CRAZY SPORTS ISSUES POSITIVE PROFIT ALERT

HONG KONG, Feb. 28, 2022 /PRNewswire/ -- Crazy Sports Group Limited, ("Crazy Sports" or the "Company", together with its subsidiaries, the "Group"; stock code: 82) issues a positive profit alert, based on the information currently available to the Company including the unaudited consolidated management accounts of the Group for the year ended 31 December 2021 (the ''Year''), the Group is expected to record a profit attributable to owners of the Company of between HK$90 million and HK$130 million, as compared to a loss attributable to owners of the Company of approximately HK$132 million for the year ended 31 December 2020 (''Last Year'').

This expected turnaround of the Group's financial results is mainly attributable to:

(i) the significant increase in revenue and gross profit contributed from every business areas operated by the Group, as driven by stronger demand for the Group's digital sports entertainment products and services, in particular the online sports information platform and the newly launched sports and leisure games;

(ii) the expected share of profit from associates based on the unaudited management accounts of the associates of the Company, as compared to a share of loss of approximately HK$32 million from associates for Last Year; and

(iii) the non-recurrence of loss from discontinued operations of telemedia and e-commerce business for Last Year due to the restructuring of the Group which was completed in December 2020.

Mr Peng Xitao, CEO of Crazy Sports, said: "2021 was the inaugural year of the '14th Five-Year Plan' for China. Under the two prime objectives of growing the size of the sports market to RMB5 trillion and making it a pillar industry of the country, preferential policies for the sports industry have been introduced persistently. The e-Sports events attracted tens of thousands of viewers; China's women soccer regained its leadership position in Asia, and the Beijing Winter Olympics received plenty of positive coverage. These become the curtail raiser for China's efforts in establishing a sports superpower. China is ushering into a golden decade of sports industry development.

"Subsequent to completion of restructuring with its official name change in the middle of 2021, Crazy Sports Group has been diving deep into the digital sports industry racetrack to unleash its edges, tapping development opportunities afforded by mega sports events such as UEFA Euro, securing growth in user data volume, concentrating on its core businesses of paid sports knowledge platform, soccer mobile handset games, etc., to achieve strong revenue growth. The Group accomplished a full turnaround for 2021, entering a new journey of growing profit with this encouraging performance.

"At Crazy Sports, with our industry-leading paid sports knowledge platform Crazy Red Insights, the lottery sales business covering provinces and municipalities nationwide , our mobile games featuring international sports IP, and our digital quizzing games empowering traditional sports events, we strive to serve users with an integrated sports entertainment interactive platform that enables multi-dimensional and real-time participation in sports events, striving to become China's leading digital sports entertainment community operator."

About Crazy Sports Group Limited

Crazy Sports Group Limited is a leading digital sports entertainment community operator and internet sports industry leader in China, and it is listed on the Main Board of HKEX (Stock code: 82.HK). Laying our strategy on powering up China through sports, we dive deep into the trillions-worth digital + sports entertainment industry racetrack. Based on the unique massive sports user database, leveraging digital, artificial intelligence and blockchain technology to empower traditional sports events, we operate in three core business areas pivoted on "Events + Quizzes, IPs + Sports Games, Crazy Red Insights + Lottery Sales". Our mission is "Let Sports Create Happiness", we are dedicated to building a multi-channel entertainment platform allowing real-time participation in sports events.