On March 22, GLONGHUI Co., Ltd. (00412.HK) announced that for the year ended December 31, 2023, the Group expects to record a profit of no less than HK$540 million for the year ended December 31, 2023, while the annual profit recorded in 2022 was approximately HK$170 million.

According to the announcement, the increase in profit for the full year was mainly due to: (a) the cancellation of intangible assets of approximately HK$400 million in non-recurrent assets in the previous year and the return of the corresponding deferred tax liabilities of approximately HK$112 million. There were no intangible assets written off during the year; (b) the net fair value loss of financial assets recorded at fair value was drastically reduced by more than HK$640 million; and (c) due to the above reasons, this was partly offset by increases in financial costs, administrative and other operating expenses of not less than HK$430 million and approximately HK$110 million respectively during the year.