Tea Baidao announced on the Hong Kong Stock Exchange that the board of directors of the Company noticed that the Hong Kong Securities Regulatory Commission has suspended trading of the Company's H shares since 9:00 a.m. on October 13. The Hong Kong Securities Regulatory Commission stated that it is concerned that the company's initial public offering may have been manipulated to create the illusion of demand for shares. The Board of Directors of the Company takes this matter very seriously and believes that compliance with all laws and regulations applicable to the Company is essential. Therefore, the Company is seeking urgent legal advice on this Directive and will endeavour to address and resolve the concerns of the Hong Kong Securities Regulatory Commission. The Company undertakes to fully cooperate with the Hong Kong Securities Regulatory Commission in handling any of its concerns and will issue separate announcements in due course. The Company confirms that the Group's business operations have remained normal and that there have been no significant changes in the Group's business operations as of the date of this announcement.

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