UCLOUDLINK GROUP INC. Announces Strategic Equity Investment Listing on China's Over-the-counter Market

HONG KONG, Jan. 13, 2023 /PRNewswire/ -- UCLOUDLINK GROUP INC. ("UCLOUDLINK" or the "Company") (NASDAQ: UCL), the world's first and leading mobile data traffic sharing marketplace, today announced that Beijing Huaxianglianxin Technology Co., Ltd. ("Huaxianglianxin"), which UCLOUDLINK has invested in since 2019, has been successfully listed on the China National Equities Exchange and Quotations ("NEEQ"), an over-the-counter stock exchange in China, as of January 12, 2023, under the ticker 874037.  

Huaxianglianxin is a mobile virtual network operator ("MVNO") that has a virtual operator license compliant with guidance and regulations issued by the Ministry of Industry and Information Technology of the People's Republic of China. UCLOUDLINK holds 6,000,000 shares of Huaxianglianxin and the two companies cooperate in multiple fields, including Internet of Things business.

"Huaxianglianxin has been UCLOUDLINK's trusted partner in developing our local business in mainland China, as it accelerates growth of its cloud communication business throughout the past couple of years," said Chaohui Chen, Director and CEO of UCLOUDLINK. "We congratulate Huaxianglianxin on its NEEQ listing, which we believe will add momentum to its business prospects. We expect it will also benefit UCLOUDLINK as we plan to continue expanding our local business in mainland China. As part of our effort to strengthen our global PaaS and SaaS ecosystem, we strive to explore ways in which we can work with business partners in the post-COVID-19 pandemic era, aiming to provide solutions to both users and carriers with better network quality and connection, enabling not just 'connected' but 'better connection'."

About UCLOUDLINK GROUP INC.

UCLOUDLINK is the world's first and leading mobile data traffic sharing marketplace, pioneering the sharing economy business model for the telecommunications industry. The Company's products and services deliver unique value propositions to mobile data users, handset and smart-hardware companies, mobile virtual network operators (MVNOs) and mobile network operators (MNOs). Leveraging its innovative cloud SIM technology and architecture, the Company has redefined the mobile data connectivity experience by allowing users to gain access to mobile data traffic allowance shared by network operators on its marketplace, while providing reliable connectivity, high speeds and competitive pricing.

Carina Cheung,
carina-pr@ucloudlink.com
(852) 21806111

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SOURCE UCLOUDLINK GROUP INC.