Scienjoy Announces Strategic Partnership with Beijing University of Posts and Telecommunications on Multi-user Augmented Reality Technology

BEIJING,March 31,2021 -- Scienjoy Holding Corporation ("Scienjoy",the "Company") (NASDAQ: SJ),a leading live entertainment mobile streaming platform in China,today announced it has established a strategic partnership with Beijing University of Posts and Telecommunications ("BUPT") to research multi-user augmented reality technology and its applications for live streaming content and entertainment.

As part of the agreement,Scienjoy will purchase patents for "augmented reality technologies and systems for multi-user interactions" from BUPT. Scienjoy plans to use these patents in multi-player games and multi-player live streams to enhance the user interactive experience in Scienjoy's virtual reality second life worlds.

Through partnership with BUPT,Scienjoy hopes to further promote innovation and development in the live streaming industry,and to explore research synergies between institutions of higher education and private enterprise on augmented reality (AR) technology. This agreement represents a further deepening of the cooperation between BUPT and Scienjoy that was announced in January 2021 regarding the applications of web-based augmented reality technology (Web AR).

Through 3D imaging technology and visual tracking algorithms,AR technology superimposes computer generated information into real environments. AR allows users to experience both a virtual world and the physical world simultaneously,and to interact with both in a unique and intuitive way. Mobile augmented reality can be divided into two categories: single-user AR and multi-user AR,each backed by different key technologies and useful for different applications. Multi-user AR,the technology in this cooperation and patent acquisition,is of particular interest to Scienjoy,which seeks to continually upgrade the user experience to be more participatory,interactive and entertaining.

For Scienjoy,multi-user interactive AR technologies are a further step in the Company's long investment in enhancing the user experience of live streaming and games with augmented virtual reality. The traditional live streaming video experience is one-directional and relies on host appearance,performance skills,environment,and storytelling abilities. In the live streaming category,where users are increasingly looking for interactive entertainment,traditional live streaming may become repetitive and cause users to lose interest in hosts and whole platform ecosystems over time.

Scienjoy has long been at the forefront of researching and integrating AR,virtual reality (VR) and artificial intelligence (AI) to its social platforms to improve the user experience and maintain high user stickiness. Scienjoy has already applied single-user AR technologies to allow hosts and users to supplement their appearance or environment and has also explored multi-player second life worlds. This acquisition of multi-user AR technology will allow hosts and multiple users to interact in second life virtual world spaces and together interact with virtual objects and information. Unlike traditional online games,where players are only able to control virtual objects and avatars,AR games allow players to interact with each other,and virtual objects to interact with the physical environment,bringing a new level of novelty and interactivity to the live streaming game experience.

With recent advancements in mobile devices and chip technology,smart phones and tablets now have the hardware to support AR entertainment. The sensors needed for AR entertainment such as multiple lenses,gyroscopes,accelerometers,and others have all already become standard configurations. The application of these sensors also provides an unprecedented development opportunity for the popularization of AR technology on mobile social platforms like Scienjoy's. At present,players in the mobile device field such as Google,Apple,Qualcomm,Huawei,Tencent,Alibaba,and Xiaomi and others are all engaged in the research and development of mobile AR related technologies and products. As a leading live entertainment mobile streaming platform provider,Scienjoy will continue to find applications of mobile device technology to further integrate AR to its social platforms and strengthen the user experience.

"In the future,Scienjoy plans to fully integrate virtual and reality through the combination of 5G and AI,AR,VR and other technologies,to give users a more realistic and rich immersive experience," said Victor He,Chairman and CEO of Scienjoy. "I believe that the purchase of these AR system patents,which represents a further step in Scienjoy's strategic commitment to entertainment R&D,will bring great value to Scienjoy's live streaming ecosystem."

With the goal of seizing the opportunities of the 5G era for the live streaming industry,Scienjoy has made considerable investments in research,has accumulated solid technology reserves,and has attached great importance in R&D personnel to apply technologies to the platform. As user habits evolve,AR technologies advance,and new forms of entertainment are developed,the role of live streaming will be redefined and applied in new ways.

About Scienjoy Holding Corporation

Founded in 2011,Scienjoy is a leading mobile live streaming platform in China,and its core mission is to build a live streaming service matrix that delivers pleasant experience to users. With more than 243 million registered users,Scienjoy currently operates four brands of live streaming platforms,consisting of: Showself,Lehai,Haixiu,and BeeLive (including Mifeng,BeeLive Chinese version,and BeeLive International for international markets). Scienjoy adopts multi-platform operation strategies and is committed to providing high quality and value-added services for users with innovative thinking. Based on the in-depth understanding and research of the live streaming industry and user behavior,Scienjoy is devoted to building a second life world in which the virtual world and the reality are integrated within the live streaming scenario,deeply integrating the industry through diversified live broadcasting scenarios,and empowering the industry by building a content-rich and vibrant Live Streaming Full Ecosystem. For more information,please visit http://ir.scienjoy.com/.

Safe Harbor Statement

Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release,the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance,conditions or results,and involve a number of known and unknown risks,uncertainties,assumptions and other important factors,many of which are outside the Company's control,that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors,among others,are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting our profitability; litigation involving patents,intellectual property,and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic. The forward-looking statements contained in this release are also subject to other risks and uncertainties,including those more fully described in the Company's filings with the Securities and Exchange Commission ("SEC") from time to time. The Company undertakes no obligation to update or revise any forward-looking statements,whether as a result of new information,future events or otherwise,except as required by applicable law. Such information speaks only as of the date of this release.

Media Relations Contact

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ICR Inc.

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+86 178-8882-8731

Investor Relations Contacts

Ray Chen

VP,Investor relations

Scienjoy Inc.

+86-010-64428188

ray.chen@scienjoy.com

Jack Wang

ICR Inc.

+1 (212) 537-9254

scienjoy.ir@icrinc.com

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