The board of directors (the "Board") of Guangdong Tannery Limited informed the shareholders of the Company and potential investors that, based on a preliminary assessment of the Group's unaudited consolidated management accounts for the year ended 31 December 2020, the consolidated net loss of the Group for the year ended 31 December 2020 is expected to decrease by over 80% as compared to the audited consolidated net loss of HKD 38.99 million for 2019.