The board of directors of China Renaissance Holdings Limited informed the shareholders of the Company (the "Shareholders") and potential investors that, based on the preliminary review of the unaudited consolidated management accounts of the Group for the year ended December 31, 2020, the Group expects to record a profit for the period attributable to owners of the Company of approximately RMB 1,013.8 million for the year ended December 31, 2020, as compared to a profit attributable to owners of the Company of approximately RMB 246.8 million for the corresponding period in 2019, representing a significant increase of approximately 310.8%. Such increase of profit of the Group for the year ended December 31, 2020 is mainly attributable to (i) increase in operating profit of the Group's investment banking and investment management segments, and (ii) effective control of the Group's other operating expenses. The Group noted that such magnitude of increase in profit of the Group for the year ended December 31, 2020 was largely supported by (a) higher profitability from investment management business, especially investment gains; and (b) stronger investment banking fees, with a rising number of major roles in the underwriting syndicate of landmark Hong Kong and U.S. Initial Public Offerings during the year. At the same time, the Group will continue to evaluate the impact of 2019 Novel Coronavirus on the Group's business in the future.