AMUSE GROUP shareholders deposit stocks into Hang Seng Bank, with a storage market value of HKD 2.622 million

According to the latest information from the Hong Kong Stock Exchange, on August 13th, AMUSE GROUP shareholders deposited shares into Hang Seng Bank, with a warehouse market value of HKD 2.622 million, accounting for 5%. AMUSE GROUP announced at the end of June that it expects to incur a loss attributable to the owners of the company of no less than HKD 2 million for the current year, while for the fiscal year ending March 31, 2024 (last year), it recorded a profit of approximately HKD 490,000. The board believes that the shift from profit to loss this year is mainly due to a decrease in revenue of about 34.7%. The decline in revenue is primarily due to significant drops in all segments of the toy business. Notably, sales of ODM toys to franchisees and sales of self-branded licensed toys and related products decreased by 46.5% and 40.4%, respectively. The substantial decrease in sales is attributed to economic pressures, including inflation and reduced consumer spending on non-essential items. The shift from profit to loss this year is also mainly due to an impairment loss of HKD 4.5 million on the equity of an associate company, as the operations of that associate company face challenges due to economic downturn, intensified competition, and operational difficulties