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Huayi Tencent Entertainment Company Limited

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 419)

INSIDER INFORMATION

PROFIT WARNING

This announcement is made by Huayi Tencent Entertainment Company Limited (the "Company") and its subsidiaries (collectively the "Group") pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ("Listing Rules") and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Future Ordinance (Chapter 571, the Laws of Hong Kong).

PROFIT WARNING

The Board wishes to inform shareholders of the Company and potential investors that, based on the Group's preliminary unaudited assessment for the year ended 31 December 2020 ("Year 2020"), the Group is expected to record a growth in revenue and gross profit for Year 2020 by at least 10% and 30% respectively, comparing to the revenue and gross profit for the prior year of approximately HK$99,326,000 and HK$39,011,000 respectively. The growth in revenue and gross profit for Year 2020 was mainly contributed by the successful release of epic war movie "Eight Hundred" which has generated box office receipt of more than RMB3.1 billion in the PRC.

On the other hand, due to the recording of provisions for impairment of right-of-use assets and interest in an associate of not more than approximately HK$40 million (2019: nil) for Year 2020, the Group is expected to record a consolidated net loss for Year 2020 of not more than approximately HK$60 million (2019: HK$29 million), being a 107% increase comparing to the prior year. Excluding such provisions for impairment of right-of-use assets and interest in an associate, the consolidated net loss for Year 2020 would be not more than approximately HK$20 million (2019: HK$29 million), being a 31% decrease comparing to the prior year.

Shareholders and potential investors of the Company are advised to exercise caution when dealing in the securities of the Company.

For and on behalf of the Board

HUAYI TENCENT ENTERTAINMENT COMPANY LIMITED

Raymond Hau

Company Secretary

Hong Kong, 12 March 2021

As at the date of this announcement, the Board comprises:

Executive directors: Mr. WANG Zhongjun (Chairman), Mr. CHENG Wu (Vice Chairman), Mr. YUEN Hoi Po (CEO)

Independent non-executive directors: Dr. WONG Yau Kar David, GBS, JP, Mr. YUEN Kin, Mr. CHU Yuguo

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Huayi Tencent Entertainment Corporation Limited published this content on 12 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 March 2021 14:12:03 UTC.