China Finance Online Announces Private Placement of Ordinary Shares and Warrants

BEIJING,Sept. 14,2021 -- China Finance Online Co. Limited ("China Finance Online",or the "Company","we","us" or "our") (NASDAQ GS: JRJC),a leading web-based financial services company that provides Chinese individual investors with fintech-powered online access to securities trading services,wealth management products,securities investment advisory services,as well as financial database and analytics services to institutional customers,today announced that it has raised an aggregate of $1,174,020 for additional working capital from management and a private investor in August and September,to date.

The Company,in a private placement,entered into securities purchase agreements with Mr. Zheng James Chen,Mr. Frank J. Mitsch and Ms. Ying Zhu,each a director of the Company,and several senior Company management persons (the "Management SPA"). Pursuant to the Management SPA,the Company will issue 3,940,050 ordinary shares (exchangeable to 78,801 ADSs) for an aggregate purchase price of $400,320 and warrants with a purchase price of $0.10 per warrant. The warrants are is exercisable for five years to purchase up to 78,801 ADSs,of which half are exercisable at $5.98 per ADS and half are exercisable at $6,98 per ADS. The per share purchase price equals the closing trading price of the Company's ADS ($4.98 per ADS) on Nasdaq on September 10,2021 (the date immediately preceding the signing of the Management SPA). Each ADS represents 50 ordinary shares of the Company. The Company's independent directors have approved the transactions contemplated under the management SPA.

The Company also entered into a securities purchase agreement with an accredited investor for the sale of ordinary shares and warrants (the "Investor SPA"). The Investor SPA replaces the securities purchase agreement previously announced on August 16,2021. Pursuant to the Investor SPA,the Company will issue 7,615,150 ordinary shares (exchangeable to 152,303 ADSs) for an aggregate purchase price of $773,700. The per share purchase price equals the closing trading price of the Company's ADS ($4.98 per ADS) on Nasdaq on September 10,2021 (the date immediately preceding the signing of the Investor SPA),plus warrants with a purchase price of $0.10 per warrant. The warrants are is exercisable for five years to purchase up to 78,98 per ADS.

These transactions are subject to customary closing conditions and the closings are expected to take place in the near future. If for any reason any investor is unable to pay the aggregate purchase price due to regulatory restrictions,the Company has the option to cancel the sales of the securities and the aggregate purchase price would be converted into a five year loan,bearing interest at 6% per annum,interest payable in annual installments commencing one year after the closing date and at maturity. The securities sold in the private placement have not been registered under the Securities Act of 1933,as amended,or state securities laws as of the time of issuance and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from such registration requirements.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities,nor shall there be any sale of the securities in any state in which such offer,solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state.

About China Finance Online

China Finance Online Co. Limited is a leading web-based financial services company that provides Chinese individual investors with fintech-powered online access to securities trading services,as well as financial database and analytics services to institutional customers. The Company's prominent flagship portal site,www.jrj.com,is ranked among the top financial websites in China. In addition to the web-based securities trading platform,the Company offers basic financial software,information services and securities investment advisory services to retail investors in China. Through its subsidiary,Shenzhen Genius Information Technology Co. Ltd.,the Company provides financial database and analytics to institutional customers including domestic financial,research,academic and regulatory institutions.China Finance Online also provides brokerage services in Hong Kong.

Safe Harbor Statement

This press release contains forward-looking statements which constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934,and as defined in the U.S. Private Securities Litigation Reform Act of 1995. The statements contained herein reflect management's current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those in the forward-looking statements,all of which are difficult to predict and many of which are beyond the control of the Company. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things,this release contains the following forward-looking statements regarding:

liquidity and sources of funding,including our ability to continue operating as a going concern;

our prospect and our ability to attract new users;

our prospect on building a comprehensive wealth management ecosystem through providing a fully-integrated online communication and securities-trading platform;

our prospect on stabilization in cash attrition and improvement of our financial position;

our initiatives to address customers' demand for intuitive online investment platforms and alternative investment opportunities; and

the market prospect of the business of securities-trading,securities investment advisory and wealth management.

Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements,which risk factors and uncertainties include,amongst others,substantial doubt about ability to continue as a going concern,the outbreak of COVID-19 or other health epidemics in China or globally,changing customer needs,regulatory environment and market conditions that we are subject to; the uneven condition of the world and Chinese economies that could lead to volatility in the equity markets and affect our operating results in the coming quarters; the impact of the changing conditions of the mainland Chinese stock market,Hong Kong stock market and global financial markets on our future performance; the unpredictability of our strategic transformation and growth of new businesses; the prospect of our margin-related business and the degree to which our implementation of margin account screening and ongoing monitoring will yield successful outcomes; the degree to which our strategic collaborations with partners will yield successful outcomes; the prospects for China's high-net-worth and middle-class households; the prospects of equipping our customer specialists with new technology,tools and financial knowledge; wavering investor confidence that could impact our business; and possible non-cash goodwill,intangible assets and investment impairments may adversely affect our net income. Furthermore,we have recurring losses from operation and inability to generate sufficient cash flow to meet our obligation and sustain our operations and face uncertainty as to the operation impact of the COVID-19 outbreak,that raise substantial doubt about our ability to continue as a going concern and continue as a listed company on Nasdaq. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission,including its annual report on Form 20-F under "Forward-Looking Information" and "Risk Factors". The Company does not undertake any obligation to update any forward-looking statement as a result of new information,future events or otherwise,except as required under applicable law.

For more information,please contact:

China Finance Online

+86-10-8336-3100

ir@jrj.com

Kevin Theiss

Awaken Advisors

(212) 521-4050

kevin@awakenlab.com

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