China Modern Dairy Holdings Ltd. provided earnings guidance for the year ended 31 December 2017. For the year, the company expected that the group will record a consolidated net loss attributable to the owners of the company of not less than RMB 900 million (audited consolidated net loss attributable to the owners of the company for the year ended 31 December 2016: approximately RMB 742 million) for the year ended 31 December 2017, mainly attributable to: In view of the termination of direct dealership with distributors for the liquid milk products, the group expects the settlement of the relevant trade receivables due from these distributors will be deferred and the trade receivables may not be fully recoverable; the market price for raw milk in China stayed at a relatively low level in 2017 comparing with last year; and a non-cash loss arising from the cancellation of share options granted by the company to the management following the closing of the mandatory cash offer made by China Mengniu Dairy Company Limited to acquire all the issued shares, and to cancel all the outstanding options in the Company on 21 March 2017.