China Oceanwide Holdings Limited provided consolidated earnings guidance for the five months ended May 31, 2022. For the period, the company recorded a consolidated revenue of approximately HKD 28.0 million, which represents a decrease of approximately 38% as compared to that of approximately HKD 45.3 million for the same period last year. Net loss attributable to the Shareholders for the Period was approximately HKD 580.1 million, which has increased by approximately 26% as compared to that of approximately HKD 461.9 million for the corresponding period last year. The decrease in revenue was mainly due to the deconsolidation of financial results of China Oceanwide Property Holdings Limited ("COPH") and its subsidiaries from the consolidated financial statements of the Group ("Deconsolidation") in April 2022. The Shanghai properties indirectly held by COPH represent the main income generating
assets in relation to the property investment business of the Group. During the year ended 31 December 2021, the property investment business contributed over 90% to the Group's revenue. It is expected that no revenue will be generated from the property investment business of the Group starting from the date of Deconsolidation. The increase in net loss attributable to the Shareholders was mainly due to (i) the reason set out above; and (ii) the increase in penalty interest expenses during the Period.