Huarong International Financial Holdings Limited provided preliminary unaudited consolidated earnings guidance for the six months ended June 30, 2020. The company Group expects to record a net loss in the range between HKD 450 million to HKD 500 million for the Period as compared to the net loss of approximately HKD 230 million reported for the six months ended 30 June 2019. In the first half of 2020, international economic environment remained complex and volatile, while adverse effects of the global outbreak of the novel coronavirus ("COVID-19") pandemic sustained. The global economy took a hit, and Hong Kong securities market was subject to downturn volatility. The Company estimates that there was a significant decrease in the total revenue during the Period and a significant increase in the unrealized (non-cash) loss arising from the adverse fair value change of the financial assets at fair value through profit or loss at the end of the Period. However, it is estimated that provisions for the direct investments in debt instruments, receivables, loans and advances in margin financing of the Group and finance costs for the Period both decreased, which narrowed the range of the net loss of the Group.