Strawbear Entertainment : CHANGE OF NON-EXECUTIVE DIRECTOR AND CHANGE IN COMPOSITION OF AUDIT COMMITTEE

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Strawbear Entertainment Group

稻草熊娛樂集團

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 2125)

CHANGE OF NON-EXECUTIVE DIRECTOR

AND

CHANGE IN COMPOSITION OF AUDIT COMMITTEE

The Board hereby announces that, with effect from April 27, 2021:

1. Mr. Wang Jun has resigned as a non-executive Director and has ceased to be a member of the Audit Committee; and
2. Ms. Zeng Ying has been appointed as a non-executive Director and a member of the Audit Committee.

RESIGNATION OF NON-EXECUTIVE DIRECTOR

The board (the "Board") of directors (the "Directors") of Strawbear Entertainment Group (the "Company", together with its subsidiaries, the "Group") announces that Mr. Wang Jun ("Mr. Wang") has tendered his resignation as a non-executive Director, and ceased to be a member of the audit committee of the Board (the "Audit Committee") with effect from April 27, 2021 due to personal health reason.

Mr. Wang has confirmed that he has no disagreement with the Board and there is no matter in respect of his resignation that needs to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

The Board would like to take this opportunity to express its gratitude to Mr. Wang for his invaluable contribution and continuous provision of strong support and assistance to the Company during his tenure of office with the Company and wish him a speedy recovery.

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APPOINTMENT OF NON-EXECUTIVE DIRECTOR

The Board is pleased to announce that Ms. Zeng Ying ("Ms. Zeng") has been appointed as a non-executive Director and a member of the Audit Committee with effect from April 27, 2021. Ms. Zeng is primarily responsible for providing strategic advice and making recommendations on financial management and business development to the Board.

Ms. Zeng, aged 43, has extensive experience in financial management and had held various high-level positions in listed companies. Ms. Zeng joined iQIYI, Inc. (Stock Code: IQ. NASDAQ) in February 2017 as the vice president of finance department, primarily responsible for the overall financial management and procurement of iQIYI, Inc. Prior to that, she served as the deputy director of budget control and financial analysis department of Baidu, Inc. (Stock Code: BIDU.NASDAQ and 9888.HK) from June 2011 to February 2017, primarily responsible for the budgeting and analysis of sales system, fund management and corporate finance management. From June 2003 to May 2011, she served as a financial manager of eLong, Inc., the shares of which were listed on NASDAQ from October 2004 to May 2016 and was later merged into the group currently held by Tongcheng-Elong Holdings Limited (Stock Code: 0780.HK). Ms. Zeng obtained a bachelor's degree in accounting from Wuhan University of Technology (武漢理工大學) in July 1999 and a master's degree in professional accounting from Peking University (北京大學) in June 2014.

Pursuant to the letter of appointment entered into between the Company and Ms. Zeng, her initial term of office is three years commencing from April 27, 2021 or until the third annual general meeting of the Company since the date of her appointment, whichever is sooner, and unless terminated by not less than one month's prior notice in writing served by either party to the other. Ms. Zeng will hold office until the next general meeting of the Company and is eligible for re-election at such meeting, and she will be subject to retirement by rotation and re-election in accordance with the amended and restated memorandum and articles of association of the Company. According to the terms of Ms. Zeng's letter of appointment, she will not receive any director's fee, as recommended by the remuneration committee of the Board and determined by the Board.

As of the date of this announcement, Ms. Zeng has confirmed that (i) she has no interest in the shares of the Company which is required to be disclosed pursuant to Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong); (ii) save as disclosed above, she does not currently hold any other positions with the Company or any of its subsidiaries; (iii) she did not hold any directorship in any other public companies the securities of which are listed on any securities market in Hong Kong or overseas in the last three years preceding the date of her appointment; (iv) she did not have any other relationship with any Directors, senior management or substantial shareholders or controlling shareholders of the Company except her current employment with iQIYI, Inc., holding company of Taurus Holding Ltd., a substantial shareholder of the Company as disclosed above; and (v) there is no other information that is required to be disclosed pursuant to any of the requirements under paragraphs (h) to (v) of Rule 13.51(2) of the Rules Governing the Listing of Securities on the Stock Exchange nor are there any other matters that need to be brought to the attention of the shareholders of the Company relating to her appointment.

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The Board would like to express its warmest welcome to Ms. Zeng on her appointment.

By order of the Board

Strawbear Entertainment Group

Liu Xiaofeng

Chairman

Nanjing, PRC, April 27, 2021

As of the date of this announcement, the Board comprises Mr. Liu Xiaofeng, Ms. Zhang Qiuchen, Mr. Chen Chen and Ms. Zhai Fang as executive Directors, Mr. Wang Xiaohui and Ms. Zeng Ying as non-executive Directors, and Mr. Zhang Senquan, Mr. Ma Zhongjun and Mr. Chung Chong Sun as independent non-executive Directors.

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