InvesTech Holdings Limited provided preliminary unaudited consolidated earnings guidance for the year ended December 31, 2020. The company reported board, it is expected that the Group would record an increase in net loss for financial year 2020 in the range of approximately RMB 85.0 million to RMB 90.0 million as compared with that of approximately RMB 24.7 million for the year ended 31 December 2019 as disclosed in the company's 2019 annual report. The increase in net loss for financial year 2020 is mainly attributable to the recognition of an impairment of loan receivables of one subsidiary of the company (details of which are set out in the announcement of the Company dated 23 February 2021) and the recognition of an impairment loss against goodwill in relation to the network system integration cash-generating unit arisen from the acquisition of Fortune Grace Management Limited in 2015, which is mainly caused by (i) the slowdown in the global economy resulted from the outbreak of the coronavirus disease 2019 ("COVID-19") pandemic and its escalation during FY2020 while the Group foresees the unfavorable global economic conditions to continue, if not worsen, in the coming years resulting from the unprecedented disruptions in various aspects of business operations of the Group; (ii) the tension between the United States of America (the "US") and the People's Republic of China as a result of the trade war, which may affect the Group's business development of network infrastructure and software; and (iii) the stagnant growth in business in respect of the agency agreement entered into between the Group and IBO Technology Company Limited (details of which are set out in the announcement of the Company dated 15 June 2020). In addition, based on the preliminary valuation report prepared by an independent professional valuer, the fair value in relation to an equity investment of the Group in China Communication Technology Co. Ltd. as at 31 December 2020 would decrease by approximately 65.0% to 75.0% as compared with that as at 31 December 2019. A fair value loss (the "Fair Value Loss") would be recorded in the consolidated statement of comprehensive income for financial year 2020 rather than in the consolidated statement of profit or loss for financial year 2020. Given that the Group expects to record an increase in net loss for financial year 2020 as mentioned above, coupled with the impact of the Fair Value Loss, it is expected that the Group will record total comprehensive loss in the range of approximately RMB 350.0 million to RMB 400.0 million for financial year 2020 as compared with that of approximately RMB 249.7 million for financial year 2019. The Fair Value Loss is primarily attributable to (i) the poorer business and economic environment in the industry of satellite communication products and military communication products as a result of the sanctions imposed by the US and the slowdown in the global economy caused by the outbreak and the escalation of COVID-19 and (ii) the substantial decrease in value of share investments held by CCT.