The board of directors of Concord New Energy Group Limited announced that based on the information currently available to the Board, the Group expects to record a drop of approximately 50% in net profit for the year ended 31 December 2017 as compared to last year. The drop in net profit was mainly due to goodwill impairments as a result of the substantial reduction of the Engineering, Procurement and Construction (EPC) business of the Group; and write-off and provision for historical receivables of the EPC business of the Group. The Group has been engaged in the EPC business as one of its principal businesses in renewable energy sector in early years. These years, the Group has successfully accumulated its financial reserves and installed capacity, with the enhancement of financing capability. The Group has currently transformed into a renewable energy company focusing on energy generation as its most important business with the fulfillment of strategy realignment. Subsequent to the above impairment, both the receivables and the goodwill of the EPC business do not have material impairment risk based on the current assessment.