The board of directors of Grace Wine Holdings Limited announced that, based on the preliminary review of the unaudited consolidated management accounts of the Group (the "Management Accounts") for the three months ended 31 March 2021, the Group expects to record a profit attributable to owners of the Company of not more than RMB 6.0 million in First Quarter 2021, as compared to a loss attributable to owners of the Company of approximately RMB 2.4 million for the three months ended 31 March 2020. The improved performance is mainly attributable to an increase in revenue during First Quarter 2021 resulting from the recovery of sales performance of the Group's wine products after enhanced marketing and sales effort to improve market presence following the outbreak of the Coronavirus Disease 2019 in the People's Republic of China.