newcryptoplaytoearngames| Gaoyang Technology Subsidiary plans to adopt Gaoyang Huanqiu Technology Equity Incentive Plan

Gaoyang Technology (00818) issued an announcementnewcryptoplaytoearngamesOn May 20, 2024, the board of directors and shareholders of Gaoyang Huanqiu Technology (an indirect non-wholly owned subsidiary of the company) resolved to adopt the Gaoyang Huanqiu Technology Equity Incentive Plan.

Under the Gaoyang Huanqiu Technology Equity Incentive Plan, Gaoyang Huanqiu Technology will grant share options to plan participants. Share options will vest and become exercisable after predetermined financial targets are achieved during the performance period.

As at the date of this announcement, the company indirectly owns approximately 50% of Gaoyang Global Technologynewcryptoplaytoearngames.91% equity. If the share options are fully vested and exercised and the share option shares are fully subscribed, as the company's interest in Hi Sun Universal Technology will be reduced to 40%(assuming no repurchase) or approximately 42.75%(assuming 30% of the share option shares are repurchase), Hi Sun Universal Technology will no longer be a subsidiary of the company.

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