The board of Directors of the Innovax Holdings Limited announced that, based on the preliminary review of the latest unaudited management accounts of the Group and other currently available information of the Group, the Group is expected to record a loss for the year ended 29 February 2022 of approximately HKD 22.5 million, as compared to profit attributable to owners of the company of approximately HKD 2.38 million for the year ended 28 February 2021. The expected change from profit to loss was mainly attributable to decrease by approximately 60% in total revenue which is mainly due to decrease in income from corporate finance advisory services and placing and underwriting services as a result of the sporadic outbreak of the COVID-19 in Hong Kong, which has delayed the progress of the initial public offering sponsorship projects undertaken by the Group.