Sunday, September 25, 2022
Martin Hennecke

Yunfeng Financial expects $200m loss
<p>Jack Ma Yun-backed Yunfeng Financial (0376) yesterday warned it expects to record an interim net loss of HK$200 million from a profit of HK$460 million last year, mainly due to the loss on fair value change of its investments.</p><p>Though the company&#39;s principal subsidiary YF Life Insurance International maintained positive growth in total premium income and operating profit for the first half, after the consolidation of other business, the company was expected to record a net loss of approximately HK$200 million for the 2022 interim period, it said.</p><p>The net loss of the company for the first six months was mainly due to the loss on fair value change of the company&#39;s proprietary investments in the corporate operating segment as a result of adverse market conditions.</p><p>However, according to Yunfeng Financial, its overall financial and operating positions remain healthy.</p>
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