Honbridge Holdings Limited provided that the Group is expected to record approximately HKD 340 million (over 40% increase) revenue for the year ended 31 December 2019 as compared to the approximately HKD 230 million revenue for the year ended 31 December 2018 because 2019 was the first full year of operation for Zhejiang Forever New Energy lithium-ion battery plant and orders from its major customers increased in the fourth quarter of 2019. In addition, increased in the fair value of the exploration and evaluation assets in relation to the Sul Americana de Metais S.A. ("SAM") iron ore project is expected due to the decrease in discount rate adopted in the valuation model and increase in forecast selling price of the iron concentrate products which led to a significant reversal of impairment of exploration and evaluation assets for the Year Ended 2019. Nevertheless, as compared to the Year Ended 2018, the profit attributable to owners of the Company for the Year Ended 2019 is expected to decrease by more than 50%. It was mainly because of the significant decreased in reversal of impairment of exploration and evaluation assets for the Year Ended 2019, as compared to Year Ended 2018 and a significant impairment on property, plant and equipment was expected for the Year Ended 2019 because of the downward adjustment in forecast sales amount in the lithium-ion battery business.

The company provided that Due to the impact of the novel coronavirus (COVID-19) pandemic, the business of the Group in the PRC was generally halted in February and the operation has only restored gradually in March. Based on the currently available information which includes, but without limitation to, the unaudited management accounts of the Group, it is expected that the revenue for the first quarter ended 31 March 2020 will be decreased by more than 50% when compared to the last corresponding period.