TIDMAIQ
RNS Number : 6405H
AIQ Limited
31 July 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014, WHICH IS PART OF UK LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.
31 July 2023
For Immediate Release
AIQ Limited
("AIQ" or the "Company" or, together with Alchemist Codes and
Alcodes International, the "Group")
Interim Results
The Board of AIQ (LSE: AIQ) announces the Company's unaudited
consolidated interim results for the six months ended 30 April
2023.
Summary
-- Completed a contract to supply a non-fungible token ("NFT")
marketplace for education applications in Hong Kong
-- Awarded a contract to supply a virtual data centre
-- Revenue for the six months ended 30 April 2023 was GBP73k (H1 2022: GBP361k)
-- Net loss for the period was GBP353k (H1 2022: GBP202k loss)
-- Cash and cash equivalents of GBP329k at 30 April 2023 (31 October 2022: GBP636K)
Harry Chathli, Chairman of AIQ, said: " The first half results
were in line with management's expectations and reflect the
challenging market conditions and impact of the macro-economic
climate on NFT and other blockchain-based projects. We completed
the delivery of our project from last year and also commenced a new
contract in the first half that was completed in the second
half.
"At the time of the full year results earlier this year, we
noted that we were continuing to receive interest, but that the
revenues would be second half weighted. We remain hopeful of
signing a new substantive contract in the second half of this year,
but we do not expect full revenue recognition from this contract in
this fiscal year. Consequently, we anticipate revenues for the full
year 2023 to be substantially below that of last year. We continue
to maintain tight cost control and lower our expenditure levels. We
have vacated our premises in Malaysia and are consolidating our
operations in Malaysia with those in Hong Kong thereby reducing our
cost level by GBP100k on an annualised basis. We are pleased that
our supportive shareholders have extended the deadline for
repayment of their loan by 12 months from its due date in 2024.
Additionally, the Board is keeping all its strategic options open
should the markets not turn favourable in the short- to mid-term.
"
Enquiries
AIQ Limited c/o +44 (0)20 4 582
3500
Harry Chathli, Chairman
--------------------
Guild Financial Advisory Limited
(Financial Adviser) +44 (0) 7973839767
--------------------
Ross Andrews
--------------------
Gracechurch Group (Financial PR) +44 (0)20 4582 3500
--------------------
Claire Norbury
--------------------
Operational Review
During the six months to 30 April 2023, AIQ completed the
delivery of a contract to supply an NFT platform. It has been built
to enable art schools and education centres in Hong Kong assist
their students in publishing NFTs on a blockchain platform. The
Group performed the role of project manager and subcontracted the
technical delivery (such that the net benefit to the Group is the
margin earned on the contract).
Towards the end of the period, the Group was awarded a contract,
by a new customer, to set up a virtual data centre. As with the NFT
marketplace, the Group's role is project manager. The Group has
delivered the initial phase of the project as planned. This
comprised a feasibility study into building the data centre on
three different non-cryptocurrency public blockchains, in
accordance with the customer's requirements. Based on the findings
of the feasibility study, the customer has decided to reevaluate
its plans to build a virtual data centre. Accordingly, while the
Group expects to be awarded further work from this customer under
new contracts in due course, for this initial project the Group
will now receive approximately 35% of the contract value announced
on 27 March 2023.
During the period, the Board resolved to not renew the lease on
its Malaysian office, which was due to expire in July 2023, and to
formally close its Malaysian subsidiary, which is expected to occur
by the end of the year. The Group's business has been primarily
conducted from Hong Kong since the establishment of Alcodes
International in Hong Kong and the divestment of the Group's
Malaysia-based e-commerce business. Accordingly, the Group expects
to recognise further cost savings of approximately GBP100k on an
annualised basis by winding down its Malaysian operations.
Financial Review
Revenue for the six months ended 30 April 2023 was GBP73k (H1
2022: GBP361k). The revenue was primarily based on delivery under
the data centre contract with a small proportion contributed by the
NFT platform contract.
The Group recognised a gross profit of GBP71k (H1 2022:
GBP115k), which reflects the lower revenues.
