Speedy Global Holdings Limited announced based on the preliminary assessment and analysis of the Group's unaudited consolidated management accounts for the year ended 31 December 2020 (the "Reporting Period") and the information currently available to the Board, the Group is expected to record a net loss ranging from HKD 140 million to HKD 160 million for the Reporting Period, as compared to a net profit of approximately HKD 26.6 million recorded for the corresponding period in 2019. Such change was mainly attributable to: (i) the Group's expected provision for impairment of goodwill ranging from HKD 120 million to HKD 130 million, in relation to the acquisition of Splendid Gains International Limited in 2019, a wholly-owned subsidiary of the Company engaged in the business of manufacturing and trading of sweater knitwear products; (ii) a decrease in revenue for the Reporting Period primarily owing to the worldwide outbreak of the Coronavirus Disease 2019 which affected the macro economy, leading to a weak market sentiment, a delay in shipment and cancellation of orders; and (iii) an increase in provision of bad debts in trade receivable ranging from HKD 11.5 million to HKD 12.5 million. The above-mentioned provision for impairment of goodwill is a non-cash item and has no impact on the Group's cash flow, operations or liquidity position.