Certain Shareholders of Joy Spreader extend Lock-up Undertakings for 15 months, Demonstrate Confidence in Company's Long-term Development Prospects

Tuesday, 23 March 2021, 19:23 HKT/SGT

HONG KONG, Mar 23, 2021 - (ACN Newswire) - On March 23, Joy Spreader Technology. Ltd (HK: 06988) listed on the Hong Kong Stock Exchange announced that the Company has recently received undertaking letters from certain shareholders holding approximately 69.16% of the shares in aggregate, including the controlling shareholders of the Company. In view of their confidence in the long-term development prospect of the Company, the above shareholders voluntarily undertook that without the prior written consent of the Company, they will not dispose (including but not limited to sell or pledge) the shares of the Company beneficially, directly or indirectly, owned by them or their controlled entities for a period of 15 months from the date of the Undertaking Letters in accordance with the terms of the Undertaking Letters.

The announcement shows that those shareholders who have voluntarily given the lock-up undertakings include:

(1)ZZN. Ltd., ZZD. Ltd. and Laurence mate. Ltd., being the controlling shareholders of the company, of which ZZN. Ltd. and ZZD. Ltd. are wholly owned by Mr. Zhu Zinan and Mr. Zhang Zhidi, respectively. Laurence mate. Ltd. is owned as to 90% by Mr. Zhu Zinan and 10% by Mr. Zhang Zhidi, respectively. Under the concert party agreement, Mr. Zhu Zinan and Mr. Zhang Zhidi in aggregate hold approximately 42.34% of the shares of the Company as at the date of this announcement.

(2)Shenzhen Nanhai Growth Win-win Limited, NT Balance Capital Ltd., Jiaxing Baozheng Investment Partnership Enterprise (Limited Partnership), DYD Holding. Ltd., Balance Capital Ltd. and Jack Chen. Ltd., holding approximately 5.70%, 5.44%, 4.98%, 4.73%, 3.33%, and 2.64% of the shares of Joy Spreader, respectively, as at the date of this announcement. The aforesaid shareholders in aggregate hold approximately 26.82% of the shares of Joy Spreader as at the date of this announcement.

Joy Spreader was listed on September 23, 2020. The company's restricted shares have been lifted today after being listed for half a year. On this special day, voluntary lock-up undertakings from the controlling shareholders and several third-party shareholders have shown their confidence in the long-term development prospect of the company as well as the industry of performance-based marketing on new media.

In recent years, benefiting from the rapid development of text-based we-media and short-video platforms, as well as core advantages of its own data and algorithm, Joy Spreader has achieved a high-speed annual average growth of over 80% for consecutive years. The shareholders' choice to voluntarily lock up their holdings this time has fully demonstrated their high recognition of the investment value of Joy Spreader.

Topic: Press release summary Sectors: Media & Marketing, Cloud & Enterprise, Advertising
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