Youzan Technology Limited — Capital/Financing Update 2020

Jun 23, 2020

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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(Incorporated in Bermuda with limited liability)

(Stock Code: 8083)

VOLUNTARY ANNOUNCEMENT – FURTHER ROUND OF EQUITY FINANCING OF AIGUANG PLATFORM

This announcement is made by China Youzan Limited (the “ Company ”) on a voluntary basis.

The Company has been informed by Guang Holdings Limited (“ Guang Holdings ”) which the Company held 10% shareholding following the closing of share purchase in relation to shares of Guang Holdings with a post money valuation of US$50 million on 8 June 2020 that further round of equity financing in Guang Holdings involving two institutional investors (the “ Investors ”) with an aggregate amount of US$20 million at a post money valuation of US$200 million (the “ Equity Financing ”) was completed on 23 June 2020.

To the best of the knowledge, information and belief of the Company, the Investors are third parties independent of the Company and its connected persons.

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Upon the closing of the Equity Financing, the Company holds 9.0% shareholding in Guang Holdings (which has effective control over and enjoys the entire economic interests and benefits generated by the group operating Aiguang Platform (being a live streaming and short video platform which facilitates product promotion for businesses) through variable interest entity structure).

By order of the Board China Youzan Limited Guan Guisen Chairman

Hong Kong, 23 June 2020

As at the date of this announcement, the Board comprises seven executive Directors, namely Mr. Guan Guisen, Mr. Cao Chunmeng, Mr. Yan Xiaotian, Mr. Zhu Ning, Mr. Cui Yusong, Mr. Yu Tao and Ms. Ying Hangyan; and four independent non-executive Directors, namely Dr. Fong Chi Wah, Mr. Gu Jiawang, Mr. Xu Yanqing and Mr. Deng Tao.

This announcement, for which the Directors collectively and individually accept full responsibility, includes particulars given in compliance with the GEM Listing Rules for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this announcement misleading.

This announcement will remain on the “Latest Company Announcements” page of the GEM website for at least 7 days from the date of its posting and on the Company’s website at www.chinayouzan.com.

If there is any inconsistency in this announcement between the English and Chinese versions, the English version shall prevail.

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