CLOUD VILLAGE INC. Launches Hong Kong Initial Public Offering

HANGZHOU,China,Nov. 23,2021 -- Cloud Village Inc. (the "Company"),a leading interactive music streaming service provider in China,today announcedthelaunch ofitsHong Kong Public Offering,which formspart of the Global Offering(the "Offering") of 16,000,000newordinary shares (the "Offer Shares" or "Shares")and listing of its ordinary shares on the Main Board of The Stock Exchange of Hong Kong Limited (the "SEHK") under the stock code "9899.HK."

The Offering initially comprises 1,600,000 offerShares under the Hong Kong Public Offeringand 14,400,000 offerShares for the International Offering,representing approximately 10.0% and 90.0% of the total number of Shares in the Offering,respectively,subject to re-allocation and over-allotment.Subject to the level of any oversubscription in the Hong Kong Public Offering and pursuant to the clawback mechanism as described in the prospectus issued in Hong Kong,the total number of shares available under the Hong Kong Public Offering could be adjusted to up to a maximum of 8,000 offer Shares,representing approximately 50.0% of the Offer Shares initially available under the Offering.In addition,the Company expects to grant the international underwritersan over-allotment option to purchase up to an additional 2,000 new Shares in the International Offering,representing not more than 15.0% of the Offer Shares initially available under the Offering.

The offer price for the Hong Kong Public Offering (the "Hong KongOffer Price") willbe not more than HK$220.00per share (the "Maximum Offer Price").The Company will set the International Offer Price by December1,2021 Hong Kong time. Shares will be traded in board lots of 50 shares.

The Company plans to use the net proceeds from the Offering for continuingly cultivating its community,innovating and improving technological capabilities,selected mergers,acquisitions and strategic investments,and general corporate purposes.

Fully Electronic Application Process for the Hong Kong Public Offering

The Company has decided to adopt a fully electronic application process for the Hong Kong Public Offering,with no printed copies of prospectuses or application forms. A fully electronic application process is consistent with the way in which the Company's users and stakeholders engage and interact with each other and the Company. As a company which has been highly committed to environmental,social and corporate responsibility matters since its founding,Cloud Village believes such method will also help mitigate the environmental impact of printing and minimize the exploitation of natural resources,among others. The prospectus is available at the website of the Hong Kong Stock Exchange at www.hkexnews.hk and the Company's website at http://ir.music.163.com/.

The Company encourages applicants for the Hong Kong Public Offering to view its prospectus and apply online through the White Form eIPO service at www.eipo.com.hk,or apply through the CCASS EIPO service. The Hong Kong Public Offering will commence at 9:00 a.m. on Tuesday,November 23,2021 Hong Kong time and will close at 12:00 noon on Friday,November 26,2021 Hong Kong time.

Potential applicants may call the enquiry hotline of Computershare Hong Kong Investor Services Limited if they have any question about making applications for the Hong Kong Offer Shares. The hotline number is +852 2862 8646,and will be open from 9:00 a.m. to 9:00 p.m. on Tuesday,2021,Wednesday,November 24,2021 and Thursday,November 25,and from 9:00 a.m. to 12:00 noon on Friday,2021 Hong Kong time.

About Cloud Village Inc.

Launched in 2013 by NetEase,Inc. (NASDAQ: NTES and HKEX: 9999),Cloud Village Inc. is a leading interactive music streaming service provider in China. Dedicated to providing an elevated user experience,Cloud Village Inc. provides precise,personalized recommendations,promotes user interaction and creates a strong social community. Its focus on discovering and promoting emerging musicians has made Cloud Village Inc. a destination of choice for exploring new and independent music among music enthusiasts in China. The platform has been recognized as the most popular entertainment app among China's vibrant Generation Z community.

Please see http://music.163.com/for more information.

Safe Harbor Statement

This press release is not for release,publication,distribution,directly or indirectly,in or into the United States or any other jurisdiction where such distribution is prohibited by law. This press release does not constitute and is not an offer to sell or a solicitation of any offer to buy securities in Hong Kong,the United States or elsewhere. The securities referred to in this press release have not been and will not be registered under the U.S. Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws of the United States and may not be offered or sold in the United States absent registration under the U.S. Securities Act or except pursuant to an applicable exemption from,or in a transaction not subject to,the registration requirements of the U.S. Securities Act. There will be no public offering of securities of the Company in the United States.

There can be no guarantee that the Offering and listing will be completed as planned,or that the expected benefits from the Offering and listing will be achieved. All information provided in this press release is as of the date of this press release and are based on assumptions that the Company believes to be reasonable as of this date,and the Company does not undertake any obligation to update any forward-looking statement,except as required under applicable law.

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