China Oriented International Holdings Limited announced earnings guidance for the fiscal year 2021. For the year, the company expected to record a net loss of approximately RMB3.5 million. The Board believes the change from net profit as anticipated and disclosed in the Announcement to net loss is primarily attributable to the increase in income tax expense which is mainly attributable to the increase in deferred tax expenses recognised for the
temporary difference in depreciation of property, plant and equipment and revenue recognition of approximately RMB3.1 million and RMB1.8 million, respectively, in FY2021.