Global Bio-chem Technology Group Company Limited provided earnings guidance for the year ended 31 December 2020 . The board of directors of the Company expects a significant decrease in revenue by over 80% and gross profit by over 60% for the year ended 31 December 2020 as compared with the year ended 31 December 2019. Such decreases were mainly attributable to the drop in production volume of the Group as a result of the suspension of operations of most of the Group's subsidiaries in the People's Republic of China during the Year. The suspension of operations was a result of (i) the impact of the outbreak of the coronavirus disease that had led to the slowdown of economic growth in the PRC; and (ii) the tight operating cash flow of the Group due to the prolonged challenging operating environment. During the Year, poor market sentiment has led to the significant drop in demand and selling prices of the Group's products, while the prices of corn, which is the raw material for the Group's production, have increased substantially due to tightened supply of corn kernels.