The board of directors of Xiwang Property Holdings Company Limited informed the shareholders of the Company and potential investors that, based on the preliminary review of the unaudited management accounts of the Group for the year ended 31 December 2019 and information currently available to the Board, the Group is expected to record a consolidated net loss of approximately RMB 50 million to RMB 60 million for the year ended 31 December 2019 as compared with a consolidated net profit of approximately RMB 47.9 million for the year ended 31 December 2018.