The board of directors of the Binhai Investment Company Limited informed the shareholders of the company and potential investors that, based on the preliminary review of the unaudited consolidated management accounts of the Group for the year ended 31 December 2020, the profit attributable to equity holders of the company for the year ended 31 December 2020 is expected to show a significant increase of over 200% as compared to that for the year ended 31 December 2019. Such significant increase was mainly due to the following factors: exchange gains arising from the USD 300 million bonds due in November 2020 issued by the company; vigorous recovery of receivables by the Group which successfully reverted the corresponding bad debt provisions including that in respect of the receivables from Tianjin Steel Pipe Manufacturing Co. Ltd.; and leveraging on the increasing proportion of primary source of gas in gas procurement and other factors, the Group's overall operational results had further improved.