Fortunet e Commerce : VOLUNTARY ANNOUNCEMENT CHANGE OF COMPANY WEBSITE AND BUSINESS UPDATE

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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)

VOLUNTARY ANNOUNCEMENT

CHANGE OF COMPANY WEBSITE

AND

BUSINESS UPDATE

This announcement is made by Changyou Alliance Group Limited (the "Company", and together with its subsidiaries, the "Group") on a voluntary basis for the purpose of keeping the shareholders of the Company (the "Shareholders") and potential investors informed of the latest development of the Group.

CHANGE OF COMPANY WEBSITE

Reference is made to the announcement of the Company dated 23 June 2020 in relation to, among other things, the change of name of the Company. The board of directors of the Company (the "Board") is pleased to announce that the website of the Company has been changed from "http:// www.fortunetecomm.com" to "http://www.changyou-alliance.com" with effect from the date of this announcement to reflect the change of the name of the Company. All announcements, notices or other documents to be submitted by the Company for publication on the website of The Stock Exchange of Hong Kong Limited will also be published on the new website of the Company.

DEVELOPMENT IN THE GREATER BAY AREA

In recent years, the Guangdong-HongKong-Macau Greater Bay Area has attracted much attention, and it has been one of the main focus areas of the local governments to expand the scope of development and growth opportunities and overall connectivity of the Greater Bay Area. The Company has put Greater Bay Area as one of its main focus areas to develop its digital points business, and have, among other things, (i) set up a permanent team in Guangdong Province to liaise and negotiate cooperation opportunities with local internet technology companies, local businesses and financial institutions to expand the coverage of the Changyou Platform in the Greater Bay Area; (ii) collaborated with its existing networks and business partners to develop specialised area of operation and maintenance of the Changyou Platform tailored to the Greater Bay Area; and (iii) entered into cooperative arrangements with certain e-commerce platforms and local businesses in the food and beverage and catering industries to leverage existing local networks in order to expand the coverage of the goods and services of the Changyou Platform. The Group intends to continue to explore further business development prospects with other industries in the Greater Bay Area in the future.

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NEW INTERNATIONAL CHANGYOU PLATFORM

The existing Changyou platform (the "Existing PRC Changyou Platform") was jointly developed by the Group in the second half of 2017 together with other well-known and leading enterprises from various industries, including CCB International (Holdings) Limited, China UnionPay Merchant Services Company Limited, Bank of China Group Investment Limited, China Mobile (Hong Kong) Group Limited and China Eastern Airlines Corporation Limited. The target market of the Existing PRC Changyou Platform are networks and customers within the PRC.

In view of (i) the increasing popularity of consumer spending with digital points systems; (ii) the successful experience of the Group in the development of the Existing PRC Changyou Platform; and

1. the robust performance and growth of the Existing PRC Changyou Platform, the Company intends to capitalise on its experience and connections and expand its digital points business into the Hong Kong and overseas markets by developing a new international Changyou platform ("New International Changyou Platform" to be based in Hong Kong. The Board is of the view that such expansion will help to enhance and diversify the future income sources of the Group's digital points business and improve the attractiveness of the Existing PRC Changyou Platform by offering quality overseas goods and services to be provided on the New International Changyou Platform, which will in turn increase the loyalty and participation of members, customers and users, and thus the revenue generated from the Existing PRC Changyou Platform. The development of the New International Changyou Platform will also help to promote these opportunities on a cross-border and international scale.

The Board wishes to provide the Shareholders and potential investors of the Company with an update on the business of the Group. The Company has not yet finalised the terms of certain arrangements mentioned above and there is no assurance that such arrangements will materialise or eventually be consummated. Shareholders and potential investors of the Company are advised to exercise caution when dealing in the shares of the Company.

By order of the Board

Changyou Alliance Group Limited

Mr. Cheng Jerome

Chairman

Hong Kong, 28 July 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.

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