The Kyung Group Co., Ltd. (the “Keidong Group”) announced on January 8, 2024 that its merged subsidiary Dada Nexus Limited (“DADA”, Nasdaq code: DADA) discovered some suspicious behavior during its regular internal audit process. These actions may call into question revenue and operating support costs for certain online marketing services in the three quarters prior to 2023. DADA's audit committee has decided to conduct an independent review, assisted by independent professional consultants. KYOTO GROUP SAID IT WILL CONTINUE TO STRIVE TO MAINTAIN HIGH STANDARDS OF CORPORATE GOVERNANCE AND INTERNAL CONTROL, AND TO ENSURE TRANSPARENT AND TIMELY DISCLOSURE OF INFORMATION. Details have been disclosed in a Form 6-K report filed with the U.S. Securities and Exchange Commission on the same date.

The Kyung Group Co., Ltd. (the “Keidong Group”) announced on January 8, 2024 that its merged subsidiary Dada Nexus Limited (“DADA”, Nasdaq code: DADA) discovered some suspicious behavior during its regular internal audit process. These actions may call into question revenue and operating support costs for certain online marketing services in the three quarters prior to 2023. DADA's audit committee has decided to conduct an independent review, assisted by independent professional consultants. KYOTO GROUP SAID IT WILL CONTINUE TO STRIVE TO MAINTAIN HIGH STANDARDS OF CORPORATE GOVERNANCE AND INTERNAL CONTROL, AND TO ENSURE TRANSPARENT AND TIMELY DISCLOSURE OF INFORMATION. Details have been disclosed in a Form 6-K report filed with the U.S. Securities and Exchange Commission on the same date.