The board of directors of the China Automobile New Retail (Holdings) Limited that, based on the information currently available, the Group is expected to record a net loss of not less than RMB 250 million for the financial year ended 31 March 2022 as compared to a loss of approximately RMB 2,551.0 million as recorded in the corresponding period in 2021. The Board considers that the loss during the Relevant Period was mainly attributable to the net valuation loss on investment properties and the impairment losses on financial assets, contract assets and guarantee contracts of not less than RMB 300 million.