The board of directors of Shanghai Industrial Holdings Limited (the "Board") updated the shareholders of the Company and potential investors that, based on the Company's current expectations and preliminary assessment of the latest unaudited financial information currently available to the Company for the six months ended 30 June 2020, the Board expects that the profit attributable to owners of the Company for the six months ended 30 June 2020 will be decreased by approximately 60% to 70%, which is lower than that of the corresponding period in 2019.