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</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>UNITED
STATES </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>SECURITIES
AND EXCHANGE COMMISSION</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>WASHINGTON,
D.C. 20549 </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FORM
<ix:nonNumeric contextRef="c0" name="dei:DocumentType">20-F</ix:nonNumeric></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>(Mark
One)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentRegistrationStatement">&#9744;</ix:nonNumeric>
<b>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 </b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>OR
</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:DocumentAnnualReport">&#9746;</ix:nonNumeric>
<b>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>For
the fiscal year ended <ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-year-en" name="dei:DocumentPeriodEndDate"><ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-en" name="dei:CurrentFiscalYearEndDate">December 31</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:DocumentFiscalYearFocus">2022</ix:nonNumeric></ix:nonNumeric></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>OR</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentTransitionReport">&#9744;</ix:nonNumeric>
<b>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>For
the transition period from &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>OR</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentShellCompanyReport">&#9744;</ix:nonNumeric>
<b>SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Date
of event requiring this shell company report</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Commission
file number: <ix:nonNumeric contextRef="c0" name="dei:EntityFileNumber">001-39859</ix:nonNumeric></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding: 1pt 0in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b><span style="-sec-ix-hidden: hidden-fact-0">Kuke
Music Holding Limited</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>(Exact
name of Registrant as specified in its charter)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>N/A
</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>(Translation
of Registrant&#8217;s name into English) </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b><ix:nonNumeric contextRef="c0" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode">Cayman
Islands</ix:nonNumeric>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>(Jurisdiction
of incorporation or organization) </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b><ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine1">Building
96</ix:nonNumeric>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b><ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine2">4
San Jian Fang South Block</ix:nonNumeric>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b><ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine3">Chaoyang
District</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:EntityAddressCityOrTown">Beijing</ix:nonNumeric> <ix:nonNumeric contextRef="c0" name="dei:EntityAddressPostalZipCode">100024</ix:nonNumeric>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>People&#8217;s
Republic of <ix:nonNumeric contextRef="c0" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">China</ix:nonNumeric>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>(Address
of principal executive offices) </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b><ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelName">He
Yu</ix:nonNumeric>, Chief Executive Officer </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b><ix:nonNumeric contextRef="c1" name="dei:CityAreaCode">+86</ix:nonNumeric>-<ix:nonNumeric contextRef="c1" name="dei:LocalPhoneNumber">010-6561
0392</ix:nonNumeric>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b><ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine1">Building
96</ix:nonNumeric>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b><ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine2">4
San Jian Fang South Block</ix:nonNumeric>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b><ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine3">Chaoyang
District</ix:nonNumeric>, <ix:nonNumeric contextRef="c1" name="dei:EntityAddressCityOrTown">Beijing</ix:nonNumeric> <ix:nonNumeric contextRef="c1" name="dei:EntityAddressPostalZipCode">100024</ix:nonNumeric>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>People&#8217;s
Republic of <ix:nonNumeric contextRef="c1" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">China</ix:nonNumeric>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Securities
registered or to be registered pursuant to Section 12(b) of the Act:</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center; width: 32%"><span style="font-family: Times New Roman, Times, Serif"><b>Title of Each Class</b></span></td> <td style="padding-bottom: 1.5pt; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td> <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 32%"><span style="font-family: Times New Roman, Times, Serif"><b>Trading Symbol </b></span></td> <td style="padding-bottom: 1.5pt; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td> <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 32%"><span style="font-family: Times New Roman, Times, Serif"><b>Name of Each Exchange on Which Registered </b></span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:Security12bTitle"><span style="font-family: Times New Roman, Times, Serif"><b>American Depositary Shares, each representing one Class A ordinary share, par value US$0.001 per share*</b></span></ix:nonNumeric></td> <td style="text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td> <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:TradingSymbol"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE</b></span></ix:nonNumeric></td> <td style="text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td> <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName"><span style="font-family: Times New Roman, Times, Serif"><b>New York Stock Exchange</b></span></ix:nonNumeric></td></tr> </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not for trading, but only in connection with the listing
    on the New York Stock Exchange of American depositary shares. </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Securities
registered or to be registered pursuant to Section 12(g) of the Act: </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>None
</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>(Title
of Class) </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act: </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>None
</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>(Title
of Class)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Indicate
the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered
by the annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As of December
31, 2022, there were <ix:nonFraction contextRef="c2" decimals="INF" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares">21,785,625</ix:nonFraction> Class A ordinary shares outstanding, par value US$0.001.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes &#9744; <ix:nonNumeric contextRef="c0" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric> &#9746;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">If this report
is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934. Yes &#9744; <ix:nonNumeric contextRef="c0" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric> &#9746;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. <ix:nonNumeric contextRef="c0" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric> &#9746; No &#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (&#167; 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). <ix:nonNumeric contextRef="c0" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric> &#9746; No &#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth
company. See definition of &#8220;accelerated filer,&#8221; &#8220;large accelerated filer&#8221; and &#8220;emerging growth company&#8221;
in Rule 12b-2 of the Exchange Act. (Check one):</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 22%"><span style="font-family: Times New Roman, Times, Serif">Large accelerated filer</span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="width: 10%"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="text-align: right; width: 22%"><span style="font-family: Times New Roman, Times, Serif">Accelerated filer&#160;</span></td> <td style="width: 5%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="width: 10%"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="width: 18%"><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory"><span style="font-family: Times New Roman, Times, Serif">Non-accelerated filer</span></ix:nonNumeric></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="text-align: center; width: 9%"><span style="font-family: Times New Roman, Times, Serif">&#9746;</span></td></tr> <tr> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif">Emerging growth company</span></td> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntityEmergingGrowthCompany"><span style="font-family: Times New Roman, Times, Serif">&#9746;</span></ix:nonNumeric></td></tr> </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">If an emerging
growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected
not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided pursuant
to Section 13(a) of the Exchange Act. <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric>&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#8224;
The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant has filed a report on
and attestation to its management&#8217;s assessment of the effectiveness of its internal control over financial reporting under Section
404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
<ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:IcfrAuditorAttestationFlag">&#9744;</ix:nonNumeric>&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">If securities
are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included
in the filing reflect the correction of an error to previously issued financial statements. &#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). &#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Indicate
by check mark which basis of accounting the registration has used to prepare the financial statements included in this filing:</span></p><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. GAAP&#160;&#160;&#160; &#9744;</span></td> <td style="width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-1">International Financial Reporting Standards</span> as issued</span></td> <td style="width: 10%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="width: 20%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other &#160;&#160;&#160;&#160;&#9744;</span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">by the International Accounting Standards Board</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td> <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr> </table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">If &#8220;Other&#8221;
has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected
to follow. Item 17 &#9744; Item 18 &#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">If this is
an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
&#9744; No <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityShellCompany">&#9746;</ix:nonNumeric></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. &#9744; Yes &#9744; No</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>




</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>Table
of Contents</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="2" style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_001">FORWARD-LOOKING
    STATEMENTS</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii</span></td>
    </tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_002">PART
    I</a></span></td>
    <td style="vertical-align: bottom; width: 80%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; vertical-align: bottom; width: 10%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_003">ITEM
    1</a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_003">IDENTITY
    OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    </tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_004">ITEM
    2</a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_004"><span style="font-size: 10pt">OFFER
    STATISTICS AND EXPECTED TIMETABLE</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_005">ITEM
    3</a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_005"><span style="font-size: 10pt">KEY
    INFORMATION</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    </tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_006">ITEM
    4</a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_006"><span style="font-size: 10pt">INFORMATION
    ON THE COMPANY</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_007">ITEM
    4A</a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_007"><span style="font-size: 10pt">UNRESOLVED
    STAFF COMMENTS</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</span></td>
    </tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_008">ITEM
    5</a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_008"><span style="font-size: 10pt">OPERATING
    AND FINANCIAL REVIEW AND PROSPECTS</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_009">ITEM
    6</a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_009"><span style="font-size: 10pt">DIRECTORS,
    SENIOR MANAGEMENT AND EMPLOYEES</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</span></td>
    </tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_010">ITEM
    7</a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_010"><span style="font-size: 10pt">MAJOR
    SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_011"><span style="font-size: 10pt">ITEM
    8</span></a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_011"><span style="font-size: 10pt">FINANCIAL
    INFORMATION</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94</span></td>
    </tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_012"><span style="font-size: 10pt">ITEM
    9</span></a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_012"><span style="font-size: 10pt">THE
    OFFER AND LISTING</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_013"><span style="font-size: 10pt">ITEM
    10</span></a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_013"><span style="font-size: 10pt">ADDITIONAL
    INFORMATION</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</span></td>
    </tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_014"><span style="font-size: 10pt">ITEM
    11</span></a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_014"><span style="font-size: 10pt">QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_015"><span style="font-size: 10pt">ITEM
    12</span></a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_015"><span style="font-size: 10pt">DESCRIPTION
    OF SECURITIES OTHER THAN EQUITY SECURITIES</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</span></td>
    </tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_016"><span style="font-size: 10pt">PART
    II</span></a></span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_017"><span style="font-size: 10pt">ITEM
    13</span></a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_017"><span style="font-size: 10pt">DEFAULTS,
    DIVIDEND ARREARAGES AND DELINQUENCIES</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">110</span></td>
    </tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_018"><span style="font-size: 10pt">ITEM
    14</span></a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_018"><span style="font-size: 10pt">MATERIAL
    MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">110</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_019"><span style="font-size: 10pt">ITEM
    15</span></a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_019"><span style="font-size: 10pt">CONTROLS
    AND PROCEDURES</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">110</span></td>
    </tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_020"><span style="font-size: 10pt">ITEM
    16A</span></a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_020"><span style="font-size: 10pt">AUDIT
    COMMITTEE FINANCIAL EXPERT</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_021"><span style="font-size: 10pt">ITEM
    16B</span></a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_021"><span style="font-size: 10pt">CODE
    OF ETHICS</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">112</span></td>
    </tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_022"><span style="font-size: 10pt">ITEM
    16C</span></a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_022"><span style="font-size: 10pt">PRINCIPAL
    ACCOUNTANT FEES AND SERVICES</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">112</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_023"><span style="font-size: 10pt">ITEM
    16D</span></a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_023"><span style="font-size: 10pt">EXEMPTIONS
    FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">112</span></td>
    </tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_024"><span style="font-size: 10pt">ITEM
    16E</span></a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_024"><span style="font-size: 10pt">PURCHASES
    OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">112</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_025"><span style="font-size: 10pt">ITEM
    16F</span></a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_025"><span style="font-size: 10pt">CHANGE
    IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">113</span></td>
    </tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_026"><span style="font-size: 10pt">ITEM
    16G</span></a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_026"><span style="font-size: 10pt">CORPORATE
    GOVERNANCE</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">113</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_027"><span style="font-size: 10pt">ITEM
    16H</span></a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_027"><span style="font-size: 10pt">MINE
    SAFETY DISCLOSURE</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">114</span></td>
    </tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_028"><span style="font-size: 10pt">ITEM
    16I</span></a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_028"><span style="font-size: 10pt">DISCLOSURE
    REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">114</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_029"><span style="font-size: 10pt">ITEM
    16J</span></a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_029"><span style="font-size: 10pt">INSIDER
    TRADING POLICIES</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">114</span></td>
    </tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_030"><span style="font-size: 10pt">PART
    III</span></a></span></td>
    <td style="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_031"><span style="font-size: 10pt">ITEM
    17</span></a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_031"><span style="font-size: 10pt">FINANCIAL
    STATEMENTS</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">115</span></td>
    </tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_032"><span style="font-size: 10pt">ITEM
    18</span></a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_032"><span style="font-size: 10pt">FINANCIAL
    STATEMENTS</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">115</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_033"><span style="font-size: 10pt">ITEM
    19</span></a></span></td>
    <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_033"><span style="font-size: 10pt">EXHIBITS</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">115</span></td>
    </tr>
  <tr style="background-color: White">
    <td colspan="2" style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#k_034"><span style="font-size: 10pt">SIGNATURES
    </span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">118</span></td>
    </tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>INTRODUCTION
</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Unless otherwise
indicated or the context otherwise requires in this annual report on Form 20-F:&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8220;Kuke
                                            Music,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our company&#8221; and &#8220;our&#8221;
                                            refer to Kuke Music Holding Limited, a Cayman Islands company and its wholly-owned subsidiaries;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#8220;ADSs&#8221;
                                            refer to our American depositary shares, each of which represents one Class A ordinary share;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#8220;Acquisition&#8221;
                                            refers to our acquisition of Rosenkavalier Limited on February 29, 2020;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#8220;Beijing
                                            Kuke Music&#8221; refers to Beijing Kuke Music Co., Ltd., one of the VIEs;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#8220;Beijing
                                            Lecheng&#8221; refers to Beijing Lecheng Future Culture Communications Co., Ltd., one of
                                            our WFOEs;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#8220;BMF
                                            Culture&#8221; refers to Beijing Music Festival Culture Communications Co., Ltd., one of
                                            the VIEs;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8220;BMF&#8221;
                                            refers to Beijing Lecheng Future Culture Communications Co., Ltd., its holding companies
                                            and Beijing Music Festival Culture Communications Co., Ltd.;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#8220;CAGR&#8221;
                                            refers to compound annual growth rate;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#8220;classical
                                            music&#8221; refers to art music that is produced and rooted in the traditions of western
                                            culture and ethnic culture; the characteristics of classical music that distinguish itself
                                            from popular music include (i) the complexity of the creation process, (ii) sophisticated
                                            use of instrumental musical forms and vocal forms and (iii) having high aesthetic and appreciation
                                            value; for purposes of this annual report, references to &#8220;classical music&#8221; include
                                            traditional classical music, jazz, world music and other non-pop music forms;</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#8220;COVID-19&#8221;
                                            refers to a highly contagious novel virus that was declared a global pandemic by the World
                                            Health Organization on March 11, 2020;</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#8220;China&#8221;
                                            or &#8220;PRC&#8221; refers to the People&#8217;s Republic of China, excluding, for the purpose
                                            of this annual report only, Taiwan and the special administrative regions of Hong Kong and
                                            Macau;</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#8220;Kuke
                                            International&#8221; refers to Kuke Future International Technology (Beijing) Co., Ltd.,
                                            one of our WFOEs;</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#8220;HNTE&#8221;
                                            refers to high and new technology enterprises;</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#8220;Naxos&#8221;
                                            refers to Naxos Global Distribution Limited, Naxos Rights International Limited and their
                                            affiliates and subsidiaries;</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#8220;Naxos
                                            China&#8221; refers to Naxos (Beijing) Culture &amp; Communication Co., Ltd., a non-wholly-owned
                                            subsidiary of our company;</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#8220;Naxos
                                            International&#8221; refers to Naxos International (Far East) Limited;</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#8220;NFT&#8221;
                                            refers to non-fungible token;</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#8220;ordinary
                                            shares&#8221; or &#8220;shares&#8221; refers to our Class A ordinary shares and Class B ordinary
                                            shares, par value US$0.001 per share;</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#8220;VIEs&#8221;
                                            refers to our variable interest entities, including Beijing Kuke Music and BMF Culture;</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#8220;our
                                            WFOEs&#8221; refers to our wholly-owned subsidiaries in the PRC, including Kuke International
                                            and Beijing Lecheng;</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#8220;RMB&#8221;
                                            or &#8220;Renminbi&#8221; refers to the legal currency of China;</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#8220;SAFE&#8221;
                                            refers to the PRC State Administration of Foreign Exchange;</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#8220;student
                                            interest training market,&#8221; &#8220;student art education market,&#8221; &#8220;student
                                            music education market,&#8221; &#8220;student musical instrument training market,&#8221;
                                            and &#8220;student piano education market&#8221; refer to markets for students aged between
                                            3 and 18, as measured by the total amount of tuition paid; and</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#8220;US$,&#8221;
                                            &#8220;U.S. dollars,&#8221; &#8220;$&#8221; and &#8220;dollars&#8221; refer to the legal
                                            currency of the United States.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">This annual
report contains translations between Renminbi and U.S. dollars solely for the convenience of the reader. The translations from Renminbi
to U.S. dollars and from U.S. dollars to Renminbi in this annual report were made at a rate of RMB 6.8972 to US$1.00, the exchange rate
set forth in the H.10 statistical release of the Federal Reserve Board on December 30, 2022. We make no representation that the Renminbi
or U.S. dollar amounts referred to in this annual report could have been or could be converted into U.S. dollars or Renminbi, as the
case may be, at any particular rate or at all.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_001"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">FORWARD-LOOKING
STATEMENTS</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">This annual
report contains forward-looking statements that involve risks and uncertainties. These forward-looking statements are made under the
&#8220;safe harbor&#8221; provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements
of current or historical facts are forward-looking statements. These statements involve known and unknown risks, uncertainties and other
factors, including those listed under &#8220;Item 3. Key Information-D. Risk Factors&#8221;, that may cause our actual results, performance
or achievements to be materially different from those expressed or implied by the forward-looking statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In some cases,
you can identify these forward-looking statements by words or phrases such as &#8220;may,&#8221; &#8220;might,&#8221; &#8220;would,&#8221;
&#8220;will,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;aim,&#8221; &#8220;estimate,&#8221; &#8220;intend,&#8221;
&#8220;plan,&#8221; &#8220;believe,&#8221; &#8220;likely to&#8221; or other similar expressions. We have based these forward-looking
statements largely on our current expectations and projections about future events and financial trends that we believe may affect our
financial condition, results of operations, business strategy and financial needs. These forward-looking statements include, but not
limited to, statements about:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">our
                                            goals and strategies;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">our
                                            expectations regarding the demand for and market acceptance of our music licensing and subscription
                                            services, smart music learning solutions, and live classical music events;</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">our
                                            expectations regarding our relationships with licensors and suppliers;</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">our
                                            future business development, financial condition and results of operations;</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">expected
                                            changes in our revenues, costs or expenditures;</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">the
                                            growth of and changes in our industries;</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">our
                                            competitive landscape;</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">government
                                            policies and regulations relating to our industries; and</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">general
                                            economic and business conditions in the PRC and globally.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">You should
read this annual report and the documents that we refer to in this annual report thoroughly with the understanding that our actual future
results may be materially different from and worse than what we expect. Important risks and factors that could cause our actual results
to be materially different from our expectations are generally set forth in &#8220;Item 3. Key Information-D. Risk Factors,&#8221; &#8220;Item
4. Information on the Company-B. Business Overview,&#8221; &#8220;Item 5. Operating and Financial Review and Prospects,&#8221; and other
sections in this annual report. You should read thoroughly this annual report and the documents that we refer to with the understanding
that our actual future results may be materially different from and worse than what we expect. We qualify all of our forward-looking
statements by these cautionary statements. Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge
from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact
of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially
from those contained in any forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">This annual
report also contains statistical data and estimates that we obtained from industry publications and reports generated by government or
third-party providers of market intelligence. Although we have not independently verified the data, we believe that the publications
and reports are reliable. However, the statistical data and estimates in these publications and reports are based on a number of assumptions
and if any one or more of the assumptions underlying the market data are later found to be incorrect, actual results may differ from
the projections based on these assumptions. In addition, due to the rapidly evolving nature of the industry in which we operate, projections
or estimates about our business and financial prospects involve significant risks and uncertainties.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The forward-looking
statements made in this annual report relate only to events or information as of the date on which the statements are made in this annual
report. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as
a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence
of unanticipated events. You should read this annual report and the documents that we refer to in this annual report and exhibits to
this annual report completely and with the understanding that our actual future results may be materially different from what we expect.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_002"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">PART
I</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_003"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">ITEM
1 IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Not applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_004"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">ITEM
2 OFFER STATISTICS AND EXPECTED TIMETABLE&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Not applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_005"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">ITEM
3 KEY INFORMATION&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Our Holding
Company Structure and Contractual Arrangements with The VIEs and Their Respective Shareholders </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">Kuke
Music Holding Limited, our ultimate Cayman Islands holding company and the entity in which investors are purchasing their interest, is
not a Chinese operating company and does not have any substantive operations. We carry out our value-added telecommunications business,
internet audio-video program services and certain other businesses in China through our subsidiaries, the VIEs, and their subsidiaries.
We do not have substantive business operations in Hong Kong. We, through our WFOEs, entered into a series of contractual arrangements
with the VIEs and their respective shareholders. Neither we nor our subsidiaries own any equity interests in the VIEs. The VIE structure
is used to provide investors with exposure to foreign investment in China-based companies where the PRC laws restrict direct foreign
investment in the operating companies. However, our contractual arrangements with the VIEs are not equivalent of an investment in the
VIEs. The VIE structure involves unique risks to investors in our securities. Investors in our securities are purchasing equity securities
of our ultimate Cayman Islands holding company, rather than equity securities of the VIEs, and investors in our securities may never
hold equity interests in the VIEs. Our contractual agreements may not be equivalent to, and are not as effective as, direct ownership
in the VIEs. The following diagram illustrates our corporate structure, including the names, places of incorporation and the proportion
of ownership interests in our subsidiaries and VIEs, as of the date of this annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><img alt="" src="image_001.jpg"/>&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1) </span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of the date of this annual report, shareholders
    who own 5% or more of our issued and outstanding ordinary shares, which we refer to as our principal shareholders, include Mr. He
    Yu (directly and through Aleatory Limited and Capriccio Limited), Mr. Xingping Zuo (directly and indirectly through Musence Limited),
    Mr. Jianmin Jin, Mr. Lung Yu (directly and indirectly through Supertonic Limited), Eichent Limited and Million Profit International
    Holdings Limited. Our principal shareholders who are directors and executive officers of Kuke Music Holding Limited include Mr. He
    Yu, Mr. Xingping Zuo and Mr. Lung Yu. For more information, see &#8220;Item 6. Directors, Senior Management and Employees&#8212;Share
    Ownership&#8221; for more details. </span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2) </span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The remaining 49% equity interest in Naxos China is
    held by Naxos International (Far East) Limited, which is ultimately controlled by independent third parties. </span></td></tr>
</table><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3) </span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">He Yu, Xingping Zuo, Jianmin Jin and Kunshan Maidun
    Culture Industry Investment Enterprise (Limited Partnership) each holds 35.5%, 25.9%, 9.0% and 8.9% equity interests in Beijing Kuke
    Music, respectively. The remaining 20.7% equity interests in Beijing Kuke Music are held by other beneficial owners of our company.
    </span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4) </span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lung Yu, He Yu, Ningbo Huaqing Ruizhe Investment Partnership
    (Limited Partnership), Tianjin Shengxin Enterprise Management Consulting Partnership (Limited Partnership) and Suzhou Fengqiao Jichu
    Chuangye Investment Partnership (Limited Partnership) and Zheng Tu each holds 38.5%, 23.1%, 15.4%, 15.4%, 6.2% and 1.4% equity interests
    in BMF Culture, respectively. </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Contractual
Arrangements with the VIEs</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">Current
PRC laws and regulations impose certain restrictions or prohibitions on foreign ownership of companies that engage in value-added telecommunication
services, internet audio-video program services and certain other businesses. We are a company incorporated in the Cayman Islands. Kuke
International and Beijing Lecheng, our PRC subsidiaries, are considered foreign-invested enterprises. To comply with the foregoing PRC
laws and regulations, we currently conduct our business in the PRC mainly through the VIEs based on a series of contractual arrangements.
These contractual arrangements enable us to receive substantially all of the economic benefits of the VIEs&#160;and have an exclusive
option to purchase all or part of the equity interests and assets in the VIEs when and to the extent permitted by PRC law. As a result
of our direct ownership in the WFOEs and the contractual arrangements with the VIEs, we are able to receive the economic benefits of
the VIEs, be the primary beneficiary of the VIEs for accounting purposes and consolidate the financial results of the VIEs in our consolidated
financial statements, to the extent that we have satisfied the conditions for consolidation of the VIEs under the IFRS. The following
is a summary of the currently effective contractual arrangements by and among each of our WFOEs, each of the VIEs and their respective
shareholders.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><i>Powers
of Attorney</i>. Pursuant to the power of attorney entered into among Kuke International, Beijing Kuke Music and its shareholders, the
shareholders of Beijing Kuke Music unconditionally and irrevocably appointed Kuke International or any person designated by Kuke International
to act as their&#160;attorney-in-fact&#160;to exercise all of their rights as shareholders of Beijing Kuke Music, including, but not
limited to, the right to propose to convene and attend shareholders&#8217; meetings, to execute meeting minutes and resolutions, to exercise
voting rights on all matters that need to be discussed and resolved in shareholders&#8217; meetings, to dispose of the assets of Beijing
Kuke Music, to resolve to dissolve and liquidate Beijing Kuke Music, to decide to transfer or otherwise dispose of the shares held by
the shareholders in Beijing Kuke Music and to exercise all other shareholders&#8217; rights stipulated by PRC laws and regulations and
the articles of association of Beijing Kuke Music. The shareholders&#8217; power of attorney will remain effective until terminated by
Kuke International in writing or the equity interest in or all the assets of Beijing Kuke Music have been transferred to Kuke International
or any person designated by Kuke International.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">Beijing
Lecheng, BMF Culture and its shareholders have also entered into a power of attorney regarding the exercise of all the shareholders&#8217;
rights of the shareholders of BMF Culture, the terms of which are substantially similar to the power of attorney described above.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><i>Equity
Interest Pledge Agreements</i>. Pursuant to the equity interest pledge agreement entered into among Kuke International, Beijing Kuke
Music and its shareholders, the shareholders of Beijing Kuke Music have pledged all of their respective equity interest in Beijing Kuke
Music to guarantee the performance of the obligations by, and the representations, undertakings, and warranties provided by, Beijing
Kuke Music and its shareholders under the exclusive consulting service agreement, exclusive intellectual property rights licensing agreement,
exclusive option agreement and power of attorney (together with the equity interest pledge agreement, the &#8220;Cooperation Agreements&#8221;).
In the event of a breach by Beijing Kuke Music or any of its shareholders of contractual obligations under the Cooperation Agreements,
Kuke International, as pledgee, will have the right to dispose of the pledged equity interests in Beijing Kuke Music and will have priority
in receiving the proceeds from such disposal. Beijing Kuke Music and its shareholders also undertake that, without the prior written
consent of Kuke International, the shareholders of Beijing Kuke Music will not create or allow any encumbrance on the pledged equity
interests. As of the date of this annual report, the shareholders of the VIEs have completed the registration of their equity interest
pledge.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">Beijing
Lecheng, BMF Culture and its shareholders have also entered into an equity interest pledge agreement, the terms of which are substantially
similar to the equity interest pledge agreement described above, except that the relevant Cooperation Agreements do not include an exclusive
intellectual property rights licensing agreement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><i>Exclusive
Consulting Service Agreements</i>. Pursuant to the exclusive consulting service agreement entered into between Kuke International and
Beijing Kuke Music, Kuke International has the exclusive right to provide Beijing Kuke Music, its subsidiaries and investee companies
with comprehensive management consulting services. Kuke International has the right to adjust the service fee at any time based on the
services provided to Beijing Kuke Music. The exclusive consulting service agreement will remain irrevocable until both parties terminate
the agreement in writing or Kuke International acquires all equity interests in or if all the assets of Beijing Kuke Music have been
transferred to any person designated by Kuke International. Notwithstanding the above, Kuke International has the right to terminate
the agreement at any time by issuing a 30 days&#8217; notice in writing, and Kuke International shall not be liable for any defaults
for unilaterally terminating the agreement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">Beijing
Lecheng and BMF Culture have also entered into an exclusive consulting service agreement, the terms of which are substantially similar
to the exclusive consulting service agreement described above.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><i>Exclusive
Intellectual Property Rights Licensing Agreement</i>. Pursuant to the exclusive intellectual property rights licensing agreement entered
into between Kuke International and Beijing Kuke Music, Kuke International agreed to license to Beijing Kuke Music certain intellectual
property rights owned by Kuke International or being transferred to Kuke International by Beijing Kuke Music. After completion of the
transfer of the relevant intellectual property rights, Kuke International shall license such intellectual property rights to Beijing
Kuke Music at nil consideration. In addition, Beijing Kuke Music agreed to license all of its intellectual property rights (other than
those already transferred to Kuke International) to Kuke International at nil consideration. The exclusive intellectual property rights
agreement will remain effective for a term of ten years and shall be automatically renewed for successive terms of five years unless
either party terminates the agreement by issuing a 30 days&#8217; notice in writing prior to the expiration of the term of the agreement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;<i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><i>Exclusive
Option Agreements<b>. </b></i>&#160;Pursuant to the exclusive option agreement entered into among Kuke International, Beijing Kuke Music
and its shareholders, the shareholders of Beijing Kuke Music irrevocably granted Kuke International or any person designated by Kuke
International an exclusive right to purchase from the shareholders of Beijing Kuke Music all or any part of their equity interest in
and the assets of Beijing Kuke Music for a nominal price, or the lowest price permitted under applicable PRC laws. The exclusive option
agreement will remain irrevocable until all parties terminate the agreement in writing or Kuke International acquires all equity interests
in or if all the assets of Beijing Kuke Music have been transferred to any person designated by Kuke International. Notwithstanding the
above, Kuke International has the right to terminate the agreement at any time by issuing a 30 days&#8217; notice in writing, and Kuke
International shall not be liable for any defaults for unilaterally terminating the agreement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">Beijing
Lecheng, BMF Culture and its shareholders have also entered into an exclusive option agreement, the terms of which are substantially
similar to the exclusive option agreement described above.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">In
addition, the spouse of certain shareholders of each of the VIEs, where applicable, has signed an undertaking (collectively, the &#8220;Spouse
Undertakings&#8221;) to the effect that, among others, (1)&#160;the shares of the relevant VIE held and to be held by each of the shareholders
do not fall within the scope of communal properties, and (2)&#160;he or she waives any rights or interests that may be granted to him
or her under the applicable laws of any jurisdictions, and he or she undertakes not to claim such rights or interests. The spouse of
certain shareholders of each of the VIEs, where applicable, has also consented to the arrangement of any equity interest held by his
or her spouse under the Exclusive Option Agreement, the Exclusive Consulting Service Agreement, the Exclusive Intellectual Property Rights
Agreement, where applicable, the Equity Interest Pledge Agreement and the Power of Attorney.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">In
the opinion of Commerce&#160;&amp; Finance Law Offices, our PRC counsel:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="padding-left: 0in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    ownership structures of the VIEs in the PRC and our WFOEs, are not in violation of applicable PRC laws and regulations currently
    in effect; and</span></td></tr>
  <tr>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the contractual
    arrangements among our WFOEs, the VIEs and their shareholders governed by PRC law are currently valid and binding in accordance with
    applicable PRC laws and regulations currently in effect and do not result in any violation of the applicable PRC laws or regulations
    currently in effect.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">However,
our PRC counsel has also advised us that there are substantial uncertainties regarding the interpretation and application of current
and future PRC laws, regulations and rules. Our corporate structure is subject to risks associated with our contractual arrangements
with the VIEs. These contractual arrangements have not been properly tested in a court of law, and the PRC regulatory authorities could
disallow our corporate structure at any time, which could result in a material change in our operations and the value of our securities
could decline or become worthless. The legal system in the PRC is not as developed as in other jurisdictions such as the United States,
and there are few precedents and little formal guidance as to how contractual arrangements in the context of a variable interest entity
should be interpreted or enforced under PRC law. As a result, uncertainties in the PRC legal system could limit our ability, as a Cayman
Islands holding company, to enforce these contractual arrangements and doing so may be costly. Because of our corporate structure, our
Cayman Islands holding company, our WFOEs, the VIEs and their subsidiaries, and our investors face uncertainty with respect to the interpretation
and the application of the PRC laws and regulations, including but not limited to limitation on foreign ownership of value-added telecommunications
businesses, internet audio-video program businesses and certain other businesses, and the validity and enforcement of the contractual
agreements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">Accordingly,
the PRC regulatory authorities may take a view that is contrary to the opinion of our PRC counsel. It is uncertain whether any new PRC
laws or regulations relating to variable interest entity structures will be adopted or, if adopted, what requirements they would prescribe.
