Maoyan Entertainment : 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 RESTRICTED SHARE UNITS

The board of directors (the "Board") of Maoyan Entertainment (the "Company") hereby announces that, on May 1, 2021, the Company has resolved to make a grant of restricted shares units under restricted share unit scheme (the "RSU Scheme"), which was conditionally adopted on July 23, 2018.

On May 1, 2021, the Company granted a total of 449,378 restricted share units under the RSU Scheme (the "RSUs") to the grantees (the "RSU Grantees"), representing approximately 0.04% of the total issued share capital of the Company as at the date of this announcement. The closing price of the shares of the Company on April 30, 2021 was HK$15.48.

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 of the Company to satisfy the RSUs granted to RSU Grantees upon vesting.

The 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 RSU Grantees is a director, chief executive or substantial shareholder (as defined under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (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, May 2, 2021

As at the date of this announcement, the Board comprises Mr. Zheng Zhihao as Executive Director, Mr. Wang Changtian, Ms. Li Xiaoping, Ms. Wang Jian, Mr. Cheng Wu, Mr. Chen Shaohui, Mr. Lin Ning and Mr. Tang Lichun, Troy as Non-executive Directors, and Mr. Wang Hua, Mr. Chan Charles Sheung Wai, Mr. Yin Hong and Ms. Liu Lin as Independent Non-executive Directors.