Fu Shek Financial Holdings Limited provided earnings guidance for the six months ended 30 September 2020. Based on the information currently available to the Company and the preliminary review by the Board of the unaudited consolidated management accounts of the Group for the six months ended 30 September 2020, the Group is expected to record a decrease in net profit for the six months ended 30 September 2020 of not less than 19% as compared to that for the six months ended 30 September 2019. By excluding the non-recurring listing expenses, the Group is also expected to record a decrease in adjusted net profit for the six months ended 30 September 2020 of not less than 66% as compared to that for the six months ended 30 September 2019. The Board considered that the decrease in adjusted net profit (excluding the non-recurring listing expenses) of the Group was mainly attributable to: (i) decrease in placing and underwriting services income, which in turn was due to the prudent approach adopted by the management of the Company in taking up new placing and underwriting projects in light of the uncertain economic outlook and volatility in the stock market; (ii) increase in impairment loss for accounts receivable arising from the business of dealing in securities under the expected credit loss model; and (iii) increase in operating expenses as compared with the six months ended 30 September 2019.