SEEC Media : SUPPLEMENTAL ANNOUNCEMENT IN RELATION TO THE ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2019 AND CHANGE IN USE OF PROCEEDS

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.

SEEC MEDIA GROUP LIMITED

(Incorporated in the Cayman Islands and continued in Bermuda with limited liability)

(Stock Code: 205)

SUPPLEMENTAL ANNOUNCEMENT IN RELATION TO

THE ANNUAL REPORT FOR THE YEAR ENDED

31 DECEMBER 2019 AND CHANGE IN USE OF PROCEEDS

Reference is made to the annual report (the "2019 Annual Report") of SEEC Media Group Limited (the "Company", together with its subsidiaries, the "Group") for the year ended 31 December 2019. Unless otherwise defined, capitalised terms used herein shall have the same meanings as those defined in the 2019 Annual Report.

In relation to the use of proceeds of approximately HK$519.0 million from the Open Offer, the board (the "Board") of directors of the Company would like to provide supplemental information under the section headed "Management Discussion and Analysis - Use of Proceeds" in the 2019 Annual Report.

CHANGE IN USE OF PROCEEDS

As at the date of the 2019 Annual Report, the unutilised balance of the proceeds was approximately HK$30.8 million. The Board would also like to announce that the Board has resolved to change the use of unutilised proceeds of HK$20.0 million. Details of the utilisation of the proceeds for the year ended 31 December 2019, the expected timeline for fully utilising the remaining proceeds after the change in use of proceeds are as follows:

New allocation

Intended use

of unutilised

of proceeds as

Actual use of net

Reallocation in

balance of the

Expected timeline

stated in the

Actual use of net

proceeds during

Actual use of net

use of proceed as

net proceeds as at

for fully utilising

Prospectus and the

proceeds as at

the year ended

proceeds as at

at the date of this

the date of this

the remaining

Announcements

31 December 2018

31 December 2019

31 December 2019

announcement

announcement

proceeds

HK$'000

HK$'000

HK$'000

HK$'000

HK$'000

HK$'000

Set-up and operation of the Type 1 Company

265,000

265,000

-

265,000

10,000

10,000

On or before

31 March 2021

Set-up and operation of companies licensed

30,000

-

-

-

(20,000)

10,000

On or before

under the SFO to conduct Type 4, Type 6 and

31 March 2021

Type 9 regulated activities under the SFO

Acquisition of companies engaged in

124,000

119,600

3,580

123,180

-

-

Note

the development and operation of

e-commerce platform

Operation and development of

100,000

100,000

-

100,000

10,000

10,000

On or before

money lending business

31 March 2021

519,000

484,600

3,580

488,180

-

30,000

Note: the unutilised balance of the net proceeds of approximately HK$820,000 for the acquisition of companies engaged in the development and operation of e-commerce platform as at 31 December 2019 has been fully utilised as intended as at the date of this announcement.

1

The expected timeline for using the unutilised net proceeds is based on the best estimation of the present and future business market situations made by the Board, and it may be subject to changes based on the future development of market conditions.

REASON FOR THE CHANGE IN USE OF PROCEEDS

The planned use of the proceeds as disclosed in the Prospectus and the Announcements were based on the best estimation made by the Group in relation to the then future market conditions as at the latest practicable date of the Prospectus and the dates of the Announcements, while the net proceeds were applied in accordance with the actual development of the market from time to time.

Since 2018, investors' negative sentiment and concerns over the economic outlook caused by the China-US trade war had made the global stock market extremely volatile. The conflicts between these two countries has caused substantial uncertainty in the global economy. On the other hand, the impact of the social events and the COVID-19 pandemic has created unprecedented challenges for all businesses in 2020. The Board considers that there is no sign that the COVID-19 might end soon and that the Group needs to adopt a more effective policy to develop and strengthen its existing business operations in responding to the economic uncertainties and changing market conditions, rather than deploying resources in developing new business.

In light of the abovementioned, the Board has resolved that it would be in the best interest of the Company and its shareholders to reallocate part of the unutilised proceeds amounting to HK$20.0 million which was originally assigned for the set-up and operation of companies licensed under the SFO to conduct Type 6 and Type 9 regulated activities under the SFO to each of (i) the set-up and operation of the Type 1 Company and (ii) the operation and development of money lending business of HK$10.0 million respectively.

The Board confirms that the above supplemental information does not affect other information in the 2019 Annual Report and the remaining contents in the 2019 Annual Report remain unchanged.

By Order of the Board

SEEC Media Group Limited

Li Leong

Executive Director

Hong Kong, 11 September 2020

As at the date of this announcement, the Board comprises Mr. Li Leong, Mr. Li Xi, Mr. Li Zhen, Mr. Zhang Zhifang and Mr. Zhou Hongtao as the executive directors and Mr. Law Chi Hung, Mr. Leung Tat Yin and Mr. Wong Ching Cheung as the independent non-executive directors.

2