Jiayuan Services Holdings (HKG:1153) expects to post a net profit attributable to owners of 120 million to 150 million yuan for the six months ended June 30, up from 63.2 million yuan a year earlier, according to an Aug. 15 Hong Kong bourse filing.

Shares of the property management services firm were up over 5% in Monday morning trade.

The surge was mainly driven by a 109 million yuan reversal of impairment provision tied to unauthorised guarantees for the firm's former ultimate controlling shareholder, following a May enforcement settlement agreement.

The company said it will publish interim results by end-August.