If the PRC government deems that the contractual arrangements with the VIEs domiciled in China do not comply with PRC regulatory restrictions
on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change or are
interpreted differently in the future, we and the VIEs could be subject to severe penalties or be forced to relinquish their interests
in those operations. If we or any of the VIEs are found to be in violation of any future PRC laws or regulations, or fail to obtain or
maintain any required permissions or approvals, the relevant PRC regulatory authorities would have broad discretion to take action in
dealing with such violations or failures</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><b>Cash
Flows and Asset Transfers within Our Organization</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">Kuke
Music Holding Limited is a holding company with no material operations of its own. We currently conduct our operations through our WFOEs,
the VIEs and their respective subsidiaries. Under our corporate structure, our ability to pay dividends and to service any debt we may
incur and pay our operating expenses principally depends on dividends paid by our subsidiaries in China. Cash is transferred within our
organization in the manner as follows: (1) we may transfer funds to our WFOEs through our British Virgin Islands and Hong Kong subsidiaries
by additional capital contributions or shareholder loans, as the case may be; (2) our subsidiaries in China may provide loans to the
VIEs, subject to statutory limits and restrictions; (3) the VIEs may pay service fees to our subsidiaries in China for services rendered
by our subsidiaries in China; (4) our subsidiaries in China may pay service fees to the VIEs for services rendered by the VIEs; (5) our
WFOEs may make dividends or other distributions to us through our British Virgin Islands and Hong Kong subsidiaries, as the case may
be; and (6) our Hong Kong subsidiaries may provide loans to the VIEs, subject to statutory limits and restrictions. We do not have a
written policy or procedure that specifically dictates how funds are transferred among us, our subsidiaries and the VIEs; however, we
require that any loan be made and used on an ad-hoc basis and pursuant to a written loan agreement. To the extent cash or assets in the
business is in mainland China or Hong Kong or in an entity domiciled in mainland China or Hong Kong, and may need to be used to fund
operations outside of mainland China or Hong Kong, the funds and assets may not be available to fund operations or for other uses outside
of mainland China or Hong Kong due to interventions in or the imposition of restrictions and limitations by the government on our or
the VIEs&#8217; ability to transfer cash and assets. We may also encounter difficulties in our ability to transfer cash between subsidiaries
in China and other subsidiaries largely due to various PRC laws and regulations imposed on foreign exchange.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">Under
the exclusive consulting services agreements, Kuke International and Beijing Lecheng provide consulting services to the VIEs and are
entitled to receive service fees from the VIEs in exchange. The contractual arrangements provide that Kuke International and Beijing
Lecheng have the right to adjust the service fee at any time based on the services provided to Beijing Kuke Music and BMF Culture. Pursuant
to the exclusive intellectual property rights licensing agreement between Kuke International and Beijing Kuke Music, Kuke International
agreed to license to Beijing Kuke Music certain intellectual property rights owned by Kuke International or being transferred to Kuke
International by Beijing Kuke Music, both at nil consideration.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In 2020, 2021 and 2022, our WFOEs did not charge any service fees from
the VIEs under the contractual arrangements, and there was no cash flows or transfers of other assets between our WFOEs and the VIEs under
the contractual arrangements. In 2020, 2021 and 2022, the VIEs received debt financing from our Hong Kong subsidiaries of US$9.6 million,
US$33.2 million and US$4 million, respectively, and did not receive any debt financing from our WFOEs for the same years. From January
2022 to June 2022, the VIEs paid back RMB4.78 million to our WFOEs; and from July 2022 to December 2022, the VIEs extended loans in the
total amount of RMB5.2 million to our WFOEs. As of the date of this annual report, the remaining balance of the debt obligation of our
WFOEs to the VIEs is approximately RMB3.6 million.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Beijing Kuke
Music and BMF Culture entered into a lease agreement in 2020 for a consideration of RMB1.1&#160;million, and of which RMB0.6&#160;million
(US$0.1 million) remained unsettled as of December 31, 2022. Beijing Kuke Music and BMF Culture entered into another lease agreement
in 2021 for a consideration of RMB1.2&#160;million, and of which RMB0.2&#160;million (US$30 thousand) remained unsettled as of December
31, 2022. Beijing Kuke Music and BMF Culture entered into another lease agreement in 2022 for a consideration of RMB1.2&#160;million,
and the total amount of which remained unsettled as of December 31, 2022. As of the date of this annual report, other than disclosed
above, we do not have any transfers, dividends or distributions among us, our subsidiaries and the VIEs.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><b><i>Dividend
Distribution to U.S. Investors and Tax Consequences</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As of the
date of this annual report, none of our subsidiaries has issued any dividends or made other distributions to us or their respective holding
companies nor have we or any of our subsidiaries ever paid dividends or made other distributions to U.S. investors. We currently intend
to retain all future earnings to finance the VIEs&#8217; and our subsidiaries&#8217; operations and to expand their business. As a result,
we do not expect to pay any cash dividends in the foreseeable future. If we intend to distribute dividends through Kuke Music, Kuke International
and Beijing Lecheng will transfer the dividends to Gauguin Limited and Degas Limited, which are Hong Kong entities, respectively, in
accordance with the PRC laws and regulations of the PRC, and then Gauguin Limited and Degas Limited will transfer the dividends to Rococo
Holding Limited and Rosenkavalier Limited, respectively, and Rococo Holding Limited and Rosenkavalier Limited will then transfer the
dividends to Kuke Music, and the dividends will be distributed from Kuke Music to all shareholders respectively in proportion to the
shares they hold, regardless of whether the shareholders are U.S. investors or investors in other countries or regions. The PRC Enterprise
Income Tax Law and its implementing rules provide that dividends paid by a PRC entity to a nonresident enterprise for income tax purposes
is subject to PRC withholding tax at a rate of 10%, subject to reduction by an applicable tax treaty with China. Pursuant to the Arrangement
between Mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and Tax Evasion on Income,
the withholding tax rate in respect to the payment of dividends by a PRC enterprise to a Hong Kong enterprise may be reduced to 5% from
a standard rate of 10% if the Hong Kong enterprise directly holds at least 25% of the PRC enterprise. Pursuant to the Notice of the State
Administration of Taxation on the Issues concerning the Application of the Dividend Clauses of Tax Agreements (&#8220;SAT Circular 81&#8221;),
a Hong Kong resident enterprise must meet the following conditions, among others, in order to apply the reduced withholding tax rate:
(1)&#160;it must be a company; (2)&#160;it must directly own the required&#160;percentage of the total owner&#8217;s equity and the proportion
of the voting shares in the PRC resident enterprise; and (3)&#160;it must have directly owned such required&#160;percentage in the PRC
resident enterprise throughout the consecutive 12&#160;months prior to receiving the dividends. In October&#160;2019, the State Administration
of Taxation promulgated the Administrative Measures for Nonresident Taxpayers to Enjoy Treatment under Tax Treaties (&#8220;SAT Circular
35&#8221;), which became effective on January&#160;1, 2020. SAT Circular 35 provides that nonresident enterprises are not required to
obtain pre-approval from the relevant tax authority in order to enjoy the reduced withholding tax. Instead, nonresident enterprises and
their withholding agents may, by self-assessment and on confirmation that the prescribed criteria to enjoy the tax treaty benefits are
met, directly apply the reduced withholding tax rate, and file necessary forms and supporting documents when performing tax filings,
which will be subject to post-tax filing examinations by the relevant tax authorities. Accordingly, Gauguin Limited and Degas Limited
may be able to benefit from the 5% withholding tax rate for the dividends it receives from its PRC subsidiaries, if it satisfies the
conditions prescribed under SAT Circular 81 and other relevant tax rules and regulations. However, according to SAT Circular 81 and SAT
Circular 35, if the relevant tax authorities consider the transactions or arrangements we have are for the primary purpose of enjoying
a favorable tax treatment, the relevant tax authorities may adjust the favorable withholding tax in the future.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Under our
corporate structure, our ability to pay dividends and to service any debt we may incur and pay our operating expenses principally depends
on dividends paid by our subsidiaries&#160;in China.&#160;Under applicable PRC laws and regulations, our&#160;subsidiaries in China&#160;are
permitted to pay dividends to us only out of their accumulated profits, if any, determined in accordance with PRC accounting standards
and regulations. In addition, our&#160;subsidiaries in China&#160;are required to allocate at least 10% of their accumulated profits
each year, if any, to fund statutory reserves of up to 50% of the registered capital of the enterprise. Statutory reserves are not distributable
as cash dividends except in the event of liquidation.&#160;Furthermore, if our subsidiaries incur debt on their own behalf in the future,
the instruments governing the debt may restrict their ability to pay dividends or make other payments to us. In addition, the PRC tax
authorities may require us to adjust the taxable income under the contractual arrangements we currently have in place in a manner that
would materially and adversely affect our WFOEs&#8217; ability to pay dividends and other distributions to us. Any limitation on the
ability of our subsidiary to distribute dividends to us or on the ability of the VIEs to make payments to us may restrict our ability
to satisfy our liquidity requirements.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Restrictions
on Our and the VIEs&#8217; Ability to Transfer Cash Out of China</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">To the extent
cash or assets in the business are in mainland China or Hong Kong or in an entity domiciled in mainland China or Hong Kong, and may need
to be used to fund operations outside of mainland China or Hong Kong, the funds and assets may not be available to fund operations or
for other uses outside of mainland China or Hong Kong due to interventions in or the imposition of restrictions and limitations by the
government on our, our subsidiaries&#8217; or the VIEs&#8217; ability to transfer cash and assets.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We may encounter
difficulties in our ability to transfer cash between subsidiaries&#160;in China and other subsidiaries largely due to various PRC laws
and regulations imposed on foreign exchange. The majority of our income is denominated in Renminbi, and shortage in foreign currencies
may restrict our ability to pay dividends or other payment to satisfy our foreign currency denominated obligations, if any. Under existing
PRC foreign exchange regulations, payments of current account items, including profit distributions, interest payments and expenditures
from trade-related transactions can be made in foreign currencies without prior approval from the State Administration of the Foreign
Exchange in the PRC as long as certain procedural requirements are met. Approval from appropriate government authorities is required
if Renminbi is converted into foreign currency and remitted out of the PRC to pay capital expenses such as the repayment of loans denominated
in foreign currencies. The PRC government may, at its discretion, impose restrictions on access to foreign currencies for current account
transactions and if this occurs in the future, we may not be able to pay dividends in foreign currencies to our shareholders. The PRC
government has implemented a series of capital control measures, including stricter vetting procedures for China-based companies to remit
foreign currency for overseas acquisitions, dividend payments and shareholder loan repayments. It may continue to strengthen its capital
controls and dividends and other distributions of our subsidiaries in China may be subjected to tighter scrutiny and may limit the ability
of our Cayman Islands holding company, to use capital from our subsidiaries in China, which&#160;may restrict our ability to satisfy
our liquidity requirements.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><b>Permissions
or Approvals Required from the PRC Authorities for Our Operations </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We conduct our business primarily through our subsidiaries, the VIEs
and their subsidiaries in China. We do not have any substantive business operations in Hong Kong. Our and the VIEs&#8217; operations in
China are governed by PRC laws and regulations. As of the date of this annual report, as confirmed by our PRC counsel, we, our PRC subsidiaries
and the VIEs have obtained or are in the process of renewing the requisite permissions and approvals from the PRC government authorities
for the business operations of us, our PRC subsidiaries and the VIEs, including, among others, the Internet Content Provider License,
the License for Production and Operation of Radio and TV Programs, Online Culture Operating Permit, the Online Publishing Service Permit
(currently under renewal process), and the Online Culture Operating Permit held by Beijing Kuke Music, and the requisite commercial performance
approvals and permits held by BMF culture. As of the date of this annual report, we, our PRC subsidiaries and the VIEs have not been denied
application for any permissions or approvals required for business operations. Given the uncertainties of interpretation and implementation
of relevant laws and regulations and the enforcement practice by relevant government authorities, we, our subsidiaries and the VIEs may
be required to obtain additional permissions or approvals for business operations in the future. If we, our subsidiaries or the VIEs are
found to be in violation of any existing or future PRC laws or regulations, or fail to obtain or maintain any of the required permissions
or approvals, the relevant PRC regulatory authorities would have broad discretion to take action in dealing with such violations or failures.
In addition, if we, our subsidiaries and the VIEs had inadvertently concluded that such permissions or approvals were not required, or
if applicable laws, regulations or interpretations change in a way that requires us, our subsidiaries or the VIEs to obtain such permissions
or approvals in the future, we, our subsidiaries and the VIEs may be unable to obtain such necessary permissions or approvals in a timely
manner, or at all, and such permissions or approvals may be rescinded even if obtained. Any such circumstance may subject us, our subsidiaries
and the VIEs to fines and other regulatory, civil or criminal liabilities, and we, our subsidiaries and the VIEs may be ordered by the
competent government authorities to suspend affected operations, which will materially and adversely affect our business operations and
the value of your investment. For more detailed information, see &#8220;Item 3. Key Information-D. Risk Factors&#8212;Risks Related to
Our Business and Industry&#8212;Certain of our and the VIEs&#8217; content offerings may be found objectionable by the PRC government,
which may subject us and the VIEs to penalties and other regulatory or administrative actions,&#8221; and &#8220;Risk Factors&#8212;Risks
Related to Our Business and Industry&#8212;Failure to obtain or renew licenses, permits or approvals or respond to any changes in government
policies, laws or regulations may affect our ability to conduct or expand our business.&#8221;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Permissions
or Approvals Required from the PRC Authorities for Offering Securities to Foreign Investors </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">On February 17, 2023, the CSRC issued the Trial Administrative Measures of Overseas Securities Offering and Listing
by Domestic Enterprises, or the Trial Measures, which became effective on March 31, 2023. On the same date of the issuance of the
Trial Measures, the CSRC circulated No.1 to No.5 Supporting Guidance Rules, the Notes on the Trial Measures, the Notice on Administration
Arrangements for the Filing of Overseas Listings by Domestic Enterprises and the relevant CSRC Answers to Reporter Questions on the official
website of the CSRC, or collectively, the Guidance Rules and Notice. Under the Trial Measures and the Guidance Rules and Notice, domestic
companies conducting overseas securities offering and listing activities, either in direct or indirect form, shall complete filing procedures
with the CSRC pursuant to the requirements of the Trial Measures within three working days following its submission of initial public
offering or listing application. The companies that have already been listed on overseas stock exchanges are not required to make immediate
filings for its listing yet need to make filings for subsequent offerings in accordance with the Trial Measures. In view of the fact that
the Trial Measures have come into effect on March 31, 2023, we shall fulfill the filing procedures with the CSRC for our future offshore
offering as per requirements of the Trial Measures. According to CSRC&#8217;s Questions and Answers with respect to Trial Administrative
Measures of Overseas Securities Offering and Listing by Domestic Companies on February 17, 2023, for the filing of overseas listing of
enterprises with VIE structure, the filing procedure will adhere to the principles of market-oriented principle, rule of law, and strengthened
regulatory synergy. The CSRC will consult the relevant competent authorities, and the overseas listing of VIE structured enterprises that
meet the compliance requirements will be filed. We may not be able to complete the filing if the filing materials are incomplete
or do not meet the requirements of the CSRC. We currently do not have over one million users&#8217;
personal information and do not anticipate that we will be collecting over one million users&#8217; personal information in the
foreseeable future. Based on such information, there is a relatively low likelihood that we, our
subsidiaries and the VIEs will be subject to the cybersecurity review by the CAC for a future offering of our securities to foreign
investors.  <span style="background-color: white">As
of the date of this annual report, we have not received any formal notice from any PRC authorities that we shall be subject to
permission or approval for the filing of this annual report</span>.&#160;However, we cannot assure you that the relevant PRC government agencies, including the CSRC and the CAC,
would reach the same conclusion as our PRC counsel does. If we, our subsidiaries and the VIEs inadvertently conclude that such
permissions or approvals are not required, and the CSRC, the CAC or any other PRC regulatory body subsequently determines that we,
our subsidiaries or the VIEs need to file with such government authorities or obtain their permissions or approvals to maintain our
listing status on U.S. exchanges,
the CAC or any other PRC government authorities promulgate any interpretation or implements rules that would require us, our
subsidiaries or the VIEs to file with or obtain the permissions or approvals from the CSRC, the CAC or other governmental bodies for
any such listing status, we, our subsidiaries and the VIEs may face adverse actions that could have a material adverse
effect on our business, reputation, financial condition, results of operations, prospects, as well as the trading price of the ADSs,
and we cannot assure you that, if ever required, we, our subsidiaries and the VIEs would be able to obtain any such permissions or
approvals and fully comply with the relevant new rules on a timely basis, or at all.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>The Holding
Foreign Companies Accountable Act</b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our financial statements as of December 31, 2020 and 2021 and for the
years then ended contained in this annual report have been audited by Ernst &amp; Young, an independent registered public accounting firm
that is located in Hong Kong and was among the PCAOB-registered public accounting firms that are subject to the PCAOB&#8217;s determination
issued on December 16, 2021 of having been unable to be inspected or investigated completely by the PCAOB. In June 2022, in connection
with its implementation of the Holding Foreign Companies Accountable Act, or the HFCAA, the SEC conclusively named us as a &#8220;Commission-Identified
Issuer&#8221; on its website (https://www.sec.gov/hfcaa) following the filing of our annual report on Form 20-F for the fiscal year ended
December 31, 2021. Such identification may add uncertainty to the trading and price volatility of the ADSs. On August 26, 2022, the CSRC,
the Ministry of Finance of China, and the PCAOB signed a Statement of Protocol (the &#8220;Protocol&#8221;), governing inspections and
investigations of audit firms based in mainland China and Hong Kong. Pursuant to the Protocol, the PCAOB shall have independent discretion
to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC. On December
15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered public accounting
firms headquartered in mainland China and Hong Kong in 2022, and the PCAOB Board vacated its previous determinations that the PCAOB was
unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. However,
whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered
in mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor&#8217;s, control.
The PCAOB is continuing to demand complete access in mainland China and Hong Kong moving forward and is already making plans to resume
regular inspections in early 2023 and beyond, as well as to continue pursuing ongoing investigations and initiate new investigations as
needed. The PCAOB has indicated that it will act immediately to consider the need to issue new determinations with the HFCAA if needed.
Ernst &amp; Young did not stand for re-appointment as our independent registered public accounting firm, and we appointed Yu Certified
Public Accountant, P.C. (&#8220;Yu CPA&#8221;) as our independent registered public accounting firm, effective on November 17, 2022.&#160;Our
current auditor, Yu CPA, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB,
is headquartered in New York, New York and is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections
to assess its compliance with the applicable professional standards. As of the date of this annual report, Yu CPA is not included in the
list of the PCAOB&#8217;s Determination Report issued in December 2021. For the foregoing reasons, we do not expect to be identified as
a &#8220;Commission-Identified Issuer&#8221; after we file this annual report on Form 20-F.<span style="background-color: white">&#160;</span>Notwithstanding
the foregoing, if, in the future, we have been identified by the SEC for two consecutive years as a &#8220;Commission-Identified Issuer&#8221;
whose registered public accounting firm is determined by the PCAOB that it is unable to inspect or investigate completely because of a
position taken by one or more authorities in China, the SEC may prohibit our shares or the ADSs from being traded on a national securities
exchange or in the over-the-counter trading market in the United States.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Risks
Related to the VIEs and China Operations </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investing in the ADSs involves a high degree of risk. You should carefully
consider the risks described under &#8220;Item 3. Key Information-D. Risk Factors&#8221; and other information contained in this annual
report, before you decide whether to purchase the ADSs. In particular, we are subject to risks and uncertainties relating to our corporate
structure and doing business in China, including, but not limited to, the following:</p><div>

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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">If
                                            the PRC government finds that the agreements that establish the structure for operating our
                                            businesses in China do not comply with applicable PRC laws and regulations, or if these laws
                                            and regulations or their interpretations change in the future, we could be subject to severe
                                            penalties or be forced to relinquish our interests in those operations.</span></td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">We
                                            rely on contractual arrangements with the VIEs and their shareholders for our operations
                                            in the PRC, which may not be as effective as direct ownership in providing operational control.</span></td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Uncertainties
                                            exist with respect to the interpretation and implementation of the PRC Foreign Investment
                                            Law and how it may impact the viability of our current corporate structure, corporate governance
                                            and business operations.</span></td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">We
                                            may rely on dividends and other distributions on equity paid by our subsidiaries in mainland
                                            China and Hong Kong to fund any cash and financing requirements we may have. To the extent
                                            cash or assets in the business is in mainland China or Hong Kong or an entity domiciled in
                                            mainland China or Hong Kong, and may need to be used to fund operations outside of mainland
                                            China or Hong Kong, the funds and assets may not be available to fund operations or for other
                                            uses outside of mainland China or Hong Kong due to interventions in or the imposition of
                                            restrictions and limitations by the government on our, our subsidiaries&#8217; or the VIEs&#8217;
                                            ability to transfer cash and assets, which could have a material and adverse effect on our
                                            ability to conduct business.</span></td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">A severe
                                            or prolonged downturn in the Chinese and global economy could materially and adversely affect
                                            our business, financial condition and operating results.</span></td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Uncertainties
                                            with respect to the PRC legal system and changes in laws and regulations in China could adversely
                                            affect us.</span></td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">The
                                            PRC government may exert, at any time, substantial intervention and influence over the manner
                                            of our and the VIEs&#8217; operations, and the rules and regulations to which we and the
                                            VIEs are subject, including the ways they are enforced, may change rapidly and with little
                                            advance notice to us, the VIEs or our shareholders. Any such actions by the Chinese government,
                                            including any decision to intervene or influence the operations of our subsidiaries in China
                                            or the VIEs or to exert control over any offering of securities conducted overseas and/or
                                            foreign investment in China-based issuers, may cause us to make material changes to the operations
                                            of our subsidiaries in China or the VIEs, may limit or completely hinder our ability to offer
                                            or continue to offer securities to investors, and may cause the value of such securities
                                            to significantly decline or be worthless.</span></td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">The
                                            permission and approval from the CSRC or other PRC government authorities may be required
                                            in connection with an offshore offering under PRC law, and, if required, we cannot predict
                                            whether or for how long we will be able to obtain such permission or approval.</span></td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">You
                                            may experience difficulties in effecting service of legal process, enforcing foreign judgments
                                            or bringing actions in China against us or our management named in this annual report based
                                            on foreign laws.</span></td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Our
                                            Hong Kong subsidiaries could become subject to more influence and/or control of the PRC government
                                            if the Hong Kong legal system becomes more integrated into the PRC legal system.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For further
details on the regulatory, liquidity and enforcement risks related to our corporate structure and the fact that we conduct substantially
all of our operations in China, see &#8220;Item 3. Key Information-D. Risk Factors-Risks Related to Our Corporate Structure&#8221; and
&#8220;Item 3. Key Information-D. Risk Factors-Risks Related to Doing Business in China.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>VIE Consolidation
Schedule</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The following
tables set forth the summary consolidated balance sheets data as of December 31, 2020, 2021 and 2022 of (i) Kuke Music and its subsidiaries
and (ii) the VIEs and its subsidiaries, and the summary of the consolidated statement of income and cash flows for the years ended December
31, 2020, 2021 and 2022. Our consolidated financial statements are prepared and presented in accordance with IFRS. The VIEs&#8217; historical
results are not necessarily indicative of results expected for future periods. You should read this information together with our consolidated
financial statements and the related notes and &#8220;Item 5. Operating and Financial Review and Prospects&#8221; included elsewhere
in this annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Selected
Condensed Consolidated Statements of Comprehensive Income Information </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="18" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">For
    the year ended December 31, 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Our<br/>
    Company</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Other<br/>
    Subsidiaries</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">The
    VIEs<br/>
    and VIEs&#8217;<br/> Subsidiaries</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Eliminating<br/>
    adjustments</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Consolidated<br/>
    total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="18" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(RMB in thousands)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif">Revenue</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,475</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">111,640</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">115,115</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(Loss)/profit
    for the year and total comprehensive (loss)/income for the year</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,099</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(45,701</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(857,525</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">220</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(896,907</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  </table><div>


</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="18" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">For
    the year ended December 31, 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Our<br/>
    Company</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Other<br/>
    Subsidiaries</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">The
    VIEs<br/> and VIEs&#8217;<br/> Subsidiaries</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Eliminating<br/>
    adjustments</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Consolidated<br/>
    total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="18" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(RMB in thousands)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif">Revenue</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,317</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">288,789</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(209</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">295,897</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">(Loss)/profit
    for the year and total comprehensive (loss)/income for the year</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(79,858</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(5,773</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">25,794</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">220</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(59,617</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  </table><div>





</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="18" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">For
    the year ended December 31, 2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Our<br/>
    Company</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Other<br/>
    Subsidiaries</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">The
    VIEs<br/> and VIEs&#8217;<br/> Subsidiaries</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Eliminating<br/>
    adjustments</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Consolidated<br/>
    total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="18" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(RMB in thousands)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif">Revenue</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,425</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">152,164</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(708</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">162,881</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">(Loss)/profit
    for the year and total comprehensive (loss)/income for the year</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(43,007</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,158</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">24,474</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,839</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(15,214</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 13; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Selected
Condensed Consolidated Balance Sheets Information</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="18" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">As
    of December 31, 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Our<br/>
    Company</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Other<br/>
    Subsidiaries</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">The
    VIEs <br/> and VIEs&#8217;<br/> Subsidiaries</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Eliminating<br/>
    adjustments</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Consolidated<br/>
    total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="18" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(RMB in thousands)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 40%; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Cash
    and cash equivalents</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">50</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,706</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,669</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,425</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Trade
    receivables</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">534</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,745</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,279</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Prepayments,
    other receivables and other assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">35</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">141</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">35,135</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">35,311</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Due
    from related parties</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,073</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">304</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,377</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Due
    from shareholders</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">99</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">99</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Inventories</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">778</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">778</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Total
    current assets</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,158</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,381</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">47,730</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">53,269</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Property,
    plant and equipment</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">84</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,026</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,110</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Intangible assets(1)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,444</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">211</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">64,777</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(220</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">66,212</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Right-of-use
    assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,149</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,149</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">764</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">764</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Investment
    in subsidiaries(2)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">284,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(284,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Prepayments,
    other receivables and other assets(3)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">37,178</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">110,236</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(37,178</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">110,236</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Total
    non-current assets</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">285,444</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">37,473</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">191,952</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(321,398</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">193,471</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Due
    from intercompanies(4)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">401,178</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">311,891</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,344</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(719,413</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Total
    assets</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">688,780</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">352,745</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">246,026</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,040,811</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">246,740</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Trade
    payables</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">950</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,087</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">29,975</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">35,012</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Other
    payables and accruals</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">274</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,100</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">46,789</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">50,163</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Contract
    liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">160</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">20,528</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">20,688</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Due
    to a shareholder</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">325</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">325</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Due
    to related parties</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">488</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">488</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Interest-bearing
    loans and borrowings</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">69,045</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">69,045</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Lease
    liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,123</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,123</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Income
    tax payable</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">459</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">584</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,043</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Contract
    liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">415</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Lease
    liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,650</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,650</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Other
    payable(3)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">36,000</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(36,000</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Total
    non-current liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">41,065</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(36,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,065</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Due
    to intercompanies(4)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">607</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">390,831</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">327,975</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(719,413</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Total
    liabilities</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,319</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">398,637</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">540,409</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(755,413</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">185,952</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Total
    net assets/(liabilities)</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">686,461</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(45,892</b></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>)</b></span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(294,383</b></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>)</b></span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(285,398</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">60,788</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>





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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="18" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">As
    of December 31, 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Our<br/>
    Company</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Other<br/>
    Subsidiaries</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">The
    VIEs<br/> and VIEs&#8217;<br/> Subsidiaries</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Eliminating<br/>
    adjustments</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Consolidated<br/>
    total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="18" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(RMB in thousands)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 40%; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Cash
    and cash equivalents</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">38,823</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,321</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,901</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">59,045</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Trade
    receivables</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">743</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">110,361</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">111,104</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Prepayments,
    other receivables and other assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">545</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">67</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">33,489</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">34,101</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Net
    investments in subleases</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">355</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">355</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Due
    from related parties</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">306</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">306</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Due
    from shareholders</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">100</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">100</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Inventories</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,307</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,307</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Total
    current assets</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">39,368</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">12,131</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">160,819</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">212,318</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Property,
    plant and equipment</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">159</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">60,284</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">60,443</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Intangible assets(1)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">492,737</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(441</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">492,300</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Right-of-use
    assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,060</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,060</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">237,225</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">237,225</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Investment
    in subsidiaries(2)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">284,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(284,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Prepayments,
    other receivables and other assets(3)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">37,178</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">95,217</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(37,178</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">95,217</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,734</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,736</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Equity
    investment at FVTPL</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,000</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,000</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Total
    non-current assets</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">284,000</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">37,343</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">897,257</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(321,619</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">896,981</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Due
    from intercompanies(4)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">343,416</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">290,468</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,594</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(635,478</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Total
    assets</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">666,784</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">339,942</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,059,670</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(957,097</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,109,299</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Trade
    payables</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,468</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">25,046</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">30,514</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Other
    payables and accruals</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,850</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,757</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">53,571</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">58,178</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Contract
    liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">939</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">22,567</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">23,506</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Due
    to a shareholder</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">325</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">325</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Interest-bearing
    loans and borrowings</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">41,493</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">41,493</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Lease
    liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,486</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,486</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Income
    tax payable</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">481</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,035</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,516</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Total
    current liabilities</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,850</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,645</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">147,523</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">159,018</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Contract
    liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">366</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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    liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">793</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,417</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Other
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">36,000</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(36,000</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Total
    non-current liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">44,622</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(36,000</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,622</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Due
    to intercompanies(4)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">607</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">330,488</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">304,383</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(635,478</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Total
    liabilities</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,457</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">340,133</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">496,528</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(671,478</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">167,640</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Total
    net assets/(liabilities)</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">664,327</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(191</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">563,142</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(285,619</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">941,659</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 15; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    of December 31, 2020</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Our<br/>
    Company</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Other<br/>
    Subsidiaries</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">The
    VIEs<br/>
    and VIEs&#8217; Subsidiaries</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Eliminating<br/>
    adjustments</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Consolidated<br/>
    total</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="18" style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">(RMB in thousands)</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash
    and cash equivalents</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,716</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">16,173</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,830</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">25,719</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Trade
    receivables</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,329</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">176,393</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">181,722</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepayments,
    other receivables and other assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,621</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">21</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">20,881</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">28,523</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    investments in subleases</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">211</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">211</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Due
    from related parties</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">358</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,405</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,763</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Due
    from shareholders</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">100</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">100</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Inventories</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">950</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">950</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    current assets</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,695</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">21,523</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">207,770</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">238,988</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Property,
    plant and equipment</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">186</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">17,949</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">18,135</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">Intangible assets(1)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">263,754</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(661</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">263,101</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Right-of-use
    assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">14,918</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">14,918</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">237,225</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">237,225</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Investment
    in subsidiaries(2)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">284,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(284,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepayments,
    other receivables and other assets(3)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">37,178</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">95,376</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(37,178</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">95,376</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    investments in subleases</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">202</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">202</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,917</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,917</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Investment
    in a joint venture</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">491</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">491</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    non-current assets</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">284,000</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">37,372</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">638,832</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(321,839</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">638,365</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Due
    from intercompanies(4)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">127,363</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">75,030</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,200</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(203,593</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 4.05pt"><span style="font-family: Times New Roman, Times, Serif">Total
    assets</span></td><td style="font-weight: bold; padding-bottom: 4.05pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4.05pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4.05pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">421,058</span></td><td style="padding-bottom: 4.05pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4.05pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4.05pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4.05pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">133,925</span></td><td style="padding-bottom: 4.05pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4.05pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4.05pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4.05pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">847,802</span></td><td style="padding-bottom: 4.05pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4.05pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4.05pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4.05pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(525,432</span></td><td style="padding-bottom: 4.05pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 4.05pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4.05pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4.05pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">877,353</span></td><td style="padding-bottom: 4.05pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Trade
    payables</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,068</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">20,242</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">27,310</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other
    payables and accruals</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,196</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,613</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">54,312</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">67,121</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Contract
    liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">226</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">24,088</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">24,314</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Due
    to a shareholder</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">325</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">325</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest-bearing
    loans and borrowings</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">60,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">60,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Lease
    liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,660</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,660</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Income
    tax payable</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">732</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,681</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">10,413</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Due
    to related parties</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,177</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,177</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    current liabilities</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Contract
    liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Lease
    liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,447</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,447</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other
    payable(3)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">36,000</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(36,000</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    non-current liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">47,853</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(36,000</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,864</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Due
    to intercompanies(4)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">607</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">116,693</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">86,293</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(203,593</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    liabilities</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">16,980</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">128,343</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">310,454</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(239,593</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">216,184</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 4.05pt"><span style="font-family: Times New Roman, Times, Serif">Total
    net assets/(liabilities)</span></td><td style="font-weight: bold; padding-bottom: 4.05pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4.05pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4.05pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">404,078</span></td><td style="padding-bottom: 4.05pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4.05pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4.05pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4.05pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,582</span></td><td style="padding-bottom: 4.05pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4.05pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4.05pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4.05pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">537,348</span></td><td style="padding-bottom: 4.05pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4.05pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4.05pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4.05pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(285,839</span></td><td style="padding-bottom: 4.05pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 4.05pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4.05pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4.05pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">661,169</span></td><td style="padding-bottom: 4.05pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Note:</b>&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">It
                                            represents the elimination of the trade among our Company, other subsidiaries, VIEs and their
                                            subsidiaries.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(2)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">It
                                            represents the elimination of the investment in other subsidiaries, VIEs and their subsidiaries.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(3)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Loans
                                            between non-related companies.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(4)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">It
                                            represents the elimination of intercompany balances among our Company, other subsidiaries,
                                            VIEs and their subsidiaries.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 16; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Selected
Condensed Consolidated Cash Flows Information</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="18" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">For
    the year ended December 31, 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Our<br/>
    Company</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Other<br/>
    Subsidiaries</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">The
    VIEs<br/>
    and VIEs&#8217;<br/> Subsidiaries</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Eliminating<br/>
    adjustments</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Consolidated<br/>
    total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="18" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(RMB in thousands)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    cash flows from/(used in) operating activities</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(36,243</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(8,349</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">17,893</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">220</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(26,479</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    cash flows from/(used in) investing activities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(3,846</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(266</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(34,144</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(220</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(38,476</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    cash flows from/(used in) financing activities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,316</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">10,019</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,335</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="18" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">For
    the year ended December 31, 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Our<br/>
    Company</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Other<br/>
    Subsidiaries</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">The
    VIEs<br/>
    and VIEs&#8217;<br/> Subsidiaries</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Eliminating<br/>
    adjustments</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Consolidated<br/>
    total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="18" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(RMB in thousands)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net cash flows from/(used in) operating
    activities</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(247,400</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(4,816</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">316,686</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">220</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">64,690</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net cash flows from/(used in) investing activities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(36</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(290,949</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(220</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(291,205</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net cash flows from/(used in) financing activities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">284,507</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(24,666</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">259,841</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="18" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">For
    the year ended December 31, 2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Our<br/>
    Company</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Other<br/>
    Subsidiaries</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">The
    VIEs<br/>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Eliminating<br/>
    adjustments</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Consolidated<br/>
    total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="18" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(RMB in thousands)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net cash flows from/(used in) operating
    activities</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(95,986</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,814</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">118,120</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(661</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">26,287</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net cash flows from/(used in) investing activities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">386</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(122,384</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(661</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(121,337</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net cash flows from/(used in) financing activities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">97,688</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">71</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">97,759</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>A <span style="text-decoration:underline">[Reserved]</span></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>B <span style="text-decoration:underline">Capitalization
and Indebtedness</span>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Not applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>C <span style="text-decoration:underline">Reasons
for the Offer and Use of Proceeds</span>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Not applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>D <span style="text-decoration:underline">Risk
Factors</span>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Risks
Related to Our Business and Industry </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
may not be able to maintain or expand our content offerings. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our ability
to maintain diverse and appealing content offerings hinges primarily on our relationships with content providers and our understanding
of the changing tastes and preferences of existing and perspective customers. If we fail to maintain the attractiveness of our content
offerings or continue to expand the breadth and diversity of our content offerings, we may lose customers and our business, operating
results and financial condition may be materially and adversely affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 17; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We rely on Naxos and its representing labels, for the vast majority
of our content offerings, over whom we have no or limited control. In particular, music tracks licensed from Naxos, our largest content
provider, accounted for over 99% of our audio albums as of December 31, 2022. We have maintained a long-standing business relationship
with Naxos. However, such relationship is subject to any change or uncertainty between Naxos and its representing labels, which may further
affect the renewal or termination of our license agreements with Naxos. The lack of renewal, or early termination, of one or more of these
license agreements, or the renewal of a license agreement on less favorable terms, could adversely affect the breadth or quality of our
content offerings and may cause our content acquisition costs to increase. Any adverse changes to, or loss of, our relationships with
one or more of our main content providers could materially and adversely affect our business, operating results and financial condition.
There is no guarantee that the licenses available to us now will continue to be available in the future at rates and on terms that are
favorable or commercially reasonable, or at all. The terms of our license agreements with these rights holders, including the royalty
rates that we are required to pay, may change as a result of various reasons beyond our control, such as changes in our bargaining power,
industry landscape, regulatory environment and overall economic conditions.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Furthermore,
our ability to predict and adapt to changing consumer tastes in music, adjust our content offerings accordingly and provide our customers
with customized content offerings could significantly affect our subscription revenue, licensing revenue, ticket sales and corporate
sponsorship. In addition, any decline in consumers&#8217; interest in, and spending on, classical music in general could lower the demand
for our products and services, which may materially and adversely affect our business, operating results and financial condition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
may not be able to effectively execute our growth strategies and manage the increasing complexity of our business, which could negatively
impact our business, financial performance and prospects. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">There are
significant risks associated with our ability to continue to grow and our growth rates may decline for reasons that are beyond our control,
such as changing consumer needs and preferences, evolving industry standards and competitive landscape, emergence of alternative business
models, the continued effects of COVID-19, actions taken by governments, businesses and individuals in response to COVID-19 or other
pandemics, or adverse changes in laws, regulations, government policies and general economic conditions. Therefore, there is no assurance
that we will be able to maintain our historical growth rates in future periods, and our historical operating and financial results may
not be indicative of our future performance.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In addition,
the complexity of our business model requires us to be highly adaptive to the changing market conditions with respect to classical music
licensing and subscription, smart music learning and live classical music events. As we continue to grow rapidly, the complexity of our
operations may further increase and we may encounter greater challenges in implementing our managerial, operating and financial strategies
in order to keep up with our growth. The major challenges in managing our business growth include, among other things:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">attracting
                                            and retaining customers with high-quality services that cater to their evolving needs and
                                            preferences;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">growing
                                            our content library while controlling content costs;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">increasing
                                            our brand awareness;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">maintaining
                                            and upgrading our technology systems in a cost-effective manner;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">attracting,
                                            training and retaining a growing workforce to support our operations;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">implementing
                                            a variety of new and upgraded internal systems and procedures as our business continues to
                                            grow; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">adapting
                                            to changing regulatory and economic environments.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">All efforts
to address the challenges of our growth require significant managerial, financial and human resources. Our current and planned personnel,
systems, procedures and controls may not be adequate to support our future operations. If we cannot manage our growth or execute our
strategies effectively, we may not continue to achieve the growth we expect and our business prospects and financial conditions may be
materially and adversely affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>If
we fail to control our content costs, our business, operating results and profitability will be materially and adversely affected. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Quality content
is the foundation of our business. Content costs, including (i) license fees, either on a fixed amount or revenue-sharing basis, and
(ii) amortization of copyrights we acquired or licensed with one-off payments, have historically accounted for a significant portion
of our cost of sales, and increases in content costs may directly affect our financial condition and profitability. For example, as the
competition for high-quality content intensifies and rights holders experience greater financial pressure due to COVID-19, some of our
content providers may ask for higher license fees for the content they provide. In addition, our license agreement with Naxos requires
us to pay Naxos a minimum license fee that increases annually over the term of the license period. In addition, as some of our content
providers are located or incorporated in the United States, the increasing tension between the United States and China surrounding trade
policies, as well as the potential further escalation of such tension, also create significant uncertainties on our ability to control
our content costs. If any new tariffs, legislation or regulations are implemented, or if existing trade agreements are renegotiated,
such changes could significantly increase our content costs. Any failure to control our content costs could materially and adversely
affect our business, financial condition, and results of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>If
our efforts to attract and retain licensees and subscribers are not successful, our business, operating results and financial condition
may be materially and adversely affected. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our ability
to attract and retain licensees and subscribers and increase their spending is critical to the continued success and growth of our business.
