Shunfeng International Clean Energy Limited provided consolidated earnings guidance for the six months ended June 30, 2020. The group announced that based on the preliminary assessment with reference to the unaudited consolidated management accounts of the group, it is expected that a loss of approximately RMB 450 million will be recorded for the six months ended 30 June 2020, as compared to the unaudited loss of approximately RMB 247 million for the six months ended 30 June 2019, which is mainly attributable to the following reasons: Reference is made to the announcement of the company dated 18 March 2020, the circular of the company dated 15 June 2020 and the poll results announcement of the company dated 2 July 2020 in respect of six sale and purchase agreements entered into between Jiangxi Shunfeng Photovoltaic Investment Co. Ltd., Shanghai Shunneng Investment Co. Ltd. and Zhejiang Zhengtai New Energy Development Co. Ltd., pursuant to which Jiangxi Shunfeng and Shanghai Shunneng have conditionally agreed to sell, and Zhejiang Zhengtai has conditionally agreed to purchase, 100% equity interests of each of Akesu Datang New Energy Co. Ltd., Yuepuhu Gaoke New Energy Power Generation Co. Ltd., Heshuo Hengxin New Energy Technology Co. Ltd., Tulufan Lianxing New Energy Co. Ltd., Wensu Riyuehui New Energy Co. Ltd., and Hejing Yixin New Energy Technology Co. Ltd. The Very Substantial Disposal was duly passed at the extraordinary general meeting held on 2 July 2020. In July 2020, the transfer registration for the 100% equity interests of the Six Target Companies has been completed and it is expected that the completion of the Six Target Companies will take place within twelve months from 30 June 2020. As a result of the above, the Group has recognized an impairment loss of approximately RMB 214 million with respect to the Very Substantial Disposal during the First Half of 2020, while there was no such impairment loss recognized during the first half of 2019; and (ii) On 30 September 2019, Shunfeng Photovoltaic Holdings Limited, a direct wholly- owned subsidiary of the company, completed the disposal of 100% equity interests in Jiangsu Shunfeng Photovoltaic Technology Company Limited to Asia Pacific Resources Development Investment Limited. Jiangsu Shunfeng was engaged in manufacturing and sales of solar products and installation services of photovoltaic systems, plant operations and services and solar power generation in overseas regions (such being collectively classified as discontinued operations), recording a profit of approximately RMB 43 million for the first half of 2019, while there was no such profit recorded for the first Half of 2020 as the disposal of Jiangsu Shunfeng was completed on 30 September 2019.