Lion Announces New Appointment to Board of Directors

HONG KONG,Jan. 11,2021 -- Lion Group Holding Ltd. ("Lion" or "the Company") (NASDAQ: LGHL),operator of an all-in-one trading platform that offers a wide spectrum of products and services with a focus on Chinese investors,today announced Mr. Guandong (Gordon) Wang has been appointed as a director of the Board of Directors (the "Board") on January 6,2021.

Mr. Wang has approximately 14 years of financial industry background and approximately 10 years of quantitative trading and technology-related experience. Since 2016,Mr. Wang has been the chairman and general manager of Smart Alpha Asset Management Company and the general manager of Li Hai Hong King Co.,Ltd. Prior to that,Mr. Wang has served in executive and senior leadership positions at a variety of companies,including Ping An Pioneer Capital Ltd.,Ping An Securities Group (Holdings) Limited,AllstonTrading LLC.,Transmarket Group,Citadel Investment Group,and Bank of America. Mr. Wang started his trading career from Citadel High Frequency Trading (HFT) group and gained his all-around skills in electronic market making and trading. He founded Ping An Pioneered Capital and managed over 10 Billion RMB quantitative funds. During the same time,he was also the head of Investment and Trading Division of Ping An Securities in charge of TRS and prop trading business. Mr. Wang received his bachelor's degree in computer science from Peking University in China in 1998,his master of science's degree in computer science and engineering from Nanyang Technological University in Singapore in 2001,and his master of science's degree in computer science and engineering from Washington University in the USA in 2006,where he was also a PhD candidate and served as a research associate.

Mr. Chunning (Wilson) Wang,Chief Executive Officer at Lion,commented,"Mr. Wang's diverse background and ample experience will be valuable as he plays a key role in Lion's TRS trading business,which is expected to boost the Company's revenue in the near future. His expertise will complement the Board's existing skill set and provide valuable insight moving forward as we continue to deliver our services and develop innovative products to support the needs of our customers."

About Lion

Lion Group Holding Ltd. (NASDAQ: LGHL) operates an all-in-one trading platform that offers a wide spectrum of products and services with a focus on Chinese investors. Through its state-of-the-art technology,Lion offers contract-for-difference (CFD) trading,insurance brokerage,futures brokerage,and securities brokerage on its platform,which can be accessed through applications available on the iOS,Android,Windows,and macOS systems. Lion's customers are well-educated and affluent Chinese individual investors residing both inside and outside the PRC as well as institutional clients in Hong Kong. Additional information may be found at http://ir.liongrouphl.com.

Forward-Looking Statements

This press release contains,"forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Lion's actual results may differ from their expectations,estimates and projections and consequently,you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "might" and "continues," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include,without limitation,Lion's expectations with respect to future performance and anticipated financial impacts of the Business combination,the satisfaction of the closing conditions to the business combination and the timing of the completion of the business combination. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the control of Lion and are difficult to predict. Factors that may cause such differences include,but are not limited to: (1) the inability to maintain the listing of the post-acquisition company's ADSs on NASDAQ following the business combination; (2) the risk that the business combination disrupts current plans and operations as a result of the announcement and consummation of the transactions described herein; (3) the inability to recognize the anticipated benefits of the business combination,which may be affected by,among other things,competition,the ability of the combined company to grow and manage growth profitably and retain its key employees; (4) costs related to the business combination; (5) changes in applicable laws or regulations; (6) the possibility that Lion may be adversely affected by other economic,business,and/or competitive factors; and (7) other risks and uncertainties to be identified in the proxy statement/prospectus relating to the business combination,including those under "Risk Factors" therein,and in other filings with the Securities and Exchange Commission ("SEC") made by Lion. Lion cautions that the foregoing list of factors is not exclusive. Lion cautions readers not to place undue reliance upon any forward-looking statements,which speak only as of the date made. Lion does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events,conditions or circumstances on which any such statement is based,subject to applicable law.

Contacts

Lion Group Holding

Tel: +852 2820 9011

Email: ir@liongrouphl.com

ICR,LLC

William Zima

Tel: +1 203 682 8233

Email: ir@liongrouphl.com

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