Modern Media Holdings Limited provided preliminary group earnings guidance for the year ended December 31, 2017. For the year, the company is expected that the Group will record a substantial decrease in profit for the financial year ended 31 December 2017 and it is expected to record a loss of no more than RMB 40 million for financial year 2017 as compared with the profit for the financial year ended 31 December 2016. The loss was mainly due to, among other factors, the reduction in the Group's advertising revenue attributable to the slow recovery of the PRC economy and the weakening local consumption in the luxury segments in the PRC, to which most of the Group's principal advertising clients belong. In addition, the Group has proactively promoted the transformation of its business during the past year, and has contributed in and developed new businesses such as the Nowness video platform and the cultural and creative space in Shanghai etc.