Maoyan Entertainment : GRANT OF SHARE OPTIONS AND GRANT OF RESTRICTED SHARE UNITS

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.

Maoyan Entertainment

貓 眼 娛 樂

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1896)

GRANT OF SHARE OPTIONS

AND

GRANT OF RESTRICTED SHARE UNITS

The board of directors (the "Board") of Maoyan Entertainment (the "Company") hereby announces that, on November 1, 2019, the Company has resolved to make grants of share options under the post-IPO share option scheme (the "Post-IPOShare Option Scheme") and restricted shares units under restricted share unit scheme (the "RSU Scheme"), both conditionally adopted on July 23, 2018.

THE GRANT OF SHARE OPTIONS

This section is made pursuant to Rule 17.06A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").

On November 1, 2019 (the "Grant Date"), the Company granted an aggregate of 480,200 share options (the "Options") under the Post-IPO Share Option Scheme to the grantees (the "Option Grantees"), subject to their acceptance, to subscribe for an aggregate of 480,200 ordinary shares of par value US$0.00002 each in the capital of the Company (the "Shares").

Each Option shall entitle the Option Grantees to subscribe for one Share at an exercise price of HK$11.436 per Share, which is the highest of: (a) the closing price of HK$11.300 per Share as stated in daily quotations sheet of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") on the Grant Date; (b) the average closing price of HK$11.436 per Share as stated in the Stock Exchange's daily quotations sheets for the five business days immediately preceding the Grant Date; and (c) the par value of US$0.00002 per Share. The validity period of the Options shall be ten years from the Grant Date, subject to the terms of the Post-IPO Share Option Scheme.

THE GRANT OF RESTRICTED SHARE UNITS

On November 1, 2019, the Company granted a total of 729,200 restricted share units under the RSU Scheme (the "RSUs") to the grantees (the "RSU Grantees"), representing approximately 0.06% of the total issued share capital of the Company as at the date of this announcement. The closing price of the Share on the date of the grant was HK$11.300.

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The Company may appoint a professional trustee to assist with the administration and vesting of RSUs. The Company may issue new Shares to the trustee or procure the trustee to make on-market purchases of Shares to satisfy the RSUs granted to RSU Grantees upon vesting.

The Option Grantees and RSU Grantees are all employees of the Company, its subsidiaries or its consolidated affiliated entities. As at the date of this announcement, none of the Option Grantees and the RSU Grantees is a director, chief executive or substantial shareholder (as defined under the Listing Rules) of the Company, or any of their associates (as defined under the Listing Rules).

By order of the Board

Maoyan Entertainment

Zheng Zhihao

Executive Director

Hong Kong, November 1, 2019

As at the date of this announcement, the Board of Directors of the Company comprises Mr. Zheng Zhihao as Executive Director, Mr. Wang Changtian, Ms. Li Xiaoping, Ms. Wang Jian, Mr. Zhan Weibiao, Mr. Chen Shaohui and Mr. Lin Ning as Non-executive Directors, and Mr. Wang Hua, Mr. Chan Charles Sheung Wai, Mr. Ma Dong and Mr. Luo Zhenyu as Independent Non-executive Directors.

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