Tranche Update on Zhejiang Red Dragonfly Footwear Co., Ltd.'s Equity Buyback Plan announced on January 9, 2019.

From January 8, 2019 to October 30, 2019, the company has repurchased 19,427,993 shares, representing 3.32% for CNY 150.97 million. With this, the company has completed the repurchase of 19,427,993 shares, representing 3.32% for CNY 150.97 million under the buyback announced on January 9, 2019.