Administrative expenses were reduced to GBP286k (H1 2022:
GBP392k) as the Group continued to implement cost reduction
measures. However, this was offset by a net loss on foreign
exchange of GBP121k (H1 2022: GBP70k gain) due to the weakening of
the Pound against the Malaysian Ringgit and Hong Kong Dollar.
Accordingly, operating loss was GBP337k (H1 2022: GBP207k
loss).
Net finance costs were GBP16k compared with net finance income
of GBP5k for the first half of the previous year. The increase in
costs relates to the accrual of interest on the convertible loan
notes that were issued during the previous year.
Loss before tax for the period was GBP353k (H1 2022: GBP202k
loss) and the loss per share was 0.5 pence (H1 2022: 0.3 pence loss
per share).
The Group had cash and cash equivalents of GBP329k at 30 April
2023 (31 October 2022: GBP 636k).
Outlook
The environment for NFT and other blockchain-based projects has
remained challenging as a result of the impact of the
macro-economic conditions as well as the volatility in the crypto
markets. During the second half of the year, the Group completed
delivery of the new contract won in the first half and continues to
receive interest in its services and solutions. AIQ is hopeful of
signing a new substantive contract in the second half, however, it
does not expect full revenue recognition from this contract in the
current fiscal year. Consequently, AIQ anticipates revenues for the
full year 2023 to be substantially below that of last year.
The Group continues to maintain tight cost control and lower its
expenditure levels. It has vacated its premises in Malaysia and is
in the process of consolidating its operations in Malaysia with its
operations in Hong Kong, which is expected to reduce costs by
GBP100k on an annualised basis.
In H1 2023, the Group had cash outflows from operating
activities of GBP353k and its cash position is approximately
GBP200k at the date of this report. The Board continues to monitor
the Group's cash position closely. It considers the Group to be a
going concern, but, as set out in Note 2 to the financial
statements, has identified a material uncertainty in this regard.
The Board is pleased that, as also announced today, the Group's
supportive shareholders have extended the deadline for the
repayment of the convertible loan notes by 12 months from the due
date in 2024. Additionally, the Board is keeping all its strategic
options open should the markets not turn favourable in the short-
to mid-term.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 APRIL 2023
Six months Six months
ended ended Year ended
Note 30 April 30 April 31 October
2023 2022 2022
Unaudited Unaudited Audited
GBP GBP GBP
Revenue 5 72,960 361,061 498,388
Cost of sales (2,238) (246,097) (384,462)
------------- ------------- -------------
Gross profit/(loss) 70,722 114,964 113,926
Other income - - 12,202
(68 2,722
Administrative expenses (286,065) (391,791) )
Impairment charge 8 - - (133,682)
(Loss)/gain on foreign
exchange (121,208) 69,985 7 4,031
Operating loss (336,551) (206,842) (616,245)
Finance income 102 9,184 273
Finance costs (16,399) (4,563) (24,934)
Loss before taxation (352,848) (202,221) (640,906)
Taxation - - -
------------- ------------- -------------
Loss attributable to
equity holders of the
Company (352,848) (202,221) (640,906)
============= ============= =============
Other comprehensive
income (as may be reclassified
to profit and loss in
subsequent periods, net
of taxes):
Exchange difference on
translating foreign operations 80,045 (21,110) (2,902)
Comprehensive income
attributable to equity
holders of the Company ( 272,803) ( 223,331) ( 643,808)
============= ============= =============
Earnings per share basic
and diluted (GBP) 7 (0.005) (0.003) (0.010)
The accompanying notes form an integral part of these
consolidated financial statements
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023
Note As at As at
30 Apr 31 Oct
2023 2022
Unaudited Audited
GBP GBP
Assets
Non-current assets
Property, plant and
equipment 10,881 12,270
Right of use assets 23,628 73,026
Rental deposits - -
---------------- ------------
34,509 85,296
Current assets
Trade and other receivables 105,452 66,408
Cash and cash equivalents 329,364 636,459
---------------- ------------
Total current assets 434,816 702,867
---------------- ------------
Total assets 469,325 788,163
---------------- ------------
Equity and liabilities
Capital and reserves
Share capital 10 647,607 647,607
Share premium 6,019,207 6,019,207
Share warrant reserve 11 12,000 12,000
