Based on the preliminary unaudited consolidated management accounts of the Group for the financial year ended 31 December 2020, the Group expects to record a loss attributable to the owners of Phoenix Media Investment (Holdings) Limited of approximately HKD 1.05 billion for the year (as compared to a profit of approximately HKD 122 million for the financial year ended 31 December 2019), approximately HKD 530 million of which is attributable to the fair value loss of the Group's internet media investment in accordance with the accounting standards, and the same item had a gain of HKD 730 million for the financial year ended 31 December 2019.