On March 20, GLONGHUI | Xinda Holdings (08471.HK) announced that the company expects to record a net loss of no less than RMB 20 million for the year ended December 31, 2023, and a net loss of approximately RMB 6.7 million for the year ended December 31, 2022.
The increase in related losses in fiscal year 2023 was mainly due to the combined effects of (i) impairment of non-financial assets; (ii) increased administrative expenses in fiscal year 2023; and (iii) reduction in gross margin.