PROFIT WARNING FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2020
The board of directors (the “Board”) of SinoCloud Group Limited (the “Company”, and together with its subsidiaries, the “Group”) wishes to announce that, following a preliminary assessment of the Group’s unaudited financial results for the financial period ended 31 March 2020 (“FY2020 Q3”), the Group is expected to report a net loss for FY2020 Q3 and consequently, for the nine months ended 31 March 2020. The net loss of FY2020 Q3 was mainly due to the provision of impairment losses of intangible assets of the Group as well as a decline in customer demand for the Group’s internet data centre services, arising from the COVID-19 pandemic which created a substantial adverse impact on global economy.
The Company is still in the process of finalising the financial results of the Group for FY2020 Q3. Further details of the Group’s financial performance for FY2020 Q3 will be provided when the Company releases its unaudited financial results of the Group for FY2020 Q3, no later than 15 May 2020.
Shareholders and investors are advised to exercise caution when dealing in the securities of the Company. Shareholders and potential investors should consult their stock brokers, bank managers, solicitors or other professional advisors if they have any doubt about the actions that they should take before trading or making any investment decisions in the securities of the Company.