The board of directors of the Legend Upstar Holdings Limited announced that based on a preliminary review of the unaudited consolidated management accounts of the Group for the eleven months ended 30 November 2022 and information currently available to the Group, it is expected that the Group will record a substantial decline in financial results for the year ending 31 December 2022, as compared to the consolidated net profit attributable to equity holders of approximately HKD 50 million for the year ended 31 December 2021, and may record a slight loss or achieve breakeven for 2022. The expected substantial decline in financial results was mainly attributable to the adverse market conditions caused by the COVID-related restrictions and measures in Hong Kong, prolonged closing of the border between Hong Kong and Mainland China, interest rate hikes and poor investment sentiment, which led to a significant drop in the transaction value and volume of the non-residential properties in Hong Kong.