Art Group Holdings Limited provided consolidated earnings guidance for the six month ended 31 December 2022. For the period, the Group may record a net loss of not less than HKD 391 million for the six months ended 31 December 2022, as compared to a net loss of approximately HKD 34 million for the six months ended 31 December 2021. The Board believes that such net loss is primarily due to (i) a loss on fair value of
the Group's investment properties incurred for the six months ended 31 December 2022 as a result of the ongoing COVID-19 pandemic spreading across the globe since the beginning of 2020, causing the carrying value of the investment properties continue to drop; (ii) an impairment loss of loan receivable, of which, the loan had been extended one more year after its initial maturity date on 27 April 2022; and (iii) an impairment loss of rental deposits of the Jiachao's Shopping Mall and the Zone C Shopping Mall.