The board of directors of Anxian Yuan China Holdings Limited informed the shareholders of the Company (the "Shareholders") and potential investors that based on the information currently available to the Company and the preliminary assessment by the Company 's management with reference to the latest unaudited consolidated management accounts of the Group for the year ended 31 March 2020, the Group is expected to record a significant increase by more than 200% in net profit for the year ended 31 March 2020 as compared with that of the year ended 31 March 2019. Such increase is mainly because: the Group recorded an increase in revenue by more than 20% year-on-year. Such increase was primarily due to the PRC government encourages land-saving ecological burial, which has increased demand for the Group's large-scaled wall burial in Hangzhou cemetery; and the Group recorded a decrease in administrative expenses by more than 10% year-on-year. Such decrease was primarily due to the absence of expenses which are non-recurring in nature for the year ended 31 March 2019 including (a) loss on disposal of a subsidiary and an associate of approximately HKD 3 million; and (b) impairment loss on other receivables of approximately HKD 5 million.