Michong Metaverse (China) Holdings Group Limited provided preliminary unaudited group earnings guidance for the nine months ended March 31, 2023. For the period, the group expects to record a net profit of approximately HKD 21,019,000 as compared to the net loss of approximately HKD 25,209,000 for the nine months ended March 31, 2022. The Board considers the expected net profit for the nine months ended 31 March 2023 is mainly attributable to an increase in the revenue from approximately HKD 75,248,000 for the nine months ended 31 March 2022 to approximately HKD 99,854,000 for the nine months ended 31 March 2023 mainly due to the subscription fee of approximately HKD 44,794,000 arisen from the electronic commerce services in the PRC (Nine months ended 31 March 2022: approximately HKD 3,469,000); an improvement in gross profit margin from approximately 24.9% for the nine months ended 31 March 2022 to approximately 58.2% for the nine months ended 31 March 2023; and a decrease in the selling expenses from approximately HKD 20,177,000 for the nine months ended 31 March 2022 to approximately HKD 3,648,000 for the nine months ended 31 March 2023 mainly due to the decrease in the initial marketing cost of the e-commerce business in the PRC.