Beijing Sports and Entertainment Industry Group Limited provided consolidated earnings guidance for the six months ended June 30, 2022. The company announced that based on a preliminary assessment by the Company's management on the unaudited consolidated management accounts of the Company for the six months period ended 30 June 2022 and assessment of the latest information currently available by the Board, it is expected that the Group will record a greater loss approximately in the range of HKD 20 million to HKD 30 million and a loss attributable to the owners of the Company approximately in the range of HKD 15 million to HKD 20 million for the Current Period as compared to the loss of approximately HKD 1.1 million and the loss attributable to the owners of the Company of HKD 1.2 million for the six months ended 30 June 2021. The primary reasons for the increase in loss were mainly attributable to (i) a significant decrease in revenue contribution from the sports and entertainment segment (i.e. engaging in air dome construction, operation and management and other related businesses such as sports industry related consultation and management services) by more than approximately HKD 60 million or 70% owing to the reduction in number and amount of new construction projects entered and suspended or delayed construction progress on the existing projects as a result of the resurgence of Covid-19 outbreak across various provinces in the People's Republic of China in the Current Period as compared with much more stable and favorable operating and market situation in the Corresponding Period, and hence the gross profit amount dropped more than HKD 10 million accordingly; (ii) the recognition of an impairment loss on corporate bonds of approximately HKD 5 million as a result of the turbulent financial market in Hong Kong and the PRC; and (iii) decrease in gain on foreign exchange difference in Renminbi denominated monetary assets as result of a depreciation of Renminbi against Hong Kong dollars.