The board of directors of Southwest Securities International Securities Limited expected to record a consolidated net loss of approximately HKD 124 million to HKD 152 million in Year 2020 comprising an expected credit loss on accounts receivable arising from the margin financing business of approximately HKD 149 million in Year 2020, compared to the consolidated net loss of HKD 345 million for the year ended 31 December 2019. The Board considers that the expected decrease in loss as mentioned above is mainly due to (i) the expected substantial increase in the net investment income from the Group's proprietary trading in Year 2020; (ii) the substantial decrease in the expected credit losses in the accounts receivable arising from the Group's margin financing business in Year 2020; and (iii) the decrease in expenses as a result of the various cost reduction measures taken by the Group.