Glonghui August 1st 丨Oriental Huicai Securities (08001.HK) announced that it expects the Group to record losses due to the company's equity holders of approximately HK$100,000 in the three months ending June 30, 2023 (“first quarter”), while in 2022, the company's equity holders should account for about HK$2.8 million in profit, which is equivalent to a decrease of about 105%.

The increase in losses due to corporate equity holders is mainly due to (i) a decrease in interest income from the lending business due to changes in the calculation method of interest income from total book value to net book value (that is, deduction of credit provisions) in accordance with applicable financial reporting standards; and (ii) confirmation of expenses already paid by the company in respect of debt collection of HK$2 million.