Fire Rock : INSIDE INFORMATION APPROVAL FOR THE ESTABLISHMENT OF ANGEL INVESTMENT FUND

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(Stock Code: 1909)

INSIDE INFORMATION

APPROVAL FOR THE ESTABLISHMENT OF

ANGEL INVESTMENT FUND

This announcement is made by Fire Rock Holdings Limited (the ''Company'', and together with its subsidiaries, the ''Group'') on a voluntary basis pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the ''Listing Rules'') and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) to provide updates on the Group's latest business development to the Company's shareholders and potential investors.

The board of directors of the Company (the ''Board'') is pleased to announce that, the Company was recently informed that Shenzhen Huaying Angel Investment Enterprise (Limited Partnership) Fund (深圳華映 天使投資企業（ 有限合夥）基 金) (''Shenzhen Huaying Fund''), a fund established by the Group jointly with Shenzhen Angel FOF Co., Ltd (深圳市天使投資引導基金有限公司) (''Angel FOF'') and Shenzhen Qianhai Tongfu Equity Investment Management Co., Ltd. (深圳前海通付股權投資管理有限公司) (''Qianhai Tongfu''), had completed the filing for fund establishment with the Asset Management Association of China in accordance with the laws and regulations of the People's Republic of China (''PRC'').

INVESTMENT OBJECTIVE AND STRATEGY

Shenzhen Huaying Fund has proposed to engage in angel fund investment in strategic new industries, future industries and other key industries for development supported and encouraged by the Shenzhen Municipal Government principally by way of equity securities and/or convertible bonds, with a primary focus on enterprises engaged in product research and development, production or services for sectors such as information technology and data application, corporate services and the Internet.

REASONS FOR AND BENEFITS OF THE ESTABLISHMENT OF SHENZHEN HUAYING FUND

The Board is of the view that the establishment of Shenzhen Huaying Fund will give the Group access at an early stage to project resources relating to strategic new industries, future industries and other key industries for development supported and encouraged by the Shenzhen Municipal Government. As one of the limited partners, Angel FOF can direct the partnership enterprise to benefit from the guiding and facilitating effect of the government guiding fund on the industry, improve the Group's efficiency in fund utilisation, and enhance its brand influence. Apart from long-term investment return for the Group, it would also help the Group to develop further business cooperation with enterprises in the said industries and promote the Group's software for games and technologies, while allowing the Group to understand the conditions of companies for potential future acquisition at an early stage to achieve synergies, thereby advancing the business development of the Group. The Group does not have any plan to change the Group's principal business or make material adjustment to the Group's principal business in the upcoming 12 months.

FUND SIZE

The initial size of Shenzhen Huaying Fund will be RMB51,000,000, of which RMB600,000 (accounting for 1.18% of Shenzhen Huaying Fund) will be contributed by Qianhai Tongfu as manager and general partner, RMB20,400,000 (accounting for 40.0% of Shenzhen Huaying Fund) by Angel FOF as a limited partner, and RMB30,000,000 (accounting for 58.82% of Shenzhen Huaying Fund) by the Group as a limited partner. Shenzhen Huaying Fund will not be accounted for as a subsidiary of the Company, and its financial results will not be consolidated into the Group's consolidated financial statements. The Group intends to fund the capital contribution with its internal resources and general working capital.

BACKGROUND INFORMATION OF THE PARTNERS

The Company is incorporated under the laws of the Cayman Islands with limited liability and is a game developer and operator based in Shenzhen, the PRC. It specialises in the development and operation of browser games and mobile games for global players leveraging its formidable strengths in research and development. It was rated one of the ''Best TMT Companies 2020'' jointly bywww.zhitongcaijing.com(智通財經), a prime platform, andwww.10jqka.com.cn(同花順財經).

Qianhai Tongfu is a limited company incorporated in the PRC and a private equity fund manager registered with the Asset Management Association of China principally engaged in fund investment and management.

Angel FOF is a limited company incorporated in the PRC and a policy-guided fund with the vision of encouraging angel investment in strategic new industries by social capital and promoting the transformation of traditional industries, aiming to develop Shenzhen into a globally first-rate city for innovative ventures.

To the best of the Directors' knowledge, information and belief having made all reasonable enquiries, Angel FOF, Qianhai Tongfu and their respective ultimate beneficial owners are third parties independent from the Company and its connected persons.

The Company's shareholders and prospective investors should exercise caution when dealing in the securities of the Company.

By Order of the Board

Fire Rock Holdings Limited

Su Yi

Executive Director and CEO

Hong Kong, 1 March 2021

As at the date of this announcement, the executive Directors are Mr. Su Yi and Mr.Zhou Kun; the non-executive Directors are Mr. Zhang Yan, Mr. Huang Yong and Ms. Yang Kan; and the independent non-executive Directors are Mr. Chan King Fai, Mr. Chen Di and Mr. Yang Zhen.