The board of Directors (the "Board") of Cheuk Nang (Holdings) Limited announced that Group is expected to record decrease in revenue of approximately HKD 6.4 million for the six months ended 31 December 2022 as compared to that for the six months ended 31 December 2021; decrease in gross loss to approximately HKD 2 million for the six months ended 31 December 2022 as compared to gross loss of approximately HKD 10 million for the six months ended 31 December 2021; and a significant decrease in loss attributable to the owners of the Company of approximately HKD 97.6 million for the six months ended 31 December 2022 as compared to that for the six months ended 31 December 2021. The aforesaid expected decrease in loss attributable to the owners of the Company was an aggregated effect of: decrease in gross loss for the six months ended 31 December 2022 as compared to that for the six months ended 31 December 2021; turnaround from negative change in fair value of investment properties of approximately HKD 100 million for the six months ended 31 December 2021 to positive change in fair value of investment properties of approximately HKD 7.5 million for the six months ended 31 December 2022; and decrease in the Group's net other income of approximately HKD 16 million for the six months ended 31 December 2022 as compared to that for the six months ended 31 December 2021.