The board of directors of China Digital Video Holdings Limited announced that it has resolved to change the financial year end date of the Company from 31 December to 31 March with immediate effect. Accordingly, the forthcoming financial year end date of the Company will be 31 March 2023 and the next audited consolidated financial statements of the Group will cover a 15-month period from 1 January 2022 to 31 March 2023. REASONS FOR THE CHANGE: The Board considers that the change of the Company's financial year end date from 31 December to 31 March will enable the Group to rationalise and mobilise its resources with higher efficiency for the preparation of results announcements and financial reports given the change will: better coincide with the seasonal operating cycle of the Group's major customers, in particular, CCTV and other provincial- and municipal-level TV broadcasters and operators in China, given that their annual plans are usually finalised after the Chinese New Year Holiday which led to the delay of annual business plan of the Group.

The change of financial year end date aligns with the actual business development and operating cycle of the Group and enable the Group to better allocate its resources to implement its business plan; avoid competition of resources with other listed companies having a financial year end date of 31 December on results announcements and reports-related external services under the traditional peak reporting season in the market; and remove the uncertainty from the variation in the dates of the Chinese New Year holiday which put pressure on the workflow.