Jingrui Holdings Limited provided unaudited consolidated earnings guidance for the year ended December 31, 2022. For the period, the company expected that the group will record a net loss ranging from approximately RMB 3.5 billion to RMB 4.8 billion for the Period. The expected net loss for the Period is mainly due to (1) the continuous resurgence of the COVID-19, the weakened market sentiment and overall underperformance of the real estate sector in mainland China, which had led to (i) a decline in selling prices and gross profit margins of projects as well as an increase in the impairment provided for property projects as compared with the year ended 31 December 2021, (ii) a decrease in property deliveries, and (iii) a decrease in the fair value of investment properties of subsidiaries and joint ventures and losses resulting from disposal of investment properties as a result of the decline in demand for commercial property leasing; and (2) exchange losses on the debts denominated in USD under the impact of changes in the exchange rate between USD and RMB.