BaWang International (Group) Holding Limited provided unaudited financial information for the five months ended 31 May 2022. The unaudited financial information for the five months ended 31 May 2022 ("first five months of 2022"). Based on the latest available unaudited financial information for the six months ended 30 June 2022 ("1H2022"), the net loss of the Group is currently expected to be approximately RMB15.8 million as compared with a net loss of approximately RMB14.3 million for the six months ended 30 June 2021. Therefore, the estimated net loss for 1H2022 would be lower than the estimated net loss for the first five months of 2022 in the amount of RMB24.0 million as previously announced on 21 June 2022. The improvement in the estimated net loss for 1H2022 (as compared with the net loss position for the first five months of 2022 as announced on 21 June 2022) was mainly attributable to: (1) increased number of successful deliveries of sales orders which gave rise to higher revenue recognised in June 2022; and (2) the Group has made a reversal of impairment losses of some of the trade receivables following the management's assessment on credit risk of our financial assets as at
30 June 2022 by adopting the expected credit loss model according to IFRS 9.