State Innovation Holdings Limited provided earnings guidance for the nine months ended December 31, 2022. For the period, the company expects to record a net loss ranging from approximately HKD 17.6 million to approximately HKD 25.6 million for the nine months ended 31 December 2022 as compared with a net loss of HKD 16.3 million for the corresponding period in 2021. The Board considers that the increase in net loss was primarily attributable to (i) the decrease in revenue due to lower value of contracts awarded to the Group; (ii) the decrease in gross profit due to cost overrun in the Group's bored pilling projects, mainly the project located in Hung Hom which experienced delay in work progress; and (iii) the increase in administrative expenses due to the increase in legal and professional fee for the Company's rights issue in 2022.