The board of directors of the Guan Chao Holdings Limited informed the shareholders of the Company and potential investors that, based on the preliminary review of the consolidated management accounts of the Group for the six months ended 30 June 2023 (the "PE2023") and information currently available to the Company, the Group expects to record a profit attributable to equity holders of the Company for the PE2023 of approximately $6.4 million as compared to approximately $2.8 million for the corresponding period in 2022. Based on the above financial information, such increase was mainly attributable to the increase in revenue as a result of increased demand from customers. This was mainly driven by the increase in units of motor vehicles sold and the increase in average selling price of motor vehicles.