Following the completion of the whitewash transaction of the China Shuifa Singyes Energy Holdings Limited in November 2019 and the debt restructuring scheme of arrangement in December 2019, in the six months ended 30 June 2020 the liquidity position of the Group has improved significantly and the Group's operations have started to normalize (albeit affected by the COVID-19 outbreak in its markets). Whilst the management is still in the process of finalizing and reviewing the interim results of the Group for six months of 2020, based on the preliminary consolidated management accounts of the Group for the same period, the Company estimates that it is likely to report unaudited consolidated profit before taxation for first half of 2020 as a result of the recognition of a gain of approximately RMB 150 million arising from the open offer, repurchase and cancellation of senior notes in the aggregate principal amount of USD 186,683,767 which is the subject of the announcements of the Company dated 8 June 2020, 16 June 2020 and 17 June 2020, respectively.