Huazhang Technology Holding Limited provided earnings guidance for the year ended 30 June 2020. For the period, the Group expects to record a loss within the range of approximately RMB 67.5 million to RMB 77.5 million, as compared to the loss of approximately RMB 129.9 million for the year ended 30 June 2019. Such substantial decrease in the loss for the year ended 30 June 2020 was mainly attributable to an absence of the recognitions of the expenditure about the change in fair value of contingent consideration and impairment of goodwill of approximately RMB 30.4 million and RMB 108.2 million, respectively, recognized for the year ended 30 June 2020, the effect of which was partially offset by a significant increase in impairment loss on trade and other receivables for the year ended 30 June 2020 as several customers have financial difficulties and cannot repay the receivables timely under the current economic environment.