China Tonghai International Financial Limited provided consolidated earnings guidance for the year ended 31 December 2022. For the year, the Group anticipates the consolidated loss before tax will be no more than HKD 1,600 million as compared to the year ended 31 December 2021 audited loss before tax of HKD 2,199 million. The loss mainly arises from expected credit losses on certain loans and investment losses.

The expected credit losses on certain loans mainly arises from further provisions made to various clients including ex-connected parties. Investment losses mainly arises from the mark-to-market collateral values of certain clients and holding of proprietary positions, which have dropped significantly in 2022.