The board of directors China All Access (Holdings) Limited announced that, based on a preliminary review of the unaudited consolidated management accounts of the Group for the year ended 31 December 2019 and assessment of the information currently available, the Group is expected to record a net loss of not less than RMB 1,100 million for the year ended 31 December 2019 as compared to a net loss of approximately RMB 678.1 million for the year ended 31 December 2018, which was mainly attributable to (1) increase in impairment loss on financial assets; (2) increase in finance costs on interest bearing borrowings; and (3) increase in research and development expenses in developing the new energy technology.