The board of directors Glory Sun Financial Group Limited hereby informed the shareholders and potential investors of the Company that based on the preliminary review of the unaudited consolidated management accounts of the Group for the year ended 31 December 2022 and information currently available, the Group expects to record a loss for the year of approximately HKD 560 million for FY2022, as compared with the loss for the year of approximately HKD 69 million for the year ended 31 December 2021. The expected increase in the loss for FY2022 as compared to FY2021 was primarily attributable to the severe challenges brought about by the impact of the COVID-19 pandemic and external economic pressures to the entire properties market in the People's Republic of China, causing (i) a decrease in the fair value gain on the investment properties of approximately HKD 136 million and (ii) a decrease in the revenue of approximately HKD 1,800 million leading to a decrease in gross profit of approximately HKD 281 million.