Michong Metaverse (China) Holdings Group Limited provided group earnings guidance for the three months ended 30 September 2023. For the period, the company expects to record a net loss of approximately HKD 2,353,000 for the period a compared to the net profit of approximately HKD 9,995,000 for the three months ended 30 September 2022. The Board considers the expected net loss for the three months ended 30 September 2023 is mainly attributable to a decrease in the revenue from approximately HKD 33,825,000 for the three months ended 30 September 2022 to approximately HKD 25,049,000 for the three months ended 30 September 2023 mainly due to the suspension of paying membership scheme in the electronic commerce services in the PRC, which the subscription fee dropped to nil for the three months ended 30 September 2023 (Three months ended 30 September 2022: approximately HKD 16,170,000) and a decrease in gross profit margin from approximately 62.2% for the three months ended 30 September 2022 to approximately 42.9% for the three months ended 30 September 2023.