SINOFORTUNE FIN issued a profit warning, expecting a significant increase in annual losses

SINOFORTUNE FIN issued a profit warning, expecting the annual loss for the year ending December 31, 2024, to significantly increase to approximately HKD 99 million, a substantial rise from HKD 15.8 million in the same period of 2023. The reasons for the loss include a significant decline in revenue and impairment of advance payments related to automobile resale. Although the economy is expected to recover in 2024, weak global economic conditions and intense competition in automobile sales have affected consumer purchasing willingness. The company plans to improve automobile sales performance by introducing more new energy vehicles and strengthening marketing efforts