Nine Directions Intelligent Investment Holdings: The Company and its subsidiaries are not subject to any investigation.

Jiu Fang Intelligent Investment Holdings announces on the Hong Kong Stock Exchange that the company has noticed recent reports in the public media regarding the business situations of some of its subsidiaries. In order to protect the rights of investors to information, the company now clarifies the following: As at the date of this announcement, to the best knowledge and belief of the board of directors of the company, 1. The company and its subsidiaries are not subject to any investigations by China's authorized regulatory agencies. The company will continue to maintain close communication with the relevant Chinese regulatory authorities; 2. The group's business operations are normal and there have been no significant adverse changes in its internal or external operating environment; and 3. The company is not aware of any significant matters concerning the group that should be disclosed under the Rules of the Stock Exchange of Hong Kong Limited or other applicable laws and regulations that have not been disclosed.