Gelonghui (08412.HK) announced that for the year ended May 31, 2021, the company recorded a decrease of about 51.5% in revenue to about HK $24.4 million and a net loss of about HK $39.5 million, compared with about HK $36.5 million for the year ended May 31, 2020.

The losses were mainly due to (I) the outbreak of 2019 coronavirus disease since January 2020, which had a serious impact on the business environment of bars and clubs, entertainment and catering businesses in Hong Kong; (ii) an impairment loss on property, plant and equipment and right-to-use assets for the year ended 31 May 2021; and (iii) a write-off of trade and other receivables for the year ended 31 May 2021. And (iv) recorded an one-time loss on share-based payments for the year ended 31 May 2021.