The board of directors of the Huobi Technology Holdings Limited is pleased to announced that on 22 September 2021, the company and Division on Investment and Enterprise of Kyrgyz Republic ("DIAE") entered into a non-legally binding memorandum of understanding (the "MOU") in relation to a potential business cooperation in Kyrgyz Republic, pursuant to which DIAE and the company have agreed to cooperate on the basis of equality, goodwill, respect and trust to implement cryptocurrency exchange projects, develop mutually beneficial business partnerships and contribute to the digital economy development of Kyrgyz Republic. Under the MOU, the parties have intended to leverage their respective resources and enter into definitive agreements in relation to the potential business cooperation contemplated under the MOU for the purpose of bringing strong synergy to the parties' businesses. The Board considers that entering into the MOU is in line with the Group's business goal and is in the interests of the Group and the shareholders of the company as a whole. The Board believes that the potential business cooperation contemplated under the MOU, if materialised, presents good business opportunities in Kyrgyz Republic, enables the Group to expand its business into Central Asia market and diversifies its client base and business operation.