Baiying Holdings Group Limited provided earnings guidance for the year ended 31 December 2022. For the year, the company expected to record a loss attributable to the Shareholders in the range between approximately RMB 20.0 million to RMB 30.0 million for the year ended 31 December 2022, as compared to the loss of approximately RMB 7.1 million for the year ended 31 December 2021. The expected loss is mainly attributed to: i) the difficulty and prolonged process for disposing collateral provided by default agreements, resulting in an estimated decrease in net realisable value of collateral and an increase in impairment losses; ii) not recognising the deferred tax assets arising from impairment losses after the management's assessment on the readiness of the supporting documents for tax deduction, which leads to an increase in income tax expense; and iii) the increase in sales expenses for the purpose of developing the business and expanding the market of Fujian Yongchun Qiaoxin Brewing Co.

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