Webnovel Kicks Off Its Largest Writing Contest to Tap North America for Further Growth

SHENZHEN,China,March 31,2021 -- Webnovel,the global online reading platform of China Literature (China Literature Limited 0772.HK),launches its writing contest Webnovel Spirity Awards (WSA 2021),targeting North America on March 31st. The competition will run throughout the year to encourage creative English online original works.

Winners will receive cash prizes of up to $20,000,as well as advertising resources to present their works on screens in Times Square in New York City. In cooperation with Tencent Pictures,the award-winning stories will also have the opportunity to receive further commercial development such as adaptation to other formats including film and TV drama.

The contest marks a new stage for China Literature in the cultivation of original works and IP incubation in overseas markets. It also demonstrates the company's leading position in the global online reading market,and its ability to continually gain traction in the development of cultural products.

"Our strength is that we can help writers realize their works' commercial values and offer them monetization opportunities without going through a lengthy publishing process that traditional publishers need," said Sandra Chen,Head of Webnovel. "We hope to establish a mutually beneficial long-term relationship with writers in North America and build our platform into one of the most trusted in the writers' community."

Webnovel debuted its author promotion plan Webnovel Spirity Awards in the Philippines in 2019,aimed at discovering potential authors and supporting them with monetization resources and strategy. In 2020,Webnovel extended a similar contest to writers from all over the world,which received almost 8,000 works. Webnovel has now become home to more than 100,000 authors and 160,000 works,covering diverse content with more than 20 genres including romance,fantasy,sic-fi,realistic fiction,history and horror.

This year,the contest will focus on the North America market to help writers with great potential realize their writing dreams by offering professional writing skill training and promotional resources. Chen hopes to double the number of writers that contribute to Webnovel in the region to about 100,000 in one year.

To achieve this goal,China Literature has teamed up with Tencent Pictures to jointly promote Webnovel's writing contest in an overseas market for the first time. As an owned subsidiary of Tencent (TencentHoldings Ltd,0700.HK),Tencent Pictures has created many successful films and TV dramas adapted from novels originally published on China Literature's platform.

Tencent's content business strategy,which places IP development at the core,has proven successful in the Chinese market. "We hope to build a similar platform and business ecosystem in the overseas market," said Chen.

WSA 2021 will accept original English web novels in 7 main categories favored by local readers,including light novels,first loves,gaming,superheroes,reincarnation,werewolves and vampires,and royal romances. Novels will be judged by the contest organizer and reader representatives in three areas,including content quality,update frequency,and commercial value.

Link to WSA2021: https://wsa.webnovel.com/2021

About Webnovel

Webnovel is a global online reading platform for all kinds of marvelous novels and comics. It daily updates serialized content,dedicating to micro-transactions and in-game-purchase mode,defining new trends in the online publishing industry.Webnovel also provides an ideal platform for authors to create their own stories. Webnovel has captured the heart of authors around the world and become the leading app for author monetization.

About China Literature Limited

China Literature is dedicated to building a deep and immersive intellectual property ("IP") universe for the Mandarin-speaking world. It incubates original IPs from its online literature platform,which are subsequently adapted on a range of digital entertainment mediums,including comics,animation,film,TV series,web series and games. The virtual world created by these digital offerings become an inseparable part of a user's daily life. China Literature creates and promotes IPs mainly through QQ Reading and Qidian,its leading online literature platforms,as well as New Classics Media,a renowned film and TV drama series production house inChina. China Literature collaborates withTencent,its shareholder and strategic partner,as well as other third-party partners to distribute and develop IP content and to enhance value of its IP. As ofDecember 31,2020,the Company had 9 million writers and 13.9 million literary works on its online reading platform. Many of the Company's online literature works have been successfully adapted into animation,web series,film and games,including Joy of Life,Candle in the Tomb,Soul Land,The King's Avatar and My Heroic Husband. China Literature's rich and extensive content library as well as its unparalleled capability and resources to adapt IP into various entertainment formats is a significant competitive advantage that lies at the core of its business model.