China Biotech Services Holdings Limited provided unaudited consolidated earnings guidance for the year ended December 31, 2020. For the year, the company expected to record a net profit of not less than HKD 140,000,000 for the 2020 Year as compared to the net loss of approximately HKD 107,483,000 recorded for the corresponding period in 2019. The Board considers that the expected turnaround from the net loss for the 2019 Year to the net profit for the 2020 Year was mainly attributable to (i) substantial increase in demand for COVID-19 testing services due to third wave of COVID-19 infection in mid-July in Hong Kong; (ii) one of participants of COVID-19 testing services under Universal Community Testing Programme for Hong Kong citizens; (iii) a robust growth in revenue and gross profit from medical laboratory testing services and health check service segment with strategic development and marketing and promotion campaigns; and (iv) no impairment loss on intangible assets (2019 Year: HKD 28,838,000) attributable from medical laboratory testing services and health check services segment for the 2020 Year.