According to the Zhitong Finance App, Huilong Holdings (08021) announced that the Group expects a loss of not less than HK$100 million for the year ending April 30, 2023, while the loss is about HK$12 million for the year ending April 30, 2022.

The Board believes that the increase in losses is mainly due to an increase in net impairment losses on loans receivable and interest due to anticipated credit losses in the year ending April 30, 2023, compared with the previous year; a decrease in revenue from the sale of subsidiaries; and impairment losses on property, plant and equipment, and usage rights assets.