On March 8, GLONGHUI announced, 1957 & CO. (08495.HK) announced that the Group is expected to record a net loss of about HK$1 million to HK$3 million in the 2023 fiscal year, while a net profit of about HK$3 million was recorded in the same period of 2022. The expected change in profit to loss in fiscal year 2023 is mainly due to a reduction of about HK$16.3 million in subsidies under the “Employment Protection” Program and Catering Facility (Social Distance) Subsidy Program received by the Hong Kong Government from the Hong Kong Government, leading to a decrease in other income and income.