China Huarong Asset Management Co., Ltd. provided earnings guidance of the Group for the six months ended 30 June 2020. For the period, the company expects to record a decrease of approximate 90% to 95% in the net profit attributable to the shareholders of the Company for the six months ended 30 June 2020 as compared to the corresponding period in 2019. The decrease in the 2020 interim results of the Group was mainly due to: 1. the further decrease in the interest income from debt investments other than distressed assets of the Group as compared to the corresponding period of last year due to the impact of COVID-19 epidemic and continuous decrease in the scale of non-core and non-advantageous businesses; 2. a significant decrease in the gains generated from fair value changes on part of financial assets held by the Group due to the weaker performance of the capital market in the first half of 2020 as compared to the corresponding period of last year. In the first half of 2020, facing the impact of the COVID-19 epidemic and the challenges of complex and volatile business environment, the Group adhered to the general tone of making progress while remaining stable, and maintained prudent on the whole and progressive as to the core business. It continuously strengthened the acquisition of distressed assets, optimized business structure, and improved innovation capabilities in the core business, made full use of the rescue financial function and achieved positive results. In the next step, the Group will continue to forge the core business of distressed assets to be strong and precise, accelerate the transformation and innovation of core business, promote risk resolution and downsizing and deepen reforms, striving to achieve the goal of high-quality development of the Company.