Heng Yu Group (Space Group) announced its annual results for the year ended December 31, 2023, showing a significant drop in revenue from renovation works and financial services, falling 42.4% to approximately MOP 250.3 million and 45.8% to approximately M$22.9 million, respectively. The owners of the company incurred a loss of approximately MOP126.3 million and a basic loss of 13 MOP cents per share, and the Board of Directors does not recommend the distribution of a final dividend. During the reporting period, the Group faced significant liquidity pressures and financial challenges and implemented a number of measures to improve its financial situation, including consultations with financial institutions to renew bank financing and control costs. IN ADDITION, THE GROUP PROPOSES A SHARE OFFERING TO RAISE FUNDS, WHICH IS EXPECTED TO BE COMPLETED IN JUNE 2024. The Group also sold part of its subsidiary Hengyu Financial Holdings Limited in March 2024 and downgraded it to a joint venture. The Board remains confident in the future of operations and looks forward to an improvement in the market environment.

Heng Yu Group (Space Group) announced its annual results for the year ended December 31, 2023, showing a significant drop in revenue from renovation works and financial services, falling 42.4% to approximately MOP 250.3 million and 45.8% to approximately M$22.9 million, respectively. The owners of the company incurred a loss of approximately MOP126.3 million and a basic loss of 13 MOP cents per share, and the Board of Directors does not recommend the distribution of a final dividend. During the reporting period, the Group faced significant liquidity pressures and financial challenges and implemented a number of measures to improve its financial situation, including consultations with financial institutions to renew bank financing and control costs. IN ADDITION, THE GROUP PROPOSES A SHARE OFFERING TO RAISE FUNDS, WHICH IS EXPECTED TO BE COMPLETED IN JUNE 2024. The Group also sold part of its subsidiary Hengyu Financial Holdings Limited in March 2024 and downgraded it to a joint venture. The Board remains confident in the future of operations and looks forward to an improvement in the market environment.