Phoenix Media Investment (Holdings) Limited provided preliminary consolidated earnings guidance for the year ended December 31, 2019. For the year, the company expected to record an operating loss for the Period continuing the trend demonstrated by the interim results of the Group for the six months ended 30 June 2019 and published on 16 August 2019. The board of directors of the Company considers that the loss was due to severe traditional media business environment and increase in contribution to the strategic upgrade of the Group. The Group has engaged an independent valuer to conduct a valuation on the internet media's investment in Particle Inc. as at 31 December 2019, and the result of the Valuation in turn will affect the net gain on internet media investment. As of the date of this announcement, the Company is expecting that the Valuation is very likely to have a positive impact on the consolidated results of the Group for the Period driving it back to the profit region.