Xiaobai Maimai Joins Leading Industry Associations to Formulate "Social e-Commerce Enterprise Operational Service Standards"

BEIJING,Jan. 13,2021 -- Xiaobai Maimai Inc. (NASDAQ: HX),formerly known as Hexindai Inc. ("Xiaobai Maimai",the "Company",or "we"),a social e-commerce platform in China,today announced that it participated in the 2020 China Social e-Commerce Conference held in Beijing. Organized by the Social e-Commerce Branch of China Association of Trade in Services (CATIS),representatives from top social e-commerce platforms,live streaming e-commerce enterprises,suppliers,industry experts and government agencies attended the conference and discussed the value,compliance,best practice,and innovations of social e-commerce.

During the conference,the draft version of "Social e-Commerce Enterprise Operational Service Standards" was released by the Social e-Commerce Branch of CATIS. Ten leading organizations including industry associations,a law firm and key social e-commerce companies such as Xiaobai Maimai,Yunji and Fenxiang,a social e-commerce platform backed by JD.com,jointly drafted the standards with the aim of promoting the standardized and healthy development of social e-commerce in China. The finalized standards are expected to be launched in the first half of 2021.

Xiaobai Maimai also joined the New Form e-Commerce Alliance for Agricultural Assistance,which was officially established at the conference and aims to provide poverty relief to farmers in China using social e-commerce in response to the government's call on promoting economic development in rural areas.

Mr. Xiaobo An,founder,Chairman and Chief Executive Officer of Xiaobai Maimai,commented,"We fully embrace and support the government's initiatives to promote and regulate the development of social e-commerce. We are pleased to see that social e-commerce has made great strides and progress in revitalizing and boosting the domestic economy,especially during the COVID-19 epidemic. This new form of e-commerce continues to expand opportunities and increase employment. All the positive engagement of social e-commerce has gained extensive recognition from consumers,merchants from various industries,and the government. Going forward,we will continue to actively join forces with industry leaders to promote the sustainable development of social e-commerce. At the same time,we will further strengthen our technology capabilities,expand cooperation with other online platforms and service marketplaces,and explore new opportunities in the social e-commerce sector to create value for our shareholders."

About Xiaobai Maimai Inc.

Xiaobai Maimai Inc. (NASDAQ: HX),formerly known as Hexindai Inc.,("Xiaobai Maimai" or the "Company"),is a social e-commerce platform based in Beijing,China. The Company collaborates with domestic e-commerce platforms and offers users a wide selection of high-quality and affordable products on its social e-commerce platform. Leveraging its cooperation with mainstream e-commerce platforms and online service marketplaces,the Company continues to generate fast growth for the business by identifying and introducing cost-efficient products through its data analytics algorithm and operating system,and attracts users to its platform with excellent customer service.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934,as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"),in its annual report to shareholders,in press releases and other written materials and in oral statements made by its officers,directors or employees to third parties. Any statements that are not historical facts,including statements about the Company's beliefs and expectations,are forward-looking statements that involve factors,risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include,but not limited to the following: the Company's goals,strategies and expansion plans; its future business development,financial condition and results of operations; its ability to attract and retain new users and to increase revenues generated from repeat users; its expectations regarding demand for and market acceptance of its products and services; its relationships and cooperation with e-commerce platforms and services marketplaces; trends and competition in China's e-commerce market; the expected growth of the Chinese e-commerce market; Chinese governmental policies relating to the Company's corporate structure and the e-commerce industry; and general economic conditions in China. Further information regarding these and other risks,uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is current as of the date of this announcement,and the Company does not undertake any obligation to update such information,except as required under applicable law.

For more information,please visit ir.xiaobaimaimai.com

For investor inquiries,please contact:

The Company

Investor Relations

Ms. Zenabo Ma

Email: ir@xiaobaimaimai.com

Christensen

In China

Mr. Eric Yuan

Phone: +86-10- 5900-1548

E-mail: Eyuan@christensenir.com

In US

Mr. Tip Fleming

Phone: +1-917-412-3333

Email:tfleming@Christensenir.com

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