The board of directors of the U Banquet Group Holding Limited announced that, based on the preliminary review on the unaudited management accounts of the Group and information currently available to the Board, the Group is expected to record a significant increase in the loss attributable to the shareholders of the Company for the year ended 31 December 2016 as compared with the loss of HKD 5,978,000 recorded for the year ended 31 December 2015. The expected loss for the year ended 31 December 2016 is primarily and mainly attributable to the factors: the decrease in the revenue from the Chinese restaurant operation as a result of the deterioration in Hong Kong's retail industry in 2016. The total number of wedding banquet customers and dining customers of comparable restaurants has declined by approximately 14% as compared with the same period in 2015. As a result, the revenue from the Chinese restaurant operation for those comparable restaurants has declined by approximately of HKD 47 million as compared with the same period in 2015; the new restaurant located in The One, which was opened in September 2016, were yet to be profitable and incurred an operating loss during the period.