Global Bio-chem Technology Group Company Limited provided consolidated earnings guidance for the year ended March 31, 2020. The board of directors of the Company wishes to inform the shareholders of the Company and potential investors that based on the preliminary review of the Group's unaudited consolidated management accounts for the three months ended 31 March 2020, the Group recorded significant decreases in revenue by approximately 79.9% and gross profit by approximately 53.7% for the three months ended 31 March 2020 as compared to the corresponding period in 2019. Such decreases were mainly attributable to: (i) the decrease in production volume of the Group due to the suspension of operations of most of the subsidiaries in the People's Republic of China (the "PRC") pursuant to the guidelines of the PRC government during the three months ended 31 March 2020 following the outbreak of the coronavirus disease ("COVID-19") in the PRC; (ii) decrease in the demand and the prices of the products of the Group following the outbreak of COVID-19 in the PRC; and (iii) the significant increase in corn price due to the tightening supply of corn kernels, the major raw materials used in the production of the Group, as a result of the outbreak of COVID-19, which disrupted domestic and international transportation. For the six months ending June 30, 2020, it is expected that the Group will record significant decreases in revenue and gross profit for the six months ending 30 June 2020 as compared to the corresponding period in 2019.