Tranche Update on China Digital Culture Limited's Equity Buyback Plan announced on June 28, 2019.

China Digital Culture (Group) Limited is a Hong Kong-based investment holding company principally engaged in the culture and entertainment related businesses. The Company operates through two business segments. The Entertainment segment is mainly engaged in the distribution of copyright-protected items, the licensing of entertainment contents and the provision of entertainment-related services. The Sports segment is mainly engaged in the licensing of professional sport events contents and provision of marketing and promotional services to professional athletes. The Company is also engaged in the talent management business and the management of investments in cultural industry through its subsidiaries.