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Chong Sing Holdings FinTech Group expects YOY loss for FY'18

Chong Sing Holdings FinTech Group Ltd. expects a year-over-year loss for the year ended December 2018 due to worsening market conditions and a decrease in transaction volume in its online consumer lending platform.

The company said the expected loss is also due to a significant increase in provision for loans receivable in traditional loans and financing business due to the adoption of the Hong Kong Financial Reporting Standard 9.

The company had reported a full-year net profit of 803 million yuan for the year ended December 2017, representing 167% year-over-year growth.

As of March 15, US$1 was equivalent to 6.71 Chinese yuan.