Global Bio-chem Technology Group Company Limited provided consolidated earnings guidance for the year ended December 31, 2023. Based on the preliminary review of the Group's consolidated management accounts for the year ended 31 December 2023 (the "Year") currently available, the Group is expected to record a net gain (excluding tax effect) in the range of approximately HKD 3,600.0 million to HKD 4,000.0 million for the Year, as compared with the net loss (excluding tax effect) of approximately HKD 1,573.8 million recorded for the year ended 31 December 2022, for the Group's continued and discontinued operations. The discontinued operations of the Group means the operations of Global Sweeteners Holdings Limited and its subsidiaries, which no longer form part of the Group upon completion of the disposal of the GSH Group by the Group (the "GSH Completion") on 21 December 2023.

Such significant improvement is primarily attributable to the expected recognition by the Group of: (i) a one-off gain of not less than approximately HKD 4,000.0 million for the Year from the debt restructuring arrangements which includes (a) the transfer of the loans of the Group owed to with an aggregate outstanding principal of approximately RMB 4,267.8 million, together with outstanding interest, to (Jilin Agricultural Investment Group Co. Ltd.) on 31 December 2023; and (b) the entering into of the debt restructuring agreement on 31 December 2023 between Nongtou, as the then creditor, and several subsidiaries of the Group, as the debtors, in respect of the Entire Transferred Loans. Pursuant to the Debt Restructuring Arrangements, a major portion of the Entire Transferred Loans had been waived.

For details of the Debt Restructuring Arrangements, refer to the announcement of the Company dated 4 January 2024; a one-off gain of not less than approximately HKD 200.0 million for the Year from the GSH Completion; a one-off gain amounted to not less than approximately HKD 300.0 million for the Year in relation to the further extension of the maturity date of the convertible bonds issued by the Company to Modern Agricultural Industry Investment Limited in October 2015 from the extended maturity date of 15 June 2023 to 30 September 2025; and a one-off gain amounted to not less than approximately HKD 400.0 million from the derecognition of the assets and liabilities of (Harbin Dacheng Bio Technology Co. Ltd.), an indirect wholly-owned subsidiary of the Company, during the Year. As a result, the Group is expected to record a substantial improvement in its annual results for the Year as compared with the Corresponding Prior Year.