We compete with other classical music licensing and subscription service providers in China for customers primarily based on our content
offerings, service quality and pricing. If we are unable to offer attractive content offerings, continue to expand our content offerings
or provide satisfactory services to our licensees and subscribers at competitive pricing, the number of our licensees and subscribers
may decrease and our music licensing and subscription revenue may suffer.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For our music
licensing business, substantially all of our license agreements are nonexclusive and therefore our licensees are free to enter into similar
agreements with third parties, including our competitors. There can be no assurance that we will be able to renew license agreements
with existing licensees or enter into license agreements with any new licensees, and failure to do so may materially and adversely affect
our business, operating results and financial condition. For our music subscription business, public universities, music conservatories
and public libraries make up most of our music subscription venue and these entities typically reply on government funding to support
their discretionary spending. As such, our music subscription revenue also hinges on the level of government funding available to these
entities and the amount of discretion they have in allocating such funding, both of which may have become more limited due to the continuing
negative effect of COVID-19 on the Chinese economy. Any deterioration of the Chinese economy, employment levels, disposable income and
consumer confidence could also have a negative impact on the demand of our licensees and individual subscribers for, and their spending
on, our services.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>If
we fail to attract and retain customers of our smart music learning business or increase their spending, our business, operating results
and financial condition may be materially and adversely affected. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The smart
music learning market in China is rapidly evolving and highly competitive. We compete with other smart music learning service providers
for sales of our Kuke smart pianos, Kuke smart music teaching systems and Kukey courses based on a variety of factors, including user
experience, the perceived effectiveness of our smart music learning solutions and our educational content offerings, technology infrastructure,
data analytics capabilities, brand recognition and pricing. If we are unable to adequately and promptly address the needs of music students
and educators, the sales of our smart music learning solutions may decline and we may not be able to maintain or increase the price of
these products and services.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Kukey students
may decide not to continue taking our courses after the subscription period, or choose to withdraw and receive full refunds within two
weeks of the payment date, due to a perceived lack of improvement in their performance, general dissatisfaction with our courses, how
our Kukey courses are delivered at their kindergartens or public safety concerns. Because we do not recruit instructors on our own but
instead rely on employees of collaborating kindergartens, with whom we do not have any contractual relationship, to instruct students
through our Kukey courses, we do not have control over these instructors. While we offer extensive training to these instructors and
provide them with detailed instructions, we cannot assure you that the instructors at these kindergartens will be able to utilize our
Kuke smart pianos and smart music teaching systems correctly so as to provide satisfactory instructions for our students. In addition,
while we recommend kindergartens to schedule two piano lessons per week, kindergartens have full discretion with lesson scheduling. As
such, students may not be able to take as many piano lessons as they wish during the subscription period and may decide not to renew
their subscriptions as a result. Failure to retain students may adversely affect our business, operating results and financial condition.
Furthermore, any adverse changes in the financial conditions and spending power of the schools that purchase our Kuke smart pianos and
Kuke smart music teaching systems or the parents of our enrolled or perspective students may also have a material adverse effect on our
revenue growth and operating results.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
business, results of operations and financial condition have been and may continue to be affected by the COVID-19 pandemic.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">On March
11, 2020, the World Health Organization declared the COVID-19 outbreak a global pandemic. In order to contain the spread of COVID-19,
the Chinese government took a number of actions, including mandatory quarantine requirements, travel restrictions, postponed school and
kindergarten reopenings and resumption of business operations and prohibition of public gatherings. As a result of these measures and
other precautionary actions taken by our and the VIEs&#8217; existing and perspective customers in response, our and the VIEs&#8217;
business operations have been significantly disrupted. For example, as many government-affiliated entities, such as public schools, universities
and libraries, are required to hold a public bidding process in order to purchase music subscription services, Kuke smart pianos or Kuke
smart music teaching systems, they were not able to make such purchase from us, the VIEs, or our and the VIEs&#8217; distributors during
shutdowns, resulting in decreased sales of institutional music subscription services, Kuke smart pianos and Kuke smart music teaching
systems. The closure of kindergartens also made it more difficult for us and the VIEs to establish new collaboration and recruit new
students to enroll in the Kukey courses, which caused the sales of Kukey courses to decline significantly. While sales of Kukey courses,
Kuke smart pianos or Kuke smart music teaching systems and institutional music subscription services have recovered since September 2020
as kindergartens and schools re-opened, there are significant uncertainties as to the impact of the ongoing COVID-19 pandemic on our
and the VIEs&#8217; collaborating kindergartens. In addition, due to restrictions on public gatherings, travel bans and the general population&#8217;s
fears regarding contracting COVID-19, we and the VIEs had to cancel the production of many on-ground, live classical music events and
were not able to organize as many live classical music performances or invite as many performing artists as we and the VIEs had been
able to during the 2020 Beijing Music Festival, which led to decreased ticket sales and related sponsorship fees. In an effort to reach
a broader audience and attract more sponsors, we and the VIEs have started streaming more live classical music performances, which requires
additional investments in our and the VIEs&#8217; IT infrastructure and has subjected us and the VIEs to higher content costs. Furthermore,
the COVID-19 pandemic has also had a severe negative impact on many of our and the VIEs&#8217; content providers, resulting in the cancellation
of music recording activities and live classical music performances, which has created significant uncertainties for our and the VIEs&#8217;
ability to cost-effectively maintain and expand content offerings.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In 2021,
our and the VIEs&#8217; business operation substantially returned to the normal level. Many of the restrictive measures previously adopted
by the PRC governments at various levels to control the spread of the COVID-19 virus have been revoked or replaced with more flexible
measures since December 2022, and there has recently been and may continue to be an increase in COVID-19 cases in China, and as a result,
we and the VIEs experienced temporary disruption to business operations where many employees were infected with COVID-19 in December
2022. To the extent that future waves of COVID-19 disrupt normal business operations in China, we and the VIEs may face operational challenges
with our services, and we and the VIEs likely will have to adopt similar remote work arrangements and other measures to minimize such
impact.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Whether the
COVID-19 pandemic will lead to a prolonged downturn in the economy is still unknown. The economic disruption caused by COVID-19 has adversely
affected, and could continue to adversely affect, the level of consumer spending on discretionary items, as well as the advertising budgets
of our and the VIEs&#8217; sponsors, especially those who encounter operational or financial difficulties due to, or are located in countries
and regions severely affected by, COVID-19. Students&#8217; willingness to spend on our and the VIEs&#8217; courses may also decline
due to a worsening economic performance and outlook as a result of the COVID-19 pandemic. For example, some of our and the VIEs&#8217;
subscribers, licensees and sponsors adversely affected by COVID-19 have not renewed their agreements with us. In addition, subscribers,
licensees and smart music learning service customers adversely affected by COVID-19 may require additional time to pay us and the VIEs,
which could temporarily increase the amount of trade receivables and negatively affect our cash flows. Additionally, the volatilities
in and damage to the global financial markets caused by COVID-19 could adversely affect our ability to access capital markets, if and
when required. Substantial uncertainties exist with respect to the potential downturn brought by, and the duration of, the COVID-19 outbreak.
All of the above could have a material adverse effect on our and the VIEs&#8217; results of operations and financial condition in the
near term. If the outbreak persists or escalates, our and the VIEs&#8217; business operations and financial condition may be subject
to further negative impact. There remain significant uncertainties surrounding COVID-19, including the existing and new variants of COVID-19,
and its further development as a global pandemic, including the effectiveness of vaccine programs against existing and any new variants
of COVID-19.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
may not be successful in introducing new products or services or adopting new technologies, or enhancing our existing products and services.
</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We plan to
introduce new products and services and continue to enhance our existing products and services in order to attract more customers and
further grow our revenue. For example, we plan to update our course offerings, introduce new versions of the Kuke smart music teaching
system, offer additional value-added services to Kukey students, launch new products featuring other types of musical instruments, stream
more live classical music events and offer more classical music educational programs. If these new products and services fail to gain
market acceptance or meet our profitability expectations, either as a result of our lack of experience and expertise or for any other
reason, we may fail to generate sufficient revenue and profit to justify our investments. If we are unable to achieve the expected results
with respect to offering new products and services and optimizing our existing products and services, our business, operating results
and financial condition could be materially and adversely affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
recent or future acquisitions or strategic investments may fail, which may materially and adversely affect our business. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As part of
our business growth strategy, we have in the past acquired and may in the future invest in, merge with or acquire business that we believe
can expand or complement our business. For instance, we acquired BMF in February 2020, through which we operate our live classical music
events business. Our ability to implement our acquisition strategy will depend on our ability to identify suitable targets, correctly
value the targets, reach agreements with them on commercially reasonable terms, secure financing and obtain any required shareholder
or government approvals. Our future strategic investments or mergers and acquisitions could subject us to uncertainties and risks, including:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">high
                                            acquisition and financing costs;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">potential
                                            ongoing financial obligations and unforeseen or hidden liabilities;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">failure
                                            to achieve our intended objectives or benefits;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">uncertainty
                                            of entering into markets in which we have limited or no experience and in which our competitors
                                            have stronger market positions;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">costs
                                            and difficulties associated with integrating acquired businesses and assets with our own;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">potentially
                                            significant goodwill impairment charges;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">amortization
                                            expenses of other intangible assets;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">potential
                                            claims or litigation regarding our board of directors&#8217; exercise of its duty of care
                                            and other duties required under applicable laws; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">diversion
                                            of our resources and management attention.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We also face
challenges regarding the integration of BMF with our existing business, including, among others, limited operating experience with respect
to organizing on-ground, live classical music events, and we cannot assure you that the operations of BMF can be smoothly or successfully
integrated into our existing operations in a cost-effective manner or that they will effectively generate synergies with our classical
music licensing and subscription business and smart music learning business.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As a result,
our recent or future acquisitions or strategic investments as well as post-acquisition management may have a material adverse effect
on our business prospects, operating results and financial condition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
business is dependent on the strengths and market perception of our brands, and any failure to maintain, protect and strengthen our brand
would hurt our business and prospects. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We have developed
strong brands that are essential to the success of our business. Maintaining, protecting and enhancing our brands, including but not
limited to Kuke, Kukey, BMF and Beijing Music Festival, is critical to expanding our customer base and market share. Our brands may be
impaired by a number of factors, including, among others, failure to maintain customer satisfaction or keep pace with technological advances,
decline in the quality or quantity of our content offerings, alleged misconduct or other improper activities by our employees, customers,
users, sponsors, distributors and other business partners, negative publicity about us and the industries in which we operate, rumors
relating to our business, management and employees, our shareholders and affiliates, our competitors and peers, failure to protect our
intellectual property rights, or any alleged rights infringement or violations of laws, regulations, public policies or contractual obligations.
We have not historically been required to expend considerable resources to establish and maintain our brands. However, we may be required
to expend greater resources on advertising, marketing and other brand-building efforts to preserve and enhance our brand awareness, which
could adversely affect our operating results and may not be effective. If we are unable to maintain strong brands or further enhance
our brand recognition, our business prospects, operational results and financial conditions may be materially and adversely affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
compete with other classical music licensing and subscription service providers, smart music learning service providers and live classical
music event organizers for customers. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We face competition
from other classical music licensing service providers for licensees, other online classical music subscription service providers for
subscribers, other smart music learning service providers for student enrollment and the sale of our Kuke smart pianos and Kuke smart
music teaching systems, and other live classical music event organizers for audience and sponsorship. We compete primarily on the basis
of service quality, user experience, content offerings, brand recognition and pricing. Some of our competitors may have greater financial,
technical and other resources, stronger brand awareness, or more experience than we do. It is also possible that new competitors may
emerge and rapidly acquire significant market share. These competitors may engage in more extensive development efforts, undertake more
far-reaching marketing campaigns, adopt more aggressive pricing policies, introduce more appealing products or services and respond more
quickly to market needs or new technologies. These competitors may also compete with us for key employees and relationships with key
industry stakeholders. If we are unable to compete successfully against our current or future competitors, we may be required to lower
our tuition fees and the price of our other products and services in order to retain or attract customers. If we lose market share or
fail to effectively respond to competitive pressure, our business, operating results and financial condition may be materially and adversely
affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
may not have obtained complete licenses with respect to certain content we offer. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">There is
no guarantee that we have all of the licenses for the content available on our platform, as accurate and comprehensive information necessary
to identify or verify the copyright ownership of the music content offered on our platform is not always available and may be difficult
or even impossible for us to obtain. For example, such information may be withheld by the owners or administrators of such rights. Failure
to obtain accurate and comprehensive information necessary to identify the copyright ownership of the content we offer may adversely
affect our ability to identify the appropriate copyright owners from which to obtain necessary or commercially viable licenses or to
whom to pay royalties. Moreover, while we only enter into license agreements with licensors who are able to provide documents evidencing
their right to license the content and whose right to license the content is, to the best of our knowledge, not subject to any dispute,
there is no guarantee that our licensors have the rights to license the copyright underlying all the music content covered by our license
agreements. If we do not obtain necessary and commercially viable licenses from copyright owners, whether due to the inability to identify
or verify the appropriate copyright owners or for any other reason, we may be found to have infringed on the copyrights of others, be
subject to claims for monetary damages, government fines and penalties, or be required to remove certain content from our platform, all
of which could adversely affect our business, operating results and financial condition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Failure
to maintain, protect or enforce our intellectual property could substantially harm our business, operating results and financial condition.
</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The success
of our business depends on our ability to maintain, protect and enforce our copyrights, trademarks and other intellectual property rights.
We rely upon a combination of copyright, software copyright, patent, trademark and other intellectual property laws, trade secrets, confidentiality
policies, nondisclosure and other contractual arrangements to protect our intellectual property rights. Despite our efforts, the measures
that we take to maintain, protect and enforce our intellectual property rights, including, if necessary, litigation or proceedings before
governmental authorities and administrative bodies, may not be adequate to prevent or deter the infringement or other misappropriation
of our intellectual property by our customers, users, competitors, former employees or other third parties. For example, while we typically
require our employees and business partners who are involved in the development of intellectual property to execute agreements assigning
such intellectual property to us, we may be unsuccessful in executing or enforcing such agreements. In addition, the measures that we
take to maintain, protect and enforce our intellectual property rights could result in substantial costs and diversion of resources and
management time, which could substantially harm our operating results. Furthermore, changes in laws or their interpretation, as well
as technological developments that facilitate the piracy of our music and programming, such as Internet peer-to-peer file sharing, may
also adversely affect our ability to maintain, protect and enforce our intellectual property rights. Failure to maintain, protect or
enforce our intellectual property rights could materially and adversely affect our business, financial condition and results of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Assertions
by third parties of infringement or other violation by us of their intellectual property rights could harm our business, operating results
and financial condition. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">From time
to time, assertions by third parties that we have infringed, misappropriated or otherwise violated their copyright or other intellectual
property rights may arise. Given the volume of content available on our platform, it is nearly impossible to identify and promptly remove
all alleged infringing content that may exist. In addition, location-based controls and technology we use to prevent all or a portion
of our services and content from being accessed outside of the PRC may be breached, causing our content to be accessed from geographic
locations beyond the scope of our license agreements with certain rights holders, regardless of whether there is any fault and/or negligence
involved on our part. Moreover, while we require our licensees and subscribers to comply with the terms of our agreements with them and
applicable copyright laws and regulations, there is no guarantee that our licensees, subscribers or their users will comply with the
terms of these arrangements or all the applicable copyright laws and regulations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Third parties
may take action against us if they believe that certain content available on our platform violates their copyright or other intellectual
property rights. As our business expands and we continue to introduce new products and services, the likelihood of intellectual property
rights claims against us also increases. If we are forced to defend against any infringement or misappropriation claims, whether they
are with or without merit, are settled out of court, or are determined in our favor, we may be required to expend significant time and
financial resources on the defense of such claims. As a public company listed in the U.S., we and our directors and officers have also
been, and may continue to be, involved in claims or lawsuits in the U.S. or other jurisdictions relating to alleged IP infringement or
misappropriation. If any of these claims is successfully made against us, we may be required to (i) pay substantial statutory or other
damages and fines, (ii) remove relevant content from our platform, or (iii) enter into royalty or license agreements which may not be
available on commercially reasonable terms or at all. We anticipate that we will continue to be subject to legal, regulatory and/or administrative
proceedings in the future incidental to our ordinary course of business. There can be no assurance that we will be able to prevail in
our defense or reverse any unfavorable judgment, ruling or decision against us. In addition, we may decide to enter into settlements
that may adversely affect our results of operations and financial condition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Furthermore,
an adverse outcome of a dispute may damage our reputation, force us to adjust our business practices, or require us to pay significant
damages, government fines and penalties, cease providing content that we were previously providing, and/or take other actions that may
have a material adverse effect on our business, operating results and financial condition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
license agreements are complex and impose numerous obligations on us. Any breach or perceived breach of such agreements could adversely
affect our business, operating results and financial condition. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Many of our
license agreements with licensors are complex and impose numerous obligations on us, including obligations to, among other things, pay
minimum license fees, calculate and make payments based on complex revenue sharing structures, deny user access from outside mainland
China, comply with certain marketing restrictions, obtain license from relevant authorities, and defend, indemnify or hold harmless the
licensors from and against certain third-party claims and actions. Some of our license agreements also grant the licensor the right to
audit our compliance with the terms and conditions of such agreements. Failure to accurately pay royalties may also adversely affect
our business, operating results and financial condition. Underpayment could result in unexpected payment of additional royalties in material
amounts and damage our business relationships with licensors. If we overpay royalties, we may be unable to reclaim such overpayments
and our profits will suffer. If we materially breach any of the obligations set forth in any of our license agreements, or if we use
content in ways that are found to exceed the scope of such agreements, we could be subject to monetary penalties and our rights under
such license agreements could be terminated, either of which could have a material adverse effect on our business, operating results
and financial condition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Minimum
guarantees required under certain of our license agreements may limit our operating flexibility and may materially and adversely affect
our business, operating results and financial condition. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Approximately
8% of our license agreements as of the date of this annual report require that we make minimum guarantee payments to the licensors. The
amount of minimum guarantee payments required varies under different license agreements, ranging from nil to US$1,674,000 per year depending
on the market position of the licensor and the nature of licensed content. We rely on assumptions of the competitiveness of our service
offerings and the extent to which we can monetize our content to estimate whether such minimum guarantees could be recouped against the
content acquisition costs we incur over the duration of the license agreement. To the extent our revenues do not meet our expectations,
our business, operating results and financial condition could be adversely affected as a result of such minimum guarantees. In addition,
the fixed cost nature of these minimum guarantees may limit our flexibility in planning for, or reacting to, changes in our business
and the markets in which we operate.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Failure
to be paid sufficiently for the content we license may have a material adverse effect on our business. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We charge
licensing fees either on a fixed-payment basis where we grant licensees the perpetual right to use the licensed content or a minimum
guarantee plus revenue-sharing basis where we grant licensees the right to use the licensed content for a certain period. Royalties that
we are entitled to receive under the minimum guarantee plus revenue-sharing model are based on complex structures that require tracking
the usage of our content on the platforms of our licensees. We may not have access to accurate or complete metadata necessary for such
calculation, despite our inspection rights under the license agreements and our licensees&#8217; contractual undertaking to provide us
such data. Moreover, if our licensees fail to include our music in their curated playlists or algorithm-based recommendations or give
us less favorable marketing space, our royalty income could also decline, which could adversely affect our business, operating results
and financial condition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
face risks, such as unforeseen costs and potential liability, in connection with content we produce. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We contract
with third parties to develop and produce original music recordings and other original content. As we have limited control over these
third parties, we may not be able to complete these projects on time and the end product may not measure up to our expectations in terms
of quality and popularity.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We may also
incur costs greater than what we had expected and may not be able to cover the expenses required to produce such content, which could
materially and adversely affect our business, operating results and financial condition. In addition, we may face potential liability
or suffer losses in connection with these arrangements, including, but not limited to, if such third parties breach their contractual
obligations to us, violate applicable laws, engage in fraudulent behavior or become insolvent. To the extent we do not accurately anticipate
such costs or mitigate such risks, our business may suffer.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Certain of our and the VIEs&#8217; content offerings may be
found objectionable by the PRC government, which may subject us to penalties and other regulatory or administrative actions.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As an internet
content provider, we and the VIEs are subject to PRC laws and regulations governing internet access and the distribution of music, music
videos and other forms of content over the internet. See &#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Regulations&#8212;Regulations
on Internet information services, Internet culture services, Internet publication services, online audio-visual products and other related
value-added telecommunications services.&#8221; These laws and regulations prohibit internet content providers and internet publishers
from posting on the internet any content that, among other things, violates PRC laws and regulations, impairs the national dignity of
China or public interest, or is obscene, superstitious, frightening, gruesome, offensive, fraudulent or defamatory. We and the VIEs have
employed content reviewers who are licensed by relevant government agencies to review online content to ensure that the content we and
the VIEs offer on our and the VIEs&#8217; platform and license to third parties is compliant with relevant PRC laws and regulations.
However, PRC government has wide discretion in interpreting these laws and regulations and may find certain content on our and the VIEs&#8217;
platform to be objectionable. In that case, the PRC regulatory authorities may require us and the VIEs to remove or limit the dissemination
of such content on our platform. Failure to comply with these requirements may also result in legal and administrative liabilities, government
sanctions, monetary penalties, loss of licenses and/or permits or reputational harm, which could materially and adversely affect our
business, operating results and financial condition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
face risks in relation to the package bidding process required by certain government-affiliated institutional subscribers. </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We are occasionally
required by government-affiliated institutional subscribers to include certain education-related products offered by other companies
in our bids to them. After winning the bid, we will then purchase these products or services and resell them to these government-affiliated
institutional subscribers. We cannot assure you that we will be able to identify third-party suppliers that meet the requirements of
these government-affiliated institutional subscribers or procure such products or services in a timely manner or on commercially acceptable
terms, or at all. Failure to do so may cause us to lose revenue, subject us to contractual liabilities and damages and harm our customer
relationships, which could materially and adversely affect our business, operating results and financial condition.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
rely on distributors to sell and market our institutional music subscription services, Kuke smart pianos and Kuke smart music teaching
systems and to establish collaboration with kindergartens. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We rely on
third-party distributors in various aspects of our business lines. For the sale of our institutional music subscription services, Kuke
smart pianos and Kuke smart music teaching systems, we largely rely on distributors help us identify potential end customers and promote
our products and services. For the offering of our Kukey courses, we do not contract with kindergartens directly but rely on distributors
to establish collaboration with kindergartens, promote our Kukey courses and assist us in providing training and operational support
to collaborating kindergartens. The sales performance of these distributors directly affects our business prospects, operating results
and financial condition. However, we do not have day-to-day control over the activities of these distributors. If our distributors fail
to identify or establish relationships with kindergartens that have a large student body or strong demand for our smart music learning
solutions, or fail to maintain relationships with their end customers or collaborating kindergartens, our ability to grow our customer
base and expand our kindergarten network may be materially and adversely affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In line with
industry practice, we generally do not enter into long-term agreements with distributors. We cannot assure you that all of our distributors
will renew their agreements with us on terms acceptable or favorable to us or otherwise continue their business relationships with us.
Distributors with strong sales performance may request for more favorable contract terms in cooperating with us. If we fail to establish
and maintain satisfactory relationships with our existing distributors or effectively expand our distributor network, or if our distributors
fail to meet our sales quotas or other terms in our distribution agreements, we may not be able to find suitable replacements on a timely
basis and our selling and distribution expenses may increase, which could materially and adversely affect our business prospects, operating
results and financial condition.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
are dependent on a limited number of third-party suppliers and contract manufacturers for the manufacturing of Kuke smart pianos and
other smart music devices </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We depend
on a limited number of third-party suppliers and contract manufacturers for the manufacturing of Kuke smart pianos and other smart music
devices, and we have limited control over them. If any of these parties fails to perform its obligations to us, we may be unable to deliver
these products to customers or place Kuke smart pianos at collaborating kindergartens in a timely manner. We are also subject to the
risk of industry-wide shortages, price fluctuations and long lead times in components supply and manufacturing. Further, we do not have
long-term contracts with these suppliers and manufacturers, and there can be no assurance that they will continue to take purchase orders
from us on favorable terms, or at all. If one or more of our suppliers and contract manufacturers were to go out of business or discontinue
their service to us, we may not be able to find a suitable replacement in time. In the event we are unable to obtain components in sufficient
quantities on a timely basis and on commercially reasonable terms, or if our contract manufacturer is unable to manufacture these products
in the quantities required on time or to our specifications, our reputation, business prospects and operating results could be materially
and adversely affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>If
we are unable to accurately anticipate the market demand for our smart music learning solutions, we may have difficulty managing our
production and inventory and our operating results could be harmed. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We source
the main components of Kuke smart pianos from several suppliers and engage selected contract manufacturers to manufacture Kuke smart
pianos. We place orders with our suppliers and contract manufacturers based on our forecasts of the demand for our smart music learning
services. Our ability to accurately forecast production and inventory needs in advance could be affected by many factors, including changes
in customer demand, expansion of our distribution network, new product introductions, sales promotions and general economic conditions.
If demand exceeds our forecast and we do not have sufficient inventory to meet this demand on a timely basis, we would have to rapidly
increase production, which may result in reduced manufacturing quality and customer satisfaction, as well as higher supply and manufacturing
costs that would lower our gross margin. We may also have to forego revenue opportunities, lose market share and damage our customer
relationships if we underestimate customer demand. Conversely, if we overestimate customer demand, excess product inventory could force
us to write down or write off inventory, which could cause our gross margin to suffer and impair the strength of our brand. Any of these
scenarios could adversely impact our operating results and financial condition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Accidents,
injuries or other harm suffered in relation to our Kuke smart pianos may adversely affect our reputation, subject us to liability and
cause us to incur substantial expenses. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We could
be held liable for accidents that occur in relation to our Kuke smart pianos, such as electricity leakage, fire and injuries caused by
product malfunctions, defects or improper installation. In the event of personal injuries or other accidents suffered by students or
instructors using our Kuke smart pianos or other people working at or visiting the premises, we could face claims alleging that we should
be liable for the accidents or injuries. A material liability claim against us could adversely affect our reputation, enrollment and
revenues. Even if unsuccessful, such a claim could create unfavorable publicity, cause us to incur substantial expenses and divert the
time and attention of our management.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
may be subject to product liability or warranty claims that could harm our business, reputation and operating results. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We provide
a one-year warranty to purchasers of Kuke smart pianos. We may face product liability or warranty claims in the event that the use of
our Kuke smart pianos results in injuries, whether by product malfunctions, defects, improper installation or other causes. These claims,
regardless of merit or eventual outcome, could result in significant legal defense costs, high monetary damage payments and negative
publicity. We currently do not have product liability insurance and cannot assure you that we will be able to obtain sufficient product
liability insurance in the future at an acceptable cost to protect against potential product liability claims. As a result, any imposition
of product liability could materially harm our business, financial condition and results of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>There
is the risk of personal injuries and accidents in connection with our live music events, which could subject us to personal injury or
other claims, increase our expenses and reduce attendance at our live music events, causing a decrease in our revenue. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">There are
inherent risks in live music events, particularly those that involve complex staging and special effects. Injuries and accidents occurring
in connection with our live music events could subject us to claims and liabilities, harm our reputation with artists and fans and make
it more difficult for us to attract sponsors. News of any such incident or accident could also reduce attendance at our events, or lead
to the cancellation of all or part of an event or festival, in each case leading to a decrease in our revenue. There can be no assurance
that we will be able to obtain adequate levels of insurance to protect against lawsuits and judgments in connection with accidents or
other disasters that may occur. We would be responsible for any liabilities not covered by our insurance policies, which would negatively
impact our cash flows and operating results.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>If
we are unable to lease venues on acceptable terms, our operating results could be adversely affected. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We lease
venues from third parties to host our live music events. Our long-term success in the live classical music events business will depend
in part on the availability of venues at commercially reasonable terms. Our ability to lease venues on favorable terms depends on a number
of factors, such as national and local business conditions and competition from other event organizers. As we have little or no control
over venue operators, we may be unable to lease desirable venues from them on acceptable terms, or at all, which could have a material
adverse effect on our operating results.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Failure
to obtain or renew licenses, permits or approvals or respond to any changes in government policies, laws or regulations may affect our
ability to conduct or expand our business. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">China&#8217;s
Internet, private education and music licensing industries are highly regulated. We are required under PRC laws and regulations to obtain
various government approvals, licenses and permits in connection with the provision of our services. Applicable laws and regulations
may be tightened and new laws or regulations may be introduced to impose additional government approval, license and permit requirements.
In particular, uncertainties exist in relation to regulatory requirements regarding private education and music licensing. For example,
under certain policies, we may be required to lower the tuition of our Kukey courses in order to offer Kukey courses to the students
of our collaborating kindergartens. If we fail to obtain and maintain approvals, licenses or permits required for our business or respond
to changes in the regulatory environment, we could be subject to liabilities, penalties and operational disruption, which may materially
and adversely affect our business, operating results and financial condition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
may not be able to achieve the benefits we expect from our strategic investment in KOLO. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In February
2022, we entered into an agreement for a strategic investment in KOLO, a classical music-focused and decentralized NFT platform driven
by blockchain technology. In March 2023, we announced an agreement to acquire a 49% equity interest in KOLO, with an option to acquire
the remaining 51%. We intend to utilize blockchain technology and NFT applications to drive innovation in the classical music industry,
increase the monetization of classical music digital assets, build a digital economy for musicians, provide value to users, and foster
mutually-beneficial partnerships among industry participants. However, such benefits we expect from the strategic investment in KOLO
are subject to uncertainties.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The technology
underlying blockchain technology is affected by a number of industry-wide challenges and risks relating to consumer acceptance of blockchain
technology, including but not limited to government and quasi-government regulation of NFTs and their use, or restrictions on or regulation
of access to and operation of blockchain networks or similar systems, the maintenance and development of the open-source software protocol
of blockchain networks, changes in consumer demographics and public tastes and preferences, the extent to which current interest in NFTs
represents a speculative &#8220;bubble.&#8221; The slowing or stopping of the development or acceptance of blockchain networks and blockchain
assets, may deter or delay the acceptance and adoption of NFTs and adversely impact the value of NFTs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">There are
other risks related to our efforts on our future plan, including the risk that the execution of these efforts may not provide the expected
benefits, such as the observable business growth, in our anticipated time frame. Our intentions and expectations with regard to the execution
of our business plan, and the timing of any related initiatives, are subject to change at any time based on management&#8217;s subjective
evaluation of our overall business needs. If we are unable to successfully execute our business plan, whether due to failure to realize
the anticipated benefits from our business initiatives in the anticipated time frame or otherwise, we may be unable to achieve our financial
targets.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Misconduct,
non-compliance or other improper activities by our employees, customers, users, sponsors, collaborating kindergartens, distributors and
other business partners could disrupt our business, damage our reputation and adversely affect our business, operating results and financial
condition. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We are exposed
to various operational risks related to misconduct, non-compliance or other improper activities by our employees, customers, sponsors,
collaborating kindergartens, distributors and other business partners. It is not always possible to identify and deter such misconduct,
non-compliance or improper activities, and the precautions we take to detect and prevent these activities may not be effective in controlling
unknown or unmanaged risks or losses. For our music licensing and subscription business, our licensees and subscribers may violate their
contractual obligations to us or otherwise infringe on our intellectual property rights or the intellectual property rights of our content
providers. For our smart music learning business, we enter into user agreements with the parents of enrolled students and do not contract
directly with kindergartens, their employees, schools that purchased our Kuke smart pianos and/or Kuke smart music teaching systems from
our distributors, or users of our Kuke smart music teaching systems at these schools. Since we have limited or, in some cases, no control
over these parties, we cannot assure you that these parties will not violate our intellectual property rights or the intellectual property
rights of our content providers, damage our reputation, engage in acts of deception or otherwise act in bad faith. For example, enrolled
students may share their user accounts with other students who did not pay for our courses, and kindergartens may allow students who
have not paid for our courses to use our Kuke smart pianos. For our live classical music events business, any misconduct or improper
activities by or any regulatory investigation into our sponsors, performers, co-production partners or any other party associated with
our live music events may result in negative publicity. Any of these occurrences could harm our ability to attract customers, damage
our reputation and the public perception of our brand, or subject us to civil liabilities and regulatory actions and penalties. As a
result, our business, operating results and financial condition may be materially and adversely affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Inability
to collect our trade receivables on a timely basis, if at all, could materially and adversely affect our financial condition, liquidity
and operating results. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are subject to risks of not collecting our trade receivables on
a timely basis, if at all. As of December 31, 2022, our trade receivables amounted to RMB9.3 million (US$1.3 million). In addition,
trade receivables due from our largest customer accounted for 52 % of our total trade receivables as of December 31, 2022. There can be
no assurance that we will be able to collect our trade receivables on a timely basis, and our trade receivable turnover days may increase,
especially those involving customers that have been severely affected by the outbreak of COVID-19. Our liquidity and cash flows from operations
may be materially and adversely affected if our receivable cycles or collection periods lengthen further or if we encounter a material
increase in defaults of payment or an increase in provisions for impairment of our receivables from customers. Should these events occur,
we may be required to obtain working capital from other sources, such as third-party financing, in order to maintain our daily operations,
and such financing may not be available on commercially acceptable terms, or at all.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
discontinuation of any of the preferential tax treatments currently available to us could adversely affect our overall operating results.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Under PRC
tax laws and regulations, Beijing Kuke Music, one of the VIEs, is qualified to enjoy a reduced enterprise income tax rate of 15% and
certain other preferential tax benefits available to &#8220;high and new technology enterprises,&#8221; or HNTE. According to the relevant
administrative measures, in order to qualify as an HNTE, Beijing Kuke Music must meet certain financial and non-financial criteria and
complete verification procedures with the administrative authorities. Continued qualification as an HNTE is subject to a three-year review
by the relevant government authorities in China, and in practice certain local tax authorities also require annual evaluation of the
qualification. We cannot assure you that Beijing Kuke Music will continue to qualify for preferential tax treatments in the future. In
the event the preferential tax treatments for Beijing Kuke Music are discontinued, it will become subject to the standard enterprise
income tax rate of 25% and lose other preferential tax benefits it currently enjoys, which could adversely affect our overall operating
results.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
may be exposed to liabilities under the United States Foreign Corrupt Practices Act, or FCPA, and Chinese anti-corruption laws, and any
determination that we have violated these laws could have a material adverse effect on our business or our reputation. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our customers
include many state-owned or state-affiliated enterprises, and we may be required to engage with Chinese officials or persons of equivalent
status during the ordinary course of our business. As such, we face risks with respect to the FCPA, which generally prohibits us from
making improper payments to non-U.S. officials for the purpose of obtaining or retaining business, and anti-bribery laws of China. We
do not fully control over the interactions that our employees and distributors have with those officials or persons, and they may try
to increase our sales through means that constitute violations of the FCPA, the PRC anti-bribery laws or other related laws. If we, due
to either our own deliberate or inadvertent acts or those of others, fail to comply with applicable anti-bribery laws, our reputation
could be harmed and we could incur criminal or civil penalties, other sanctions and/or significant expenses, which could have a material
adverse effect on our business, operating results and financial condition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
may require additional capital to support business growth and objectives, which might not be available in a timely manner or on commercially
acceptable terms, if at all. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Historically,
we have financed our operations primarily with operating cash flows and shareholder contributions. As part of our growth strategies,
we plan to continue to require substantial capital through additional debt or equity financing in the future to cover our costs and expenses.
However, we may be unable to obtain additional capital in a timely manner or on commercially acceptable terms, or at all. Our ability
to obtain additional financing in the future is subject to a number of uncertainties, including those relating to:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">our
                                            market position and competitiveness in the industries in which we operate;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">our
                                            future profitability, overall financial condition, operating results and cash flows;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the
                                            general market conditions for financing activities; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the
                                            macro-economic and other conditions in China and elsewhere.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In particular,
recent global financial market turbulences caused by the outbreak of COVID-19 may adversely affect our ability to access the capital
markets to meet our liquidity needs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">To the extent
we engage in debt financing, the incurrence of indebtedness would result in increased debt servicing obligations and could result in
operating and financing covenants that may, among other things, restrict our operational flexibility or our ability to pay dividends
to our shareholders. If we fail to service the debt obligations or are unable to comply with such debt covenants, we could be in default
under the relevant debt obligations and our liquidity and financial condition may be materially and adversely affected. To the extent
that we raise additional financing by issuance of additional equity or equity-linked securities, our shareholders may experience dilution.
In the event that financing is not available or is not available on terms commercially acceptable to us, our business, operating results
and growth prospects may be adversely affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
depend on our senior management and highly skilled personnel. If we are unable to attract, retain and motivate a sufficient number of
them, our ability to grow our business could be harmed. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We believe
that our future success depends significantly on our continued ability to attract, retain and motivate our senior management and a sufficient
number of experienced and skilled employees. Qualified individuals in the industries in which we operate are in high demand, and we may
have to incur significant costs to attract and retain them. In particular, we cannot ensure that we will be able to retain the services
of our senior management and key executive officers. The loss of any key management or executive could be highly disruptive and adversely
affect our business operations and future growth. Moreover, if any of these individuals joins a competitor or forms a competing business,
we may lose crucial business secrets, technological know-how and other valuable resources. Although our senior management and executive
officers have non-competition agreements with us, we cannot assure you that they will comply with such agreements or that we will be
able to effectively enforce such agreements.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
principal shareholders have substantial influence over our company and their interests may not be aligned with the interests of our other
shareholders. </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our executive
officers, directors and principal shareholders together beneficially own a significant percentage of the aggregate voting power of our
total issued and outstanding ordinary shares. The interests of our directors, officers and principal shareholders could differ from the
interests of our other shareholders, and they may take actions that are not in the best interest of us or our other shareholders, even
if these actions are opposed by our other shareholders. As a result of the concentration of ownership, our executive officers, directors
and principal shareholders could have significant influence in determining the outcome of any corporate transaction or other matter submitted
to our shareholders for approval, such as mergers, consolidations and election of directors, and would also have the power to discourage,
delay or prevent a change in control of our company, which could have the effect of depriving our other shareholders of the opportunity
to receive a premium for their shares as part of a sale of our company. This significant concentration of share ownership and voting
power may also adversely affect or reduce the trading price of our ADSs because investors often perceive a disadvantage in owning shares
in a company with a small number of controlling shareholders. For more information regarding our principal shareholders and their affiliated
entities, see &#8220;Item 6. Directors, Senior Management and Employees-E. Share Ownership.&#8221;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>If
we are unable to improve or maintain our sales and marketing efficiency, our business and operating results may be materially and adversely
affected. </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We incurred
RMB25.8 million, RMB73.3 million and RMB32.0 million (US$ 4.6 million) in selling and distribution expenses in 2020, 2021 and 2022 respectively.
