On March 15, GLONGHUI | Ruiwei Asset Management (01835.HK) announced that the Group expects to record a net loss of no more than RMB 60.0 million for the year ended December 31, 2023, while an audited net loss of approximately RMB 34.6 million was recorded for the year ended December 31, 2022.
The Group's anticipated increase in net losses for the current year is mainly due to the following factors: (i) as the downward trend in China's real estate industry has not been reversed, the confidence and expectations of market players have recovered, the Group's real estate fund management business did not add new projects during the year, and management fees were terminated due to the successive liquidation of some funds, which led to a sharp decline in management fee revenue compared to the previous year; and (ii) the company experienced investment losses during the year due to fund share transfers.