Gelonghui (01097.HK) announced on March 14, that the company expects the Group's loss for the year ended December 31, 2023 to be reduced by about 30% to 40% compared to the previous year's Group loss of about HK$885,700,000.
The reduction in anticipated losses is mainly due to (i) non-cash write-off of deferred tax assets recognized during the year and reduction in impairment losses on certain non-current assets; and (ii) a reduction in fair value losses on financial assets recorded at fair value for the year.