Fortunet e Commerce : DELAY IN DESPATCH OF CIRCULAR

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

CHANGYOU ALLIANCE GROUP LIMITED

暢 由 聯 盟 集 團 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1039)

DELAY IN DESPATCH OF CIRCULAR

Reference is made to the announcement of Changyou Alliance Group Limited (the "Company") dated 29 July 2020 (the "Announcement") in relation to the Subscription Agreement and the transactions contemplated thereunder. Unless the context requires otherwise, capitalised terms used herein shall bear the same meanings as defined in the Announcement.

As disclosed in the Announcement, the circular (the "Circular") containing, among other things,

1. details of the Subscription Agreement and the transactions contemplated thereunder; (ii) the recommendation from the Independent Board Committee to the Independent Shareholders; (iii) the letter of advice from the Independent Financial Adviser to the Independent Board Committee and the Independent Shareholders in relation to the Subscription Agreement and the transactions contemplated thereunder; and (iv) the notice of the EGM and a form of proxy, was expected to be despatched to the Shareholders on or before 11 September 2020.

As additional time is required to prepare and finalise certain information contained in the Circular, the despatch date of the Circular is expected to be postponed to a date on or before 21 September 2020.

By order of the Board

Changyou Alliance Group Limited

Mr. Cheng Jerome

Chairman

Hong Kong, 11 September 2020

As at the date of this announcement, the executive Directors are Mr. Cheng Jerome and Mr. Yuan Weitao; the non-executive Director is Mrs. Guo Yan; and the independent non-executive Directors are Mr. Wong Chi Keung, Mr. Liu Jialin and Mr. Chan Chi Keung Alan.

In the case of any inconsistency, the English text of this announcement shall prevail over the Chinese text.