The board of directors of Jia Yao Holdings Limited informed that the group's unaudited consolidated management accounts for the year ended 31 December 2014, expects to record a substantial decrease in net profit after tax that the net profit after tax is expected to be with a range from RMB 12 million to RMB 14 million. This is mainly due to the recognition of the expenses of approximately RMB 19.6 million in relation to the listing of the shares of the company on the Main Board of the Stock Exchange of Hong Kong Limited; the decrease in sales in May and June 2014 as a result of a decrease in customers' orders; and the increase in production costs during the year.