Summary by Moomoo AI
Ocean Group Holdings Limited (the “Ocean Group”) issued a notice on March 19, 2024, announcing that it will record a loss of approximately RMB200 billion to RMB230 billion for the year ended December 31, 2023, an increase from a loss of approximately RMB 190 billion in 2022. The expected loss was mainly due to a decrease in gross interest rates in the Chinese real estate market and an increase in the provision for depreciation of property projects, as well as a decrease in the performance of joint ventures and joint ventures. The company noted that the loss data for 2022 will be restated from about RMB 160 billion to about RMB 190 billion, and it expects that this prior adjustment will resolve the 2022 audit reservation. Ocean Group is working on the implementation of the 2023 annual results and will announce detailed annual results by the end of March 2024. Shareholders and potential investors should exercise caution by reading the upcoming annual results report in detail.