The board of directors of Zhejiang New Century Hotel Management Co., Ltd. informed the shareholders and potential investors of the Company that based on the preliminary assessment of the unaudited consolidated management accounts of the Group for the six months ended 30 June 2020, the Group's consolidated results for the six months ended 30 June 2020 may record a net loss in the range of approximately RMB 90 million to RMB 100 million as compared to a net profit of approximately RMB 80.9 million for the corresponding period in 2019.