Starlight Culture Entertainment : INSIDE INFORMATION CHANGE OF SINGLE LARGEST SHAREHOLDER

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.

STARLIGHT CULTURE ENTERTAINMENT GROUP LIMITED

星光文化娛 樂 集團 有限 公 司

(Incorporated in Bermuda with limited liability)

(Stock Code: 1159)

INSIDE INFORMATION

CHANGE OF SINGLE LARGEST SHAREHOLDER

This announcement is made by Starlight Culture Entertainment Group Limited (the "Company") pursuant to Rule 13.09(2)(a) 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 in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

The board (the "Board") of directors (the "Directors") of the Company was informed by Timcha Investment Limited（鼎創投資有限公司）("Timcha Investment"), the single largest shareholder of the Company, that on 18 September 2020, Timcha Investment entered into an agreement with Okelo Holdings Limited, a company incorporated in the British Virgin Islands with limited liability ("Okelo Holdings"), to sell 77,013,514 ordinary shares of HK$0.10 each in the share capital of the Company (the "Shares"), representing approximately 9.35% of issued share capital of the Company as at the date of this announcement (the "Disposal"), to Okelo Holdings. The sole shareholder of Okelo Holdings is Mr. Wang Ji (王佶), who is the chairman of 盛跃網絡科技（上海）有限公司 (Shengyue Network Technology (Shanghai) Company Limited*).

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As at the date of this announcement, Okelo Holdings holds 58,300,000 Shares, representing approximately 7.08% of the issued share capital of the Company. Okelo Holdings has entered into an agreement with a shareholder of the Company to acquire an aggregate of 60,000,000 Shares, representing approximately 7.29% of the issued share capital of the Company. Immediately upon completion of such acquisitions and the Disposal, Okelo Holdings will hold 195,313,514 Shares, representing approximately 23.72% of the issued share capital of the Company and will become a substantial shareholder and the single largest shareholder of the Company.

As at the date of this announcement, Timcha Investment holds 220,013,514 Shares, representing approximately 26.71% of the issued share capital of the Company. Immediately upon completion of the Disposal, Timcha Investment will hold 143,000,000 Shares, representing approximately 17.36% of the issued share capital of the Company, and will remain to be a substantial shareholder (as defined in the Listing Rules) of the Company.

Shareholders of the Company and potential investors are reminded to exercise caution when dealing in the securities of the Company.

By Order of the Board

Starlight Culture Entertainment Group Limited

Chau Chit

Executive Director

Hong Kong, 18 September 2020

As at the date of this announcement, the Board comprises six executive Directors, namely Mr. Tang Liang, Mr. Chau Chit, Mr. Luo Lei, Mr. Sang Kangqiao, Mr. Gao Qun, and Ms. Wu Xiaoli; and four independent non-executive Directors, namely Mr. Wong Wai Kwan, Mr. Michael Ngai Ming Tak, Mr. Ma Runsheng and Mr. Wong Wai Hung.

• For identification purposes only

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