On March 11, GLONGHUI | Great Wall World (00524.HK) announced that the Group expects to record a comprehensive loss attributable to shareholders of approximately HK$34 million to HK$35.5 million for the year ended December 31, 2023, while a comprehensive loss attributable to shareholders was approximately HK$23,200,000 for the year ended 31 December 2022. The decline in the Group's financial performance was mainly due to the effects of the following:

(a) Staff costs and consulting expenses for management and operation personnel increased by a total of approximately HK$6.1 million during the year for various purposes, including developing and maintaining e-commerce businesses and global positioning system (GPS) businesses, and professional advice on evaluating potential investment and business development opportunities;

(b) The total impairment loss and depreciation of right-to-use assets increased by approximately HK$3,900,000, mainly due to the Group's impairment assessment of the cash generating units of the relevant underperforming right-to-use assets during the year;

(c) The total reduction in non-operating income and revenue for the year was approximately HK$1.2 million, mainly due to the fact that no subsidies under the 2022 Employment Insurance Plan introduced by the Hong Kong Government were recorded, proceeds from termination of tenancy arrangements, and shared office revenue from a related party; and

(d) Directors' remuneration and benefits expenses increased by approximately HK$1.1 million during the year.