We believe that we have been able to promote our products and services and strengthen our brand recognition cost-effectively. However,
our sales and marketing activities may not be well received by the market and may not result in the levels of sales that we anticipate.
We also may not be able to retain or recruit a sufficient number of experienced sales and marketing personnel, or to train newly hired
sales and marketing personnel. Further, we must continually enhance our sales and marketing approaches and experiment with new methods
to keep pace with industry developments and customer preferences. Failure to engage in sales and marketing activities in a cost-effective
manner may reduce our market share, cause our profitability to decline and materially harm our business, operating results and financial
condition.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
may from time to time become a party to litigation, legal disputes, claims or administrative proceedings that may materially and adversely
affect us. </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">From time
to time, we may be subject to lawsuits brought by our competitors or other individuals and entities against us or administrative proceedings.
The outcomes of these actions may not be successful or favorable to us. We may need to pay damages or settle these actions with a substantial
amount of cash. In addition to the related costs, such actions can significantly divert our management&#8217;s attention from operating
our business and generate negative publicity that significantly harms our reputation and customer relationships. While we do not believe
that there are currently any pending proceedings that are likely to have a material adverse effect on us, if there were adverse determinations
in legal proceedings against us, we could be required to pay substantial monetary damages or adjust our business practices, which could
have an adverse effect on our business, operating results and financial condition.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
use open source software in our products, which could negatively affect our ability to offer our products and subject us to litigation
or other actions. </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We use open
source software in connection with our products. From time to time, companies that incorporate open source software into their products
have faced claims challenging the ownership of open source software and/or compliance with open source license terms. Therefore, we could
be subject to lawsuits by parties claiming ownership of what we believe to be open source software or non-compliance with open source
licensing terms. Some open source software licenses require users who distribute or make available open source software as part of their
software to publicly disclose all or part of the source code to such software and/or make available any derivative works of the open
source code on unfavorable terms or at no cost. While we monitor our use of open source software and try to ensure that none is used
in a manner that would require us to disclose the source code or that would otherwise breach the terms of an open source agreement, such
use could nevertheless occur and we may be required to release our proprietary source code, pay damages for breach of contract, re-engineer
our applications, discontinue sales in the event re-engineering cannot be accomplished on a timely basis or take other remedial action
that may divert resources away from our development efforts. As a result, our business, operating results and financial condition could
be materially and adversely affected.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Any
significant disruption to or failure of our information technology systems, including events beyond our control, could materially and
adversely affect our business, operating results and financial condition. </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The performance
and reliability of our information technology system is critical to our operations and reputation. Our operations depend on our information
technology service providers&#8217; ability to protect their and our system in their facilities against damage or interruption from events
beyond our control, such as natural disasters, power or telecommunications failures, air quality issues, environmental conditions, computer
viruses, attempts to harm our systems, criminal acts and similar events. If our arrangement with these service providers is terminated
or if there is a lapse of service or damage to their facilities, we could experience interruptions in our services. Any interruptions
in the accessibility of or deterioration in the quality of access to our system could reduce customer satisfaction and the attractiveness
of our service offerings, which could have an adverse effect on our business, operating results and financial condition.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
are subject to changing laws and regulations regarding regulatory matters, corporate governance and public disclosure that have increased
both our costs and the risk of non-compliance.&#160;</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We are subject
to rules and regulations by various governing bodies, including, for example, the Securities and Exchange Commission, which is charged
with the protection of investors and the oversight of companies whose securities are publicly traded, and the various regulatory authorities
in China and the Cayman Islands, and to new and evolving regulatory measures under applicable law. Our efforts to comply with new and
changing laws and regulations have resulted in and are likely to continue to result in, increased general and administrative expenses
and a diversion of management time and attention from revenue-generating activities to compliance activities.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Moreover,
because these laws, regulations and standards are subject to varying interpretations, their application in practice may evolve over time
as new guidance becomes available. This evolution may result in continuing uncertainty regarding compliance matters and additional costs
necessitated by ongoing revisions to our disclosure and governance practices. If we fail to address and comply with these regulations
and any subsequent changes, we may be subject to penalty and our business may be harmed.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Privacy
concerns or security breaches relating to our platform could result in economic loss, damage our reputation and expose us to civil liability.
</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As part of
our operations, we collect data from our licensees, subscribers, enrolled students, their parents and our business partners, such as
practice data, usage data, personally identifiable information and other confidential information. Unauthorized parties may attempt to
gain access to our systems or facilities by, among other things, hacking into our systems or facilities or through fraud or other means
of deception. In addition, hardware, software or applications we develop or obtain from third parties may contain defects in design or
manufacture or other problems that could unexpectedly compromise information security. The techniques used to gain such access to our
information technology systems, our data or our customers&#8217; data, disable or degrade our service or sabotage our systems are constantly
evolving, may be difficult to detect quickly and often are not recognized until launched against a target. We have implemented systems
and processes intended to secure our information technology systems and prevent unauthorized access to or loss of sensitive data, but
these security measures may not be sufficient for all eventualities and there is no guarantee that they will be adequate to safeguard
against all data security breaches, system compromises or misuses of data. Any failure, or perceived failure, by us to maintain the security
of our customer data or to comply with privacy or data security laws, regulations, policies, legal obligations or industry standards
may result in governmental enforcement actions and investigations, litigation or adverse publicity. This may expose us to potential administrative
inquiries, penalties and legal liability and may require us to expend significant resources in responding to and defending allegations
and claims.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In addition,
evolving laws and regulations concerning data privacy may result in increased regulation and different industry standards, which could
increase the costs of operations or limit our activities. Regulatory requirements on cyber-security and data privacy are constantly evolving
and can be subject to varying interpretations or significant changes, resulting in uncertainties about the scope of our responsibilities
in that regard. For example, on June 10, 2021, the Standing Committee of the National People&#8217;s Congress promulgated the PRC Data
Security Law (the &#8220;Data Security Law&#8221;), which took effect on September 1, 2021. The Data Security Law applies to data processing
activities, including the collection, storage, use, processing, transmission, availability and disclosure of data, and security supervision
of such activities within the territory of the PRC. According to the Data Security Law, whoever carries out data processing activities
shall establish a sound data security management system throughout the whole process, organize data security education and training,
and take corresponding technical measures and other necessary measures to ensure data security. The Data Security Law provides a national
data security review system, under which data processing activities that affect or may affect national security shall be reviewed, and
prohibits any individual or entity in China from providing data stored in PRC to foreign judicial or law enforcement departments without
the approval of competent PRC authorities. In Addition, the Personal Information Protection Law of the PRC (the &#8220;Personal Information
Protection Law&#8221;), issued on August 20, 2021 by the SCNPC, further details the general rules and principles on personal information
processing and further increases the potential liability of personal information processor. Even though we have already taken necessary
organizational and technical measures in accordance with applicable legal requirements to protect the safety of our network facilities
and the data processed by us, we may still face risks inherent in handling and protecting large volumes of data, including protecting
the data temporarily hosted in our system, detecting and prohibiting unauthorized data sharing and transfers, preventing attacks on our
system by outside parties, foiling any fraudulent behavior or improper use by our employees, and maintaining and updating our database.
Any system failure, security breach or attempts by third parties to illegally obtain the data that results in any actual or perceived
release of client data could damage our reputation and brand, deter current and potential clients from using our services, affect our
business and results of operations, and expose us to potential legal liability.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Moreover,
claims or allegations that we have violated laws and regulations relating to privacy and data security, or have failed to adequately
protect data, may result in damage to our reputation and a loss of confidence in us by our customers or business partners, which could
have a material adverse effect on our business, operating results and financial condition. If the third parties we work with violate
applicable laws or contractual obligations or suffer a security breach, such circumstances also may put us in breach of our obligations
under privacy laws and regulations and could in turn have a material adverse effect on our business.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Substantial uncertainties exist with respect to the interpretation
and implementation of cybersecurity related regulations and cybersecurity review as well as any impact these may have on our business
operations. </i></b></p><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The cybersecurity
legal regime in China is relatively new and evolving rapidly, and their interpretation and enforcement involve significant uncertainties.
As a result, it may be difficult to determine what actions or omissions may be deemed to be in violations of applicable laws and regulations
in certain circumstances.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Network operators
in China are subject to numerous laws and regulations, and have the obligations to, among others, (i) establish internal security management
systems that meet the requirements of the classified protection system for cybersecurity, (ii) implement technical measures to monitor
and record network operation status and cybersecurity incidents, (iii) implement data security measures such as data classification,
backups and encryption, and (iv) submit for cybersecurity review under certain circumstances.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">On November
7, 2016, the Standing Committee of the National People&#8217;s Congress issued the Cyber Security Law, which imposes more stringent requirements
on operators of &#8220;critical information infrastructure,&#8221; especially in data storage and cross-border data transfer.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">On December
28, 2021, the CAC, the NDRC, the MIIT, and several other administrations jointly published the Measures for Cybersecurity Review, effective
on February 15, 2022, which provides that certain operators of critical information infrastructure purchasing network products and services
or network platform operators carrying out data processing activities, which affect or may affect national security, must apply with
the Cybersecurity Review Office for a cybersecurity review. However, the scope of operators of &#8220;critical information infrastructure&#8221;
under the current regulatory regime remains unclear and is subject to the decisions of competent PRC regulatory authorities. As advised
by our PRC counsel, Commerce &amp; Finance Law Offices, the exact scope of operators of &#8220;critical information infrastructure&#8221;
under the Measures for Cybersecurity Review and current PRC regulatory regime remains unclear, and is subject to the decisions of the
relevant PRC government authorities that have been delegated the authority to identify operators of &#8220;critical information infrastructure&#8221;
in their respective jurisdictions (including regions and industries). PRC government authorities have wide discretion in the interpretation
and enforcement of these laws, including the identification of operators of &#8220;critical information infrastructure&#8221; and the
interpretation and enforcement of requirements potentially applicable to such operators of &#8220;critical information infrastructure.&#8221;
As a major internet platform, we are at risk of being deemed to be an operator of &#8220;critical information infrastructure&#8221; or
a network platform operator meeting the above criteria under PRC cybersecurity laws. If we are identified as an operator of &#8220;critical
information infrastructure,&#8221; we would be required to fulfill various obligations as required under PRC cybersecurity laws and other
applicable laws for such operators of &#8220;critical information infrastructure&#8221; thus currently not applicable to us, including,
among others, setting up a special security management organization, organizing regular cybersecurity education and training, formulating
emergency plans for cyber security incidents and conducting regular emergency drills, and although the internet products and services
we purchase are primarily bandwidth, copyright content and marketing services, we may need to follow cybersecurity review procedure and
apply with Cybersecurity Review Office before making certain purchases of network products and services. During cybersecurity review,
we may be required to suspend the provision of any existing or new services to our users, and we may experience other disruptions of
our operations, which could cause us to lose users and customers therefore leading to adverse impacts on our business. The cybersecurity
review could also lead to negative publicity and a diversion of time and attention of our management and our other resources. It could
be costly and time-consuming for us to prepare application materials and make the applications. Furthermore, there can be no assurance
that we will obtain the clearance or approval for these applications from the Cybersecurity Review Office and the relevant regulatory
authorities in a timely manner, or at all. If we are found to be in violation of cybersecurity requirements in China, the relevant governmental
authorities may, at their discretion, conduct investigations, levy fines, request app stores to take down our apps and cease to provide
viewing and downloading services related to our apps, prohibit the registration of new users on our platform, or require us to change
our business practices in a manner materially adverse to our business. Any of these actions may disrupt our operations and adversely
affect our business, results of operations and financial condition.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">On November
14, 2021, the CAC published a discussion draft of the Administrative Measures for Internet Data Security, or the Draft Measures for Internet
Data Security, which provides that data processors conducting the following activities shall apply for cybersecurity review: (i) merger,
reorganization or division of Internet platform operators that have acquired a large number of data resources related to national security,
economic development or public interests affects or may affect national security; (ii) listing abroad of data processors processing over
one million users&#8217; personal information; (iii) listing in Hong Kong which affects or may affect national security; or (iv) other
data processing activities that affect or may affect national security. There have been no clarifications from the authorities as of
the date of this annual report as to the standards for determining such activities that &#8220;affects or may affect national security.&#8221;
The CAC has solicited comments on this draft until December 13, 2021, but there is no timetable as to when it will be enacted. As such,
substantial uncertainties exist with respect to the enactment timetable, final content, interpretation and implementation. The Draft
Measures for Internet Data Security, if enacted as proposed, may materially impact our capital raising activities. Any failure to obtain
such approval or clearance from the regulatory authorities could materially constrain our liquidity and have a material adverse impact
on our business operations and financial results, especially if we need additional capital or financing.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">On July 7,
2022, the CAC promulgated the Measures for the Security Assessment of Cross-Border Transfer of Data, which took effect on September 1,
2022. These measures aim to regulate cross-border transfers of data, requiring among other things, that data processors that provide
data to overseas apply to CAC for security assessments if: (1) data processors provide important data to overseas; (2) critical information
infrastructure operators or data processors process personal information of more than a million people provide personal information to
overseas; (3) data processors that have cumulatively provided personal information of 100,000 people or sensitive personal information
of 10,000 people to overseas since January 1 of the previous year, provide personal information to overseas; or (4) other scenarios required
by the CAC to apply for security assessments occur. In addition, these measures require data processors to carry out self-assessments
of risks of providing data to overseas before applying to the CAC for security assessments.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The interpretation
and application of these cybersecurity laws, regulations and standards are still uncertain and evolving, especially the Draft Measures
for Internet Data Security. We cannot assure you that relevant governmental authorities will not interpret or implement these and other
laws or regulations in ways that may negatively affect us.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
rely on certain third-party mobile app distribution channels, payment solution providers, streaming service providers, bandwidth providers
and a cloud data storage service to conduct our business. </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We rely on
third-party mobile application distribution channels such as Apple&#8217;s App Store, various Android App Stores and other channels to
distribute our Kuke Music and BMF Club mobile Apps. We expect a substantial number of downloads of our mobile Apps will continue to be
derived from these distribution channels. As such, the promotion, distribution and operation of our mobile Apps are subject to such distribution
platforms&#8217; standard terms and policies for application developers, which are subject to the interpretation of, and frequent changes
by, these distribution channels. If Apple&#8217;s App Store or any other major distribution channels interpret or change their standard
terms and conditions in a manner that is detrimental to us, or terminate their existing relationship with us, our business, operating
results and financial condition may be materially and adversely affected.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our customers
pay for our service through a variety of third-party payment channels. Acceptance and processing of these payment methods are subject
to certain rules and regulations and require payment of interchange and other fees. To the extent there are increases in payment processing
fees, material changes in the payment network, such as delays in receiving payments from processors, and/or changes in the rules or regulations
concerning payment processing, our ability to provide convenient payment options to our customers may be undermined, and our revenue,
operating expenses and results of operations could be adversely impacted.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We also rely
upon third-party streaming services, bandwidth providers and a cloud data storage service in China to operate certain aspects of our
business and to transmit or store our content and data. Any disruption of or interference with our use of these service providers could
have a material adverse effect on our business, operating results and financial condition. We cannot assure you that these service providers
and the underlying Internet infrastructure and telecommunications networks in China will be able to support increased demand arising
from our continued business expansion.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
operating results and cash flows may fluctuate significantly from period to period. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We have experienced,
and expect to continue to experience, seasonal fluctuations in our operating results. We often receive orders from digital music service
providers, institutional subscribers and distributors of our Kuke smart pianos and Kuke smart music teaching systems in the second half
of the year, and we generate ticket sales for the Beijing Music Festival every October. In addition, we expect to have higher student
enrollment around the beginning of every semester and to recognize a substantial portion of our licensing revenue when we deliver the
licensed content at our licensees&#8217; request, the timing of which is not within our control. As a result, we believe that the comparison
of our operating results over any interim periods in the past may not be an accurate indicator of our future performance. Overall, the
historical seasonality of our business has been relatively mild but seasonality may increase in the future along with the expansion of
our business. In addition, the seasonal trends that we have experienced in the past may not apply to, or be indicative of, our future
operating results.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Recognition
of share-based compensation expense may result in increased share-based compensation expenses. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We believe
the granting of share-based compensation is of significant importance to our ability to attract and retain key employees, directors and
consultants. In October 2020, we adopted a share incentive plan, or the 2020 Plan, to provide incentives to our employees, directors
and consultants, which went into effect upon the completion of our initial public offering. The maximum aggregate number of Class A ordinary
shares that may be issued under the 2020 Plan is 1,227,000. As of the date of this annual report, 1,125,334 share options and 101,666
restricted shares have been granted and outstanding.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We are required
to account for share-based compensation in accordance with IFRS 2-Share-based Payment, which generally requires a company to recognize,
as an expense, the fair value of share options and other equity incentives to employees based on the fair value of the equity awards
on the date of the grant, with the compensation expense recognized over the period in which the recipient is required to provide service
in exchange for the equity award. See &#8220;Note 29-Share-based payments&#8221; of our consolidated financial statements included elsewhere
in annual report for additional information. We recognized share-based payment expense of RMB19.4 million, RMB53.9 million and RMB15.2
million (US$2.2 million) for the years ended December 31, 2020, 2021 and 2022, respectively. If we grant additional share options or
other equity incentives in the future, our expenses associated with share-based compensation may further increase, which may have an
adverse effect on our financial condition and results of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
strategies focusing on rapid innovation and long-term goals over short-term financial results may yield results of operations that do
not align with investors&#8217; expectations. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our business
is growing and increasingly complex, and our success depends on our ability to quickly develop and launch new and innovative products
and services. This business strategy could result in unintended outcomes or decisions that are poorly received by our customers or business
partners. Our culture also prioritizes long-term strategic goals over short-term financial condition or operating results. We may make
decisions that may reduce our short-term revenue or profitability if we believe that the decisions will improve our long-term financial
performance. These decisions may not produce the long-term benefits that we expect, in which case our customer base, our relationships
with our business partners, and our business, financial condition and results of operations could be materially and adversely affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
management team has limited experience managing a public company. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our management
team has limited experience managing a public company, interacting with public company investors or complying with the increasingly complex
laws pertaining to public companies. Our management team may not successfully or efficiently manage our transition to becoming a public
company that is subject to significant regulatory oversight and reporting obligations under federal securities laws and the continuous
scrutiny of securities analysts and investors. These new obligations and constituents will require significant attention from our senior
management, particularly from our executive officers, and could divert their attention away from the day-to-day management of our business,
which could adversely affect our business, operating results and financial condition.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>International
expansion of our business could expose us to business, regulatory, political, operational, financial and economic risks associated with
doing business outside of China. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We currently
do not have international operations, but our long-term business strategy incorporates potential international expansion. Doing business
internationally involves a number of risks, including:</span></p><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">limits
                                            in our ability to penetrate international markets;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">complexities
                                            and difficulties in obtaining intellectual property protection and enforcing our intellectual
                                            property;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">multiple
                                            conflicting and changing laws and regulations, such as privacy regulations, tax laws, economic
                                            sanctions and embargoes, employment laws and regulatory requirements, and other governmental
                                            approvals, permits and licenses;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">additional
                                            withholding taxes or other taxes on our foreign income, and tariffs or other restrictions
                                            on foreign trade or investment;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">difficulties
                                            in staffing and managing foreign operations;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">increased
                                            travel, infrastructure and legal and compliance costs associated with multiple international
                                            locations;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">increased
                                            exposure to foreign currency exchange rate risk;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">longer
                                            payment cycles for sales in some foreign countries and potential difficulties in enforcing
                                            contracts and collecting trade receivables; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">general
                                            economic conditions in the countries in which we may operate.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Any of these
factors could significantly harm our future international expansion and operations and, consequently, our revenue and operating results.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
may face risks related to natural disasters, health epidemics and other outbreaks, which could significantly disrupt our operations.
</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In addition
to COVID-19, our business could be materially and adversely affected by natural disasters, such as snowstorms, earthquakes, fires or
floods, the outbreak of other widespread health epidemics, such as swine flu, avian influenza, severe acute respiratory syndrome, SARS,
Ebola, Zika, or other events, such as wars, acts of terrorism, environmental accidents, power shortages or communication interruptions.
Any of these natural disasters, health epidemics and events and their effect on the Chinese or global economy in general could have a
material adverse effect on our business, financial condition and results of operations. In addition, our revenue and profitability could
be materially reduced due to the effect of such events on our customers, suppliers or other business partners. For example, our contract
manufacturers may be required by the local or national government to shut down production under any of the aforementioned circumstances,
which could have a material and adverse effect on our ability to fulfill our contractual obligations, increase sales or expand our network
of collaborating kindergartens.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
have limited insurance coverage with respect to our business and operations, which could expose us to significant costs and business
disruption. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We do not
maintain business interruption insurance or general third-party liability insurance, nor do we maintain property insurance, product liability
insurance or key-man insurance. We consider this practice to be reasonable in light of the nature of our business and consistent with
the practices of other companies of similar sizes in the same industries in China. Any uninsured risks may result in substantial costs
and the diversion of our resources, which could adversely affect our operating results and financial condition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
have not independently verified the accuracy or completeness of the data, estimates and projections in this annual report that we obtained
from third-party sources, and such information involves assumptions and limitations. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Certain facts,
forecasts and other statistics relating to the industries in which we operate contained in this annual report have been derived from
various public data sources and a commissioned third-party industry report. Industry data and projections involve a number of assumptions
and limitations. Any discrepancy in the interpretation of such data could lead to measurements and projections that are different from
the actual results. While we generally believe such data sources to be reliable, we have not independently verified the accuracy or completeness
of such information. The report may have not been prepared on a comparable basis or may not be consistent with other sources.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If our internal control and procedures over financial reporting
are not effective, we may be unable to accurately report our operating results, meet our reporting obligations or prevent fraud. </i></b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In connection
with the audit of our consolidated financial statements as of and for the year ended December 31, 2022, we and our independent registered
public accounting firm identified two material weaknesses in accordance with the standards established by the PCAOB, which relates to
the lack of sufficient accounting and financial reporting personnel with the requisite knowledge and experience in the application of
IFRS and SEC rules and the lack of sufficient controls in calculating the expected credit loss on financial assets. As defined in standards
established by the PCAOB, a &#8220;material weakness&#8221; is a deficiency, or combination of deficiencies, in internal control over
financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements
will not be prevented or detected on a timely basis. The material weaknesses, if not remediated timely, may lead to material misstatements
in our consolidated financial statements in the future. To remedy our identified material weaknesses, we are in the process of adopting
several measures that are expected to improve our internal control over financial reporting. See &#8220;Item 15. Disclosure Controls
and Procedures-Changes In Internal Control Over Financial Reporting.&#8221; However, the implementation of these measures may not fully
address these deficiencies in our internal control over financial reporting.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We are now
a public company in the United States subject to the Sarbanes-Oxley Act of 2002. Section 404 of the Sarbanes-Oxley Act of 2002, or Section
404, requires that we include a management report on our internal control over financial reporting in our annual report on Form 20-F
beginning with this annual report for the fiscal year ended December 31, 2022. See &#8220;Item 15. Disclosure Controls and Procedures-Management&#8217;s
Annual Report on Internal Control over Financial Reporting.&#8221; In addition, once we cease to be an &#8220;emerging growth company,&#8221;
as such term is defined in the JOBS Act, our independent registered public accounting firm must attest to and report on the effectiveness
of our internal control over financial reporting. Moreover, even if our management concludes that our internal control over financial
reporting is effective, our independent registered public accounting firm, after conducting its own independent testing, may issue a
report that is qualified if it is not satisfied with our internal controls or the level at which our controls are documented, designed,
operated or reviewed. We may be unable to timely complete our evaluation testing and make required remediation. In addition, as the applicable
standards are modified, supplemented or amended from time to time, we may not be able to conclude on an ongoing basis that we have effective
internal control over financial reporting in accordance with Section 404.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">If we fail
to achieve and maintain an effective internal control environment, we could suffer material misstatements in our financial statements
and fail to meet our reporting obligations, which would likely cause investors to lose confidence in our reported financial information.
This could in turn limit our access to capital markets, harm our operating results and lead to a decline in the trading price of our
ADSs. Additionally, ineffective internal control over financial reporting could expose us to increased risk of fraud or misuse of corporate
assets and subject us to potential delisting, regulatory investigations and civil or criminal sanctions. We may also be required to restate
our financial statements for prior periods.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our ADSs may be prohibited from trading in the United States
under the HFCAA in the future if it is later determined that the PCAOB is unable to inspect or investigate completely our auditor. The
delisting of our ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment. </i></b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As part of
a continued regulatory focus in the United States on access to audit and other information currently protected by national law, in particular
China&#8217;s, the Holding Foreign Companies Accountable Act, or the HFCAA, has been signed into law on December 18, 2020. The HFCAA
states if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been subject
to inspection for the PCAOB for three consecutive years beginning in 2021, the SEC shall prohibit our shares or ADSs from being traded
on a national securities exchange or in the over-the-counter trading market in the U.S.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">On December
2, 2021, the SEC adopted final amendments to its rules implementing the HFCAA (the &#8220;Final Amendments&#8221;). The Final Amendments
include requirements to disclose information, including the auditor name and location, the percentage of shares of the issuer owned by
governmental entities, whether governmental entities in the applicable foreign jurisdiction with respect to the auditor has a controlling
financial interest with respect to the issuer, the name of each official of the Chinese Communist Party who is a member of the board
of the issuer, and whether the articles of incorporation of the issuer contains any charter of the Chinese Communist Party. The Final
Amendments also establish procedures the SEC will follow in identifying issuers and prohibiting trading by certain issuers under the
HFCAA.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">On December
16, 2021, the PCAOB issued a report to notify the SEC its determinations that it is unable to inspect or investigate completely PCAOB-registered
public accounting firms headquartered in mainland China and Hong Kong, and identifies the registered public accounting firms in mainland
China and Hong Kong that are subject to such determinations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our financial
statements as of December 31, 2020 and 2021 and for the years then ended were audited by Ernst &amp; Young, who are located in Hong Kong
and are subject to the determinations announced by the PCAOB in December 2021 (&#8220;PCAOB Determination Report&#8221;). Consequently,
we were identified as a &#8220;Commission-Identified Issuer&#8221; on June 1, 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our financial
statements as of December 31, 2022 and for the year ended December 31, 2022 were audited by Yu Certified Public Accountant, an independent
registered public accounting firm that is headquartered in New York, the United State. Yu Certified Public Accountant is not on such
list of the PCAOB Determination Report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">On December
15, 2022, the PCAOB announced that it has secured complete access to inspect and investigate completely PCAOB-registered public accounting
firms headquartered in mainland China and Hong Kong. The PCAOB also vacated its previous determinations issued in December 2021. Accordingly,
until such time as the PCAOB issues any new determination, we are at no risk of having our securities subject to a trading prohibition
under the HFCAA.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">On December
29, 2022, the Accelerating Holding Foreign Companies Accountable Act was signed into law as part of the Consolidated Appropriations Act,
which amended the HFCAA by reducing the number of consecutive non-inspection years required for triggering the prohibitions under the
HFCAA from three years to two. Therefore, once an issuer is identified as a Commission-Identified Issuer for two consecutive years, the
SEC is required under the HCFAA to prohibit the trading of the issuer&#8217;s securities on a national securities exchange and in the
over-the-counter market.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Each year,
the PCAOB will determine whether it can inspect and investigate completely audit firms in mainland China and Hong Kong, among other jurisdictions.
If the PCAOB determines in the future that it no longer has full access to inspect and investigate completely accounting firms in mainland
China and Hong Kong and we use an accounting firm headquartered in one of these jurisdictions to issue an audit report on our financial
statements filed with the SEC, we would be identified as a Commission-Identified Issuer following the filing of the annual report on
Form 20-F for the relevant fiscal year. In accordance with the HFCAA, our securities would be prohibited from being traded on a national
securities exchange or in the over-the-counter trading market in the United States if we are identified as a Commission-Identified Issuer
for two consecutive years in the future. The delisting of our ADSs, or the threat of their being delisted, may materially and adversely
affect the value of your investment. If our ADSs are prohibited from trading in the United States, there is no certainty that we will
be able to list on a non-U.S. exchange or that a market for our ADSs will develop outside of the United States. A prohibition of being
able to trade in the United States would substantially impair your ability to sell or purchase our ADSs when you wish to do so, and the
risk and uncertainty associated with delisting would have a negative impact on the price of our ADSs. Also, such a prohibition would
significantly affect our ability to raise capital on terms acceptable to us, or at all, which would have a material adverse impact on
our business, financial condition, and prospects.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Risks
Related to Our Corporate Structure </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>If
the PRC government finds that the agreements that establish the structure for operating our businesses in China do not comply with applicable
PRC laws and regulations, or if these laws and regulations or their interpretations change in the future, we could be subject to severe
penalties or be forced to relinquish our interests in those operations. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">PRC laws
and regulations impose certain restrictions and prohibitions on foreign ownership of companies that engage in Internet and other related
businesses. The Special Administrative Measures (Negative List) for Foreign Investment Access (2021 Version) (the &#8220;Negative List
(2021 version)&#8221;) provides that foreign investors are generally not allowed to own more than 50% of the equity interests in a value-added
telecommunications service provider other than a provider for e-commerce&#160;services, domestic multi-party communications services,
store-and-forward services and call center services, among others, and the Provisions on the Administration of Foreign-Invested Telecommunications
Enterprises (2016 Revision, which was recently amended in 2022 by the State Council, and the amended version became effective on May
1, 2022) requires that the major foreign investor in a value-added telecommunications service provider in China obtain permissions and
approvals from MIIT, which retain considerable discretion in granting permissions and approvals. The Negative List (2021 version) also
prohibits foreign investment in internet news and information services, internet publishing services, internet audio-visual program services,
internet culture operations (except for music), internet information services to the public (except for the contents allowed pursuant
to China&#8217;s WTO commitments).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">To ensure
compliance with the PRC laws and regulations, our WFOEs, conduct business in China mainly through the VIEs based on a series of contractual
arrangements by and among our WFOEs, the VIEs and the respective shareholders of the VIEs, which enable us to (i) receive substantially
all of the economic benefits of the VIEs, and (ii) have an exclusive option to purchase all or part of the equity interests and assets
in the VIEs when and to the extent permitted by PRC law. As a result of our direct ownership in the WFOEs and the contractual arrangements
with the VIEs, we are able to receive the economic benefits of the VIEs, be the primary beneficiary of the VIEs for accounting purposes
and consolidate the financial results of the VIEs in our consolidated financial statements, to the extent that we have satisfied the
conditions for consolidation of the VIEs under the IFRS. In the opinion of our PRC counsel, Commerce &amp; Finance Law Offices, each
of these contractual arrangements is currently valid, binding and enforceable in accordance with its terms<b>.</b> However, we have been
further advised by our PRC counsel that there are substantial uncertainties regarding the interpretation and application of current or
future PRC laws and regulations and that the PRC government may ultimately take a view contrary to the opinion of our PRC counsel.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">If the contractual
arrangements among our WFOEs, the VIEs and their respective shareholders are determined to be illegal or invalid, or if we or the VIEs
fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have broad discretion
in dealing with such violations or failures, including:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">revoking
                                            the business license and/or operating license of such entities;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">placing
                                            restrictions on our operations or our right to collect revenues;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">imposing
                                            fines, confiscating the income from our WFOEs or VIEs, or imposing other requirements with
                                            which we or the VIEs may not be able to comply;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">requiring
                                            us to restructure our ownership structure or operations, including terminating the contractual
                                            arrangements and deregistering equity pledges made by the shareholders of the VIEs, which
                                            in turn would affect our ability to consolidate or derive economic interests from, or effectively
                                            exercise our contractual rights over the VIEs;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">restricting
                                            or prohibiting our use of the proceeds of future public offering to finance our and the VIEs&#8217;
                                            business and operations in China; or</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">taking
                                            other regulatory or enforcement actions that could be harmful to our and the VIEs&#8217;
                                            business.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The imposition
of any of these penalties could cause us to lose our right to receive the economic benefits from the VIEs and result in a material adverse
effect on our ability to conduct our business. In addition, it is unclear what impact these actions would have on us and on our ability
to consolidate the financial results of the VIEs in our consolidated financial statements, if the PRC government authorities were to
find our legal structure and contractual arrangements to be in violation of PRC laws and regulations. If we are not able to restructure
our ownership structure and operations in a manner satisfactory to relevant PRC regulatory authorities, our results of operations and
financial condition could be materially and adversely affected. If, due to any of the above circumstances or any other events, we become
unable to exercise the contractual rights over the assets and operations of our subsidiaries or the VIEs that conduct substantially all
of our operations, our securities may decline in value or become worthless.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
rely on contractual arrangements with the VIEs and their shareholders for our operations in the PRC, which may not be as effective as
direct ownership in providing operational control. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We have relied
and expect to continue to rely on contractual arrangements with the VIEs and their shareholders to conduct certain of our key businesses.
These contractual arrangements may not be as effective as direct ownership in providing us with substantial influence over the VIEs. If we had direct
ownership of the VIEs, we would be able to exercise our rights as a shareholder to effect changes in the board of directors of the VIEs,
which in turn could implement changes at the management and operational level. Under the current contractual arrangements, however, we
rely on the performance by the VIEs and their respective shareholders of their contractual obligations to exercise substantial influence over the VIEs.
The VIEs and their shareholders could breach their contractual arrangements with us by, among other things, failing to conduct their
operations in an acceptable manner, taking other actions that are detrimental to our interests or refusing to renew their existing contractual
arrangements with us. Such risks exist throughout the period in which we intend to operate certain portions of our business through the
contractual arrangements with the VIEs and their shareholders. Therefore, our contractual arrangements with the VIEs and their shareholders
may not be as effective in ensuring our substantial influence over the relevant portion of our business operations as direct ownership would be. If
the VIEs or their shareholders fail to perform their respective obligations under the contractual arrangements, we may have to incur
substantial costs and expend additional resources to enforce such arrangements. We may also have to rely on legal remedies, including
seeking specific performance or injunctive relief and claiming damages. All the agreements we have with the VIEs and their shareholders
are governed by PRC law. The legal system in the PRC is not as developed as in jurisdictions such as the United States and there are
very few precedents and little formal guidance as to how contractual arrangements in the context of a variable interest entity should
be interpreted or enforced under PRC law. In addition, under PRC law, arbitral rulings are final as parties cannot appeal the arbitration
results in courts, and if the losing party fails to carry out the arbitration awards within a prescribed time period, the prevailing
party may only enforce the arbitration awards in PRC courts through arbitration award recognition proceedings, which would require additional
expenses and delay. In the event that we are unable to enforce these contractual arrangements, or if we suffer significant delays or
other obstacles in the process of enforcing these contractual arrangements, we may not be able to exert substantial influence over the
VIEs, and our ability to conduct our business may be negatively affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
shareholders of the VIEs may have potential conflicts of interest with us, which may materially and adversely affect our business and
financial condition. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The shareholders
of the VIEs may have potential conflicts of interest with us. These shareholders may, or cause the VIEs to, breach or refuse to renew
our contractual arrangements with them, which would have a material adverse effect on our ability to effectively control the VIEs and
receive substantially all of the economic benefits from the VIEs. For example, these shareholders may be able to cause our agreements
with the VIEs to be performed in a manner adverse to us by, among other things, failing to make payments that are due to us under the
contractual arrangements on a timely basis. We cannot assure you that, when conflicts of interest arise, any or all of these shareholders
will act in the best interests of our company or such conflicts will be resolved in our favor. Currently, we do not have arrangements
in place to address the potential conflicts of interest that these shareholders may have. If we cannot resolve any conflicts of interest
or disputes between us and these shareholders, we would have to rely on legal proceedings to enforce our rights, which involve substantial
uncertainty and may materially disrupt our business.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Failure
to obtain or renew permissions or approvals or respond to any changes in government policies, laws or regulations may affect our and
the VIEs&#8217; ability to conduct or expand business.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">China&#8217;s
internet, private education and music licensing industries are highly regulated. We, our subsidiaries and the VIEs are required under
PRC laws and regulations to obtain various government permissions or approvals in connection with the provision of our and the VIEs&#8217;
services. Applicable laws and regulations may be tightened and new laws or regulations may be introduced to impose additional government
permission or approval requirements. In particular, uncertainties exist in relation to regulatory requirements regarding private education
and music licensing. For example, under certain policies, we and the VIEs may be required to lower the tuition of Kukey courses in order
to offer Kukey courses to the students of our collaborating kindergartens. If we, our subsidiaries and the VIEs fail to obtain and maintain
permissions or approvals required for our business or respond to changes in the regulatory environment, we, our subsidiaries and the
VIEs could be subject to liabilities, penalties and operational disruption, which may materially and adversely affect our business, operating
results and financial condition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
may lose the ability to use, or otherwise benefit from, the licenses, permits and assets held by the VIEs that are material to the operation
of our business. </i></b></span></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As part of
our contractual arrangements with the VIEs, the VIEs hold certain assets, licenses and permits that are material to our business operations.
