Huan Yue Interactive : ANNOUNCEMENT FURTHER AMENDMENT OF THE VESTING DATE OF SHARE AWARDS

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Huan Yue Interactive Holdings Limited

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 505)

ANNOUNCEMENT

FURTHER AMENDMENT OF THE VESTING DATE OF SHARE AWARDS

Reference is made to the announcements of the Company dated 13 December 2018 (the "2018 Announcement") and 13 December 2017 (the "2017 Announcement") in relation to the Share Award Scheme. Unless otherwise defined herein, capitalized terms used in this announcement shall have the same meanings as those defined in the 2017 Announcement.

According to the 2017 Announcement, it was announced that the Award Shares would be vested in three tranches in each of 2017, 2018 and 2019 respectively. While the tranche for 2017 was vested in December 2017, and according to the 2018 Announcement, it was announced that the respective vesting dates of the Award Shares in respect of the tranches for 2018 and 2019 have been postponed by one year (the "Postponed Vesting Dates"), the Board and the remuneration committee of the Company have resolved on 26 November 2019 to further postpone the Postponed Vesting Dates for one year to 2020 and 2021 respectively (the "Further Amendment"). In addition, the vesting of the remaining 300,000 shares granted to an employee according to the resolution of the share award administration committee on 26 May 2017 will also be postponed and will be dealt with together with the remaining Award Shares which were granted on 13 December 2017. The Board believes that such further adjustment could help incentivize and encourage our Grantees who are Directors and employees of the Group to maintain their employment with the Group for a longer term.

The Further Amendment shall take effect from the date of this announcement.

By Order of the Board

Huan Yue Interactive Holdings Limited

HU Minglie

Chief Executive Officer and Executive Director

Hong Kong, 26 November 2019

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As at the date of this announcement, the executive directors of the Company are Mr. HU Changyuan, Mr. HU Minglie and Mr. ZHU Wenjun, the non-executive director of the Company is Mr. DAI Jianchun and the independent non-executive directors of the Company are Mr. CHAI Chaoming, Dr. LOU Dong and Ms. LU Hong.

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