Announcement on the progress of negotiation and implementation of Beijing Bitmain business cooperation

Due to the temporary setbacks and difficulties we encountered in the application for change of the business registration information of the legal representative of our wholly-owned subsidiary, Beijing Bitmain Technology Co., Ltd., Bitmain's overall business chain was cut, resulting in a turbulent situation in the past month and a half. Uneasy emotions have spread among employees, shareholders, customers, potential customers, suppliers and other partners. In line with the principle of being responsible for Bitmain, the two major shareholders sent representatives to negotiate on basic issues such as the company's production and operation with the help of enthusiastic shareholders and enthusiastic third parties, and reached a preliminary consensus. The main consensus is as follows:

1. Maintain the normal production and operation order of the company as much as possible, especially reduce the impact on external customers and suppliers;

2. Keep the company's accounts timely and complete to ensure the company's financial and tax compliance;

3. Stabilize the company's employees.

The company's production, sales, and financial teams worked closely together to check and confirm a batch of customer sales orders, and Century Cloud Core has begun to ship these orders. Although there are still many problems in the process operation, the results achieved are still gratifying. The value of the goods that Bitmain Group successfully negotiated for the first shipment is about RMB 12 million, and we have paid this amount to Century Cloud Core.

At present, we have not resumed the chip supply to Century Cloud Core because the specific arrangements for protecting customer interests have not been obtained. Next, we will actively negotiate with Zhan Ketuan on issues such as chip supply, mining machine production, delivery logistics, capital chain and financial accounting for future orders, in order to maximize the interests of customers and shareholders.