Foreign currency translation
reserve 86,473 6,428
Accumulated losses (6,984,154) (6,631,306)
---------------- ------------
Total equity (218,867) 53,936
---------------- ------------
Liabilities
Current liabilities
Trade payables 9,434 -
Accruals and other payables 125,388 137,714
Lease restoration provision 9 27,750 18,500
Lease liabilities 25,620 78,013
Total current liabilities 188,192 234,227
---------------- ------------
Non-current liabilities
Convertible loan notes 12 500,000 500,000
---------------- ------------
Total non-current
liabilities 500,000 500,000
---------------- ------------
Total equity and
liabilities 469,325 788,163
---------------- ------------
The accompanying notes form an integral part of these
consolidated financial statements
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 APRIL 2023
Share Foreign
warrant currency
Share Share reserve translation Accumulated Total
capital premium reserve losses equity
GBP GBP GBP GBP GBP GBP
Balance as at 31 ( 5,990,400
October 2021 (Audited) 647,607 6,019,207 - 9,330 ) 685,744
Total comprehensive
loss for the
period - - - (21,110) (202,221) (223,331)
Balance at 30 April
2022 (Unaudited) 647,607 6,019,207 - (11,780) (6,192,621) 462,413
========== ========== ========= ============= ============== ==============
Balance as at
31 October 2022
(Audited) 647,607 6,019,207 12,000 6,428 (6,631,306) 53,936
---------- ---------- --------- ------------- -------------- -----------------
Total comprehensive
loss for the ( 352,848
period - - - 80,045 ) (272,803)
Share warrant
reserve - - - - - -
Balance at 30 April
2023 647,607 6,019,207 12,000 86,473 (6,984,154) (218,867)
---------- ---------- --------- ------------- -------------- --------------
Share premium - Represents amounts received in excess of the
nominal value on the issue of share capital less any costs
associated with the issue of shares.
Accumulated losses - The accumulated losses reserve includes all
current and prior periods retained profits and losses.
Share warrant reserve - Amount arising on the issue of warrants
during the period.
Translation reserve - The translation reserves includes foreign
exchange movements on translating the overseas subsidiaries
records, denominated MYR and HK$, to the presentational currency,
GBP.
The accompanying notes form an integral part of these
consolidated financial statements
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 APRIL 2023
Six months Six months Year ended
ended ended 31 October
30 April 30 April 2022
2023 2022
Unaudited Unaudited Audited
GBP GBP GBP
Cash flows from operating activities
Loss before taxation (352,848) (202,221) (640,906)
Adjustments for:-
Depreciation 50,218 117,383 123,272
Impairment charge - - 133,682
Loss on disposal of fixed assets - - 10,467
Share based payment charge (6,000) - 1,000
Write off tax receivable - - 24,493
Lease restoration cost 9,250 - 18,500
Interest income (102) (9,184) (273)
Interest expense 16,399 - 24,934
Foreign exchange 1,482 (57,595) (16,891)
-------------- ------------- -------------
Operating loss before working
capital changes (281,601) (151,617) (321,722)
(Increase)/decrease in receivables (33,957) (34,886) 103,115
Decrease in payables (2,892) (15,840) (108,025)
Cash used in operations (318,450) (211,459) (326,632)
Interest received 102 9,184 273
-------------- ------------- -------------
Net cash used in operating activities (318,348) (202,275) (326,359)
-------------- ------------- -------------
Cash flows from investing activities
Proceeds from sale of fixed assets - - 512
Net cash used in investing activities - - 512
-------------- ------------- -------------
Cash flows from financing activities
Proceeds from issue of convertible
loan notes - 500,000 500,000
Interest on lease liability (14,995) - (7,879)
Repayment of lease liabilities (52,393) (55,862) (91,476)
Net cash inflow/(outflow) in
financing activities (67,388) 444,138 400,645
-------------- ------------- -------------
Net increase/(decrease) in cash
and cash equivalents (385,736) 241,863 74,798
Cash and cash equivalents at beginning
of the period 636,459 581,618 581,618
Effect of exchange rates on cash
and cash equivalents 78,641 28,158 (19,957)
Cash and cash equivalents at
end of the period 329,364 851,639 636,459
-------------- ------------- -------------
The non-cash movement from financing activities is GBP18,500
(2022: GBP5,555) on account of accrual of interest on loan notes
GBP12,500 (refer to Note 13) and share-based payment charge
GBP6,000 (refer to Note 12).
