Grace Wine Holdings Limited provided earnings guidance for the first quarter ended March 31, 2020. The Directors expect the company to record a significant decrease in sales of the Group's wine products in the PRC for the three months ending 31 March 2020. Given a significant majority of the Group's sales of wine products are derived from the PRC, such expected decrease in sales may have an adverse impact on the Group's financial performance for first quarter 2020, which could be material. The Directors expect the Company to record a significant decrease in the Group's revenue and an increase in its net loss for first quarter 2020 as compared with that for the three months ended 31 March 2019.