The board of directors of Ground International Development Limited informed the shareholders and potential investors of the Company that based on the preliminary assessment of the unaudited consolidated management accounts of the Group for the six months ended 30 September 2019 and the information currently available to the Board, it is anticipated that the Group will record a net loss of not less than RMB 600 million for the six months ended 30 September 2019 (the "2019 Interim Period") as compared with the net profit of approximately RMB 10.5 million for the six months ended 30 September 2018 (the "2018 Corresponding Period"). Similar to the 2018 Corresponding Period, the Group did not have any new property project that has been completed and delivered during the 2019 Interim Period that reached the criteria for revenue recognition. As a result, the sales of properties for the 2019 Interim Period have been contributed mainly from the remaining residential and commercial units of the property projects that were completed in the previous years. For the 2019 Interim Period, the overall revenue and overall gross profit of the Group are expected to decrease by over RMB 70 million and by over RMB 8 million, respectively, as compared with those in the 2018 Corresponding Period.