The contractual arrangements contain terms that specifically obligate the VIEs&#8217; shareholders to ensure the valid existence of the
VIEs and restrict the disposal of material assets of the VIEs. However, if the VIEs&#8217; shareholders breach the terms of these contractual
arrangements, or if any of the VIEs undergoes a voluntary or involuntary liquidation proceeding and all or part of its assets become
subject to liens or rights of third-party creditors or are otherwise disposed of or encumbered without our consent, we may be unable
to conduct certain of our business operations or otherwise benefit from the assets held by the VIEs, which could have a material adverse
effect on our business, financial condition and results of operations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Uncertainties
exist with respect to the interpretation and implementation of the PRC Foreign Investment Law and how it may impact the viability of
our current corporate structure, corporate governance and business operations. </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">On March
15, 2019, the National People&#8217;s Congress of the PRC approved the Foreign Investment Law, which came into effect on January 1, 2020
and replaced the trio of existing laws regulating foreign investment in China, i.e., the Sino-foreign Equity Joint Venture Enterprise
Law, the Sino-foreign Cooperative Joint Venture Enterprise Law and the Wholly Foreign-invested Enterprise Law, together with their implementation
rules and ancillary regulations. In December 2019, the State Council promulgated the Implementation Regulation on the Foreign Investment
Law to further clarify relevant provisions of the Foreign Investment Law, which came into effect on January 1, 2020. The Foreign Investment
Law and its implementation regulation embody an expected PRC regulatory trend to rationalize its foreign investment regulatory regime
in line with prevailing international practice and the legislative efforts to unify the corporate legal requirements for both foreign
and domestic investments.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">However,
since the Foreign Investment Law and its implementation regulation are relatively new, uncertainties still exist in relation to their
interpretation and implementation. For instance, under the Foreign Investment Law, &#8220;foreign investment&#8221; refers to the investment
activities directly or indirectly conducted by foreign individuals, enterprises or other entities in mainland China. Though it does not
explicitly classify contractual arrangements as a form of foreign investment, there is no assurance that foreign investment via contractual
arrangements would not be deemed as a type of indirect foreign investment activities under the definition in the future. In addition,
the definition has a catch-all provision which includes investments made by foreign investors through means stipulated in laws or administrative
regulations or other methods prescribed by the State Council. The Negative List (2021 version) stipulates that any domestic enterprise
in mainland China engaging in prohibited business under the Negative List shall be subject to review by and shall obtain the consent
of the relevant competent PRC authorities for overseas listing, and the foreign investors shall not participate in the operation and
management of such enterprise, and the shareholding percentage of the foreign investors in such enterprise shall be subject, mutatis
mutandis, to the relevant administrative provisions of the PRC domestic securities investment by foreign investors. The Negative List
does not further elaborate whether existing overseas listed enterprises, like us, will be subject to such requirements. Further, pursuant
to the press conference held by the National Development and Reform Commission of the PRC (the &#8220;NDRC&#8221;) on January 18, 2022,
the foresaid requirements shall not be applicable to domestic enterprises that seek to offer and list securities in overseas markets
indirectly. Although it does not explicitly classify contractual arrangements as a form of foreign investment, there is no assurance
that foreign investment via contractual arrangement would not be interpreted as a type of indirect foreign investment activities in the
future. </span>According to CSRC&#8217;s Questions and Answers with respect to Trial Administrative Measures of Overseas Securities Offering
and Listing by Domestic Companies on February 17, 2023, for the filing of overseas listing of enterprises with VIE structure, the filing
procedure will adhere to the principles of market-oriented principle, rule of law, and strengthened regulatory synergy. The CSRC will consult
the relevant competent authorities, and the overseas listing of VIE structured enterprises that meet the compliance requirements will
be filed. For details, see &#8220;&#8212; The permission and approval from the CSRC or other PRC government authorities may be required
in connection with an offshore offering under PRC law, and, if required, we cannot predict whether or for how long we will be able to
obtain such permission or approval.&#8221; </p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In any of these cases, it will be
uncertain whether our contractual arrangements will be deemed to be in violation of the market access requirements for foreign investment
under the PRC laws and regulations. Furthermore, if future laws, administrative regulations or provisions prescribed by the State Council
mandate further actions to be taken by companies with respect to existing contractual arrangements, we may face substantial uncertainties
as to whether we can complete such actions in a timely manner, or at all.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In addition,
the Foreign Investment Law provides that foreign-invested enterprises established before the Foreign Investment Law came into effect
may maintain their structure and corporate governance within a five-year transition period, which means that we may be required to adjust
the structure and corporate governance of certain of our subsidiaries in China when such transition period ends. Failure to take timely
and appropriate measures to cope with any of these or similar regulatory compliance challenges could materially and adversely affect
our current corporate structure, corporate governance and business operations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
may rely on dividends and other distributions on equity paid by our subsidiaries in mainland China and Hong Kong to fund any cash and
financing requirements we may have. To the extent cash or assets in the business is in mainland China or Hong Kong or an entity domiciled
in mainland China or Hong Kong, and may need to be used to fund operations outside of mainland China or Hong Kong, the funds and assets
may not be available to fund operations or for other uses outside of mainland China or Hong Kong due to interventions in or the imposition
of restrictions and limitations by the government on our, our subsidiaries&#8217; or the VIEs&#8217; ability to transfer cash and assets,
which could have a material and adverse effect on our ability to conduct business.</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Under our
current corporate structure, our ability to pay dividends depends upon dividends paid by our British Virgin Islands and Hong Kong subsidiaries,
which in turn depends on dividends paid by our subsidiaries&#160;in China, which further depends on payments from the VIEs under the
contractual arrangements. To the extent cash or assets in the business is in mainland China or Hong Kong or an entity domiciled in mainland
China or Hong Kong, and may need to be used to fund operations outside of mainland China or Hong Kong, the funds and assets may not be
available to fund operations or for other uses outside of mainland China or Hong Kong due to interventions in or the imposition of restrictions
and limitations by the government on our, our subsidiaries&#8217; or the VIEs&#8217; ability to transfer cash and assets.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Although
we consolidate the results of the VIEs and their subsidiaries, we only have access to the assets or earnings of the VIEs and their subsidiaries
through the contractual arrangements. If the PRC authorities determine that the contractual arrangements constituting part of the VIE
structure do not comply with PRC regulations, or if current regulations change or are interpreted differently in the future, our ability
to settle amount owed by the VIEs under the contractual arrangements may be seriously hindered. In addition, if our existing subsidiaries
in China or any newly formed ones incur debt on their own behalf in the future, the instruments governing their debt may restrict their
ability to pay dividends to us.&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our WFOEs
are permitted to pay dividends to us only out of its retained earnings, if any, as determined in accordance with PRC accounting standards
and regulations. Under PRC laws, each of our subsidiary, the VIEs and their subsidiaries in China is required to set aside at least 10%
of its after-tax profits each year, if any, to fund certain statutory reserve funds until such reserve funds reach 50% of its registered
capital. In addition, after making an allocation to the statutory reserve funds from their after-tax profits, our WFOEs, the VIEs and
their subsidiaries may allocate a portion of their after-tax profits based on PRC accounting standards to a discretionary surplus fund
at their discretion. The statutory reserve funds and the discretionary funds are not distributable as cash dividends.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">There are
limitations on our ability to transfer cash between us, our subsidiaries and the VIEs, and there is no assurance that the PRC government
will not intervene or impose restrictions on cash transfer between us, our subsidiaries and the VIEs. We may encounter difficulties in
our ability to transfer cash between subsidiaries&#160;in China and other subsidiaries largely due to various PRC laws and regulations
imposed on foreign exchange. The majority of our income is denominated in Renminbi, and shortage in foreign currencies may restrict our
ability to pay dividends or other payment to satisfy our foreign currency denominated obligations, if any. Under existing PRC foreign
exchange regulations, payments of current account items, including profit distributions, interest payments and expenditures from trade-related
transactions can be made in foreign currencies without prior approval from the State Administration of the Foreign Exchange in the PRC
as long as certain procedural requirements are met. Approval from appropriate government authorities is required if Renminbi is converted
into foreign currency and remitted out of the PRC to pay capital expenses such as the repayment of loans denominated in foreign currencies.
The PRC government may, at its discretion, impose restrictions on access to foreign currencies for current account transactions and if
this occurs in the future, we may not be able to pay dividends in foreign currencies to our shareholders. The PRC government has implemented
a series of capital control measures, including stricter vetting procedures for China-based companies to remit foreign currency for overseas
acquisitions, dividend payments and shareholder loan repayments. It may continue to strengthen its capital controls and dividends and
other distributions of our subsidiaries in China may be subjected to tighter scrutiny and may limit the ability of our Cayman Islands
holding company, to use capital from our subsidiaries in China, which&#160;may restrict our ability to satisfy our liquidity requirements.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our Hong
Kong subsidiary may be considered a non-resident enterprise for tax purposes, so that any dividends our subsidiary in China pays to our
Hong Kong subsidiary may be regarded as China-sourced income and, as a result, may be subject to PRC withholding tax at a rate of up
to 10% unless a tax treaty or similar arrangement provides otherwise. If we are required under the PRC Enterprise Income Tax Law to pay
income tax for any dividends we receive from our subsidiaries in China, or if our Hong Kong subsidiary is determined by PRC government
authority as receiving benefits from reduced income tax rate due to a structure or arrangement that is primarily tax-driven, it would
materially and adversely affect the amount of dividends, if any, we may pay to our shareholders.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">If the PRC
tax authorities determine that our Cayman Islands holding company is a PRC resident enterprise for enterprise income tax purposes and
unless a tax treaty or similar arrangement provides otherwise, we may be required to withhold a 10% tax from dividends we pay to our
shareholders that are non-resident enterprises, including the holders of the ADSs. In addition, non-resident enterprise shareholders,
including the ADS holders, may be subject to PRC tax at a rate of 10% on gains realized on the sale or other disposition of ADSs or ordinary
shares if such income is treated as sourced from within the PRC. Furthermore, if we are deemed a PRC resident enterprise, dividends paid
to our non-PRC individual shareholders, including the ADS holders, and any gain realized on the transfer of ADSs or ordinary shares by
such shareholders may be subject to PRC tax at a rate of 20% which in the case of dividends may be withheld at source. Any such tax may
reduce the returns on your investment in the ADSs.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Cayman
Islands economic substance requirements may adversely affect our business and operations.</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the International Tax Cooperation (Economic Substance) Act (2021 Revision) of the Cayman Islands, or the ES Act, that first came into
force on January 1, 2019, a &#8220;relevant entity&#8221; is required to satisfy the economic substance test set out in the ES Act. A
&#8220;relevant entity&#8221; includes an exempted company incorporated in the Cayman Islands as is our company. Based on the current
interpretation of the ES Act, we have submitted filings as required under the ES Act as a pure equity holding company since it only holds
equity participation in other entities and only earns dividends and capital gains. Accordingly, for so long as our company is regarded
as a &#8220;pure equity holding company,&#8221; it is only subject to reduced substance requirements, which require us to (i) comply
with all applicable filing requirements under the Companies Act, Cap. 22 (Act 3 of 1961, as consolidated and revised) of the Cayman Islands
(the &#8220;Companies Act&#8221;); and (ii) have adequate human resources and adequate premises in the Cayman Islands for holding and
managing equity participations in other entities. However, there can be no assurance that we will not be subject to more requirements
under the ES Act in the future. Uncertainties over the interpretation and implementation of the ES Act may have an adverse impact on
our business and operations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
contractual arrangements with the VIEs may result in adverse tax consequences to us. </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Under applicable
PRC laws and regulations, arrangements and transactions among related parties may be subject to audit or challenge by PRC tax authorities.
We could face material adverse tax consequences if PRC tax authorities determine that the contractual arrangements between us and the
VIEs were not entered into on an arm&#8217;s-length basis in such a way as to result in an impermissible reduction in taxes under applicable
PRC laws, rules and regulations, and adjust the income of the VIEs in the form of a transfer pricing adjustment. A transfer pricing adjustment
could, among other things, result in a reduction of expense deductions recorded by the VIEs for PRC tax purposes, which could in turn
increase their tax liabilities. In addition, PRC tax authorities may impose late payment fees and other penalties on the VIEs for the
adjusted but unpaid taxes according to the applicable regulations. Our financial position could be materially and adversely affected
if the VIEs&#8217; tax liabilities increase or if any of the VIEs is required to pay late payment fees and other penalties.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>PRC
laws and regulations over direct investment in and loans to PRC entities by offshore companies and governmental control of currency conversion
may delay or prevent us from using the proceeds of our initial public offering to make loans to our PRC subsidiaries and VIEs or make
additional capital contributions to our PRC subsidiaries, which could materially and adversely affect our liquidity and our ability to
fund and expand our business. </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Under PRC
laws and regulations, any transfer of funds by us to our PRC subsidiaries, either as a shareholder loan or through injection of registered
capital, are subject to approval by or registration or filing with relevant governmental authorities in China. Currently, there is no
statutory limit to the amount of funding that we can provide to our PRC subsidiaries through capital contributions, because there is
no statutory limit on the amount of registered capital for our PRC subsidiaries and we are allowed to make capital contributions to our
PRC subsidiaries by subscribing for their registered capital, provided that the PRC subsidiaries complete the relevant filing and registration
procedures. According to relevant PRC regulations on foreign-invested enterprises, or FIEs, capital contributions to our PRC subsidiaries
are subject to filing with the PRC Ministry of Commerce, or the MOC, in its foreign investment comprehensive management information system
and registration with other governmental authorities in China. Based on the current registered capital of our PRC subsidiaries and the
amount of funding we have contributed, without increasing the registered capital of our PRC subsidiaries, the amount of funding we can
provide to our PRC subsidiaries through injection of registered capital is US$1,840 million. In addition, under the Circular on Reforming
the Management Approach Regarding the Foreign Exchange Capital Settlement of Foreign-Invested Enterprises, or SAFE Circular 19, and the
Notice of the State Administration of Foreign Exchange on Reforming and Standardizing the Foreign Exchange Settlement Management Policy
of Capital Account, or SAFE Circular 16, FIEs are prohibited from using Renminbi fund converted from their foreign exchange capitals
for expenditures beyond their business scopes or using such Renminbi fund to provide loans to persons other than their affiliates, unless
that is within their business scope.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Any foreign
loan procured by our PRC subsidiaries and VIEs is also required to be registered with the SAFE or its local branches or be filed with
the SAFE in its information system, and each of our PRC subsidiaries and VIEs may not procure loans which exceed either (i) the amount
of the difference between their respective registered total investment amount and registered capital, or the Total Investment and Registered
Capital Balance, or (ii) two times, or the then-applicable statutory multiple, the amount of their respective audited net assets, calculated
in accordance with PRC GAAP, or the Net Assets Limit, at our election. Increasing the Total Investment and Registered Capital Balance
of our PRC subsidiaries is subject to governmental approval and may require a PRC subsidiary to increase its registered capital at the
same time. If we choose to make a loan to a PRC entity based on its Net Assets Limit, the maximum amount that we would be able to loan
to the relevant PRC entity would depend on the relevant entity&#8217;s net assets and the applicable statutory multiple at the time of
the calculation. Any medium-or long-term loan to be provided by us to the VIEs must also be approved by the National Development and
Reform Commission, or NDRC. Please see &#8220;Item 4. Information on the Company-B. Business Overview-Regulations-Regulations on Foreign
Exchange Registration of Offshore Investment by PRC Residents.&#8221;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">These PRC
laws and regulations may significantly limit our ability to use Renminbi converted from the net proceeds of our initial public offering
to fund the establishment of new entities in China by our PRC subsidiaries, to invest in or acquire any other PRC companies through our
PRC subsidiaries, to fund our existing VIEs or to establish and fund new variable interest entities in China. Moreover, we cannot assure
you that we will be able to complete the necessary registrations or obtain the necessary government approvals on a timely basis, if at
all, with respect to future loans to our PRC subsidiaries or VIEs, or future capital contributions by us to our PRC subsidiaries. If
we fail to complete such registrations or obtain such approvals or if we are found to be in violation of any applicable laws with respect
to foreign currency exchange, our ability to use the proceeds we received or expect to receive from our offshore offerings may be negatively
affected and we may be subject to penalties, which could materially and adversely affect our liquidity and our ability to fund and expand
our business.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Risks
Related to Doing Business in China</b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>A severe
or prolonged downturn in the Chinese and global economy could materially and adversely affect our business, financial condition and operating
results. </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our revenues
are all sourced from China. Therefore, our business, financial condition, results of operations and prospects are affected significantly
by the economic, political and legal developments in China. The Chinese economy differs from the economies of most developed countries
in many respects, such as the level of government involvement, growth rate and control of foreign exchange. The PRC government has significant
authority to exert influence on the ability of a China-based company, such as us, to conduct its business. Therefore, investors of our
company and our business face potential uncertainties from the PRC government. While the Chinese economy has experienced significant
growth in the past 30 years, the growth has been uneven across different periods, regions and among various economic sectors of China,
and the rate of growth has slowed down since 2012. In addition, economic conditions in China are also sensitive to global economic conditions.
There is considerable uncertainty over the long-term effects of the expansionary monetary and fiscal policies that had been adopted by
the central banks and financial authorities of some of the world&#8217;s leading economies, including the United States and China. There
is also significant uncertainty about the future relationship between the United States and China with respect to trade policies, treaties,
government regulations and tariffs. Moreover, there have been the increasing tension between the United States and China, and concerns
over unrest, terrorist threats and the potential for war in the Middle East, Europe and elsewhere, as well as over the conflicts involving
Ukraine, Syria and North Korea, all creating significant uncertainty for the Chinese and global economy. For example, the military conflict
between Russia and Ukraine has resulted in an escalated regional instability, amplified the existing geopolitical tension among Russia
and other countries in the region and in the west, as well as adversely affected commodity and other financial markets or economic conditions.
The United States, European Union, the United Kingdom, Switzerland and other countries have imposed, and may further impose, financial
and economic sanctions and export controls targeting certain Russian entities and/or individuals, which could adversely affect the global
economy and financial markets. The duration of such military conflict and the related sanctions, as well as their impact on the global
financial markets, cannot be predicted. There have also been concerns on the relationship between China and other countries, including
the surrounding Asian countries, which may potentially have economic effects. In particular, there is significant uncertainty about the
future relationship between the United States and China with respect to trade policies, treaties, government regulations and tariffs.
Furthermore, there is considerable uncertainty over the long-term effects of the expansionary monetary and fiscal policies adopted by
central banks and financial authorities in some of the world&#8217;s leading economies, including the United States and China. Any prolonged
slowdown in the Chinese or global economy may materially and adversely affect our business, results of operations and financial condition.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Uncertainties
with respect to the PRC legal system and changes in laws and regulations in China could adversely affect us. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">The PRC legal
system is a civil law system based on written statutes. Unlike the common law system, prior court decisions may be cited for reference
but have limited precedential value. Furthermore, the PRC legal system is based in part on government policies and internal rules, some
of which are not published on a timely basis or at all and may have retroactive effect. As a result, we may not be aware of our violation
of any of these policies and rules until sometime after the violation. Such unpredictability towards our contractual, property and procedural
rights could adversely affect our business and impede our ability to continue our operations. Uncertainties also exist in relation to
new legislation or proposed changes in the PRC regulatory requirements.</span></p><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">From time
to time, we may have to resort to administrative and court proceedings to enforce our legal rights. Administrative and court proceedings
in China may be protracted, resulting in substantial costs and diversion of management attention. Since PRC administrative and court
authorities have significant discretion in interpreting and implementing statutory provisions and contractual terms, it may be more difficult
to evaluate the outcome of administrative and court proceedings and the level of legal protection we enjoy than in more developed legal
systems. These uncertainties may impede our ability to enforce the contracts we have entered into and could materially and adversely
affect our business and results of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
PRC government may exert, at any time, substantial intervention and influence over the manner of our and the VIEs&#8217; operations,
and the rules and regulations to which we and the VIEs are subject, including the ways they are enforced, may change rapidly and with
little advance notice to us, the VIEs or our shareholders. Any such actions by the Chinese government, including any decision to intervene
or influence the operations of our subsidiaries in China or the VIEs or to exert control over any offering of securities conducted overseas
and/or foreign investment in China-based issuers, may cause us to make material changes to the operations of our subsidiaries in China
or the VIEs, may limit or completely hinder our ability to offer or continue to offer securities to investors, and may cause the value
of such securities to significantly decline or be worthless. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The ability
of our subsidiaries and the VIEs to operate in China may be impaired by changes in its laws and regulations, including those relating
to value-added telecommunications services, internet audio-video program services, taxation, foreign investment limitations, and other
matters.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The PRC
government may exert, at any time, substantial intervention and influence over the manner of our and the VIEs&#8217; operations, and
the rules and regulations to which we and the VIEs are subject, including the ways they are enforced, may change rapidly and with
little advance notice to us, the VIEs or our shareholders. The PRC government have recently initiated a series of regulatory actions
and statements to regulate business operations in China with little advance notice, including cracking down on illegal activities in
the securities market, enhancing supervision over China-based companies listed overseas, and adopting new measures to extend the
scope of cybersecurity reviews and new laws and regulations relating to data security. The PRC government may impose new, stricter
regulations or interpretations of existing regulations that would require additional expenditures and efforts on our part to ensure
our subsidiaries in China and the VIEs&#8217; compliance with such regulations or interpretations. As such, our subsidiaries in
China and the VIEs may be subject to various government actions and regulatory interference in the provinces in which they operate.
They could be subject to regulation by various political and regulatory entities, including various local and municipal agencies and
government sub-divisions. They may incur increased costs necessary to comply with existing and newly adopted laws and regulations or
penalties for any failure to comply. Furthermore, it is uncertain when and whether we will be required to obtain permissions or
approvals from the PRC government to maintain our listing status on U.S. exchanges in the future, and even when such permission or
approval is obtained, whether it will be subsequently revoked or rescinded. According to CSRC&#8217;s Questions and Answers with
respect to Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies on February 17, 2023, for&#8239;
the filing of overseas listing of enterprises with VIE structure, the filing procedure will adhere to the principles of
market-oriented principle, rule of law, and strengthened regulatory synergy. The CSRC will consult the relevant competent authorities,
and the overseas listing of VIE structured enterprises that meet the compliance requirements will be filed. For details, see
&#8220;&#8212; The permission and approval from the CSRC or other PRC government authorities may be required in connection with an
offshore offering under PRC law, and, if required, we cannot predict whether or for how long we will be able to obtain such
permission or approval.&#8221;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Accordingly,
government actions in the future, including any decision to intervene or influence the operations of our subsidiaries in China or the
VIEs at any time, or to exert control over an offering of securities conducted overseas and/or foreign investment in China-based issuers,
may cause us to make material changes to the operations of our subsidiaries in China or the VIEs, may limit or completely hinder our
ability to offer or continue to offer securities to investors, and/or may cause the value of such securities to significantly decline
or be worthless. We or the VIEs have not received any inquiry, notice, warning, or sanctions regarding our corporate structure, contractual
arrangements, the VIEs&#8217; operations and the offering of securities that we may make under this annual report and the applicable annual report
supplement from the CSRC, the CAC or any other PRC government authorities.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
permission and approval from the CSRC or other PRC government authorities may be required in connection with an offshore offering under
PRC law, and, if required, we cannot predict whether or for how long we will be able to obtain such permission or approval.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On February 17, 2023, the CSRC issued the Trial Administrative Measures
of Overseas Securities Offering and Listing by Domestic Enterprises, or the Trial Measures, which became effective on March 31,
2023. On the same date of the issuance of the Trial Measures, the CSRC circulated No.1 to No.5 Supporting Guidance Rules, the Notes on
the Trial Measures, the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises and the relevant
CSRC Answers to Reporter Questions on the official website of the CSRC, or collectively, the Guidance Rules and Notice. Under the Trial
Measures and the Guidance Rules and Notice, domestic companies conducting overseas securities offering and listing activities, either
in direct or indirect form, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within
three working days following its submission of initial public offering or listing application. The companies that have already been
listed on overseas stock exchanges <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">are not required to make
immediate filings for its listing yet need to make filings for subsequent offerings in accordance with the Trial Measures. In view of
the fact that the Trial Measures have come into effect on 31 March 2023, we shall fulfill the filing procedures with the CSRC for our
future offshore offering as per requirements of the Trial Measures. According to CSRC&#8217;s Questions and Answers with respect to Trial
Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies on February 17, 2023, for the filing of overseas
listing of enterprises with VIE structure, the filing procedure will adhere to the principles of market-oriented principle, rule of law,
and strengthened regulatory synergy. The CSRC will consult the relevant competent authorities, and the overseas listing of VIE structured
enterprises that meet the compliance requirements will be filed. We may not be able to complete the filing if the filing materials
are incomplete or do not meet the requirements of the CSRC.</span> Any failure to obtain or delay in obtaining the CSRC permission and
approval for any of our offshore offerings, or a rescission of such permission and approval if obtained, may subject us to sanctions
imposed by the CSRC or other PRC regulatory authorities, which may materially and adversely affect our business, financial condition,
and results of operations.&#160;</p><div>



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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
operations depend on the performance of the Internet infrastructure and telecommunications networks in China, which are in large part
operated and maintained by state-owned operators. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The successful
operation of our business depends on the performance of the Internet infrastructure and telecommunications networks in China. Almost
all access to the Internet is maintained through state-owned telecommunications operators under the administrative control and regulatory
supervision of the Ministry of Industry and Information Technology. We have limited access to alternative networks or services in the
event of disruptions, failures or other problems with China&#8217;s Internet infrastructure or the telecommunications networks provided
by telecommunications service providers. Internet traffic in China has experienced significant growth during the past few years. Effective
bandwidth and server storage at Internet data centers in large cities such as Beijing are scarce. With the expansion of our business,
we may be required to upgrade our technology and infrastructure to keep up with our growing customer base. We had not experienced material
disruptions to our business operations as a result of service capacity constraints for the years ended December 31, 2020, 2021 and 2022.
However, we cannot assure you that the Internet infrastructure and telecommunications networks in China will be able to support the demands
associated with the continued growth in Internet usage. If we were unable to increase our online content and service delivering capacity
accordingly, we may not be able to continuously grow our Internet traffic and the adoption of our products and services may be hindered,
which could adversely impact our business and our share price.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In addition,
we generally have no control over the costs of the services provided by telecommunications service providers. If the prices we pay for
telecommunications and Internet services rise significantly, our results of operations may be materially and adversely affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
M&amp;A Rules and certain other PRC regulations could make it more difficult for us to pursue growth through acquisitions in China. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Regulations
on Mergers and Acquisitions of Domestic Companies by Foreign Investors, or the M&amp;A Rules, adopted by six PRC regulatory agencies
in 2006 and amended in 2009, and some other regulations and rules concerning mergers and acquisitions established additional procedures
and requirements that could make merger and acquisition activities by foreign investors more time-consuming and complex, including requirements
in some instances that the in-charge government authority be notified in advance of any change-of-control transaction in which a foreign
investor takes control of a PRC domestic enterprise. Moreover, the Anti-Monopoly Law of the PRC requires that the in-charge government
authority be notified in advance of any concentration of undertaking if certain thresholds are triggered. In light of the uncertainties
relating to the interpretation, implementation and enforcement of the Anti-Monopoly Law, we cannot assure you that the in-charge anti-monopoly
law enforcement agency will not deem our past acquisition or investments to have triggered the filing requirement for anti-trust review.
If we are found to implement concentration in violation of the present Law, and the concentration has or may have the effect of eliminating
or restricting competition, the Anti-monopoly Law Enforcement Agency of the State Council shall order it to cease the implementation
of concentration, dispose of the shares or assets within a time limit, transfer the business within a time limit and take other necessary
measures to restore to the status before the concentration, and impose on it a fine of not more than 10% of its sales amount in the previous
year; or impose on it a fine of not more than 5 million yuan if the concentration has no effect of eliminating or restricting competition.
It may materially and adversely affect our business, financial condition and results of operations. In addition, under applicable laws,
mergers and acquisitions by foreign investors that raise &#8220;national defense and security&#8221; concerns and mergers and acquisitions
through which foreign investors may acquire de facto control over domestic enterprises that raise &#8220;national security&#8221; concerns
are subject to strict review by the MOC, and any activities attempting to bypass a security review, including by structuring the transaction
through a proxy or contractual control arrangement, are prohibited.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In the future,
we may grow our business by acquiring complementary businesses. Complying with the requirements of the above-mentioned regulations and
other relevant rules to complete such transactions could be time-consuming, and any required approval processes, including obtaining
approval from the MOC or its local counterparts, may delay or inhibit our ability to complete such transactions, which could affect our
ability to expand our business or maintain our market share.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Any
failure to comply with PRC regulations regarding the registration requirements for employee stock incentive plans may subject our share
incentive plan participants or us to fines and other legal or administrative sanctions. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In February
2012, the SAFE promulgated the Notice of the State Administration of Foreign Exchange on Issues Relating to the Foreign Exchange Administration
for Domestic Individuals Participating in Stock Incentive Plan of Overseas Listed Company, replacing earlier rules promulgated in 2007.
Pursuant to these rules, PRC citizens and non-PRC citizens who reside in China for a continuous period of not less than one year and
participate in any stock incentive plan of an overseas listed company, subject to a few exceptions, are required to register with the
SAFE through a domestic qualified agent, which could be a PRC subsidiary of the overseas listed company, and complete certain other procedures.
In addition, an overseas-entrusted institution must be retained to handle matters in connection with the exercise or sale of stock options
and the purchase or sale of shares and interests. Failure to meet these requirements may result in fines and legal sanctions and may
also limit our ability to contribute additional capital into our PRC subsidiaries and our PRC subsidiaries&#8217; ability to distribute
dividends to us. See &#8220;Item 4. Information on the Company-B. Business Overview-Regulations-Regulations on Stock Incentive Plans.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>PRC
regulations relating to offshore investment activities by PRC residents may subject our PRC resident shareholders, beneficial owners
and PRC subsidiaries to liability or penalties, limit our ability to inject capital into our PRC subsidiaries, limit our PRC subsidiaries&#8217;
ability to increase their registered capital or distribute profits to us or otherwise adversely affect us. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In July 2014,
the SAFE promulgated the Circular on Relevant Issues Concerning Foreign Exchange Control on Domestic Residents&#8217; Offshore Investment
and Financing and Roundtrip Investment Through Special Purpose Vehicles, or SAFE Circular 37. SAFE Circular 37 requires PRC residents
(including PRC individuals and PRC corporate entities, as well as foreign individuals that are deemed PRC residents for foreign exchange
administration purposes) to register with the SAFE or its local branches in connection with their direct or indirect offshore investment
activities. SAFE Circular 37 further requires the SAFE registrations be updated in the event of any changes with respect to the basic
information of the offshore special purpose vehicle, such as change in its name, operation term and PRC resident shareholder, increase
or decrease of capital contribution, share transfer or exchange, or mergers or divisions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We have requested
that all of our current shareholders and beneficial owners who are known to us as being PRC residents complete the foreign exchange registrations.
However, we may not be informed of the identities of all the PRC residents holding direct or indirect interest in our company, and we
cannot provide any assurance that these PRC residents will comply with our request to make or obtain the applicable registrations or
continuously comply with all the requirements under SAFE Circular 37 or other related rules. Failure by such shareholders or beneficial
owners to comply with SAFE regulations, or failure by us to amend the foreign exchange registrations of our PRC subsidiaries, could subject
us to fines or legal sanctions, restrict our overseas or cross-border investment activities, limit our PRC subsidiaries&#8217; ability
to make distributions or pay dividends to us or affect our ownership structure, which could adversely affect our business and prospects.
In addition, if we decide to acquire a PRC domestic company, we cannot assure you that we or the owners of such company, as the case
may be, will be able to obtain the necessary approvals or complete the necessary filings and registrations required by the foreign exchange
regulations. This may restrict our ability to implement our acquisition strategy and could adversely affect our business and prospects.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Failure
to comply with PRC regulations regarding the registration requirements for employee stock ownership plans or share option plans may subject
the PRC plan participants or us to fines and other legal or administrative sanctions. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to SAFE Circular 37, PRC residents who participate in share incentive plans in overseas private special purpose companies shall submit
applications to the SAFE or its local branches for the foreign exchange registration. Pursuant to the Circular on Issues Concerning the
Foreign Exchange Administration for Domestic Individuals Participating in Stock Incentive Plan of Overseas Publicly Listed Company, or
the SAFE Circular 7, promulgated by the SAFE in 2012, grantees of our incentive share awards who are PRC citizens or who are non-PRC
residents continuously residing in the PRC for a continuous period of no less than a year shall, subject to limited exceptions, be required
to register with the SAFE and complete certain other procedures through a domestic qualified agent and collectively retain an overseas
entrusted institution to handle matters related to the exercise of stock options and the purchase and disposition of related equity interests
after our company becomes an overseas listed company upon the completion of the offering. Failure to comply with these SAFE requirements
may subject these individuals to fines, and legal sanctions and may also limit our ability to contribute additional capital into our
PRC subsidiaries and limit our PRC subsidiaries&#8217; ability to distribute dividends to us.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The PRC State
Administration of Taxation, or SAT, has also issued certain circulars concerning equity incentive awards. Under these circulars, our
employees working in China who exercise share options or are granted restricted shares will be subject to PRC individual income tax.
Each of our PRC subsidiaries has obligations to file documents related to employee share options or restricted shares with relevant tax
authorities and to withhold individual income taxes of those employees. If our employees fail to pay or if we fail to withhold their
income taxes according to relevant laws and regulations, we may face sanctions imposed by the tax authorities or other PRC governmental
authorities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>If
the custodians or authorized users of our corporate chops and seals fail to fulfill their responsibilities, or misappropriate or misuse
these assets, our business and operations could be materially and adversely affected. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our legal
documents for corporate transactions are executed using the chops or seal of the signing entity or with the signature of a legal representative
whose designation is registered and filed with the relevant branch of the PRC State Administration for Market Regulation.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In order
to maintain the physical security of our chops and chops of our PRC entities, we generally store these items in secured locations accessible
only by authorized personnel. Although we monitor the activities of such authorized personnel, there is no assurance that such procedures
will prevent all instances of abuse or negligence. Accordingly, if any of our authorized personnel misuse or misappropriate our corporate
chops or seals, we could encounter difficulties in maintaining control over the relevant entities, experience significant disruption
to our operations and incur significant losses. If a designated legal representative obtains control of the chops in an effort to obtain
substantial influence over any of our PRC subsidiaries and VIEs, we or our PRC subsidiaries and VIEs would need to pass a new shareholders or board
resolution to designate a new legal representative and we would need to take legal action to seek the return of the chops, apply for
new chops with the relevant authorities, or otherwise seek legal redress for the violation of the representative&#8217;s fiduciary duties
to us, which could have a material and adverse effect on our business and operations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
face certain risks related to the real properties that we lease and sublease. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We lease
our office space from a third party in China and sublease parts of the properties to our WFOEs, VIEs and the Beijing Music Festival Arts
Foundation. Our lease agreements for these properties have not been registered with the PRC governmental authorities as required by PRC
law due to the property owner&#8217;s refusal to cooperate with the registration process, despite our efforts. Although the failure to
do so does not in itself invalidate the leases, we may be ordered by the PRC government authorities to rectify such noncompliance and,
if such non-compliance is not rectified within a given period of time, we may be subject to fines imposed by PRC government authorities
ranging from RMB1,000 and RMB10,000 for each unregistered lease agreement. While we intend to continue to seek the property owner&#8217;s
cooperation with the registration process, we cannot assure you that we will be able to successfully obtain such cooperation. If the
lessor is not entitled to lease the real properties to us and the owner of such real properties declines to ratify the lease agreement
between us and the respective lessor, we may not be able to enforce our rights to lease such properties under the respective lease agreement
against the owner. As of the date of this annual report, we are not aware of any claim or challenge brought by any third parties concerning
the use of our leased properties without proper ownership proof. If a lease agreement is claimed as null and void by third parties who
is the real owner of such leased real properties, we could be required to vacate the properties, in the event of which we could only
initiate the claim against the lessor under the relevant lease agreement for indemnities for their breach of the agreement. We cannot
assure you that suitable alternative locations will be readily available on commercially reasonable terms, or at all. If we are unable
to relocate our office in a timely manner, our operations may be interrupted.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>If
we are classified as a PRC resident enterprise for PRC income tax purposes, such classification could result in unfavorable tax consequences
to us and our non-PRC shareholders or ADS holders. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Under the
PRC EIT Law and its implementation rules, an enterprise established outside of the PRC with the &#8220;de facto management body&#8221;
within China is considered a &#8220;resident enterprise&#8221; and will be subject to PRC enterprise income tax on its global income
at the rate of 25%. Under relevant implementation rules, the &#8220;de facto management body&#8221; means the body that exercises full
and substantial control and overall management over the business, productions, personnel, accounts and properties of an enterprise. According
to a circular issued by the SAT in April 2009, or Circular 82, an enterprise incorporated offshore that is controlled by a PRC enterprise
or a PRC enterprise group may be regarded as a PRC tax resident by virtue of having its &#8220;de facto management body&#8221; in China
if all of the following conditions are met: (i) the primary location of its day-to-day operational management is in China; (ii) decisions
relating to its financial and human resource matters are made or are subject to approval by organizations or personnel in China; (iii)
its primary assets, accounting books and records, company seals, and board and shareholder resolutions are located or maintained in China;
and (iv) at least 50% of its voting board members or senior executives habitually reside in China.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We believe
that we are not a PRC resident enterprise for PRC tax purposes. However, the tax resident status of an enterprise is subject to determination
by PRC tax authorities and uncertainties remain with respect to the interpretation of the term &#8220;de facto management body.&#8221;
If PRC tax authorities determine that we are a PRC resident enterprise for enterprise income tax purposes, we could be subject to PRC
tax at a rate of 25% on our worldwide income, which could materially reduce our net income, and we may be required to withhold a 10%
withholding tax from dividends we pay to our shareholders that are non-resident enterprises, including the holders of our ADSs. In addition,
non-resident enterprise shareholders (including our ADS holders) may be subject to PRC tax on gains realized on the sale or other disposition
of the ADSs or Class A ordinary shares, if such income is treated as sourced from China. Furthermore, if we are deemed a PRC resident
enterprise, dividends payable to our non-PRC individual shareholders (including our ADS holders) and any gain realized on the transfer
of the ADSs or Class A ordinary shares by such shareholders may be subject to PRC tax at a rate of 20%, unless a reduced rate is available
under an applicable tax treaty between their country of tax residence and the PRC. Any such tax may reduce the returns on your investment
in the ADSs or Class A ordinary shares.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
face uncertainty with respect to indirect transfers of equity interests in PRC resident enterprises by their non-PRC holding companies.
