The board of directors of Jia Yao Holdings Limited announced that the group expects to record a net loss after tax with a range from RMB 2 million to RMB 4 million for the six months ended June 30, 2014 as compared to the net profit after tax for the six months ended June 30, 2013. 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; and the decrease in sales in May and June 2014 as a result of a decrease in customers orders.