The accompanying notes form an integral part of these
consolidated financial statements
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
1. GENERAL INFORMATION
AIQ Limited ("the Company") was incorporated and registered in
The Cayman Islands as a private company limited by shares on 11
October 2017 under the Companies Law (as revised) of The Cayman
Islands, with the name AIQ Limited, and registered number
327983.
The Company's registered office is located at 5th Floor Genesis
Building, Genesis Close, PO Box 446, Cayman Islands, KY1-1106.
The Company has a standard listing on the London Stock
Exchange.
The consolidated financial statements include the financial
statements of the Company and its controlled subsidiaries (the
"Group").
2. PRINCIPAL ACTIVITIES
The principal activity of the Company is to seek acquisition
opportunities and to act as a holding company for a group of
subsidiaries that are involved in the technology sector.
The Group is an information technology (IT) solutions provider,
currently focused on the delivery of blockchain platforms in Asia
through the provision of IT consultancy.
3. ACCOUNTING POLICIES
a) Basis of preparation
The condensed consolidated interim financial statements have
been prepared in accordance with the Disclosure and Transparency
Rules of the Financial Conduct Authority and International
Accounting Standard 34 "Interim Financial Reporting" (IAS 34).
Other than as noted below, the accounting policies applied by the
Group in these condensed interim financial statements are the same
as those set out in the Group's audited financial statements for
the year ended 31 October 2021. These financial statements have
been prepared under the historical cost convention and cover the
six-month period to 30 April 2023.
These condensed financial statements do not include all of the
information required for a complete set of IFRS financial
statements. However, selected explanatory notes are included to
explain events and transactions that are significant to an
understanding of the changes in the Group's financial position and
performance since the audited financial statements for the year
ended 31 October 2022.
The condensed interim financial statements are unaudited and
have not been reviewed by the auditors and were approved by the
Board of Directors on 30 July 2023.
The financial information is presented in Pounds Sterling (GBP),
which is the presentational currency of the Company.
A summary of the principal accounting policies of the Group are
set out below.
b) Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the Company and its subsidiaries made up to the end
of the reporting period. Subsidiaries are entities over which the
Group has control. The Group controls an investee if the Group has
power over the investee, exposure to variable returns from the
investee, and the ability to use its power to affect those variable
returns.
The consolidated financial statements present the results of the
Company and its subsidiaries as if they formed a single entity.
Inter-company balances and transactions between Group companies are
therefore eliminated in full. The financial information of
subsidiaries is included in the Group's financial statements from
the date that control commences until the date that control
ceases.
c) Going concern
The financial statements are required to be prepared on the
going concern basis unless it is inappropriate to do so.
The Group incurred losses of GBP0.35 million during the period
and cash outflows from operating activities of GBP0.32 million. As
at 30 April 2023, the Group had net current assets of GBP0.25
million and cash of GBP0.33 million. The Group's cash position was
approximately GBP200,000 at the date of this report.
The Group meets its day-to-day working capital requirements
through cash generated from the capital it raised on admission to
the London Stock Exchange, the issue of the convertible loan notes
in the period (see note 10) and from the operations of its
subsidiaries.
Notwithstanding these actions, a material uncertainty exists
that may cast significant doubt on the Group's ability to continue
as a going concern with the uncertainty of future trading
performance giving rise to a material uncertainty over the going
concern status of the Group. The Directors consider the Group to be
a going concern but have identified a material uncertainty in this
regard.
