Alibaba Pictures Group Limited provided earnings guidance for the six months ended September 30, 2019. The board of directors of the company informed shareholders of the company and potential investors that, based on its preliminary assessment of the latest unaudited consolidated management accounts of the Group, it is expected that the net loss attributable to owners of the Company to be recorded by the Group for the six months ended September 30, 2019 will range between RMB 370 million and RMB 400 million, compared with a similar loss of approximately RMB 126 million for the six months ended September 30, 2018. The significant increase in loss of the Group for the First Half of the 2019/2020 Financial Year was primarily due to an impairment provision of approximately RMB 105 million made by the Group for certain historical equity investment project(s) and a significant decrease in foreign exchange gains of approximately RMB 110 million recorded during the above period.