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UNITED STRENGTH POWER HOLDINGS LIMITED
眾 誠 能 源 控 股 有 限 公 司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 2337)
FOR THE SIX MONTHS ENDED 30 JUNE 2020
This announcement is made by the board (the "Board") of directors (the "Directors") of United Strength Power Holdings Limited (the "Company", which together with its subsidiaries, the "Group") pursuant to Rule 13.09 of the Rules (the "Listing Rules") Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") and the inside information provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
The Board wishes to inform shareholders and potential investors of the Company that, based on the Board's preliminary review of the unaudited consolidated management accounts of the Group for the six months ended 30 June 2020 and other information currently available, the Group is expected to record a decline in profit for the six months ended 30 June 2020 as compared to that for the corresponding period in 2019 of approximately 75%-95%. Based on information currently available to the Board, the Board considers that the decline of the interim results is primarily attributable to:
the costs incurred in connection with the reverse takeover, details of which are set out in the circular of the Company dated 30 June 2020, of approximately RMB10.1 million; and
the use of public transportations has been reduced due to the travel restriction due to the outbreak of COVID-19 leading to a decrease in revenue and profit as major CNG vehicle users mainly include taxi drivers, and corporate customers such as bus operators, logistics companies and driving schools.
After deduction of the costs incurred in connection with the reverse takeover, the decline in the profit for the six months ended 30 June 2020 as compared to that for the corresponding period in 2019 is expected to be 20%-40%.