Bloomberg reported on HTC trading below cash leaves smartphone brand with no value.

A 60 percent plunge in HTC Corp.’s stock this year pushed its market value to below its cash on hand. That means investors were effectively saying the smartphone maker’s brand, factories and buildings were worthless.

HTC’s market price fell Monday to NT$47 billion ($1.5 billion), below the NT$47.2 billion cash it had at the end of June. A drop of as much as 9.8 percent in its stock before a late rally signaled investors put no value on the rest of the company.

“HTC’s cash is the only asset of value to shareholders,” said Calvin Huang, who has a NT$46.50 price target on the stock at Sinopac Financial Holdings Co. in Taipei. “Most of the other assets shouldn’t be considered in their valuation because there’s more write-offs to come and the brand has no value.”

Another victim in the race to the bottom.