About US$18.1 million of Xinhuo Technology cannot be withdrawn from FTX, and has reached a financing agreement with Li Lin for a maximum of US$14 million

Xinhuo Technology (formerly Huobi Technology) issued an announcement on the Hong Kong Stock Exchange, stating that its subsidiary Hbit Limited has approximately USD 18.1 million worth of cryptocurrencies stored in the cryptocurrency exchange FTX. Filed for bankruptcy protection in the United States on November 11, 2022, so it may not be possible to withdraw the above-mentioned encrypted currency assets from FTX, the Group reached an agreement with Mr. Additional unsecured financing of up to US$14 million to the Group. The Company will use shareholders' financing as and when necessary to pay the client's assets and liabilities arising from this event.