Hilong Holding Limited provided consolidated earnings guidance for the six months ended 30 June 2020. For the period, the Group is expected to record an unaudited net loss ranging from approximately RMB 14.87 million to approximately RMB 44.61 million for the Interim Period. The anticipated unaudited net loss of the Group for the six months ended 30 June 2020 was mainly attributable to: the extended duration and impact of COVID-19 on the oil and gas industry and the global economy as a whole, and in particular, the decrease in demand from oil and gas companies in connection with exploration, drilling and production activities and disruptions to businesses as a result of the prolonged COVID-19 pandemic in regions such as South America, East Europe and Africa, in which the Group has operations; increase in provision for bad debts of accounts receivable for the Interim Period given the current market environment and management's expectation of receivables collectivity impacted by the current economic downturn; and foreign exchange loss resulting from the fluctuations in the exchange rates of Russian Ruble (RUB) against U.S. Dollar (USD).