</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In February
2015, the SAT issued the Public Notice Regarding Certain Enterprise Income Tax Matters on Indirect Transfer of Properties by Non-Resident
Enterprises, or SAT Public Notice 7. Under SAT Public Notice 7 and amended it on December 29, 2017, pursuant to which a non-resident
enterprise conducts an &#8220;indirect transfer&#8221; by transferring the taxable assets indirectly by disposing of the equity interests
of an overseas holding company, the non-resident enterprise or the PRC entity which directly owns the taxable assets may report to the
relevant tax authority such indirect transfer. Using a &#8220;substance over form&#8221; principle, PRC tax authorities may disregard
the existence of the overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose of reducing,
avoiding or deferring PRC tax. As a result, gains derived from such an indirect transfer may be subject to PRC enterprise income tax,
and the transferee or other person who is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently
at a tax rate of 10% for the transfer. Both the transferor and the transferee may be subject to penalties under PRC tax laws if the transferee
fails to withhold the taxes and the transferor fails to pay the taxes. However, PRC tax would not be applicable to the transfer by any
non-resident enterprise of our ADSs acquired and sold on public securities markets.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">On October
17, 2017, the SAT issued the Public Notice on Issues Relating to Withholding at Source of Income Tax of Non-resident Enterprises, or
SAT Public Notice 37, which came into effect on December 1, 2017 and was amended on June 15,2018. According to SAT Public Notice 37,
where the non-resident enterprise fails to declare its tax payable pursuant to the PRC EIT Law, the tax authority may order it to pay
the tax due within a required period, and the non-resident enterprise shall declare and pay the tax within the time specified by the
tax authority. If the non-resident enterprise voluntarily declares and pays tax before the tax authority orders it to do so, it shall
be deemed that such enterprise has paid its tax payable in time.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We face uncertainties
on the reporting and tax consequences of future private equity financing transactions, share exchanges or other transactions involving
the transfer of shares in our company by investors that are non-PRC resident enterprises. The PRC tax authorities may pursue such non-resident
enterprises with respect to their filing obligations or the transferees with respect to their withholding obligations, and request our
PRC subsidiaries to assist in the filing. As a result, we and the non-resident enterprises in such transactions may be subject to filing
obligations or tax under SAT Public Notice 7 and SAT Public Notice 37. We may also be required to expend extensive resources to comply
with these requirements or to establish that we and the non-resident enterprises should not be taxed under these regulations, which may
have a material adverse effect on our financial condition and results of operations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Increases
in labor costs and enforcement of stricter labor laws and regulations in China may adversely affect our business and our profitability.
</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The average
wage in China and the average wage level for our employees have increased in recent years and are expected to grow. We expect that our
labor costs, including wages and employee benefits, will increase. Unless we are able to pass on these increased labor costs to our customers,
our results of operations may be materially and adversely affected. In addition, we have been subject to stricter regulatory requirements
in terms of entering into labor contracts with our employees and paying various statutory employee benefits, including pensions, housing
funds, medical insurance, work-related injury insurance, unemployment insurance and maternity insurance to designated government agencies
for the benefit of our employees. Pursuant to the PRC Labor Contract Law and its implementation rules, employers are subject to strict
requirements in terms of signing labor contracts, paying minimum wages, paying remuneration, determining the term of employee&#8217;s
probation and unilaterally terminating labor contracts. In the event that we decide to terminate some of our employees or otherwise change
our employment or labor practices, the PRC Labor Contract Law and its implementation rules may limit our ability to effect those changes
in a desirable or cost-efficient manner, which could adversely affect our business and results of operations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As the interpretation
and implementation of labor-related laws and regulations are still evolving, our employment practices may violate labor-related laws
and regulations in China, which may subject us to labor disputes or government investigations. We cannot assure you that we have complied
or will be able to comply with all labor-related laws and regulations. If we are deemed to have violated relevant labor laws and regulations,
we could be required to provide additional compensation to our employees, pay penalties or incur significant legal fees in connection
with such disputes or investigations, and our business, financial condition and results of operations will be adversely affected.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
business may be negatively affected by the potential obligations to make additional social insurance and housing fund contributions.
</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are required by PRC laws and regulations to pay various statutory
employee benefits, including pensions, housing fund, medical insurance, work-related injury insurance, unemployment insurance and maternity
insurance to designated government agencies for the benefit of our employees. The relevant government agencies may examine whether an
employer has made adequate payments of the requisite statutory employee benefits, and employers who fail to make adequate payments may
be subject to late payment fees, fines and/or other penalties. Certain of the VIEs have historically failed to promptly make social insurance
and housing fund contributions in full for their employees. With respect to the outstanding social insurance contribution, we may also
be subject to a late charge at the rate of 0.05% per day from the day of default and a fine of up to three times of the outstanding contribution
if we are unable to make the full payments as requested by the in-charge government authority. We have not received any inquiry from relevant
government authorities in this regard but if the relevant PRC authorities determine that we shall make supplemental social insurance and
housing fund contributions, we may be subject to fines and legal sanctions and our business, financial condition and results of operations
may be adversely affected. In 2020 and 2022, we did not make additional provisions. In 2021, we made provisions of RMB34,815.6 for the
outstanding social insurance and housing fund contribution.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>You
may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in China against us
or our management named in this annual report based on foreign laws. </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We are a
company incorporated under the laws of the Cayman Islands. We conduct substantially all of our operations in China and substantially
all of our assets are located in China. In addition, all of our directors and officers are PRC nationals who reside in China for a significant
portion of the year. As a result, it may be difficult for you to effect service of process upon us or those persons inside mainland China.
It may also be difficult for you to enforce in judgments obtained in U.S. courts based on the civil liability provisions of the U.S.
federal securities laws against us and our officers and directors as none of them currently resides in the United States or has substantial
assets located in the United States. In addition, there is uncertainty as to whether the courts of the Cayman Islands or the PRC would
(i) recognize or enforce judgments of U.S. courts against us or such persons predicated upon the civil liability provisions of U.S. federal
or state securities laws, or (ii) entertain original actions brought in the Cayman Islands or the PRC<b><i>&#160;</i></b>against us or
our directors or officers that are predicated upon U.S. federal or state securities laws.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The courts
of the Cayman Islands would recognize a final and conclusive judgment in the federal or state courts of the United States under which
a sum of money is payable (other than a sum of money payable in respect of multiple damages, taxes or other charges of a like nature
or in respect of a fine or other penalty) or, in certain circumstances, an in personam judgment for non-monetary relief, and would give
a judgment based thereon provided that (i) such courts had proper jurisdiction over the parties subject to such judgment; (ii) such courts
did not contravene the rules of natural justice of the Cayman Islands; (iii) such judgment was not obtained by fraud; (iv) the enforcement
of the judgment would not be contrary to the public policy of the Cayman Islands; (v) no new admissible evidence relevant to the action
is submitted prior to the rendering of the judgment by the courts of the Cayman Islands; and (vi) there is due compliance with the correct
procedures under the laws of the Cayman Islands.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The recognition
and enforcement of foreign judgments in mainland China are provided for under the PRC Civil Procedures Law. PRC courts may recognize
and enforce foreign judgments in accordance with the requirements of the PRC Civil Procedures Law based either on the treaties between
China and the country where the judgment is made or on principles of reciprocity between jurisdictions. China does not have any treaties
or other forms of written arrangement with the United States that provide for the reciprocal recognition and enforcement of foreign judgments.
In addition, according to the PRC Civil Procedures Law, PRC courts will not enforce a foreign judgment against us or our directors and
officers if they decide that the judgment violates the basic principles of PRC laws or national sovereignty, security or public interest.
As a result, it is uncertain whether and on what basis a PRC court would enforce a judgment rendered by a court in the United States.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
Hong Kong subsidiaries could become subject to more influence and/or control of the PRC government if the Hong Kong legal system becomes
more integrated into the PRC legal system.</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Certain national
laws and regulations of the PRC, including but not limited to the Measures for Cybersecurity Review and other PRC regulations, are not
applicable in Hong Kong, except for those listed in the Basic Law of the Hong Kong Special Administrative Region of the PRC (the &#8220;Basic
Law&#8221;). However, such list of national laws and regulations that are applicable in Hong Kong can be expanded by amendment to the
Basic Law. There is no assurance that (1) the Basic Law will not be further amended to apply more PRC laws and regulations in Hong Kong,
or (2) the PRC and/or Hong Kong government will not take other actions to promote the integration of Hong Kong legal system into the
PRC legal system. Although we do not have substantive business operations in Hong Kong, we cannot assure you that our Hong Kong subsidiaries
will not be subject to more influence and/or control of the PRC government or even direct oversight or intervention from them if we expand
our business in Hong Kong or the Hong Kong legal system becomes more integrated into the PRC legal system. We also cannot assure you
that our Hong Kong subsidiaries will not be exposed to the similar regulatory and/or policy risks and uncertainties faced by our subsidiaries
in mainland China in the future.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Fluctuations
in exchange rates could have a material adverse effect on our results of operations and the value of your investment. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The value
of the Renminbi against the U.S. dollar and other currencies may fluctuate and is affected by, among other things, changes in the political
and economic conditions in China and China&#8217;s foreign exchange policies. On July 21, 2005, the PRC government changed its decade-old
policy of pegging the value of the Renminbi to the U.S. dollar. On November 30, 2015, the Executive Board of the International Monetary
Fund (IMF) completed the regular five-year review of the basket of currencies that make up the Special Drawing Right, or the SDR, and
decided that starting from October 1, 2016, Renminbi is determined to be a freely usable currency and will be included in the SDR basket.
Since June 2010, the Renminbi has fluctuated significantly against the U.S. dollar. It is difficult to predict how market forces or policies
by the PRC or U.S. government may impact the exchange rate between the Renminbi and the U.S. dollar in the future. With the development
of the foreign exchange market and progress towards interest rate liberalization and Renminbi internationalization, the PRC government
may in the future announce further changes to the exchange rate system and we cannot assure you that the Renminbi will not appreciate
or depreciate significantly in value against the U.S. dollar in the future.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Significant
revaluation of the Renminbi may materially and adversely affect our revenues, earnings and financial position, and the value of, and
any dividends payable on, our ADSs in U.S. dollars. The appreciation of the Renminbi against the U.S. dollar would have an adverse effect
on the Renminbi amount we would receive from the conversion to the extent that we need to convert U.S. dollars into Renminbi for capital
expenditures and working capital and other business purposes. Conversely, a significant depreciation of the Renminbi against the U.S.
dollar may significantly reduce the U.S. dollar equivalent of our earnings, which in turn could adversely affect the price of our ADSs
and have a negative effect on the U.S. dollar amount available to us for the purpose of making payments for dividends on our Class A
ordinary shares or ADSs, royalties, strategic acquisitions or investments or for other business purposes.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Very limited
hedging options are available in China to reduce our exposure to exchange rate fluctuations. To date, we have not entered into any hedging
transactions in an effort to reduce our exposure to foreign currency exchange risk. While we may decide to enter into hedging transactions
in the future, the availability and effectiveness of these transactions may be limited and we may not be able to adequately hedge our
exposure, or at all. In addition, our currency exchange losses may be magnified by PRC exchange control regulations that restrict our
ability to convert Renminbi into foreign currency.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Foreign
exchange controls may limit our ability to utilize our revenues effectively and affect the value of your investment. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The PRC government
imposes foreign exchange controls on the convertibility of the Renminbi and, in certain cases, the remittance of currency out of China.
We receive all of our revenues in Renminbi. Under our current corporate structure, our Cayman Islands holding company primarily relies
on dividend payments from our PRC subsidiaries to fund any cash and financing requirements we may have. Under existing PRC foreign exchange
regulations, payments of current account items, including profit distributions, interest payments and trade and service-related foreign
exchange transactions, can be made in foreign currencies without prior approval of the SAFE provided that certain procedural requirements
are met. Specifically, under the existing exchange restrictions, without prior approval of the SAFE, cash generated from the operations
of our PRC subsidiaries in China may be used to pay dividends to our company. However, approval from or registration with appropriate
government authorities is required where Renminbi is to be converted into foreign currency and remitted out of China to pay capital expenses,
such as the repayment of loans denominated in foreign currencies. As a result, we need to obtain SAFE approval or registration to use
cash generated from the operations of our PRC subsidiaries and VIEs to pay off their respective debt in a currency other than Renminbi
owed to entities outside China, or to make other capital expenditure payments outside China in a currency other than Renminbi. The PRC
government may also at its discretion restrict access to foreign currencies for current account transactions in the future. If the foreign
exchange control system prevents us from obtaining sufficient foreign currencies to satisfy our foreign currency demands, we may not
be able to pay dividends in foreign currencies to our shareholders and holders of the ADSs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
PRC subsidiaries are subject to restrictions on paying dividends or making other payments to us, which may restrict our ability to satisfy
our liquidity requirements. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We are a
holding company incorporated in the Cayman Islands. Payment of dividends by our PRC subsidiaries is an important source of income for
us to meet our financing need, and such payment is subject to various restrictions. Current PRC regulations permit our PRC subsidiaries
to pay dividends to us only out of their accumulated after-tax profits upon satisfaction of relevant statutory condition and procedures,
if any, determined in accordance with Chinese accounting standards and regulations. In addition, each of our PRC subsidiaries is required
to set aside at least 10% of its accumulated profits each year, if any, to fund certain reserve funds until the total amount set aside
reaches 50% of its registered capital. In addition, the EIT Law and its implementation rules provide that withholding tax at the rate
of 10% will be applicable to dividends payable by Chinese companies to non-PRC-resident enterprises, unless otherwise exempted or reduced
according to treaties or arrangements between the PRC central government and governments of other countries or regions where the non-PRC-resident
enterprises are incorporated. Furthermore, if our PRC subsidiaries incur debt on their own behalf in the future, the instruments governing
the debt may restrict their ability to pay dividends or make other payments to us, which may restrict our ability to satisfy our liquidity
requirements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>If
we become directly subject to the scrutiny, criticism and negative publicity involving U.S.-listed Chinese companies, we may have to
expend significant resources to investigate and resolve the matter, which could harm our business operations, stock price and reputation.
</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">U.S.-listed
companies with substantially all of their operations in China have been the subject of intense scrutiny, criticism and negative publicity
by investors, financial commentators and regulatory agencies, such as the SEC. Much of the scrutiny, criticism and negative publicity
has centered on financial and accounting irregularities and mistakes, lack of effective internal controls over financial accounting,
inadequate corporate governance policies and practice, and, in many cases, allegations of fraud. As a result of the scrutiny, criticism
and negative publicity, the publicly traded stock of many U.S.-listed Chinese companies sharply decreased in value and, in some cases,
has become virtually worthless. Many of these companies are now subject to shareholder lawsuits and SEC enforcement actions and are conducting
internal and external investigations into the allegations. It is not clear what effect this sector-wide scrutiny, criticism and negative
publicity will have on us, our business and our stock price. If we become the subject of any unfavorable allegations, with or without
merit, we will have to expend significant resources to engage in the costly and time-consuming exercise of investigating such allegations
and defending our company, which could distract our management from growing our business. If we fail to prevail on these matters, our
business operations could be severely affected and you could sustain a significant decline in the value of our stock.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Risks
Related to Our ADSs </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
trading price of our ADSs is likely to be volatile, which could result in substantial losses to investors. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The trading
price of our ADSs have been, and may be volatile and could fluctuate widely due to factors beyond our control. This may happen because
of broad market and industry factors, including the performance and fluctuation of the market prices or the underperformance or deteriorating
financial results of other companies with business operations located mainly in China that have listed their securities in the United
States. The securities of some of these companies have experienced significant volatility since their initial public offerings, including,
in some cases, substantial decline in the trading prices of their securities. The trading performances of other PRC companies&#8217;
securities after their offerings may affect investors&#8217; attitude toward PRC companies listed in the United States, which consequently
may impact the trading performance of our ADSs, regardless of our actual operating performance. In addition, any negative news or perception
about inadequate corporate governance practices or fraudulent accounting, corporate structure or matters of other PRC companies may also
negatively affect investors&#8217; attitude towards PRC companies in general, including us, regardless of whether we have conducted any
inappropriate activities. Furthermore, securities markets may from time to time experience significant price and volume fluctuations
that are not related to our operating performance, resulting in a material adverse effect on the trading price of our ADSs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In addition
to market and industry factors, the price and trading volume for our ADSs may be volatile for factors specific to our own operations,
including the following:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">variations
                                            in our revenues, earnings and cash flow;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">our
                                            or our competitors&#8217; announcements of new investments, acquisitions, strategic partnerships
                                            or joint ventures;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">our
                                            or our competitors&#8217; announcements of new services and expansions;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">changes
                                            in financial estimates by securities analysts;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">failure
                                            on our part to realize monetization opportunities as expected;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">additions
                                            or departures of key personnel;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">release
                                            of lock-up or other transfer restrictions on our outstanding equity securities or sales of
                                            additional equity securities;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">detrimental
                                            negative publicity about us, our management or our competitors;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">regulatory
                                            developments; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">actual
                                            or potential litigation or regulatory investigations.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Any of these
factors may result in large and sudden changes in the trading volume and price of the ADSs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In the past,
shareholders of public companies have often brought securities class action suits against those companies following periods of instability
in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount of our management&#8217;s
attention and other resources from our business and operations and require us to incur significant expenses to defend the suit, which
could harm our results of operations. Any such class action suit, whether or not successful, could harm our reputation and restrict our
ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant
damages, which could have a material adverse effect on our financial condition and results of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change
of control transactions that holders of our Class A ordinary shares and ADSs may view as beneficial. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our authorized
and issued ordinary shares are divided into Class A ordinary shares and Class B ordinary shares. In respect of matters requiring the
votes of shareholders, holders of Class A ordinary shares and Class B ordinary shares vote together as a single class except as may otherwise
be required by law, and holders of Class A ordinary shares will be entitled to one vote per share while holders of Class B ordinary shares
will be entitled to ten votes per share. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the
holder thereof, while Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Upon any transfer
of Class B ordinary shares by a holder thereof to any person or entity that is not an affiliate of the holder, such Class B ordinary
shares are automatically and immediately converted into an equal number of Class A ordinary shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of the date of this annual report, Mr. He Yu, our Chief Executive
Officer and Chairman of the Board, and Mr. Lung Yu, our Director, beneficially own all of our issued and outstanding Class B ordinary
shares, representing 79.1% of the aggregate voting power of our total issued and outstanding ordinary shares due to the disparate voting
powers associated with our dual-class voting structure. See &#8220;Item 6. Directors, Senior Management and Employees-E. Share Ownership.&#8221;
Holders of our Class B ordinary shares have considerable influence over matters requiring shareholder approval, such as electing directors
and approving material mergers, acquisitions or other business combination transactions. This concentration of ownership will limit your
ability to influence corporate matters and may discourage, delay or prevent a change of control of our company that holders of Class A
ordinary shares and ADSs may view as beneficial, which could have the effect of depriving our other shareholders of the opportunity to
receive a premium for their shares as part of a sale of our company and may reduce the price of our ADSs.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
dual-class voting structure may render the ADSs representing our Class A ordinary shares ineligible for inclusion in certain stock market
indices, and thus adversely affect the trading price and liquidity of the ADSs. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Certain index
providers have announced restrictions on including companies with multi-class share structures in certain of their indices. For example,
S&amp;P Dow Jones and FTSE Russell have changed their eligibility criteria for inclusion of shares of public companies on certain indices,
including the S&amp;P 500, to exclude companies with multiple classes of shares and companies whose public shareholders hold no more
than 5% of total voting power from being added to such indices. As a result, our dual-class voting structure may prevent the inclusion
of the ADSs representing our Class A ordinary shares in such indices, which could adversely affect the trading price and liquidity of
the ADSs representing our Class A ordinary shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>If
securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, or if they
adversely change their recommendations regarding our ADSs, the market price for our ADSs and trading volume could decline. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The trading
market for our ADSs will depend in part on the research and reports that securities or industry analysts publish about us or our business.
If research analysts do not establish and maintain adequate research coverage or if one or more of the analysts who cover us downgrade
our ADSs or publish inaccurate or unfavorable research about our business, the market price for our ADSs would likely decline. If one
or more of these analysts cease coverage of our company or fails to publish reports on us regularly, we could lose visibility in the
financial markets, which, in turn, could cause the market price or trading volume for our ADSs to decline.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
voting rights of holders of ADSs are limited by the terms of the deposit agreement, and you may not be able to exercise your right to
direct how the Class A ordinary shares which are represented by your ADSs are voted. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As a Cayman
Islands exempted company, we are not obliged by the Companies Act to call shareholders&#8217; annual general meetings. Our second amended
and restated memorandum of association provides that we may (but are not obliged to) hold each year a general meeting as our annual general
meeting. Holders of ADSs do not have the same rights as our registered shareholders. As a holder of the ADSs, you will not have any direct
right to attend general meetings of our shareholders or to cast any votes at such meetings. You will only be able to exercise the voting
rights attached to the Class A ordinary shares underlying by your ADSs indirectly by giving voting instructions to the depositary in
accordance with the provisions of the deposit agreement. Under the deposit agreement, you may vote only by giving voting instructions
to the depositary, as the holder of the Class A ordinary shares underlying your ADSs. Where any matter is to be put to a vote at a general
meeting, then upon receipt of your voting instructions, the depositary will try, as far as is practicable, to vote the underlying Class
A ordinary shares which are represented by your ADSs in accordance with your instructions. You will not be able to directly exercise
your right to vote with respect to the underlying Class A ordinary shares represented by your ADSs, unless you withdraw the shares and
become the registered holder of such shares prior to the record date for the general meeting. Under our second amended and restated memorandum
of association, the minimum notice period required to be given by our company to our registered shareholders to convene a general meeting
will be ten days. When a general meeting is convened, you may not receive sufficient advance notice of the meeting to withdraw the Class
A ordinary shares underlying your ADSs and become the registered holder of such shares to allow you to attend the general meeting and
to vote directly with respect to any specific matter or resolution to be considered and voted upon at the general meeting. In addition,
under our second amended and restated memorandum of association, for the purposes of determining those shareholders who are entitled
to attend and vote at any general meeting, our directors may close our register of members and/or fix in advance a record date for such
meeting, and such closure of our register of members or the setting of such a record date may prevent you from withdrawing the Class
A ordinary shares underlying your ADSs and becoming the registered holder of such shares prior to the record date, so that you would
not be able to attend the general meeting or to vote directly. If we ask for your instruction, the depositary will notify you of the
upcoming vote and will arrange to deliver our voting materials to you. We have agreed to give the depositary at least 30 business days&#8217;
prior notice of shareholder meetings. Nevertheless, we cannot assure you that you will receive the voting materials in time to ensure
that you can instruct the depositary to vote the underlying Class A ordinary shares represented by your ADSs. In addition, the depositary
and its agents are not responsible for failing to carry out voting instructions or for their manner of carrying out your voting instructions.
This means that you may not be able to exercise your right to direct how the Class A ordinary shares underlying your ADSs are voted and
you may have no legal remedy if the ordinary shares underlying your ADSs are not voted as you requested.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
sale or availability for sale of substantial amounts of our ADSs could adversely affect their market price. </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Sales of
substantial amounts of our ADSs in the public market, or the perception that these sales could occur, could adversely affect the market
price of our ADSs and could materially impair our ability to raise capital through equity offerings in the future. The ADSs sold in our
initial public offering are freely tradable without restriction or further registration under the Securities Act of 1933, as amended,
or the Securities Act, and shares held by our existing shareholders may also be sold in the public market in the future subject to the
restrictions in Rule 144 and Rule 701 under the Securities Act. Any or all of these ordinary shares may be released prior to the expiration
of the applicable lock-up period at the discretion of the designated representatives. To the extent shares are released before the expiration
of the applicable lock-up period and sold into the market, the market price of our ADSs could decline significantly.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Certain major
holders of our ordinary shares have the right to cause us to register the sale of their shares under the Securities Act, subject to the
applicable lock-up periods in connection with our initial public offering. Registration of these shares under the Securities Act would
result in ADSs representing these shares becoming freely tradable without restriction under the Securities Act immediately upon the effectiveness
of the registration. Sales of these registered shares in the form of ADSs in the public market could cause the price of our ADSs to decline
significantly.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We have adopted
share incentive plans, under which we have the discretion to grant a broad range of equity-based awards to eligible participants. See
&#8220;Item 6. Directors, Senior Management and Employees-B. Compensation.&#8221; We have registered all ordinary shares that we may
issue under these share incentive plans and they can be freely sold in the public market in the form of ADSs upon issuance, subject to
volume limitations applicable to affiliates and the lock-up agreements. If a large number of our ordinary shares or securities convertible
into our ordinary shares are sold in the public market in the form of ADSs after they become eligible for sale, the sales could reduce
the trading price of our ADSs and impede our ability to raise future capital. In addition, any ordinary shares that we issue under our
share incentive plans would dilute the percentage ownership held by the investors who purchase ADSs.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Because
we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our ADSs for return on your investment.
</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We currently
intend to retain most, if not all, of our available funds and any future earnings to fund the development and growth of our business.
As a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on investment in our
ADSs as a source for any future dividend income.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our board
of directors has complete discretion as to whether to distribute dividends, subject to certain requirements of Cayman Islands law. Under
Cayman Islands law, a Cayman Islands company may pay a dividend out of either profit or share premium account, provided that in no circumstances
may a dividend be paid if this would result in the company being unable to pay its debts as they fall due in the ordinary course of business.
Even if our board of directors decides to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend
on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions,
if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by
our board of directors. Accordingly, the return on your investment in our ADSs will likely depend entirely upon any future price appreciation
of our ADSs. There is no guarantee that our ADSs will appreciate in value in the future or even maintain the price at which you purchased
the ADSs. You may not realize a return on your investment in our ADSs and you may even lose your entire investment in our ADSs.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Your
right to participate in any future rights offerings may be limited, which may cause dilution to your holdings and you may not receive
cash dividends if it is impractical to make them available to you. </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We may from
time to time distribute rights to our shareholders, including rights to acquire our securities. However, we cannot make rights available
to you in the United States, unless we register both the rights and the securities to which the rights relate under the Securities Act
or an exemption from the registration requirements is available. Under the deposit agreement, the depositary will not make rights available
to you, unless both the rights and the underlying securities to be distributed to ADS holders are either registered under the Securities
Act or exempt from registration under the Securities Act. We are under no obligation to file a registration statement with respect to
any such rights or securities or to endeavor to cause such a registration statement to be declared effective and we may not be able to
establish a necessary exemption from registration under the Securities Act. Accordingly, you may be unable to participate in our rights
offerings and may experience dilution in your holdings.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>You
may be subject to limitations on the transfer of your ADSs. </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Your ADSs
are transferable on the books of the depositary. However, the depositary may close its transfer books at any time or from time to time
when it deems expedient in connection with the performance of its duties. The depositary may close its books from time to time for a
number of reasons, including in connection with corporate events such as a rights offering, during which time the depositary needs to
maintain an exact number of ADS holders on its books for a specified period. The depositary may also close its books in emergencies,
and on weekends and public holidays. In addition, the depositary may refuse to deliver, transfer or register transfers of ADSs generally
when our books or the books of the depositary are closed, or at any time if we or the depositary deems it advisable to do so because
of any requirement of law or of any government or governmental body, or under any provision of the deposit agreement, or for any other
reason.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Your
rights to pursue claims against the depositary as a holder of ADSs are limited by the terms of the deposit agreement. </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Under the
deposit agreement, any action or proceeding against or involving the depositary arising out of or based upon the deposit agreement or
the transactions contemplated thereby or by virtue of owning the ADSs, including claims arising under the Securities Act and the Exchange
Act, may only be instituted in a state or federal court in New York, New York, and you, as a holder of our ADSs, will have irrevocably
waived any objection which you may have to the laying of venue of any such proceeding and irrevocably submitted to the exclusive jurisdiction
of such courts in any such action or proceeding.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The depositary
may, in its sole discretion, require that any dispute or difference arising from the relationship created by the deposit agreement be
referred to and finally settled by an arbitration conducted under the terms described in the deposit agreement, which may include claims
arising under the federal securities laws, although the arbitration provisions of the deposit agreement do not preclude you from pursuing
claims under the the Securities Act or the Exchange Act in state or federal courts. Purchasers of ADSs in secondary transactions will
be subject to the arbitration provision to the same extent as purchasers of the ADSs offered in our initial public offering. No condition,
stipulation or provision of the deposit agreement or ADSs serves as a waiver by any holder or beneficial owner of ADSs, by us or the
depositary of compliance with the U.S. federal securities laws and the rules and regulations promulgated thereunder. The state and federal
courts sitting in New York generally respect the contractual decision of the parties to submit their disputes to arbitration and such
arbitration provisions are generally enforceable under federal law and the laws of the State of New York, subject to certain exceptions,
such as corruption, fraud or undue means. Therefore, we believe that the arbitration provision in the deposit agreement is enforceable
under federal law and the laws of the State of New York. As a result of these exclusive jurisdiction provisions and arbitration provisions,
investors&#8217; ability to bring claims in a judicial forum that they find favorable or convenient may be limited, and investors may
have to incur increased costs in order to bring claims against the depositary, both of which could discourage claims against the depositary.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
deposit agreement may be amended or terminated without your consent. </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We and the
depositary may amend or terminate the deposit agreement without your consent. Such amendment or termination may be done in favor of our
company. Holders of our ADSs are entitled to prior notice in the event of a materially prejudicial amendment or termination thereof.
If you continue to hold your ADSs after an amendment to the deposit agreement, you agree to be bound by the deposit agreement as amended.
The deposit agreement may be terminated at any time upon a prior written notice. Upon the termination of the deposit agreement, our company
will be discharged from all obligations under the deposit agreement, except for our obligations to the depositary thereunder.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Holders
or beneficial owners of the ADSs have limited recourse if we or the depositary fail to meet our respective obligations under the deposit
agreement. </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The deposit
agreement expressly limits the obligations and liability of us and the depositary. For example, the depositary is not liable if any of
us or our respective controlling persons or agents are prevented or forbidden from, or subjected to any civil or criminal penalty or
restraint on account of, or delayed in, doing or performing any act or thing required by the terms of the deposit agreement and any ADR,
by reason of any provision of any present or future law or regulation of the United States or any state thereof, the Cayman Islands or
any other country, or of any other governmental authority or regulatory authority or stock exchange, or on account of the possible criminal
or civil penalties or restraint, or by reason of any provision, present or future, of our memorandum and articles of association or any
provision of or governing any deposited securities, or by reason of any act of God or war or other circumstances beyond its control (including,
without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, revolutions, rebellions,
explosions and computer failure). In addition, the depositary and any of its agents also disclaim any liability for (i) any failure to
carry out any instructions to vote, the manner in which any vote is cast or the effect of any vote or failure to determine that any distribution
or action may be lawful or reasonably practicable or for allowing any rights to lapse in accordance with the provisions of the deposit
agreement, (ii) the failure or timeliness of any notice from us, the content of any information submitted to it by us for distribution
to you or for any inaccuracy of any translation thereof, (iii) any investment risk associated with the acquisition of an interest in
the deposited securities, the validity or worth of the deposited securities or the credit-worthiness of any third party, (iv) any tax
consequences that may result from ownership of ADSs, ordinary shares or deposited securities, or (v) any acts or omissions made by a
successor depositary whether in connection with a previous act or omission of the depositary or in connection with any matter arising
wholly after the removal or resignation of the depositary, provided that in connection with the issue out of which such potential liability
arises the depositary performed its obligations without gross negligence or willful misconduct while it acted as depositary. These provisions
of the deposit agreement will limit the ability of holders or beneficial owners of the ADSs to obtain recourse if we or the depositary
fail to meet our respective obligations under the deposit agreement.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>ADS
holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could result in less favorable
outcomes to the plaintiff(s) in any such action. </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The deposit
agreement governing the ADSs representing our Class A ordinary shares provides that, subject to the depositary&#8217;s right to require
a claim to be submitted to arbitration, the federal or state courts in the City of New York have exclusive jurisdiction to hear and determine
claims arising under the deposit agreement and in that regard, to the fullest extent permitted by law, ADS holders, including purchasers
of ADSs in secondary transactions, waive the right to a jury trial of any claim they may have against us or the depositary arising out
of or relating to our Class A ordinary shares, the ADSs or the deposit agreement, including any claim under the U.S. federal securities
laws.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">If we or
the depositary oppose a jury trial demand based on the waiver, the court would determine whether the waiver is enforceable based on the
facts and circumstances of that case in accordance with the applicable U.S. state and federal law. To our knowledge, the enforceability
of a contractual pre-dispute jury trial waiver in connection with claims arising under the federal securities laws has not been finally
adjudicated by the United States Supreme Court. However, we believe that a contractual pre-dispute jury trial waiver provision is generally
enforceable, including under the laws of the State of New York, which govern the deposit agreement. In determining whether to enforce
a contractual pre-dispute jury trial waiver provision, courts will generally consider whether a party knowingly, intelligently and voluntarily
waived the right to a jury trial. We believe that this is the case with respect to the deposit agreement and the ADSs. It is advisable
that you consult legal counsel regarding the jury waiver provision before investing in the ADSs.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">If you or
any other holders or beneficial owners of ADSs bring a claim against us or the depositary in connection with matters arising under the
deposit agreement or the ADSs, including claims under U.S. federal securities laws, you or such other holder or beneficial owner may
not be entitled to a jury trial with respect to such claims, which may have the effect of limiting and discouraging lawsuits against
us and/or the depositary. If a lawsuit is brought against us and/or the depositary under the deposit agreement, it may be heard only
by a judge or justice of the applicable trial court, which would be conducted according to different civil procedures and may result
in different outcomes than a trial by jury would have had, including results that could be less favorable to the plaintiff(s) in any
such action. Nevertheless, if this jury trial waiver provision is not enforced, to the extent a court action proceeds, it would proceed
under the terms of the deposit agreement with a jury trial. No condition, stipulation or provision of the deposit agreement or ADSs shall
relieve us or the depositary from our respective obligations to comply with the Securities Act and the Exchange Act.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>There can be no assurance that we will not be a passive foreign
investment company for United States federal income tax purposes, which generally will result in adverse United States federal income
tax consequences to United States Holders of our ADSs or Class A ordinary shares. </i></b></p><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We will be
a passive foreign investment company, or PFIC, for United States federal income tax purposes for any taxable year if, applying the applicable
look-through rules, either (a) at least 75% of our gross income for such year is passive income or (b) at least 50% of the value of our
assets (generally determined based on an average of the quarterly values of the assets) during such year is attributable to assets that
produce or are held for the production of passive income. A determination must be made after the close of each taxable year as to whether we were
a PFIC for that year and involves extensive factual investigation, including ascertaining the fair market value of all of our assets
on a quarterly basis and the character of each item of income that we earn during the relevant taxable year. The determination of whether
we will be a PFIC for any taxable year may also depend in part upon the value of our goodwill and other unbooked intangibles not reflected
on our balance sheet (which may depend upon the market price of our ADSs from time to time, which may fluctuate significantly) and also
may be affected by how, and how quickly, we spend our liquid assets and the cash we generate from our operations and raise in any offering.
