The board of directors of Icon Culture Global Company Limited informed the shareholders of the Company and its potential investors that, based on the unaudited consolidated management accounts of the Group for the financial year ended 31 December 2019 and the information currently available, the Group expects to record a net loss for the financial year ended 31 December 2019, representing a decrease in net profit by around 160% as compared with that of the financial year ended 31 December 2018. If the effect of non-recurring listing expenses recognized in the consolidated statement of profit or loss of the Group for the year ended 31 December 2018 and 2019 are excluded, the Group is expected to record a decrease in net profit by around 70% for the year ended 31 December 2019 as compared with that of the year ended 31 December 2018. The expected net loss was mainly due to (i) the decline in revenue generated from non-exclusive television advertising spaces and online media advertising during the year ended 31 December 2019 as a result of reduced budget from existing customers while development of new customers required more time and efforts; and (ii) non-recurring listing expenses as disclosed in the Company's prospectus dated 30 December 2019 under the paragraph headed "Listing expenses'' in the section headed Financial Information''.