NIP Group Announces Ratio Change From 1 ADS Representing 2 Shares To 1 ADS Representing 60 Shares, Effective July 6

For the Company’s ADS holders, the ADS Ratio Change will have the same effect as a one-for-thirty reverse ADS split. There will be no change to the Company’s Class A ordinary shares. On the Effective Date, holders of ADSs in the Direct Registration System and in The Depository Trust Company will have their ADSs automatically exchanged and need not take any action. The exchange of every thirty (30) then-held existing ADSs for one (1) new ADS will occur automatically on the Effective Date, with the then-held ADSs being cancelled and new ADSs being issued by Citibank, N.A., the depositary bank for the Company’s ADS program (the "Depositary").