Virscend Education Company Limited provided earnings guidance for the year ended December 31, 2016. The board of directors of the company announced that based on the preliminary review of the unaudited consolidated management accounts of the Group, the Group is expected to record an increase of not less than 100% in its net profit attributable to owners of the parent for the year ended December 31, 2016 as compared to that for the year ended December 31, 2015. Such increase is mainly attributable to an increase in revenue generated from the increase in the number of students enrolled and the level of average tuition fees at the schools operated by the Group; an increase in foreign exchange gain generated from the translation of the Hong Kong dollars bank deposits resulted from the depreciation of Renminbi against Hong Kong dollars; a decrease in net profit attributable to non-controlling interests; and a decrease in the financial costs resulting from the repayment of bank loan of approximately RMB 340,000,000.