Hong Wei (Asia) Holdings Company Limited provided earnings guidance for the year ended December 31, 2019 and first quarter ending March 31, 2020. The company is expected to record a profit attributable to the Shareholders for the Current Period of between HKD 23.0 to HKD 24.0 before changes in fair values less costs to sell of biological assets ("Valuation Changes of Biological Assets") as compared to the loss for the year attributable to owners of the Company of approximately HKD 59.6 million for the year ended 31 December 2018, which included net loss arising from changes in fair values less costs to sell of biological assets of approximately HKD 64.5 million. This improvement mainly due to the absence of adjustments for the Current Period on impairment loss in property, plant and equipment as there had been no further sustaining decline in sales volume and average unit selling price of particleboards as a result of adverse market condition reported in the Previous Period; and impairment loss on prepaid forestlands lease payments attributable to the material curtailment of grant by the relevant government department of timber wood harvesting quotas as part of the PRC government's strengthening in the drive of environmental protection in Previous Period. Based on a preliminary assessment of the unaudited management accounts of the Company for the three months ended 31 March 2020 and other information currently available, the Company is expected to record an increase in quarterly loss attributable to the owners of the Company for the first quarter of approximately three times that recorded for the three months ended 31 March 2019. The increase in loss was mainly attributable to the decrease in revenue and gross profit for the first quarter by approximately over 60% and 40% respectively. Such decrease in revenue and profit was partially offset by the corresponding decrease in selling and distribution expenses attributable to the decrease in customers orders in first quarter of 2020 as well as decrease in administration expenses in the first quarter of 2020 attributable to the suspension of business activities due to restrictions imposed by the local government in view of the outbreak of COVID-19 in China.