Activation Group Holdings Limited — Capital/Financing Update 2021

Apr 28, 2021

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(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 9919)

VOLUNTARY ANNOUNCEMENT BUSINESS UPDATE

This announcement is made by Activation Group Holdings Limited (the “ Company ” and, together with its subsidiaries, the “ Group ”) on a voluntary basis. The purpose of this announcement is to provide the shareholders of the Company and its potential investors an update on the latest business developments of the Group.

The board of directors (“the Board ”) of the Company is pleased to announce that the Group has entered into a cooperation agreement on 28 April 2021 for the strategic alliance with Fosun Fashion Group Limited (“ FFG ”), a subsidiary of Fosun International Limited, a company listed on the Main Board of the Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”) (stock code: 0656.hk), to capitalize on the emerging demand for luxury brand in China.

In this strategic alliance, the Group shall be the preferred marketing partner of FFG in China to explore the new business models and solutions for brand expansion. Furthermore, the Group shall be the preferred one-stop marketing platform for all brands in FFG’s portfolio.

The Group and FFG shares a belief that the China market is one of the brightest spots in the global luxury market, with prospects for exponential growth, together with a faith in the critical importance of China’s e-commerce and consumer expectation on global brands. The Group and FFG will work together to develop the best practices and best results for FFG’s existing brands in China, while exploring opportunities to introduce other new brands to the China market.

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INFORMATION ABOUT FFG

FFG manages a portfolio of heritage brands covering a full spectrum of luxury fashion, and it is one of the first movers to create a global luxury fashion group in China. The current brand portfolio of FFG includes Lanvin, Wolford, St. John, and Caruso. It aims to help the ever-changing global luxury market by developing a top-tier ecosystem to promote additional operational value in China.

Apart from the Group, FFG also allied with Baozun Inc, a company listed on NASDAQ and the Stock Exchange (stock code: BZUN and 9991.hk), a market leader and pioneer in the brand e-commerce service industry in China. Baozun provides integrated one-stop solutions addressing all the core aspects of the e-commerce operations covering IT solutions, online store operations, digital marketing, customer services, and warehousing and fulfilment.

As at the date of this announcement, both the Company and Baozun are the minority shareholders of FFG.

Shareholders and potential investors are advised to exercise caution when dealing in the shares of the Company.

By order of the Board Activation Group Holdings Limited Lau Kam Yiu and Ng Bo Sing Joint-Chairmen

Shanghai, PRC, 28 April 2021

As at the date of this announcement, the Board comprises four executive Directors, namely, Mr. Lau Kam Yiu, Mr. Ng Bo Sing, Mr. Chan Wai Bun and Ms. Low Wei Mun and three independent non-executive Directors, namely, Ms. Cheung Siu Wan, Mr. Yu Longjun and Dr. Cheung Wah Keung.

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