Moreover, the application of the PFIC rules is subject to uncertainty in several respects, and we cannot assure you that the United States
Internal Revenue Service, or IRS, will not take a position contrary to any position that we take. Accordingly, there can be no assurance
that we will not be a PFIC for our current or any future taxable year.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we are a PFIC for any taxable year during which a United States
Holder (as defined in &#8220;Item 10. Additional Information-E. Taxation-United States Federal Income Tax Considerations&#8221;) holds
our ADSs or Class A ordinary shares, certain adverse United States federal income tax consequences could apply to such United States Holder
with respect to any &#8220;excess distribution&#8221; received from us and any gain from a sale or other disposition of our ADSs or Class
A ordinary shares. See &#8220;Item 10. Additional Information-E. Taxation-United States Federal Income Tax Considerations-Passive Foreign
Investment Company.&#8221;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>You
may face difficulties in protecting your interests, and your ability to protect your rights through the U.S. federal courts may be limited,
because we are incorporated under Cayman Islands law. </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We are an
exempted company incorporated under the laws of the Cayman Islands with limited liability. Our corporate affairs are governed by our
second amended and restated memorandum of association, the Companies Act and the common law of the Cayman Islands. The rights of shareholders
to take action against our directors, actions by our minority shareholders and the fiduciary duties of our directors to us under Cayman
Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in
part from comparatively limited judicial precedents in the Cayman Islands, as well as from the common law of England, the decisions of
whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders and the
fiduciary duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial
precedents in some jurisdictions in the United States. In particular, the Cayman Islands has a less developed body of securities laws
than the United States. Some U.S. states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate
law than the Cayman Islands. In addition, Cayman Islands companies may not have standing to initiate a shareholder derivative action
in a federal court of the United States.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Shareholders
of Cayman Islands exempted companies have no general rights under the Companies Act Cayman Islands law to inspect corporate records
or to obtain copies of lists of shareholders of these companies. Our second amended and restated memorandum of association allows
our shareholders to inspect our register of members but only for such times and on such days as our directors shall determine upon
such payment as specified therein. This may make it more difficult for you to obtain the information needed to establish any facts
necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As a result
of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken by management,
members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated in the
United States.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Certain
judgments obtained against us by our shareholders may not be enforceable. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We are a
company incorporated under the laws of the Cayman Islands. We conduct our operations outside the United States and all of our assets
are located outside the United States. In addition, all of our directors and executive officers and the experts named in this annual
report reside outside the United States. As a result, it may be difficult or impossible for you to bring an action against us or against
them in the United States in the event that you believe that your rights have been infringed under the U.S. federal securities laws or
otherwise. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands, China or other relevant jurisdiction
may render you unable to enforce a judgment against our assets or the assets of our directors and officers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Shareholder
claims, including securities law class actions and fraud claims, are common in the United States and are generally difficult to pursue
as a matter of law or practicability in China. For example, in China, there are significant legal and other barriers to obtaining information
needed for shareholder investigations or litigation outside China or otherwise with respect to foreign entities. Although the local authorities
in China may establish a regulatory cooperation mechanism with the securities regulatory authorities of another country or region to
implement cross-border supervision and administration, such regulatory cooperation with the securities regulatory authorities in the
United States have not been efficient in the absence of a mutual and practical cooperation mechanism. According to Article 177 of the
PRC Securities Law, which became effective in March 2020, no overseas securities regulator is allowed to directly conduct investigation
or evidence collection activities within the territory of the PRC. Accordingly, without the consent of the competent PRC securities regulators
and other relevant authorities, no organization or individual may provide documents and materials relating to securities business activities
to overseas parties. See also &#8220;-You may face difficulties in protecting your interests, and your ability to protect your rights
through the U.S. federal courts may be limited, because we are incorporated under Cayman Islands law.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
are a &#8220;controlled company&#8221; within the meaning of NYSE listing rules and, as a result, can rely on exemptions from certain
corporate governance requirements that provide protection to shareholders of other companies. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We are a
&#8220;controlled company&#8221; within the meaning of the NYSE listing rules because Mr. He Yu, our Chief Executive Officer and Chairman
of the Board, beneficially owns more than 50% of the total voting power of our outstanding ordinary shares. For so long as we remain
a controlled company under that definition, we are permitted to elect to rely, and intend to rely, on certain exemptions from corporate
governance rules, including an exemption from the rule that a majority of our board of directors must be independent directors or that
we have to establish a nominating committee and a compensation committee composed entirely of independent directors. As a result, you
will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions
applicable to United States domestic public companies. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Because we
are a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in
the United States that are applicable to U.S. domestic issuers, including:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">the
                                            rules under the Exchange Act requiring the filing of quarterly reports on Form 10-Q or current
                                            reports on Form 8-K with the SEC;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">the
                                            sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations
                                            in respect of a security registered under the Exchange Act;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">the
                                            sections of the Exchange Act requiring insiders to file public reports of their stock ownership
                                            and trading activities and liability for insiders who profit from trades made in a short
                                            period of time; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">the
                                            selective disclosure rules by issuers of material nonpublic information under Regulation
                                            FD.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We are required
to file an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we intend to publish our results
on a quarterly basis through press releases, distributed pursuant to the rules and regulations of the New York Stock Exchange. Press
releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the information we
are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the
SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be made available to
you were you investing in a U.S. domestic issuer.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>As
an exempted company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate
governance matters that differ significantly from New York Stock Exchange&#8217;s corporate governance requirements. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As a Cayman
Islands exempted company listed on the New York Stock Exchange, we are subject to the New York Stock Exchange corporate governance listing
standards. However, the New York Stock Exchange rules permit a foreign private issuer like us to follow the corporate governance practices
of its home country. Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly
from the New York Stock Exchange corporate governance listing standards. For instance, we are not required to (i) have a majority of
the board be independent; (ii) have a compensation committee or a nominating committee consisting entirely of independent directors;
or (iii) have regularly scheduled executive sessions at which only independent directors are present. These practices may afford less
protection to shareholders than they would enjoy if we complied fully with New York Stock Exchange&#8217;s corporate governance requirements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
second amended and restated memorandum of association contains anti-takeover provisions that could discourage a third party from acquiring
us and adversely affect the rights of holders of our Class A ordinary shares and ADSs. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our second
amended and restated memorandum of association contains certain provisions that could limit the ability of others to acquire control
of our company or cause us to engage in change-of-control transactions. These provisions could have the effect of depriving our shareholders
and ADS holders of the opportunity to sell their shares or ADSs at a premium over the prevailing market price by discouraging third parties
from seeking to obtain control of our company in a tender offer or similar transactions. Our board of directors has the authority, without
further action by our shareholders except as provided in the resolution or resolutions providing for the establishment of any class or
series of preferred shares, to issue preferred shares in one or more series and to fix their designations, powers, preferences, privileges,
relative participating, optional or special rights and qualifications, limitations or restrictions, including dividend rights, conversion
rights, voting rights, terms of redemption and liquidation preferences, any or all of which may be greater than the rights associated
with our Class A ordinary shares, in the form of ADS or otherwise. Preferred shares could be issued quickly with terms calculated to
delay or prevent a change in control of our company or make removal of management more difficult. If our board of directors decides to
issue preferred shares, the price of our ADSs may fall and the voting and other rights of the holders of our Class A ordinary shares
and ADSs may be materially and adversely affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.
</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We are an
&#8220;emerging growth company,&#8221; as defined in the JOBS Act, and we may take advantage of certain exemptions from requirements
applicable to other public companies that are not emerging growth companies, including, most significantly, not being required to comply
with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 for so long as we remain an emerging growth
company. As a result, if we elect not to comply with such auditor attestation requirements, our investors may not have access to certain
information they may deem important.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The JOBS
Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards until
such date that a private company is otherwise required to comply with such new or revised accounting standards. We do not plan to &#8220;opt
out&#8221; of such exemptions afforded to an emerging growth company. As a result of this election, our financial statements may not
be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
will incur increased costs and become subject to additional rules and regulations as a result of being a public company. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We are a
public company and expect to incur significant legal, accounting and other expenses. The Sarbanes-Oxley Act of 2002 and rules subsequently
implemented by the SEC and the New York Stock Exchange impose various requirements on the corporate governance practices of public companies.
Our executive officers have little experience in operating a U.S. public company, which makes our ability to comply with applicable laws,
rules and regulations uncertain. We expect these rules and regulations to increase our legal and financial compliance costs and to make
some corporate activities more time- consuming and costly. For example, as a result of becoming a public company, we need to increase
the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures. In addition,
we incur additional costs associated with our public company reporting requirements. After we are no longer an &#8220;emerging growth
company,&#8221; we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the
requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the other rules and regulations of the SEC.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_006"></a></div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">ITEM
4 INFORMATION ON THE COMPANY</span></p><div>



</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>A
<span style="text-decoration:underline">History and Development of the Company</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We are an
exempted company incorporated in the Cayman Islands on October 2, 2019, with limited liability under the laws of the Cayman Islands with
significant subsidiaries and VIEs in China. In January 2021, we were listed on the New York Stock Exchange.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We commenced
our operations in October 2002 when Mr. He Yu, our Chief Executive Officer and Chairman of the Board, acquired control of Beijing Cathay
Orient Information Technology Company Limited, a classical music licensing and subscription service provider and the predecessor of Beijing
Kuke Music.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In January
2016, Beijing Kuke Music and Naxos International established Naxos China, a PRC limited liability company. Naxos China was held by Beijing
Kuke Music and Naxos International as to 51% and 49%, respectively.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In September
2017, we established Kuke Music Holding Limited as our holding company in the Cayman Islands. In the same month, Kuke Music Holding Limited
established Rococo Holding Limited in the British Virgin Islands, as its wholly-owned subsidiary.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In October
2017, Rococo Holding Limited established Gauguin Limited in Hong Kong, as its wholly-owned subsidiary. In December 2017, Gauguin Limited
established Kuke International, as its wholly-owned subsidiary in the PRC.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In January
2018, Beijing Kuke Music transferred its equity interest in Naxos China to Kuke International.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Due to restrictions
imposed by PRC laws and regulations on foreign ownership of companies that engage in Internet and other related business, Kuke International
entered into a series of contractual arrangements with Beijing Kuke Music and its shareholders in February 2018, pursuant to which Kuke
International acquired substantial influence over Beijing Kuke Music.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In February
2020, through a share swap transaction, Kuke Music Holding Limited acquired 100% equity interest in Rosenkavalier Limited, a British
Virgin Islands company that indirectly owns 100% equity interest in Beijing Lecheng, which has substantial influence over BMF Culture
through a series of contractual arrangements with BMF Culture and its shareholders.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As a result
of our direct ownership in our WFOEs and the aforementioned contractual arrangements, we are regarded as the primary beneficiary of the
VIEs, and we treat them as our consolidated affiliated entities under IFRS. We have consolidated the financial results of the VIEs in
our consolidated financial statements in accordance with IFRS.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our principal
executive offices are located at Building 96, 4 San Jian Fang South Block, Chaoyang District, Beijing, China. Our telephone number is
(86) 10 6561 0392. Our registered office in the Cayman Islands is located at Sertus Chambers, P.O. Box 905, Quastisky Building, Road
Town, Tortola, British Virgin Islands.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>B
<span style="text-decoration:underline">Business Overview</span> </b></span></p><div>



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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We are a
leading provider of classical music service platform. Our business includes classical music licensing, subscription and education services
in China. Leveraging our extensive content library and deep expertise in music education, we are also a leading smart music learning
service provider in China. In addition, following our acquisition of BMF in February 2020, we are one of the few companies in China with
the experience and scale to organize large-scale live classical music events. With nearly 23 years of experience in the music industry,
we have devoted ourselves to making classical music more accessible in China.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The classical music market in China has grown rapidly in recent years,
driven by the rising popularity of classical music, the digitization of classical music content and favorable government policies. We
identified this significant market opportunity early and we were one of the first classical music licensing and subscription service providers
in China. Leveraging our long-standing relationships with world-renowned music labels and publishers, especially Naxos and years of music
production and content acquisition efforts, we have built a library of classical music content, which consisted of approximately 2.95
million music tracks, including over 2 million tracks of traditional classical music and nearly 370,000 tracks of jazz, world, folk and
other genres of music that in aggregate covered over 100,000 musicians, over 2,000 musical instruments and over 260 countries and regions,
as well as nearly 3,000 video titles, nearly 500,000 spoken content tracks and over 5,000 volumes of sheet music as of December 31, 2022.
The vast majority of our content offerings have been licensed to us on an exclusive basis.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We license our music content primarily to online music entertainment
platforms, such as Tencent Music Entertainment Group and NetEase Cloud Music, as well as commercial enterprises, such as film and TV production
companies, airlines and smart hardware companies. Our music subscription service provides users with high-quality online and offline streaming
access to our content library. Users can access our platform from our website, mobile app and smart music devices. As our encyclopedic
catalog is especially suitable for educational and professional use, we have attracted a large number of universities, music conservatories,
public libraries and individuals to subscribe to our service over the years. As of December 31, 2022, we had over 840 institutional subscribers,
including over 500 universities and music conservatories and over 330 public libraries, spread across all provinces, autonomous regions
and municipalities in China, except Tibet.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Through our
licensing and subscription services, we have brought high-quality classical music into more people&#8217;s lives, enabling them to enjoy
classical music in a more convenient, enriching and affordable way. However, our passion for classical music does not stop there. To
us, a more fundamental way to amplify the impact of classical music is through music learning. Towards that end and in an effort to address
the underserved needs in China&#8217;s music education market, we launched our smart music learning business in October 2015, offering
students and schools innovative and efficient smart music learning solutions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our smart
music learning solutions primarily comprise the offering of our proprietary Kuke smart pianos, Kuke smart music teaching systems and
Kukey courses. Our Kuke smart music teaching system, which is pre-installed in our Kuke smart pianos, contains a comprehensive array
of classical music content and offers real-time, individualized feedback on student performance as they practice. Kukey courses are typically
small-group, beginner-level piano lessons offered through our Kuke smart pianos. Since 2022, we have started to focus more on selling
smart music hardware and content to primary and secondary schools and significantly reduced the offering of Kukey courses.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Finally,
as appreciation for classical music grows in China while the penetration rate of classical music learning is still very low in China
comparing to developed countries, there has been a growing interest in experiencing live classical music and learning classical music
for a very long time. To address this growing opportunity, we acquired BMF, which organizes the Beijing Music Festival and other influential
classical music events in China. With twenty-four years of history, the Beijing Music Festival has played an indispensable role in bringing
world-class classical musicians to China and offering Chinese audiences the opportunity to enjoy masterful performances in person. We
believe that our live classical music events business effectively creates synergetic effects with our music content and music learning
businesses, further positions us well to continuously offer differentiated value propositions to our customers through a thriving content-centric
ecosystem, encompassing the entire value chain from enriching content provision to intelligent music learning services.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Our Platform
</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Powered by our encyclopedic classical music content offerings, we operate
three music-related businesses through our platform, namely music licensing and subscription, smart music learning and live classical
music events, which accounted for 40.8%, 32.4% and 26.8%, respectively, of our total revenue for the year ended December 31, 2022.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
Content Offerings </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our rich and diverse content offerings are the foundation of our success.
We had a library of classical music content, which consisted of approximately 2.95 million music tracks, nearly 3,000 video titles, nearly
500,000 spoken content tracks and over 5,000 volumes of sheet music as of December 31, 2022.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The vast majority of our content offerings have been licensed to us
on an exclusive basis. In particular, we hold an exclusive and long-term license to the vast majority of content owned by Naxos within
the territory of mainland China. Music tracks licensed from Naxos, our largest content provider, accounted for over 99% of our content
offerings as of December 31, 2022. In addition to licensed content, we also help local artists to release albums and create educational
content and have licensed certain classical music videos from rights holders.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Music
recordings.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our content library contains a wide range of standard and specialty
repertoires of classical, jazz, world, folk and traditional Chinese music recordings, spanning from medieval to contemporary music. As
of December 31, 2022, we had accumulated approximately 2.0 million tracks of traditional classical music and nearly 370,000 tracks of
other genres of music recordings, covering the works of approximately over 100,000 musicians and over 2,000 musical instruments from over
260 countries and regions. Over the years, we have also created many award-wining music recordings, including the Contemporary Chinese
Musicians collection, which features new, original symphony works created by Chinese composers, and the Sound of Nature collection, which
records the indigenous music of China&#8217;s ethnic minorities. In addition, in order to meet the exacting standards of classical music
fans and attract more customers, we licensed from Naxos approximately 10,000 albums of high-resolution classical music recordings in July
2020.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Videos.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As of December
31, 2022, our content library contained over 2,901 video titles of concerts, operas, ballets, plays, documentaries, interviews and behind-the-scenes
footage, featuring works from the world&#8217;s most renowned opera houses, ballet companies and concert halls. In addition, we have
been working with Countdown Media GmbH, one of our licensors, on children music videos.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Spoken
content.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2022, our spoken content contained audio versions
of nearly 500,000 spoken content tracks, including best sellers and some of the world&#8217;s greatest novels, plays and poems, as well
as various nonfiction history books and biographies.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Copyrighted
SaaS-based music teaching and appreciation content.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We also offer copyrighted SaaS-based&#160;music teaching and appreciation
content, which is available online to our subscribers, or embedded in our smart music hardware products. Such content and system included,
among others, is self-developed by the company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As our business
grows and our collaboration with content providers and distribution channels deepens, we expect our content leadership to further strengthen.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Classical
Music Licensing and Subscription </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We believe
that the size, diversity, quality and exclusivity of our content offerings, coupled with our classical music expertise and proprietary
data analytics capability, make us a preferred choice for customers seeking to diversify their content offerings and classical music
lovers with underserved needs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Licensing
</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We license
our music content primarily to online music entertainment platforms, such as Tencent Music Entertainment Group and NetEase Cloud Music,
as well as commercial enterprises, such as film and TV production companies, airlines and smart hardware companies.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We enter
into license agreements with licensees to make our content available for our licensees to access in digital formats. Our licensees may
offer the licensed content on their online platforms for streaming and downloading or incorporate our licensed content into their products
or service offerings. The license agreements set out the license scope, royalty arrangements, content delivery arrangements, settlement
terms and the parties&#8217; respective rights and obligations. We charge licensing fees either on a per-track basis or a minimum guarantee
plus revenue-sharing basis. Under the per-track model, we typically grant licensees the perpetual right to use the licensed content in
manners prescribed by the license agreement in exchange for a one-off, fixed fee. Under the minimum guarantee plus revenue-sharing model,
we typically enter into nonexclusive license agreements with the licensees for a term ranging from one to two years. We typically require
a minimum guarantee payment from the licensee up front and revenue-sharing fees on a quarterly basis. Under both models, the licensee
shall not use the licensed content outside the license scope, revise or abridge the licensed content, or transfer the right to use the
licensed content to any third party. We have the right to terminate the license agreement and seek damages from the licensee should the
licensee breach its obligations under the license agreement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In addition,
we also provide certain digital music service providers with a variety of value-added services aimed at enhancing their user experience
and engagement, including, among others, content recommendation and curation, playlist compilation, editorial support and content search
localization.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Subscription
</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our music
subscription service provides users with high-quality online and offline streaming access to our content library, serving classical music
lovers&#8217; underserved needs in terms of catalog, discovery, information and audio quality. Users can access our platform anywhere
and anytime through our website <i>www.kuke.com</i>, the Kuke Music mobile app and smart music devices, and we provide our subscribers
with a wide range of ways to search, browse and discover classical music content.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2022, we had over 840 institutional subscribers,
including over 500 universities and music conservatories and over 330 public libraries, spread across all provinces, autonomous regions
and municipalities in China, except Tibet.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Smart
Music Education </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We launched
our smart music learning business in October 2015, offering our proprietary Kuke smart pianos, music learning content and teaching systems
to distributors for them to resell to end customers, such as primary and secondary schools. Our smart music education revenue is generated
primarily from (i) sales of smart music products, which include (a) integrated Kukey smart pianos, (b) a self-developed smart teaching
system installed on a network storage server, and (c) piano accessories such as professional, around ear headphones, and (ii) provision
of music education classes conducted through Kukey smart pianos.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Since 2022, we have started to focus more on selling smart music hardware
and content to primary and secondary schools and significantly reduced the offering of Kukey courses. In January 2022, to meet the growing
demand from public schools for smart music devices, teaching systems and copyrighted music content, we entered into an equity transfer
agreement to acquire a team of marketing and sales personnel experienced in promoting smart music learning solutions to primary and secondary
schools. As of December 31, 2022, we had sold over 16,790 Kuke smart pianos and over 2,422 Kuke smart music teaching systems.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Live
Classical Music Events </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In February 2020, we acquired 100% equity interest in BMF, which organizes
the Beijing Music Festival and other influential classical music events in China. We are one of the few companies in China with the experience
and scale to organize large-scale classical music festivals.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">BMF Culture,
one of the VIEs, first became involved with the organizing of the Beijing Music Festival in 2003. Since 2005, BMF Culture has been organizing
the Beijing Music Festival annually together with the Beijing Music Festival Arts Foundation. In 2019, BMF Culture and the Beijing Music
Festival Arts Foundation entered into a framework agreement, pursuant to which BMF Culture undertakes most of the organizing responsibilities
for the Beijing Music Festival.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Leveraging
our experience of hosting the Beijing Music Festival, we also organize other live classical music events throughout the year, such as
the Good Afternoon themed event and several embassy events.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Additionally,
as part of our effort to promote interest and education in classical music in China, we offer various online and offline opportunities
for people interested in classical music to learn more about, and participate in the creation of, classical music.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Due to the
impact of COVID-19, we have not been able to organize as many live classical music performances or invite as many overseas artists to
perform at our live classical music events as we had been able to. In 2022, due to COVID-related restrictions, we were not able to fully
host the 2022 Beijing Music Festival.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our revenue
from live classical music events primarily consists of sponsorship fees, performance fees, service fees, ticket sales and royalties.
Over the years, BMF has built long-standing relationships with high-profile corporate sponsors, such as FAW-Volkswagen, Audi, CITIC Group,
Credit Suisse, UBS, Nestle and Swire Properties. We offer various types of sponsorship programs, including naming rights, exclusive partner
rights, on-site venue signage and advertisements, to sponsors across industry sectors, connecting their brands directly with a large
base of well-educated, affluent and experience-oriented customers.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Strategic
Investment in KOLO </b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In February
2022, we entered into an agreement for a strategic investment in KOLO, a classical music-focused and decentralized NFT platform driven
by blockchain technology. The strategic investment in KOLO will further enable the development of a consumer-oriented, classical music-focused
and global NFT application in the Metaverse. The NFT application will leverage the diversified classical music copyright resources of
us and Naxos, our strategic global business partner and the largest independent classical music content provider in the world, and further
enhance the transaction liquidity, platform interoperability and ease of sharing of digital music assets.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In March
2023, the Company announced an agreement to acquire a 49% equity interest of&#160;KOLO, with an option to acquire the remaining
51%.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Research
and Development </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We design
and develop substantially all of our course materials and the functions of our Kuke smart music teaching system in-house based on our
music expertise, user feedback, extensive research on market needs, content library, the requirements of various music proficiency tests,
as well as input from esteemed music professionals, industry experts and content licensed from Naxos. We regularly update our Kukey courses
and the functionalities of our Kuke smart music teaching system to further enhance the courses&#8217; depth and breadth.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="background-color: white">For the years ended December
31, 2020, 2021 and 2022, we recorded research and development expenses of RMB12.6 million, RMB27.8 million and RMB18.7 million (US$2.7
million), respectively.</span> &#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Technology
</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="background-color: white">As of December 31, 2022, we had
a strong research and development team of 30 employees, which accounted for approximately 27.5% of our total headcount. </span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; background-color: white">Principal
components of our technology infrastructure include: </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Scalable,
cloud-based infrastructure.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We maintain
a capital-light infrastructure. By using a cloud services provider, we are able to ensure that our systems can scale with our growth
and meet fluctuating or unpredictable system demands.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our Kuke
smart music teaching system is connected to our cloud server through a local area network (&#8220;LAN&#8221;) server via wireless connection.
Each LAN server can accommodate up to 60 users at the same time. Through sensors attached to the keyboard of Kuke smart pianos, we capture
various aspects of students&#8217; practice data relevant for assessing their performance, such as finger pressure, pitch and tempo.
Such data and our machine-generated analysis of the data are transmitted between our Kuke smart music teaching system and cloud server
in real time, enabling us to provide students with instant, individualized feedback on their performance. Through cloud computing, we
generate an overall score for every student and their group automatically at the end of every piano lesson, which helps instructors stay
on top of students&#8217; progress over time and adjust the teaching pace accordingly. In addition, through Websocket technology, instructors
can monitor each student&#8217;s interface at the same time, which enhances teaching efficiency without compromising the level of individualized
attention.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Big
data analytics.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We have invested
considerably in the research and development of big data analytics and machine learning.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We have invested
considerably in the research and development of big data analytics and machine learning. For our music subscription business, our musicologists
conduct exhaustive analysis of metadata, the searchable, textual information embedded into each work. Users can search for content using
up to 17 search criteria, including the composer, title, album, genre, period, featured instrument, duration, adaptor, lyricist, soloist,
conductor, choir, ensemble, orchestra, label, year of composition and release date. We also provide listeners with a personalized music
discovery experience by leveraging our proprietary content recommendation algorithms and data. For our smart music learning business,
we apply proprietary algorithms to analyze various types of students&#8217; practice data and to provide them with performance evaluations
that accurately reflect their skill level, strengths and weaknesses. Based on such analysis, our data analytics engine also generates
tailored practice suggestions that help students more effectively tackle areas in need of improvement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Intellectual
Property </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>License
Agreements </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We obtain
licenses from and pay royalties to rights holders or their agents. Below is a summary of certain provisions of our key license agreements
with Naxos, our largest content provider.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to a license agreement between Beijing Kuke Music Co., Limited and Naxos Digital Services US, Inc., which expires on June 30, 2026 and
is automatically renewable for successive one-year periods, unless either party indicates otherwise in advance, we have the exclusive
right to sell a wide range of content owned or controlled by Naxos for subscription and downloading in China. We are obligated to pay
Naxos the higher of (i) an annual minimum licensing fee, which increases annually over the term of the license period, with a total of
approximately $9.3 million under the agreement, or (ii) 45% to 55% of the annual revenue generated from the licensed content. Naxos has
the right to terminate the agreement in certain circumstances, including, for example, our failure to timely pay royalties.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Naxos has
also licensed certain content it owns or controls to Naxos China, our joint venture with Naxos. Naxos China&#8217;s license agreement
with Naxos International expires on December 31, 2022 and is automatically renewable for another three years, unless either party indicates
otherwise in advance. Naxos China shall pay Naxos International 30% of all payments, sales proceeds or other monies directly received
by or credited to Naxos China for the exploitation of the licensed content less any tax deducted (or 50% if Naxos China&#8217;s agent
or affiliate is involved). Naxos China&#8217;s license agreement with Naxos of America, Inc. expires on January 1, 2021 and is automatically
renewable for successive one-year periods unless either party indicates otherwise in advance. Pursuant to these license agreements, Naxos
China has the exclusive right to exploit or license third parties to use the licensed content in accordance with the terms of the agreement.
Naxos China shall pay Naxos of America, Inc. 65% of the income actually received by or credited to Naxos China that is derived from the
exploitation of the licensed content. The licensor has audit rights and may terminate the agreement in case of any material breach of
the agreement. There are no minimum guarantee payment obligations under the agreements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Content
Production Arrangement </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We engage
certain recording agencies to create music recordings to our specifications on a per-project basis. Under our agreements with these agencies,
we are the sole owner of all the copyrights related to the recorded work.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Other
Intellectual Properties </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As of December
31, 2022, we owned 11 patents, 84 copyrights, 57 trademarks and 44 domain names in China. As of the same date, we have applied for the
registration of 81 trademarks.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Data Security
and Protection </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We believe
that data security is critical to our business operations. We have internal rules and policies to govern how we use and share personal
information, as well as protocols, technologies and systems in place to ensure that such information will not be accessed or disclosed
improperly.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Sales
and Marketing </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We primarily
rely on word-of-mouth referrals and benefit from our strong brand with respect to customer acquisition and retention. We also engage
in diverse marketing campaigns both online and offline to enhance our brand awareness, such as search engine optimization, social media
marketing and advertisement placement through events organized by us or third-party channels. In addition, we rely on distributors to
establish collaboration with kindergartens for the offering of our Kukey courses and to market and sell Kuke smart pianos, Kuke smart
music teaching systems and our institutional music subscription services.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For sales
made to public or government-affiliated entities, we are often required to go through a bidding process and are sometimes required to
include third-party products or services in our bids. After winning the bid, we will then purchase these third-party products or services
and resell them to these government-affiliated entities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Suppliers
</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our content providers include renowned music labels, publishing houses
and artists. In particular, music tracks licensed from Naxos, our largest content provider, accounted for over 99% of our content offerings
as of December 31, 2022. We hold an exclusive and long-term license to the vast majority of content owned by Naxos within the territory
of mainland China.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Competition
</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We face competition
from other classical music licensing service providers for licensees, other online classical music subscription service providers for
subscribers, other smart music learning service providers for student enrollment and the sale of our Kuke smart pianos and Kuke smart
music teaching systems, and other live classical music event organizers for audience and sponsorship.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We compete
primarily on the basis of service quality, user experience, content offerings, brand recognition and pricing. Some of our competitors
may have greater financial, marketing or technology resources than we do, which could enable them to respond more quickly to technological
innovations or changes in market demand and build stronger relationships with rights holders.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Insurance
</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We provide
social security insurance, including pension insurance, unemployment insurance, work-related injury insurance and medical insurance for
our employees in compliance with applicable PRC laws. We do not maintain business interruption insurance.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Legal
Proceedings</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We are currently
not involved in any material legal or administrative proceedings. We may from time to time be subject to various legal or administrative
claims and proceedings arising in the ordinary course of our business.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulations </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We are subject
to a variety of PRC laws, rules and regulations across many aspects of our business. The following is a summary of the principal PRC
laws and regulations relating to our business and operations within the territory of the PRC.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Regulations
on Foreign Investment </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Foreign
Investment Law of the PRC was adopted by the 2nd session of the thirteenth National People&#8217;s Congress on March 15, 2019 and became
effective on January 1, 2020. The Foreign Investment Law sets out the basic regulatory framework for foreign investments and proposes
to implement a system of pre-entry national treatment with a negative list for foreign investments, pursuant to which (i) foreign natural
persons, enterprises or other organizations, collectively the foreign investors, shall not invest in any sector forbidden by the negative
list for access of foreign investment, (ii) for any sector restricted by the negative list, foreign investors shall conform to the investment
conditions provided in the negative list, and (iii) sectors not included in the negative list shall be managed under the principle that
domestic investment and foreign investment shall be treated equally. The Foreign Investment Law also sets forth necessary mechanisms
to facilitate, protect and manage foreign investments and proposes to establish a foreign investment information report system in which
foreign investors or foreign-funded enterprises shall submit the investment information to competent departments of commerce through
the enterprise registration system and the enterprise credit information publicity system.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">On December
30, 2019, the Ministry of Commerce and the State Administration for Market Regulation issued the Measures for the Reporting of Foreign
Investment Information, which came into effect on January 1, 2020 and replaced the Provisional Measures on Administration of Filing for
Establishment and Change of Foreign Investment Enterprises. Since January 1, 2020, for foreign investors carrying out investment activities
directly or indirectly in China, the foreign investors or foreign-invested enterprises shall submit investment information to the commerce
authorities pursuant to these measures.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Special
Administrative Measures for Entrance of Foreign Investment (Negative List) (2021 Version) </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Special
Administrative Measures for Entrance of Foreign Investment (Negative List) (2021 Version), or the Negative List, which was promulgated
jointly by the Ministry of Commerce and the National Development and Reform Commission on December 27, 2021 and became effective on January
1, 2022, replaced and abolished the Special Administrative Measures for Entrance of Foreign Investment (Negative List) (2020 Version)
regulating the access of foreign investors to China. Pursuant to the Negative List, foreign investors should refrain from investing in
any of prohibited sectors specified in the Negative List, and foreign investors are required to obtain the permit for access to other
sectors that are listed in the Negative List but not classified as &#8220;prohibited.&#8221; The Negative List covers 12 industries.
Fields not covered in the Negative List shall be administrated under the principle of equal treatment to domestic and foreign investments.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We are a
Cayman Islands company and our businesses by nature in China are mainly Internet information services, Internet culture services, Internet
publication services, online audio-visual products and other related value-added telecommunications services, which are restricted or
prohibited for foreign investors by the Negative List. We conduct business operations that are restricted or prohibited for foreign investment
through our variable interest entities, or VIEs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Regulations
on Internet information services, Internet culture services, Internet publication services, online audio-visual products and other related
value-added telecommunications services </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Licenses
for Value-Added Telecommunications Services </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Telecommunications
Regulations of the PRC (2016 Revision) (&#8220;The Telecom Regulations of the PRC&#8221;), promulgated in 2000 by the State Council and
most recently amended in 2016, provides a regulatory framework for telecommunications service providers in the PRC. As required by these
regulations, a commercial telecommunications service provider in the PRC shall obtain an operating license from the Ministry of Industry
and Information Technology or its counterparts at the provincial level prior to its commencement of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Telecom
Regulations of the PRC categorize all telecommunication businesses in the PRC as either basic or value-added. The Catalog of Telecommunications
Business, which was issued as an attachment to the Telecom Regulations of the PRC and most recently amended on June 6, 2019, further
categorizes value-added telecommunication services into two classes: class I value-added telecommunication services and class II value-added
telecommunication services. Information services provided via cable networks, mobile networks, or Internet fall within class II value-added
telecommunications services.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Measures
on Telecommunications Business Operating Licenses (2017 Version) promulgated by MIIT replaced and abolished its 2009 version. According
to these measures, any approved telecommunications service provider shall conduct its business in accordance with the specifications
in its license for value-added telecommunications services, or VATS License. These measures further prescribe types of requisite licenses
for VATS Licenses together with qualifications and procedures for obtaining such VATS Licenses. Beijing Kuke Music has obtained the VATS
License.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the Administrative Measures on Internet Information Services, promulgated in 2000 and amended in 2011 by the State Council, commercial
Internet information service providers, which mean providers of information or services to Internet users with charge, shall obtain the
VATS License with the business scope of Internet information services, namely the Internet Content Provider License, from competent telecommunication
authorities before providing any commercial Internet content services within the PRC. Beijing Kuke Music has obtained the Internet Content
Provider License.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Restrictions
on Foreign Direct Investment in Value-Added Telecommunications Services </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Foreign direct
investment in telecommunications companies in China is governed by the Provisions on the Administration of Foreign-Invested Telecommunications
Enterprises, which was promulgated in 2001 and most recently amended in 2022 by the State Council, and will become effective on May 1,
2022. The regulations require foreign-invested value-added telecommunications enterprises in China to be established as Sino-foreign
equity joint ventures and, with a few exceptions, the foreign investors may acquire up to 50% of the equity interests in such joint ventures.
