CN Logistics International Holdings Limited provided group earnings guidance for the year ended 31 December 2021. Based on the preliminary review of the unaudited consolidated management accounts of the Group for the 11 months ended 30 November 2021 and other information currently available to the board of directors of the Company, the Board informed the shareholders of the Company and potential investors that the Group is expected to record a substantial increase of not less than 45% in the net profit attributable to equity shareholders of the Company for the year ended 31 December 2021 as compared to the corresponding period in 2020. The expected increase in the net profit attributable to equity shareholders of the Company for the year ended 31 December 2021 was mainly attributable to the following reasons: significant growth in revenue of overseas offices given the gradual recovery in global economy, in particular, the office of the Group in Italy.

With the sound reputation and strong network of the Group's Italy office in European and Asian regions, it was able to source new sizeable customers; the elimination of certain non-controlling interests after the completion of the acquisition of the minority shareholding interests in CN Logistics S.R.L. and CN LOGISTICS SA in November 2021; increase in the demand for air freight forwarding services and distribution and logistics services for high-end fashion in Europe and Asia (including the PRC) due to the sales growth in luxury products in these regions; increase in the freight rates due to limited supply of cargo space worldwide under COVID-19 pandemic and the Group's ability to obtain cargo space from airlines to satisfy its customers demand; and the one-off listing expenses recognised for the year ended 31 December 2020 and no listing expenses were recognised during the year ended 31 December 2021.