On the morning of February 27, Ding Yifeng Holdings issued a clarification notice on the Hong Kong Stock Exchange: The board of directors noted from the press release issued by the Hong Kong Securities Regulatory Commission on February 26, 2024 that the Hong Kong Securities Regulatory Commission has initiated legal proceedings against the former chairman and non-executive director of the company Sui Guangyi and 20 other persons in the court of first instance, alleging that they controlled the company's shares between March 1, 2018 and September 14, 2018. The Board of Directors wishes to draw the attention of shareholders and potential investors to the fact that Sui Guangyi resigned from all of his positions in the company four years ago, namely non-executive director, chairman of the board of directors, and member of the Board Investor Relations Committee, with effect from the end of business hours on January 22, 2020. Sui Guangyi is the main shareholder of the company. The Board of Directors is consulting its legal advisors on the “writ of subpoena” described in the Hong Kong Securities Regulatory Commission's press release and will issue a separate announcement in due course.