China Ruyi Holdings Limited disclosed two continuing connected transactions with Shenzhen Tencent Computer Systems and its affiliates, covering 1 January 2026 to 31 December 2028.

Key Agreements • 2026 Game Cooperation Framework Agreement: four cooperation models—distribution, joint operation, marketing services and exclusive agency—across forthcoming and existing games. • Drama Series & Movies Copyrights Licensing and Co-Production of Made-to-Order Series Framework Agreement: covers licensing of online broadcasting/distribution rights and joint production of tailor-made dramas and films.

Financial Parameters • Annual caps for game-related payments by China Ruyi to Tencent set at CNY 700.00 million (2026), CNY 1.50 billion (2027) and CNY 2.10 billion (2028). • Annual caps for game-related receipts to China Ruyi from Tencent fixed at CNY 1.80 billion for each of the three years. • Annual caps for drama and film licensing/co-production income fixed at CNY 800.00 million per year from 2026 to 2028.

Historical Reference Under the 2023 framework, actual game payments were CNY 23.00 million, CNY 178.00 million and CNY 185.00 million for 2023-2025, versus caps of CNY 1.00 billion annually. Receipts reached CNY 1.14 billion, CNY 1.28 billion and CNY 991.00 million against caps of CNY 1.20-1.30 billion.

Strategic Rationale Management cites deeper collaboration with Tencent to expand gaming, content distribution and IP monetisation, enhancing the Group’s entertainment ecosystem and technology capabilities.

Approval Process The transactions constitute continuing connected transactions under Hong Kong Listing Rules. Independent shareholders will vote at a special general meeting on 19 May 2026. Tencent-related shareholders (holding 15.37% of issued shares) will abstain from voting.