First Shanghai Investments Limited provided unaudited group earnings guidance for the year ended December 31, 2019. The board of directors of First Shanghai Investments Limited informed its shareholders and potential investors that the Group is expected to record a decrease of approximately 60% to 70% in profit attributable to shareholders of the Company for the year ended 31st December 2019, as compared to that of HKD 33 million for the year ended 31st December 2018. Such expected decrease is primarily attributable to (i) the effects of the adoption of Hong Kong Financial Reporting Standard 16 "Leases" (effective from 1st January 2019) which result in the increase in related expenses on the leases of the medical centres of the Group, (ii) an impairment provision on certain right-of-use assets based on value-in-use calculations using cash flow projection; (iii) an one-off accounting loss and reduction in share of profit in 2019 upon disposal of a joint venture; and (iv) the recognition of operating expenses for a newly opened hotel in Paris.