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CLOUD VILLAGE INC. Launches Hong Kong Initial Public Offering

Cloud Village Inc. a leading interactive music streaming service provider in China, announced the launch of its Hong Kong Public Offering, which forms part of the Global Offering (the “Offering”) of 16,000,000 new ordinary shares (the “Offer Shares” or “Shares”) and listing of its ordinary shares on the Main Board of The Stock Exchange of Hong Kong Limited (the “SEHK”) under the stock code “9899.HK.”

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The Offering initially comprises 1,600,000 offer Shares under the Hong Kong Public Offering and 14,400,000 offer Shares for the International Offering, representing approximately 10.0% and 90.0% of the total number of Shares in the Offering, respectively, subject to re-allocation and over-allotment. Subject to the level of any oversubscription in the Hong Kong Public Offering and pursuant to the clawback mechanism as described in the prospectus issued in Hong Kong, the total number of shares available under the Hong Kong Public Offering could be adjusted to up to a maximum of 8,000,000 offer Shares, representing approximately 50.0% of the Offer Shares initially available under the Offering. In addition, the Company expects to grant the international underwriters an over-allotment option to purchase up to an additional 2,400,000 new Shares in the International Offering, representing not more than 15.0% of the Offer Shares initially available under the Offering.

The offer price for the Hong Kong Public Offering (the “Hong Kong Offer Price”) will be not more than HK$220.00 per share (the “Maximum Offer Price”). The Company will set the International Offer Price by December 1, 2021 Hong Kong time. Shares will be traded in board lots of 50 shares.

The Company plans to use the net proceeds from the Offering for continuingly cultivating its community, innovating and improving technological capabilities, selected mergers, acquisitions and strategic investments, and general corporate purposes.

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Fully Electronic Application Process for the Hong Kong Public Offering

The Company has decided to adopt a fully electronic application process for the Hong Kong Public Offering, with no printed copies of prospectuses or application forms. A fully electronic application process is consistent with the way in which the Company’s users and stakeholders engage and interact with each other and the Company. As a company which has been highly committed to environmental, social and corporate responsibility matters since its founding, Cloud Village believes such method will also help mitigate the environmental impact of printing and minimize the exploitation of natural resources, among others. The prospectus is available at the website of the Hong Kong Stock

The Company encourages applicants for the Hong Kong Public Offering to view its prospectus and apply online through the White Form eIPO service at www.eipo.com.hk, or apply through the CCASS EIPO service. The Hong Kong Public Offering will commence at 9:00 a.m. on Tuesday, November 23, 2021 Hong Kong time and will close at 12:00 noon on Friday, November 26, 2021 Hong Kong time.

Potential applicants may call the enquiry hotline of Computershare Hong Kong Investor Services Limited if they have any question about making applications for the Hong Kong Offer Shares. The hotline number is +852 2862 8646, and will be open from 9:00 a.m. to 9:00 p.m. on Tuesday, November 23, 2021, Wednesday, November 24, 2021 and Thursday, November 25, 2021, and from 9:00 a.m. to 12:00 noon on Friday, November 26, 2021 Hong Kong time.

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[To share your insights with us, please write to sghosh@martechseries.com]

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