Joy Spreader Enters into A Placement and Subscription Agreement to Raise HK$600 Million

The Transaction Adds Momentum to the Continued Growthof Joy Spreader's OverseasIndependent Station E-Commerce Business

BEIJING,June 9,2022 --On June 7,Joy Spreader Group Inc. ("Joy Spreader" or the "Company") announced that it has entered into a placement and subscription agreement to raise approximately HK$600 million (approx. US$76.5 million) to further support the rapid development of its overseas independent statione-commerce business,as well asto expand the scale of the businessand consolidate its market position. Goldman Sachs,the world's leadinginvestment bank,actedas the exclusive agent for the placement.

Joy Spreaderis aleader in new media performance-based marketing,providing new media traffic commercialization services both in China and abroad through digital technologies that facilitate the direct-to-consumer ("DTC") sales of their clients' products. The Company is one of the largest in China using marketing algorithm modelsand an intermediary platformfornew media marketing businesses. Joy Spreader offers performance-based marketing services for e-commerce and interactive entertainment productson the Douyin and WeChat platforms in China,through which consumers can purchase personalized products based on their personalized content on new media platforms.

In the fourth quarter of 2021,Joy Spreaderwas the first in the industry to complete the commercialization of its e-commerce business on TikTok,booking revenue ofHK$148 million forthe quarter. In the first quarter of 2022,the Company announcedrevenue of HK$512 million,representing a 246% increase. Joy Spreader in concert with its partnershas put in placea supply chain service system for cross-border supply of goods,overseas warehousing,local logistics,as well as offline and online payment. In order to adapt to the features of TikTok,Joy Spreaderbuiltan online independent station based on an interest-basedalgorithm model. The Company's business operatesin severalcountries and regions acrossSoutheast Asia,mainly selling consumer electronics frommanyleadingChinese brands.

Therecentperformance of Joy Spreader's share priceis a testament to the capital market's expectations for the Company'soverseas e-commerce business. Over the 60 days leading up to the close of trading on June 6,2022,the share price of Joy Spreaderhad increased by 65.9%. The fact that Goldman Sachs,a top international investment bank,chose to act as the exclusive agent for this placement further evidences the recognition by international institutions of Joy Spreader's growth potential,especially around the commercialization of interest-based traffic on TikTokand the overseas e-commerce business of Chinese consumer electronics products.

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