Futong Technology Development Holdings Limited announced that after a preliminary assessment by the Board of the unaudited consolidated management accounts of the Group, it is expected that the profit attributable to Shareholders for the six-month period ended 30 June 2020 may record a decline of more than 60% as compared to that of the corresponding period in 2019. For the six-month period ended 30 June 2020, despite (i) a reversal of provision for doubtful debts of approximately RMB 3,600,000 as a result of the strengthened control over the trade receivables and (ii) a decrease in selling, administrative and financial expenses of approximately 20-25% due to the implementation of tight cost control measures, there is an expected decline in profit of the Group due to the outbreak of Novel Coronavirus as well as the macroeconomic uncertainty which led to some of the Group's customers delaying their purchase plan and having remained cautious with their spending, resulting in a decrease in revenue of approximately 25-30% as compared to the corresponding period in 2019.