Jia Yao Holdings Limited provided earnings guidance for the year ended December 31, 2019. The Group is expected to record a decrease in net profit after tax for the year ended 31 December 2019 by approximately 50% to 70%, as compared to the net profit after tax of approximately HKD 16.6 million for the year ended 31 December 2018. The aforesaid decrease in net profit after tax is mainly due to increase in research and development expenses; and the recognition of fair value loss on convertible notes.