On March 20, GLONGHUI | Guangqi Science (00439.HK) announced that the company expects its net loss for fiscal year 2023 to be drastically reduced. Compared with the net loss of approximately HK$67,912,000 in the previous year, the loss for fiscal year 2023 will be about HK$6,000,000 to HK$8,000,000.

The Group's anticipated decrease in unaudited net loss is mainly due to: (i) the Group's disposal of shares in IrisityAB, an overseas listed company in which it invested, and confirmed a fair value change loss of approximately HK$600,000 (FY2022: fair value change loss of approximately HK$19,500,000); (ii) in FY2023, the Group achieved a further reduction in operating expenses through optimization of marketing strategies and effective control of operating expenses; and (iii) ) In fiscal year 2023, the Group continued to improve internal control, strictly implement cost reduction and efficiency, and drastically reduced administrative expenses by about HK$10,000,000.