The board of directors of Excalibur Global Financial Holdings Limited informed the shareholders of the Company and potential investors that, based on the preliminary review and analysis of the unaudited financial information of the Group for year ended 31 December 2020, the Group is anticipated to record a loss attributable to equity shareholders of the Company for the year ended 31 December 2020 of approximately HKD 24.7 million as compared to a loss attributable to shareholders of the Company of approximately HKD 16.5 million for the year ended 31 December 2019. The Board attributed such deterioration in financial performance primarily to the decrease in brokerage commission of the Group from approximately HKD 18.9 million for the year ended 31 December 2019 to approximately HKD 10.6 million for the year ended 31 December 2020. The on-going of Coronavirus Disease 2019 led to a sharp decrease in the number of new clients from the People's Republic of China (the ‘PRC’) as they are unable to arrive to Hong Kong to complete the account opening procedures, resulting in drop of commission income from the PRC customers. As a result, revenue of the Group for the year ended 31 December 2020 decreased by approximately 44% as compared to the year ended 31 December 2019.