Huabang Technology Holdings Limited provided consolidated earnings guidance for the year ended 31 March 2022. For the year, it is expected that the Group will record a net loss of approximately HKD 220 million to HKD 240 million for the year ended 31 March 2022 as compared to the net loss of approximately HKD 93 million for the year ended 31 March 2021. The Board considers that the deterioration in the performance of the Group for the year ended 31 March 2022 when compared to that for the last year is mainly attributable to: (i) drop in revenue and gross profit by approximately 16% and 39% respectively due to the continuing adverse impact on economy caused by the outbreak of COVID-19 epidemic; (ii) increase in provision for impairment loss of intangible assets by approximately HKD 49 million; and (iii) increase in provision for expected credit loss allowance on the Group's account receivables and loan receivables by approximately HKD 139 million to HKD 149 million for the year ended 31 March 2022.