4. SUBSIDIARIES
The consolidated financial statements include the financial
statements of the Company and its controlled subsidiaries (the
"Group") as follows:
Name Place of Registered address Principal Effective interest
incorporation activity
30.04.2023 31.10.2022
---------------- ----------------------- ---------------------- ----------- -----------
2-9, Jalan Puteri
4/8, Bandar
Puteri, 47100
Puchong, Selangor
Alchemist Darul Design and
Codes Sdn Ehsan development
Bhd Malaysia Malaysia of software 100% 1 00%
---------------- ----------------------- ---------------------- ----------- -----------
Room 47, Smart-Space
FinTech, Level
4, Core E, Cyberport
Alcodes International 3, 100 Cyberport Software
Limited* Hong Kong Road, Hong Kong and app development 100% 1 00%
---------------- ----------------------- ---------------------- ----------- -----------
* Held by Alchemist Codes Sdn Bhd.
5. REVENUE
Six months Six months Year
ended ended ended
30 April 30 April 31 October
2023 2022 2022
GBP GBP GBP
Sale of software products - 19,052 -
Software development
income 72,960 341,263 496,296
Merchant commission
income - 746 844
Other - - 1,248
Total 72,960 361,061 498,388
----------- ----------- ------------
All revenues were generated in Asia. An analysis of revenue by
the timing of the delivery of goods and services to customers for
the periods ended 30 April 2023, 30 April 2022 and the year ended
31 October 2021 is as follows:
30 April 2023 30 April 2023
Goods transferred Services transferred
at a point in over time
time
------------------- ---------------------
GBP GBP
------------------- ---------------------
Sale of software products - -
------------------- ---------------------
Software development income - 72,960
------------------- ---------------------
Cashback income - -
------------------- ---------------------
Other - -
------------------- ---------------------
Total - 72,960
------------------- ---------------------
30 April 2022 30 April 2022
Goods transferred Services transferred
at a point in over time
time
------------------ ---------------------
GBP GBP
------------------ ---------------------
Sale of software products - -
------------------ ---------------------
Software development income - 360,315
------------------ ---------------------
Cashback income 746 -
------------------ ---------------------
Other - -
------------------ ---------------------
Total 746 360,315
------------------ ---------------------
31 October 31 October 2022
2022
Goods transferred Services transferred
at a point in over time
time
------------------ ---------------------
GBP GBP
------------------ ---------------------
Sale of software products - -
------------------ ---------------------
Software development income - 496,296
------------------ ---------------------
Cashback income - 844
------------------ ---------------------
Other 19 1,229
------------------ ---------------------
Total 19 498,369
------------------ ---------------------
6. SEGMENT REPORTING
IFRS 8 defines operating segments as those activities of an
entity about which separate financial information is available and
which are evaluated by the Board of Directors to assess performance
and determine the allocation of resources. The Board of Directors
is of the opinion that under IFRS 8 the Group has only one
operating segment, the sale of software and ancillary services. The
Board of Directors assesses the performance of the operating
segment using financial information that is measured and presented
in a manner consistent with that in the Financial Statements.
All revenues were derived from Asia.
7. LOSS PER SHARE
The Company presents basic and diluted earnings per share
information for its ordinary shares. Basic loss per share is
calculated by dividing the loss attributable to ordinary
shareholders of the Company by the weighted average number of
ordinary shares in issue during the reporting period. Diluted
earnings per share are determined by adjusting the loss
attributable to ordinary shareholders and the weighted average
number of ordinary shares outstanding for the effects of all
dilutive potential ordinary shares .
There is no difference between the basic and diluted earnings
per share, as the warrants and loan notes are anti-dilutive in
nature and therefore the diluted loss per share has not been
presented.
