The board of directors of Vixtel Technologies Holdings Limited announced that, based on the Group's unaudited consolidated management accounts, the Group is expected to record a decrease of approximately 90% in its net profit for the year ended 31 December 2020 as compared with its net profit for the year ended 31 December 2019. Such expected decrease is mainly attributable to the adverse impact of the outbreak of COVID-19, leading to a decrease in the new orders placed with the Group as certain customers reduced their budgets and delayed their procurement plans; a decrease in the Group's revenue as the reasons of the delay in work resumption and hence defer certain project acceptance plans of the major customers; a decrease in government subsidies granted due to a decline in the Group's invoicing amount during the Year as a result of a general delay in settlement of fees by the customers. The Board believes that such effect is temporary and will not have major impact on the long-term performance of the Group.