State Innovation Holdings Limited provided earnings guidance for the quarter ended June 30, 2022. For the quarter, the company expected to record a net loss ranging from approximately HKD 13.2 million to approximately HKD 18.6 million as compared with a net profit of HKD 0.2 million for the corresponding period in 2021. The Board considers that the increase in net loss was primarily attributable to the decrease in gross profit due to cost overrun in the Group's bored pilling projects, mainly the project located in Hung Hom which experienced delay in work progress; and the increase in administrative expenses due to the increase in legal and professional fee for the Company's rights issue in 2022 and increase in marketing expenses for business development.