Yunfeng Financial Group Limited provided consolidated earnings guidance for the year ended 31 December 2023. The Group is expected to record a net profit attributable to the equity shareholders of the Company for the Year 2023 of approximately HKD 390 million. After restatement based on the New Standard, a net loss attributable to equity shareholders of approximately HKD 640 million is expected to have been recorded for the year ended 31 December 2022.

Based on the Old Standard, the net loss attributable to equity shareholders recorded for the Year 2022 was approximately HKD 260 million. The expected turnaround for the Year 2023 is mainly due to the fair value loss of the Group's investments having significantly decreased as compared to the same period last year. The difference between the loss for Year 2022 under the New Standard and the Old Standard is mainly due to the fact that under the New Standard, the changes in the fair value of certain bonds and equity investments held by the Company's principal subsidiary, YF Life Insurance International Limited ("YF Life"), are required to be recognized in the income statement, whereas under the Old Standard, such fair value changes were recognized in the fair value reserve.