First Shanghai Investments Limited provided earnings guidance for the six months ended 30th June 2020. For the period, the Group is expected to incur a loss attributable to shareholders of the company in excess of HKD 40 million for the six months ended 30th June 2020, as compared with the profit of HKD 15 million recorded for the corresponding period in 2019. Such expected loss is primarily attributable to the adverse impact from the worldwide outbreak of COVID-19 in early 2020 which caused severe disruption of overall business activities and led to fair value loss on investment properties was recorded in the first half year of 2020 whereas fair value gain of HKD 39 million was recorded in corresponding period of 2019; reduction on revenue generated from hotels in Wuxi and Paris due to the quarantine and social protective measures adopted; curtailment in sales for Huangshan property development projects with business shut down by nearly two months in early 2020; and decline in underwriting commission income amid to the market sentiment, though slightly recovered by the increase in brokerage commission income.