Tristate Holdings Limited provided earning guidance for the year ended 31 December 2020. As mentioned in the Group's 2019 annual results announcement issued on 31 March 2020 and its 2020 interim results announcement issued on 31August 2020, the outbreak of COVID-19 pandemic ("COVID-19") has affected the Group's business and would have negative impact on the Group's 2020 full year financial performance. The board of directors of the company wishes to inform the shareholders of the company and potential investors that based on the information currently available, the Group is expected to record a loss attributable to equity shareholders for the year ended 31 December 2020 of approximately HKD 165 million to HKD 180 million, as compared with the loss of HKD 39 million for the year ended 31 December 2019. The expected substantial loss is mainly attributable to the followings: Decline in revenue and segment results for garment manufacturing business due to reduction of orders by customers in major countries following the lockdown of their business operations caused by COVID-19; and Segment loss incurred for brands business due to COVID-19 related store closures and battered consumer sentiment which have impacted licensed brands in China, especially in the early redevelopment and development stages for the Nautica and Spyder businesses, respectively, and impairment of property, plant and equipment. Whilst the major economies suffer significant negative impact from COVID-19 which led to demand shrinkage from garment manufacturing business, flexible and adaptive supply chain enable to work closely with premium brands customers to respond to the recovering market needs. believe garment manufacturing business and C.P. Company brands business have sound and solid foundation to overcome the challenge. Also see retail sales of licensed brands in China started to gradually pick up in the fourth quarter of 2020. With the net cash position (cash and bank balances less bank borrowings) of over HKD 290 million as of 31 December 2020 and available bank credit facilities, are confident that are able to weather through the pandemic crisis.