Qinqin Foodstuffs Group (Cayman) Company Limited provided consolidated earnings guidance for the year ended December 31, 2016. The board of directors of the company announced that based on a preliminary review and assessment on the group's draft unaudited consolidated management accounts for the year ended 31 December 2016 and the information currently available to the group, it is expected that the group may record a substantial decrease in its consolidated net profit for the year ended 31 December 2016 as compared to 2015. The substantial decrease in the consolidated net profit is mainly attributable to the following: the recognition of one-off expenses of approximately RMB 23 million in the consolidated income statement of the Group for the year ended 31 December 2016 in connection with the listing of the shares of the Company on the Main Board of The Stock Exchange of Hong Kong Limited on 8 July 2016; the additional withholding tax charges on the distribution and payment of the profits of the Company's subsidiaries in the People's Republic of China to a subsidiary in Hong Kong; and a slight decline in the revenue and gross profit of the Group for the year ended 31 December 2016 by approximately 4% and 1% respectively as compared to 2015, which has a slight negative impact on the consolidated net profit of the Group.