Zhejiang Tengy Environmental Technology Co. Ltd. provided earnings guidance for the year ended December 31, 2020. For the period the company expected to record a decrease in the net profit for the financial year ended 31 December 2020 of over 50% as compared to the net profit of approximately RMB 34.3 million for the financial year ended 31 December 2019. The Board considered that the aforesaid loss was mainly attributable to the decrease in total secured contracts sum for the financial year ended 31 December 2020 due to the outbreak of the novel coronavirus disease (COVID-19) (the "Epidemic"). The outbreak of the Epidemic resulted in recent downtrend of economy and transportation difficulties in the People ' s Republic of China, which delayed new tenders and affected the customer orders due to slower economic activity.