Tranche Update on Beijing Sports and Entertainment Industry Group Limited's Equity Buyback Plan announced on July 8, 2019.

BEIJING SPORTS AND ENTERTAINMENT INDUSTRY GROUP LIMITED, formerly ASR Logistics Holdings Limited, is an investment holding company principally engaged in the provision of air freight service in the wholesale market. The Company’s subsidiaries include AOE Freight (HK) Limited, ASR Logistics Limited and ASRCO Logistics Limited. Through its subsidiaries, the Company is also engaged in the provision of air freight solution in Hong Kong.