Maoye International Holdings Limited provided consolidated earnings guidance for the year ended December 31, 2019. the company expected that the consolidated net profit of the Company for the year ended 31 December 2019 is expected to be approximately RMB 450 million to RMB 500 million, representing a significant decrease as compared to the same for the corresponding period in 2018. Such decrease was mainly attributable to: (i) ZhongJia BoChuang Information Technology Co. Ltd. a company established in the People's Republic of China and listed on the Shenzhen Stock Exchange (stock code: 000889)), an associate of the Company, withdrew goodwill and asset impairment in the year ended 31 December 2019, causing the Company to record large investment losses; (ii) the adoption of New Financial Reporting Standard 16 Leases for the year ended 31 December 2019, which resulted in a significant increase in depreciation of leasehold right assets and interest on lease liabilities; and (iii) affected by the macroeconomic environment, the overall gross profit of the retail industry declined slightly.