The board of directors of the China Qinfa Group Limited informed the shareholders of the Company (the Shareholders) and potential investors that, based on information currently available to the Company and the preliminary review on the Group's unaudited consolidated management accounts for the year ended 31 December 2019, the Group is expected to record a profit attributable to equity shareholders of the Company for the year ended 31 December 2019 not less than RMB 70 million, as compared to profit attributable to equity shareholders of the Company of approximately RMB 1.5 billion for the year ended 31 December 2018.