Six months Six months Year ended
ended 30 ended 30 31 October
April 2023 April 2022 2022
Loss attributable to ordinary shareholders
(GBP) (352,848) (202,221) (640,906)
Basic - Weighted average number
of shares 64,760,721 64,760,721 64,760,721
Basic earnings per share (expressed
as GBP per share) (0.005) (0.003) (0.010)
8. IMPAIRMENT CHARGE
An impairment charge of GBP133,682 was made in the 2022 year-end
accounts in respect of leasehold improvements and furniture and
fixtures in the Group's Malaysian office bringing the value of
those assets down to GBPnil on the basis that the lease would
expire in July 2023.
9. LEASE RESTORATION PROVISION
As at As at
30 April 31 October
2023 2022
GBP GBP
Balance b/f 18,500 -
Addition 9,250 18,500
---------- ------------
Balance c/f 27,750 18,500
---------- ------------
The Group has made a provision for the future costs of restoring
its Malaysian office to its original specification as the lease
expires in July 2023. Based on an estimation by management of the
future expected costs of GBP37,000 to restore the premises to its
original state, a further provision of 25% amounting to GBP9,250
has been provided in the period with the remaining GBP9,250 to be
provided for in the second half of the year to 31 October 2023 as
the Company does not intend to renew its lease.
10. SHARE CAPITAL
Number Nominal
value
GBP
Authorised
Ordinary shares of GBP0.01 each 800,000,000 8,000,000
----------------- ------------------
Issued and fully paid:
As at 1 November 2022 64,760,721 647,607
Issue of shares in the period - -
--------------------------------- ----------------- ------------------
At 30 April 2023 64,760,721 647,607
--------------------------------- ----------------- ------------------
Six months ended Year ended
30 April 2023 31 Oct 2022
GBP GBP
As at beginning of the period 647,607 647,607
Issued during the period - -
As at end of the period 647,607 647,607
----------------- --------------------
11. SHARE WARRANT RESERVE
On 3 October 2022 the Company granted 300,000 warrants to Guild
Financial Advisory ("GFA"), the Company's corporate adviser,
exercisable at a price of GBP0.01 for a period of up to ten years.
The warrants were granted in return in part for their corporate
financial services carried out for a period of 12 months whereby it
was agreed that GFA would provide services for an amount of
GBP24,000 with GBP12,000 being settled in cash and the balance of
GBP12,000 represented by the issue of the warrants. As a result of
this the fair value of the warrants is deemed to be GBP12,000
spread evenly over the 12-month period of the contract with
GBP6,000 expensed for the six months to April 2023 and GBP5,000
carried forward as a prepaid expense while GBP12,000 was taken to a
warrant reserve.
12. CONVERTIBLE LOAN NOTES
On 24 January 2022, the Company entered into an unsecured
convertible loan note agreement (the "Convertible Loan Note
Facility") for a total subscription of GBP500,000 (the "Loan
Notes").
Under the Convertible Loan Note Facility, the Loan Notes had an
expiration date of 24 January 2024 ("Expiration Date") and can be
repaid, in part or in full, by the Company on 31 December in any
year prior to the Expiration Date by giving not less than 14 days'
written notice to the noteholders. All outstanding Loan Notes
attract interest at a rate of 5% per annum from the date of issue
(24 January 2022) to the date of repayment or conversion.
The Loan Notes shall be convertible into new Ordinary Shares of
the Company at the lesser of 11 pence per Ordinary Share or the
Volume Weighted Average Price of the Company's Ordinary Shares on
the London Stock Exchange in the seven-day period prior to the date
on which the Loan Note is converted into Ordinary Shares. The Loan
Notes shall be convertible, in part or in full, at any time from
the date of issue until the Expiration Date by the noteholder
giving to the Company at least one week's written notice.
As disclosed in Note 13, post period end, the Expiration Date of
the Loan Notes was extended to 24 January 2025.
13. POST BALANCE SHEET EVENTS
Post period end, as announced on 31 July 2023, the Company and
the holders of the Loan Notes referred to in Note 12 above entered
an agreement to extend the Expiration Date of the Loan Notes by 12
months to 24 January 2025. All other terms of the Convertible Loan
Note Facility remain unchanged.
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IR BLGDRDBXDGXG
(END) Dow Jones Newswires
July 31, 2023 02:00 ET (06:00 GMT)
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