The board (the "Board") of directors (the "Directors") of tAV Promotions Holdings Limited informed the shareholders of the Company (the "Shareholders") and potential investors that, based on the preliminary review by the Board of the unaudited consolidated management accounts of the Group for the six months ended 30 June 2022 (the "Period") and the information currently available, the Group is expected to record a net loss in the range between approximately HKD 23.0 million to HKD 26.0 million for the Period, as compared to net profit of approximately HKD 0.5 million for the six months ended 30 June 2021. Based on the information currently available, the Board considers that the increase in net loss was mainly attributable to the decrease in revenue from approximately HKD 79.6 million for the six months ended 30 June 2021 to the range between approximately HKD 22.0 million to HKD 25.0 million for the Period, which was caused by the decrease in number of events conducted on by the Group for the Period due to the postponement and rescheduling of events by the organisers in Hong Kong, Macau and the PRC as a result of closure of venues across the infected regions of the novel coronavirus disease (the "Pandemic") and emergency public health measures and various actions such as quarantine order, travel alert or travel restriction imposed by the local government to prevent the spread of the Pandemic.