Wong's International Holdings Limited informed its shareholders and potential investors that based on a preliminary assessment of the unaudited consolidated financial statements of the Group for the year ended 31 December 2020 ("FY2020"), the Group expects to record a consolidated net loss attributable to the owners of the company in the range of HKD 730 million to HKD 780 million for FY2020 as compared to a net profit attributable to the owners of the Company of HKD 266 million for the last financial year of 2019. Based on the latest information available, this was mainly attributable to: a decrease in the value of the Group's properties and share of losses in the Group's joint ventures (the "Joint Ventures") which was due to a decrease in the value of properties held by the Joint Ventures. The decrease in value of properties held by the Group and the Joint Ventures is expected to be in the range of HKD 840 million to HKD 880 million as compared to an increase in value of HKD 98 million for the last financial year of 2019. The decrease reflects the commercial property market conditions which were adversely affected by the outbreak of COVID-19. The decrease in the value of the properties is unrealised and did not have any impact on the Group's cash flow. The properties held by the Group and the Joint Ventures are mainly for leasing purposes and the rental income had no significant change in FY2020; and the appreciation of Renminbi in the second half of 2020 which resulted in a significant exchange loss arising from the translation of US dollar deposits held in China to Renminbi base currency. The exchange loss is expected to be in the range of HKD 45 million to HKD 55 million as compared to an exchange gain of HKD 9 million for the last financial year of 2019. In addition, the segment results of the EMS Division for FY2020 is expected to have dropped by 10% to 25% compared to the segment results of the EMS Division for the last financial year 2019. The Group's manufacturing operations were impacted by the outbreak of COVID-19 from January to March of 2020 and returned to the normal level thereafter.