Convoy Global Holdings Limited provided group earnings guidance for the year ended 31 December 2017. The group expected unaudited management accounts for the year ended 31 December 2017, and information currently available to the Board, it is expected that the Group may record a loss substantially worse than the loss recorded by the Group for the year ended 31 December 2016. Such expected significant increase in the loss of the Group approximately eight times of the previous loss for the year ended 31 December 2016 was primarily attributable to the combined effect (primarily) substantial impairment on investments in associate made by the company; (primarily) expected write-off of certain loans made by subsidiaries of the company, due to potential defaults by the relevant borrowers and/or uncertainty of recoverability of certain unsecured loans; continued losses of the IFA business primarily due to the substantial cost incurred for the retention program to stabilize the consultancy force; and losses incurred on settlement for the alleged mis-selling of certain financial products in China that were approved by previous management.