The board of directors (the "Board") of CHYY Development Group Limited wishes to inform the shareholders of the Company and potential investors that the Company and its subsidiaries (collectively the " Group ") based on the preliminary assessment of the unaudited consolidated management accounts for the three months ended 30 September 2023 and nine months, the profit for the three months ended 30 September 2023 achieved a turnaround and is expected to be between HKD 15,000,000 and HKD 16,000,000 compared to the loss of HKD 7,748,000 for the same period in 2022. It is expected that the net loss after tax for the nine months ended 30 September 2023 will narrow by approximately 95% to
99.7% from HKD 44,911,000 in the same period last year. The reduction in net loss after tax for the Period was primarily due to: Other income and earnings increased; and the net impairment and reversal of contract assets increased.