise

New World Development (0017) posted a full-year loss of $28.1 billion, with net asset value per share substantially eroded, yet its shares opened high last Friday and at one point rose 10%, before falling back 4%, a decline similar to other developers. Lee Sing-yeung pointed out that netizens mistakenly subtracted a market capitalisation of about $15 billion from a loss of nearly $30 billion, thinking the market cap would be "wiped out"; the two figures cannot be simply added or subtracted in this way. Survival does not mean the share price must rise.