Kingwell Group Limited provided earnings forecast for the year ended June 30, 2020. For the year, the Group expects to record a significant increase in net loss ranging between approximately RMB 24 million and RMB 30 million, as compared to a net loss of approximately RMB 9.8 million last year. The significant increase in loss was mainly attributable to the impairment provision for the intangible assets of the Russia gold mine. Due to the Covid-19, the Group has changed the exploitation plan and postponed the normal production of the Russia gold mine. The Group expects the Russia gold mine will only maintain the minimum operation by the outsourcing contractor in 2020 and 2021. It will lower the expected future performance as compared with previous years.