The board of directors of China Innovationpay Group Limited informed the shareholders of the company and potential investors that, based on the preliminary review of the unaudited financial information of the group, the group is expected to record a loss after tax for the three months ended 31 March 2014 as compared to a profit after tax for the corresponding period in 2013. The expected loss for the three months ended 31 March 2014 was mainly due to decrease in the turnover of the group during the period; and the costs of advertising and promotion of the products increased.