Zhuguang Holdings warns of significantly increased FY2024 loss

Zhuguang Holdings Group Company Limited (HKEX: 1176) issued a profit warning today, projecting a loss attributable to owners of at least HK$3,000,000,000 for the year ended December 31, 2024 ("FY2024"). This is a significant increase compared to the HK$871,010,000 loss reported for the year ended December 31, 2023 ("FY2023"). The company attributes the anticipated increase to several factors including a substantial increase in impairment of financial assets, a substantial increase in other expenses caused by interest and property impairments, and the increase in the fair value loss on investment properties. The company also cited a decrease in the project management services revenue. Trading of the company's shares remains suspended since April 1, 2025, pending the release of the annual results. The company is expected to announce preliminary results on April 9, 2025.