Announcement on the Completion of Share Reduction Plan by Shareholder

Shanghai New Culture Media Group Co., Ltd. (hereinafter referred to as "the Company") disclosed on April 4, 2023, the "Pre-disclosure Announcement of Shareholder Share Reduction Plan" (Announcement No. 2023-013). Shanghai Qu Feng International Trade Co., Ltd. (hereinafter referred to as "Qu Feng International") planned to reduce its holdings of the Company's shares by no more than 7,991,675 shares (accounting for 0.99% of the Company's total share capital) within six months after the announcement date, through one or more methods such as centralized bidding and block trading. Mr. Yang Zhenhua, a director of the Company, is the controlling shareholder of Qu Feng International and directly holds 40,500,000 shares of the Company (accounting for 5.02% of the Company's total share capital), with no change in the number of shares held directly. The Co