Gelonghui, Feb. 28 丨 New Entertainment Holdings (06933.HK) announced that compared to the net loss of about RMB 3.0 million for the year ending December 31, 2021, the company expects to record a net loss of approximately RMB 94.3 million in fiscal year 2022.

The increase in the Group's anticipated net loss in fiscal year 2022 is mainly due to the extension of the pre-approval process of China's State Press and Publication Administration, which led to a decrease in the number of new games launched on the market, and the Group's game distribution service revenue as a result. The Group also assessed the recoverable amounts of intangible assets and trade and other receivables in fiscal year 2022, and is expected to confirm a number of impairment provisions.