The board of directors of the Huanxi Media Group Limited announced that based on the preliminary review of the group's unaudited management accounts for the year ended December 31, 2015 and the information currently available, the group is expected to record a net loss of between approximately HKD 80 million to HKD 90 million for the year ended December 31, 2015, as compared with a net loss of approximately HKD 13.1 million for the year ended December 31, 2014. The estimated net loss for the year ended December 31, 2015 was mainly attributable to the one-off share-based payment expenses in relation to the issue of Fee Shares.