In addition, foreign investors that meet these requirements must obtain approvals from MIIT or their authorized local counterparts, which
retain considerable discretion in granting approvals.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In 2006,
MIIT released the Circular on Strengthening the Administration of Foreign Investment in the Operation of Value-added Telecommunications
Business, or MIIT Circular. MIIT Circular prohibits domestic telecommunications enterprises from leasing, transferring or selling telecommunications
business operation licenses to foreign investors in any form, or providing any resources, sites or facilities to any foreign investor
for their illegal operation of telecommunications business in China. Furthermore, under MIIT Circular, the Internet domain names and
registered trademarks used by a foreign-invested value-added telecommunications services operator shall be legally owned by that operator
(or its shareholders). If a license holder fails to comply with the requirements in MIIT Circular and rectify such non-compliance, MIIT
or its local counterparts have the discretion to take measures against such license holders, including revoking their VATS Licenses.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Regulations
on Transmitting Audio-Visual Programs through the Internet </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In 2007,
MIIT and the State Administration of Radio, Film and Television, or SARFT, jointly issued the Administrative Provisions on the Internet
Audio-Video Program Service, or the Audio-Video Program Provisions, which came into effect in 2008 and was amended in 2015 by the State
Administration of Press, Publication, Radio, Film and Television, or the SAPPRFT. The Audio-Video Program Provisions defines &#8220;Internet
audio-video program services&#8221; as producing, editing and integrating audio-video programs, supplying audio-video programs to the
public via the Internet, and providing audio-video programs uploading and transmission services to a third party. Entities providing
Internet audio-video program services must obtain an Audio and Video Service Permission, or the AVSP. Applicants for the AVSP shall be
state-owned or state-controlled entities unless an AVSP has been obtained prior to the effectiveness of the Audio-Video Program Provisions
in accordance with the then-in-effect laws and regulations. In addition, foreign-invested enterprises are not allowed to engage in the
above-mentioned services. According to the Audio-Video Program Provisions and other relevant laws and regulations, audio-video programs
provided by the entities supplying Internet audio-video program services shall not contain any illegal content or other content prohibited
by laws and regulations, such as any content against the basic principles in the PRC Constitution, any content that jeopardizes the sovereignty
of the country or national security, and any content that disturbs social order or undermines social stability. A full copy of any audio-video
program that has already been broadcasted shall be retained for at least 60 days. Movies, television programs and other media contents
used as Internet audio-video programs shall comply with applicable administrative regulations on programs transmitted through radio,
movie and television channels. Entities providing services related to Internet audio-video programs shall immediately remove the audio-video
programs violating laws and regulations, keep relevant records, report to relevant authorities, and implement other regulatory requirements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Categories
of the Internet Audio-Video Program Services, or the Audio-Video Program Categories, promulgated by SARFT in 2010 and amended in 2017,
classifies Internet audio-video programs into four categories: (I) Category I Internet audio-video program service, which is carried
out with a form of radio station or television station; (II) Category II Internet audio-video program service, including (a) re-broadcasting
service of current political news audio-video programs; (b) hosting, interviewing, reporting, and commenting service of arts, entertainment,
technology, finance and economics, sports, education, and other specialized audio-video programs; (c) producing (interviewing not included)
and broadcasting service of arts, entertainment, technology, finance and economics, sports, education, and other specialized audio-video
programs; (d) producing and broadcasting service of Internet films or dramas; (e) aggregating and broadcasting service of films, television
dramas and cartoons; (f) aggregating and broadcasting service of arts, entertainment, technology, finance and economics, sports, education
and other specialized audio-video programs; and (g) live audio-video broadcasting service of cultural activities of common social organizations,
sport events or other organization activities; and (III) Category III Internet audio-video program service, including (a) aggregating
service of online audio-video content, and (b) re-broadcasting service of audio-video programs uploaded by Internet users; and (IV) Category
IV Internet audio-video program service, including (a) re-broadcasting of radio or television program channels; (b) re-broadcasting of
Internet audio-video program channels; and (c) re-broadcasting of live Internet audio-video program.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In 2016,
the SAPPRFT issued the Circular on Relevant Issues Concerning Implementing the Approval Granting for Mobile Internet Audio-Video Program
Services, or the Mobile Audio-Video Program Circular. The Mobile Audio-Video Program Circular provides that mobile Internet audio-video
program services shall be deemed a type of Internet audio-video program services. Entities approved to provide mobile Internet audio-video
program services may use mobile WAP websites or mobile applications to provide audio-video program services, but the types of the programs
operated by such entities shall be within the permitted scope as provided in their AVSPs and the said mobile applications shall be filed
with the SAPPRFT.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In 2016,
the State Internet Information Office issued the Administrative Regulations on Online Live Streaming Services, or the Online Live Streaming
Regulations. According to the Online Live Streaming Regulations, when providing Internet news information services, both online live
streaming service providers and online live streaming publishers must obtain relevant licenses for providing Internet news information
services and may only carry out Internet news information services within the scope of their AVSPs. All online live streaming service
providers (whether or not providing Internet news information) must take certain actions to operate their services, including establishing
platforms to monitor live streaming contents.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">On November
18, 2019, Cyberspace Administration of China, the Ministry of Culture and Tourism of the PRC and the National Radio and Television Administration,
jointly issued the Administrative Provisions on Network Audio and Video Information Services, which came into effect on January 1, 2020.
According to the Administrative Provisions on Network Audio and Video Information Services, network audio and video information service
providers shall strengthen the management of audio and video information released by network audio and video information service users
to prevent the production and transmission of illegal content.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Regulations
on Production and Operation of Radio and Television Programs </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In 2004,
the SAPPRFT promulgated the Regulations on the Administration of Production and Operation of Radio and Television Programs, which was
most recently amended in October 2020. Pursuant to these regulations, entities engaging in the production of radio and television programs
must obtain the License for Production and Operation of Radio and TV Programs from the SAPPRFT or its counterparts at the provincial
level. Holders of such licenses must conduct their business operations strictly in compliance with the approved scope as provided in
their licenses. Beijing Kuke Music has obtained the License for Production and Operation of Radio and TV Programs. &#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Regulations
on Online Publication </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In 2016,
the SAPPRFT and MIIT jointly promulgated the Regulations on the Administration of Online Publishing Services. It defines &#8220;online
publications&#8221; as digital works that are edited, produced, or processed to be published and provided to the public through the Internet,
including (a) original digital works, such as pictures, maps, games and comics; (b) digital works with content that is consistent with
the type of content that, prior to being released online, typically was published in offline media such as books, newspapers, periodicals,
audio-visual products and electronic publications; (c) digital works in the form of online databases compiled by selecting, arranging
and compiling other types of digital works; and (d) other types of digital works identified by the SAPPRFT. In addition, foreign-invested
enterprises are not allowed to engage in the foregoing services. Under the Online Publishing Regulations, Internet operators distributing
online publications via the Internet are required to obtain an Online Publishing Service Permit from the SAPPRFT. Beijing Kuke Music
are in the process of renewing the Online Publishing Service Permit.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Regulations
on Internet Culture Activities </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the Interim Administrative Provisions on Internet Culture promulgated by the Ministry of Culture in 2011 and amended in 2017, Internet
culture activities include (i) production, reproduction, import, release or broadcasting of Internet culture products (such as online
music, online game, online performance and cultural products by certain technical means and copied to the Internet for spreading); (ii)
distribution or publication of cultural products on the Internet, or sending cultural products through Internet, mobile communication
network and other information networks to customer premise equipment such as computers, fixed telephones, mobile phones, radios, TV sets,
game players, etc. as well as Internet bar and other Internet online service operating premises available for users to browse, read,
appreciate, use or download such contents; and (iii) exhibitions, competitions and other similar activities concerning Internet culture
products. The Interim Administrative Provisions on Internet Culture further classifies Internet cultural activities into commercial Internet
cultural activities and non-commercial Internet cultural activities. Entities engaging in commercial Internet cultural activities must
apply to the relevant authorities for the Online Culture Operating Permit, while non-commercial cultural entities are only required to
report to related culture administration authorities within 60 days of the establishment of such entity. If any entity engages in commercial
Internet culture activities without approval, the cultural administration authorities or other relevant government may order such entity
to cease to operate Internet culture activities and levy penalties including administrative warnings and fines up to RMB30,000. In addition,
foreign-invested enterprises are not allowed to engage in the above-mentioned services except online music. Beijing Kuke Music has obtained
the Online Culture Operating Permit.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Regulations
on Online Music </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In 2006,
the Ministry of Culture issued the Several Opinions of the Ministry of Culture on the Development and Administration of Online Music.
It provides that, among other things, an Internet music service provider must obtain an Online Culture Operating Permit. In 2015, the
Ministry of Culture promulgated the Circular on Further Strengthening and Improving the Content Administration of Online Music, effective
in 2016, which provides that Internet culture operating entities shall report the details of its self-monitoring activities to a nationwide
administrative platform on a quarterly basis.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In 2010 and
2011, the Ministry of Culture greatly intensified its regulations on online music products by issuing a series of circulars regarding
the online music industry, such as the Circular on Regulating the Market Order of Online Music Products and Renovating Illegal Conducts
of Online Music Websites and the Circular on Investigating Illegal Online Music Websites in 2010. In addition, the Ministry of Culture
issued the Circular on Clearing Illegal Online Music Products, which clarified that entities are subject to relevant penalties or sanctions
by engaging in any of the following conducts: (i) providing online music products or relevant services without obtaining corresponding
qualifications; (ii) importing online music products that have not been reviewed by the Ministry of Culture; or (iii) providing domestically
developed online music products that have not been filed with the Ministry of Culture.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In 2015,
the National Copyright Administration issued the Circular regarding Ceasing Transmitting Unauthorized Music Products by Online Music
Service Providers, which requires that (i) all unauthorized music products on the platforms of online music service providers shall be
removed prior to July 31, 2015, and (ii) the National Copyright Administration shall investigate and punish the online music service
providers who continue to transmit unauthorized music products following July 31, 2015.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Regulations
on Commercial Performances </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Administrative
Regulations on Commercial Performances (2020 Revision) was promulgated by the State Council. According to these regulations, to legally
engage in commercial performances, a culture and arts performance group shall have full-time performers and equipment in line with its
performing business, and file an application with the culture administrative department of the people&#8217;s government at the county
level for approval. To legally engage in commercial performances, a performance brokerage agency shall have three or more full-time performance
brokers and funds for the relevant business, and file an application with the culture administrative department of the people&#8217;s
government of a province, autonomous region or municipality directly under the central government. Such culture administrative department
shall make a decision, within 20 days from the receipt of the application, on whether to approve the application; upon approval, a performance
permit shall be issued to the applicant. Anyone or any entity engaging in commercial performance activities without approval may be imposed
a penalty, in addition to being ordered to cease its actions. Such penalty may include confiscation of performance equipment and illegal
proceeds, and a fine of eight to ten times of the illegal proceeds. Where there are no illegal proceeds or the illegal proceeds are less
than RMB10,000, a fine of RMB50,000 to RMB100,000 will be imposed. BMF Culture holds the requisite commercial performance approvals and
permits.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Regulations
on Internet Security </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In 2000,
the Standing Committee of the National People&#8217;s Congress enacted the Decision on the Protection of Internet Security, as amended
in 2009, which provides that the following activities conducted through the Internet are subject to criminal liabilities: (a) gaining
improper entry into any of the computer information networks relating to state affairs, national defensive affairs, or cutting-edge science
and technology; (b) spreading rumor, slander or other harmful information via the Internet for the purpose of inciting subversion of
the state political power; (c) stealing or divulging state secrets, intelligence or military secrets via the Internet; (d) spreading
false or inappropriate commercial information; or (e) infringing on intellectual property. The Ministry of Public Security issued the
Administrative Measures on Security Protection for International Connections to Computer Information Networks in 1997 and amended it
in 2011, which prohibits using the Internet to leak state secrets or to spread socially destabilizing contents.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In 2006,
the Ministry of Public Security issued the Provisions on the Technical Measures for the Protection of the Security of the Internet, which
requires that Internet service providers shall back up the records for at least 60 days. Also, Internet service providers shall (a) set
up technical measures to record and keep the information as registered by users; (b) record and keep the corresponding relation between
the Internet web addresses and intranet web addresses as applied by users; (c) record and follow up the net operation and have the functions
of security auditing.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In 2010,
MIIT promulgated the Administrative Measures for Communications Network Security Protection, which requires that all communication network
operators including telecommunications service providers and Internet domain name service providers divide their own communication networks
into units. The unit category shall be classified in accordance with the degree of damage to national security, economic operation, social
order and public interest. In addition, the communication network operators must file the divisions and ratings of their communication
network with MIIT or its local counterparts. If a communication network operator violates these measures, MIIT or its local counterparts
may order rectifications or impose a fine up to RMB30,000 in case such violation is not duly rectified.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Regulations
on Privacy Protection </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In 2011,
MIIT promulgated the Several Provisions on Regulation of Order of Internet Information Service Market, which prohibits Internet information
service providers from collecting personal information of any user without prior consent. Internet information service providers shall
explicitly inform users of the means of collecting and processing personal information, the scope of contents, and purposes. In addition,
Internet information service providers shall properly keep the personal information of users. If the preserved personal information of
users is divulged or may possibly be divulged, Internet information service providers shall immediately take remedial measures and report
any material leak to the telecommunications regulatory authority.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In 2012,
the Decision on Strengthening Network Information Protection was promulgated by the Standing Committee of the National People&#8217;s
Congress. It emphasizes the need to protect electronic information that contains individual identification information and other private
data. The decision requires Internet service providers to establish and publish policies regarding the collection and use of electronic
personal information and to take necessary measures to ensure the security of the information and to prevent any leakage, damage or loss.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In 2013,
MIIT promulgated the Regulations on Protection of Personal Information of Telecommunications and Internet Users to enhance and enforce
legal protection over user information security and privacy on the Internet. It requires Internet operators to take various measures
to ensure the privacy and confidentiality of users&#8217; information.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the Ninth Amendment to the Criminal Law of the PRC issued by the Standing Committee of the National People&#8217;s Congress in 2015,
any Internet service provider that fails to fulfill the obligations related to Internet information security as required by applicable
laws and refuses to take corrective measures will be subject to criminal liability for (i) any large-scale dissemination of illegal information;
(ii) any severe effect due to the leakage of users&#8217; personal information; (iii) any serious loss of evidence of criminal activities;
or (iv) other severe situations, and any individual or entity that (a) sells or provides personal information to others unlawfully or
(b) steals or illegally obtains any personal information will be subject to criminal liability in severe situations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In 2016,
the Standing Committee of the National People&#8217;s Congress promulgated the Cybersecurity Law of the PRC, which came into effect in
2017. It requires that network operators shall follow their cybersecurity obligations according to the requirements of the classified
protection system for cybersecurity, including: (a) formulating internal security management systems and operating instructions, determining
the persons responsible for cybersecurity, and implementing the responsibility for cybersecurity protection; (b) taking technological
measures to prevent computer viruses, network attacks, network intrusions and other actions endangering cybersecurity; (c) taking technological
measures to monitor and record the network operation status and cybersecurity incidents and preserving relevant web logs for at least
6 months; (d) taking measures such as data classification, back-up and encryption of important data; and (e) other obligations stipulated
by laws and administrative regulations. In addition, network operators shall follow the principles of legitimacy to collect and use personal
information and disclose their rules of data collection and use, clearly express the purposes, means and scope of collecting and using
the information and obtain the consent of the persons whose data is gathered.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In 2021,
the Standing Committee of the National People&#8217;s Congress promulgated the Personal Information Protection Law of the People&#8217;s
Republic of China, which came into effect in 2021. It further details the general rules and principles on personal information processing
and increases the potential liability of personal information processor. Personal information processors shall, on the basis of the purposes
and methods of processing of personal information, categories of personal information, the impacts on individuals&#8217; rights and interests,
and potential security risks, take the following measures to ensure that personal information processing activities comply with the provisions
of laws and administrative regulations, and prevent unauthorized access to as well as the leakage, tampering or loss of personal information:
(a) developing internal management rules and operating procedures; (b) conducting classified management of personal information; (c)
taking corresponding security technical measures such as encryption and de-identification; (d) determining in a reasonable manner the
operation privileges relating to personal information processing, and providing security education and trainings for employees on a regular
basis; (e) developing and organizing the implementation of emergency plans for personal information security incidents; (f) other measures
as provided by laws and administrative regulations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Regulations
on Infringement upon Intellectual Property Rights via the Internet </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Civil
Code of the PRC, which was adopted by the National People&#8217;s Congress in 2020 and became effective in 2021, provides that (i) an
online service provider should be held liable for its own tortious acts in providing online services; (ii) where an online user conducts
tortious acts by utilizing online services provided by the online service provider, the infringed party has the right to request such
online service provider to take necessary measures, including deleting, blocking and disconnecting the access to the infringing content
promptly. Upon receiving such request, the online service provider shall promptly inform the relevant online user and take necessary
measures based on the prima facie evidence and the online service provided. Failure to take necessary measures in a timely manner upon
receipt of notice of such infringement, such online service provider will be held jointly liable with the relevant online users for the
additional damages that would have not been incurred if the online service provider took proper actions; and (iii) where the online service
provider knows or ought to have known that online users are infringing upon the civil right or interest of a third party and fails to
take necessary measures, the online service provider should be jointly liable for such infringement with the online users.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Regulations
on Intellectual Property Rights </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Copyright
</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">China has
enacted various laws and regulations relating to the protection of copyright. China is also a signatory to some major international conventions
on the protection of copyright and became a member of the Berne Convention for the Protection of Literary and Artistic Works, the Universal
Copyright Convention in 1992, and the Agreement on Trade-Related Aspects of Intellectual Property Rights upon its accession to the World
Trade Organization in 2001.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Copyright
Law of the PRC, adopted in 1990 and revised in 2001, 2010 and further amended on October 17, 2020 and will be effective on June 1, 2021,
and its implementing regulations adopted in 2002 and amended in 2011 and 2013, provide that Chinese citizens, legal persons, or other
organizations will, whether published or not, enjoy copyright in their works, which include music works. Copyright will be generally
conferred upon the authors, or in case of works made for hire, upon the employer of the author.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Copyright
holders enjoy personal and economic rights. The personal rights of a copyright holder include rights to publish works, right to be named
as the author of works, right to amend the works and right to keep the works intact; while economic rights of a copyright holder include,
but not limited to, reproduction right, distribution right, performance right and information network dissemination right, etc. In addition,
the rights of performers with respect to their performance, rights of publishers with respect to their design of publications, rights
of organizers with respect to their video or audio productions, and rights of broadcasting or TV stations with respect to their broadcasting
or TV programs are classified as copyright-related interest and protected by the Copyright Law of the PRC. For a piece of music works,
it may involve the copyright of lyricists and of composers and the copyright-related interests of recording organizers and of performers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The copyright
holders may license others to exercise or assign all or part of their economic rights attaching to their works. The license can be made
on an exclusive or nonexclusive basis. With a few exceptions, an exclusive license or an assignment of copyright should be evidenced
in a written contract.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the Copyright Law of the PRC and its implementing regulations, copyright infringers are subject to various civil liabilities, such
as stopping infringing activities, issuing apologies to the copyright owners and compensating the copyright owners for damages resulting
from such infringement. The damages should be calculated based on the actual loss or income made by an infringer.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Provisional
Measures on Voluntary Registration of Works, promulgated by the National Copyright Administration in 1994 and effective in 1995, provides
for a voluntary registration system as administered by the National Copyright Administration and its local counterparts.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Computer
Software Copyright Registration Measures, promulgated by the State Council in 2002, regulates registrations of software copyright, exclusive
licensing contracts for software copyright and assignment agreements. The National Copyright Administration administers software copyright
registration, and the Copyright Protection Center of China is designated as the software registration authority. The Copyright Protection
Center of China shall grant registration certificates to the computer software copyright applicants which meet the requirements of both
the Computer Software Copyright Registration Measures and the Computer Software Protection Regulations (2013 Revision).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Measures
for Administrative Protection of Copyright Related to Internet, which was jointly promulgated by the National Copyright Administration
and MIIT in 2005, provides that upon receipt of an infringement notice from a legitimate copyright holder, an Internet content service
provider must take remedial actions immediately by removing or disabling access to the infringing content. If an Internet content service
provider knowingly transmits infringing content or fails to take remedial actions after receipt of a notice of infringement that harms
the public interest, the Internet content service provider could be subject to administrative penalties, including an order to cease
infringing activities, confiscation by the authorities of all income derived from the infringement activities, or payment of fines.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In 2006,
the State Council promulgated the Regulations on the Protection of the Right to Network Dissemination of Information, as amended in 2013.
Under these regulations, an owner of the network dissemination rights with respect to written works or audio or video recordings who
believes that information storage, search or link services provided by an Internet service provider infringe his or her rights may require
the Internet service provider to delete or disconnect the links to such works or recordings.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>National
Copyright Administration </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Copyright
Law of the PRC provides that holders of copyrights or copyright-related rights may authorize a collective copyright management organization
to exercise their copyrights or copyright-related rights. Upon authorization, the collective copyright administration organization is
entitled to exercise the copyright or copyright-related rights in its own name for the holders of copyrights or copyright-related rights,
and participate as a party in court or arbitration proceedings concerning the copyright or copyright-related rights. In 2013, the State
Council promulgated the Regulations on Collective Administration of Copyright (2013 Revision). This set of regulations clarified that
the collective copyright management organization is allowed to (i) enter into license agreement with users of copyright or copyright-related
rights, (ii) charge royalties from users, (iii) pay royalties to holders of copyright or copyright-related rights, and (iv) participate
in court or arbitration proceedings concerning the copyright or copyright-related rights. It is also provides that performance right,
filming right, broadcasting right, rental right, information network dissemination right, reproduction right and other rights stipulated
by the Copyright Law of the PRC, which are hard to be exercised effectively by the right holders, may be collectively administrated by
a collective copyright administration organization. Foreigners and stateless persons may, through an overseas collective copyright management
organization having a mutual representation contract with the collective copyright management organization in China, authorize the collective
copyright management organization in China to manage copyright or copyright-related rights in China. The aforesaid mutual representation
contract means a contract under which the collective copyright management organization in China and its overseas peers authorize each
other to conduct collective copyright administration within their respective home countries or regions. In 1992, the National Copyright
Administration and Chinese Musicians Association jointly established the Music Copyright Society of China.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Trademark
</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">According
to the Trademark Law of the PRC, adopted by the Standing Committee of the National People&#8217;s Congress in 1982 and subsequently amended
in 1993, 2001, 2013 and 2019, as well as the Implementation Regulation of the Trademark Law of the PRC adopted by the State Council in
2002 and subsequently amended in 2014, registered trademarks are granted a term of ten years from the date of registration, which may
be renewed for consecutive ten-year periods upon request by the trademark owner. Trademark license agreements must be filed with the
Trademark Office for the record. Conducts that shall constitute an infringement of the exclusive right to use a registered trademark
include but not limited to: using a trademark that is identical with or similar to a registered trademark on the same or similar goods
without the permission of the trademark registrant, and selling goods that violate the exclusive right to use a registered trademark,
etc. Pursuant to the Trademark Law of the PRC, in the event of any of the foregoing acts, the infringing party will be ordered to stop
the infringement immediately and may be fined, and the counterfeit goods will be confiscated. The infringing party may also be held liable
for the right holder&#8217;s damages, which will be equal to gains obtained by the infringing party or the losses suffered by the right
holder as a result of the infringement, including reasonable expenses incurred by the right holder for stopping the infringement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Patent
</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In China,
the Patent Administrative Department of the State Council is responsible for administering patents, uniformly receiving, examining and
approving patent applications. In 1984, the Standing Committee of the National People&#8217;s Congress adopted the Patent Law of the
PRC, which was subsequently amended in 1992, 2000, 2008 and last amended on October 17, 2020 and will be effective on June 1, 2021. In
addition, the State Council promulgated the Implementing Rules of the Patent Law in 2001, as amended in 2002 and 2010 respectively, pursuant
to which a patentable invention and utility model must meet three conditions: novelty, inventiveness and practical applicability, and
designs must be obviously different from current designs or combinations thereof. Patents cannot be granted for scientific discoveries,
rules and methods for intellectual activities, methods used to diagnose or treat diseases, animal and plant breeds or substances obtained
by means of nuclear transformation. A patent is valid for a term of twenty years with respect to an invention and a term of ten years
with respect to a utility model or design, starting from the application date. Except under certain circumstances specifically provided
by law, any third party user must obtain consent or a proper license from the patent owner to use the patent, or else such use will constitute
an infringement of the rights of the patent holder.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Domain
Names </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In China,
the administration of PRC Internet domain names is mainly regulated by MIIT, under the supervision of the China Internet Network Information
Center. In 2017, MIIT promulgated the Measures on Administration of Internet Domain Names, which replaced the Measures on Administration
of Domain Names for the Chinese Internet issued by MIIT in 2004. These measures adopt a &#8220;first to file&#8217; rule to allocate
domain names to applicants and provide that MIIT shall supervise the domain names services nationwide and publicize the PRC domain name
system. In 2012, the China Internet Network Information Center issued a circular to authorize a domain name dispute resolution institution
acknowledged by the China Internet Network Information Center to decide relevant disputes. On January 1, 2018, the Circular of the Ministry
of Industry and Information Technology on Regulating the Use of Domain Names in Providing Internet-based Information Services issued
by MIIT became effective. It stipulates that an Internet access service provider shall, pursuant to requirements stated in the Anti-Terrorism
Law of the PRC and the Cybersecurity Law of the PRC, verify the identities of Internet-based information service providers; and the Internet
access service providers shall not provide access services for those who fail to provide their real identity information.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Regulations
on Taxation </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Enterprise
Income Tax </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In 2007,
the National People&#8217;s Congress promulgated the Enterprise Income Tax Law of the PRC, which was most recently amended in December
2018. In 2007, the State Council enacted the Implementation Regulations for the Enterprise Income Tax Law of the PRC, which was amended
on April 23, 2019. Under these laws and regulations, both resident enterprises and non-resident enterprises are subject to tax in the
PRC. Resident enterprises are defined as enterprises that are established in China in accordance with the PRC laws, or that are established
in accordance with the laws of foreign countries but are actually or in effect controlled from within the PRC. Non-resident enterprises
are defined as enterprises that are organized under the laws of foreign countries and whose actual management is conducted outside the
PRC, but have established institutions or premises in the PRC, or have no such established institutions or premises but have income generated
from inside the PRC. Under the Enterprise Income Tax Law of the PRC and relevant implementing regulations, a uniform enterprise income
tax rate of 25% is applied. However, if non-resident enterprises have not formed permanent establishments or premises in the PRC, or
if they have formed permanent establishment or premises in the PRC but there is no actual relationship between the relevant income derived
in the PRC and the established institutions or premises set up by them, enterprise income tax is set at the rate of 10% with respect
to their income sourced from inside the PRC.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the Enterprise Income Tax Law of the PRC, the enterprise income tax rate of an HNTE is 15%. According to the Administrative Measures
for the Recognition of HNTEs, effective in 2008 and amended in 2016, for each entity accredited as an HNTE, its HNTE status is valid
for three years if it meets the qualifications for the HNTE on a continuing basis during such period. Beijing Kuke Music has been recognized
as an HNTE.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Value-added
Tax </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Provisional
Regulations of on Value-added Tax of the PRC were promulgated by the State Council in 1993, came into effect in 1994 and were most recently
amended in 2017. The Detailed Rules for the Implementation of Provisional Regulations of on Value-added Tax of the PRC were promulgated
by the Ministry of Finance in 1993 and subsequently amended in 2008 and 2011. In 2017, the State Council promulgated the Order on Abolishing
the Provisional Regulations of the PRC on Business Tax and Amending the Provisional Regulations of on Value-added Tax of the PRC, or
Order 691. According to the above, all enterprises and individuals engaged in the sale of goods, the provision of processing, repair
and replacement services, sales of services, intangible assets, real property and the importation of goods within the territory of the
PRC are the taxpayers of value-added tax. The value-added tax rates generally applicable are simplified as 17%, 11%, 6% and 0%, and the
value-added tax rate applicable to the small-scale taxpayers is 3%.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">On April
4, 2018, the Ministry of Finance and the State Administration of Taxation issued the Circular on Adjustment of Value-added Tax Rates,
which became effective on May 1, 2018. According to the Circular on the Adjustment of Value-added Tax Rates, relevant value-added tax
rates have been reduced from May 1, 2018, such as (i) value-added tax rates of 17% and 11% applicable to the taxpayers who have value-added
tax taxable sales activities or imported goods are adjusted to 16% and 10%, respectively; (ii) value-added tax rate of 11% originally
applicable to the taxpayers who purchase agricultural products is adjusted to 10% and so on.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">On March
20, 2019, the Ministry of Finance, the State Administration of Taxation and the General Administration of Customs issued the Announcement
on Deepening Value-added Tax Reform, which became effective on April 1, 2019. According to the Announcement on Deepening Value-added
Tax Reform, relevant value-added tax rates have been reduced from April 1, 2019, such as value-added tax rates of 16% and 10% applicable
to the taxpayers who have value-added tax taxable sales activities or imported goods are adjusted to 13% and 9%, respectively and so
on.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As of the
date of this annual report, our PRC subsidiaries and consolidated affiliated entities are generally subject to value-added tax rates
of 13%, 9% or 6%.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Dividend
Withholding Tax </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The PRC Enterprise
Income Tax Law provides that since 2008, an enterprise income tax rate of 10% will normally be applicable to dividends declared to non-PRC
resident investors which do not have an establishment or place of business in the PRC, or which have such establishment or place of business
but the relevant income is not effectively connected with the establishment or place of business, to the extent that such dividends are
derived from sources within the PRC.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the Arrangement Between the Mainland of China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation
and the Prevention of Fiscal Evasion with Respect to Taxes on Incomes, and other applicable PRC laws, if a Hong Kong resident enterprise
is determined by the competent PRC tax authority to have satisfied the relevant conditions and requirements under such arrangement and
other applicable laws, the 10% withholding tax on the dividends the Hong Kong resident enterprise receives from a PRC resident enterprise
may be reduced to 5%. However, based on the Circular on Certain Issues with Respect to the Enforcement of Dividend Provisions in Tax
Treaties issued by the State Administration of Taxation in 2009, or SAT Circular 81, if the relevant PRC tax authorities determine, in
their discretion, that a company benefits from such reduced income tax rate due to a structure or arrangement that is primarily tax-driven,
such PRC tax authorities may adjust the preferential tax treatment. According to the Circular on Several Issues regarding the &#8220;Beneficial
Owner&#8221; in Tax Treaties, which was issued on February 3, 2018 by the State Administration of Taxation, effective on April 1, 2018,
when determining the applicant&#8217;s status of the &#8220;beneficial owner&#8221; regarding tax treatments in connection with dividends,
interests or royalties in the tax treaties, several factors, including without limitation, whether the applicant is obligated to pay
more than 50% of its income in twelve months to residents in a third country or region, whether the business operated by the applicant
constitutes the actual business activities, and whether the counterparty country or region to the tax treaties does not levy any tax
or grant tax exemption on relevant incomes or levy tax at an extremely low rate, will be taken into account, and it will be analyzed
according to the actual circumstances of the specific cases. This circular further provides that applicants who intend to prove his or
her status of the &#8220;beneficial owner&#8221; shall submit the relevant documents to the relevant tax bureau according to the Announcement
on Issuing the Measures for the Administration of Non-Resident Taxpayers&#8217; Enjoyment of the Treatment under Tax Agreements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Tax
on Indirect Transfer </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In 2015,
the State Administration of Taxation issued the Circular on Issues of Enterprise Income Tax on Indirect Transfers of Assets by Non-PRC
Resident Enterprises, or SAT Circular 7. Pursuant to SAT Circular 7, an &#8220;indirect transfer&#8221; of assets, including equity interests
in a PRC resident enterprise, by non-PRC resident enterprises, may be re-characterized and treated as a direct transfer of PRC taxable
assets, if such arrangement does not have a reasonable commercial purpose and was established for the purpose of avoiding payment of
PRC enterprise income tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise income tax. When determining
whether there is a &#8220;reasonable commercial purpose&#8221; of the transaction arrangement, features to be taken into consideration
include, inter alia, whether the main value of the equity interest of the relevant offshore enterprise derives directly or indirectly
from PRC taxable assets; whether the assets of the relevant offshore enterprise mainly consist of direct or indirect investment in China
or if its income is mainly derived from China; and whether the offshore enterprise and its subsidiaries directly or indirectly holding
PRC taxable assets have real commercial nature which is evidenced by their actual function and risk exposure. According to SAT Circular
7, where the payer fails to withhold any or sufficient tax, the transferor shall declare and pay such tax to the tax authority by itself
within the statutory time limit. Late payment of applicable tax will subject the transferor to default interest. SAT Circular 7 does
not apply to transactions of sale of shares by investors through a public stock exchange where such shares were acquired on a public
stock exchange. In 2017, the State Administration of Taxation issued the Circular on Issues of Tax Withholding regarding Non-PRC Resident
Enterprise Income Tax, or SAT Circular 37, which further elaborates the relevant implemental rules regarding the calculation, reporting
and payment obligations of the withholding tax by the non-resident enterprises. Nonetheless, there remain uncertainties as to the interpretation
and application of SAT Circular 7. SAT Circular 7 may be determined by the tax authorities to be applicable to our offshore transactions
or sale of our shares or those of our offshore subsidiaries where non-resident enterprises, being the transferors, were involved.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Regulations
on Foreign Exchange Registration of Offshore Investment by PRC Residents </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>General
Rules </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The core
regulations governing foreign currency exchange in China are the Foreign Exchange Administration Regulations of the PRC, promulgated
by the State Council in 1996 and most recently amended in 2008. Under the regulations, payments of current account items, such as profit
distributions and trade and service-related foreign exchange transactions, can be made in foreign currencies without prior approval from
the SAFE by complying with certain procedural requirements. By contrast, approval from or registration with appropriate regulatory authorities
is required where RMB is to be converted into foreign currency and remitted out of China to pay capital account items, such as direct
investment, repayment of foreign currency-denominated loans, repatriation of investment and investment in securities outside of China.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the Circular of Further Improving and Adjusting Foreign Exchange Administration Policies on Foreign Direct Investment, or SAFE Circular
59, promulgated by the SAFE in 2012, which was further amended in 2015, 2018 and 2019, the opening of various special purpose foreign
exchange accounts, such as pre-establishment expenses accounts, foreign exchange capital accounts and guarantee accounts, the reinvestment
of Renminbi proceeds by foreign investors in the PRC, and remittance of foreign exchange profits and dividends by a foreign-invested
enterprise to its foreign shareholders no longer require the approval or verification of the SAFE, and multiple capital accounts for
the same entity may be opened in different provinces, which was not possible previously.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In 2015,
the SAFE promulgated the Circular of Further Simplifying and Improving the Policies of Foreign Exchange Administration Applicable to
Direct Investment, or SAFE Circular 13, which was further amended in 2019. SAFE Circular 13 has simplified the procedure of foreign exchange-related
registration by (i) canceling the administrative approval requirements of foreign exchange registration of foreign direct investment
and overseas direct investment and (ii) allowing foreign exchange registrations of foreign direct investment and overseas direct investment
to be handled by the banks designated by the foreign exchange authority instead of the SAFE and its branches.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Circular
on the Reforming the Administration of Foreign Exchange Settlement of Capital of Foreign-invested Enterprises, or SAFE Circular 19, was
issued by the SAFE in 2015, and it was amended in 2019 and 2022. It allows foreign-invested enterprises, within the scope of business,
to settle their foreign exchange capital on a discretionary basis according to the actual needs of their business operation and provides
the procedures for foreign-invested enterprises to use Renminbi converted from foreign currency-denominated capital for equity investment.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In 2017,
the SAFE promulgated the Circular on Further Improving Reform of Foreign Exchange Administration and Optimizing Genuineness and Compliance
Verification, or SAFE Circular 3, which stipulates several capital control measures with respect to the outbound remittance of profit
from domestic entities to offshore entities, including (i) under the principle of genuine transaction, banks shall check board resolutions
regarding profit distribution, the original version of tax filing records and audited financial statements; and (ii) domestic entities
shall hold income to account for previous years&#8217; losses before remitting the profits. Further, according to SAFE Circular 3, domestic
entities shall make detailed explanations of the sources of capital and utilization arrangements, and provide board resolutions, contracts
and other proof when completing the registration procedures in connection with an outbound investment.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Offshore
Investment </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Circular
of SAFE on Issues Concerning the Foreign Exchange Administration over the Overseas Investment and Financing and Round-trip Investment
by Domestic Residents via Special Purpose Vehicles, or SAFE Circular 37, which became effective in 2014, regulates foreign exchange matters
in relation to the use of special purpose vehicles, or SPVs, by PRC residents or entities to seek offshore investment and financing or
conduct round-trip investment in China. Under SAFE Circular 37, an SPV refers to offshore enterprises directly established or indirectly
controlled by PRC residents for the purpose of seeking offshore equity financing or making offshore investments, using legitimate domestic
or offshore assets or interests, while &#8220;round-trip investment&#8221; refers to the direct investment in China by PRC residents
or entities through SPVs, namely, establishing foreign-invested enterprises to obtain the ownership, control rights and management rights.
SAFE Circular 37 requires that, before making contributions to an SPV, PRC residents or entities are required to register with the local
SAFE branch.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to SAFE Circular 13, PRC residents or entities can register with qualified banks instead of the SAFE or its local branch in connection
with their establishment of an SPV.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">An amendment
to registration or subsequent filing with qualified banks by such PRC resident is also required if there is a material change with respect
to the capital of the offshore company, such as any change of basic information (including change of such PRC residents, change of name
and operation term of the SPV), increases or decreases in investment amount, transfers or exchanges of shares, or mergers or divisions.
Failure to comply with the registration procedures set forth in SAFE Circular 37 and SAFE Circular 13, misrepresentation on or failure
to disclose controllers of foreign-invested enterprise that is established through round-trip investment, may result in bans on the foreign
exchange activities of the relevant onshore company, including the payment of dividends and other distributions to its offshore parent
or affiliates, and may also subject relevant PRC residents to penalties under the Foreign Exchange Administration Regulations of the
PRC.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Regulations
on Stock Incentive Plans </b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">According
to the Notice of the State Administration of Foreign Exchange on Issues Relating to the Foreign Exchange Administration for Domestic
Individuals Participating in Stock Incentive Plan of Overseas Listed Company, or the Share Incentive Rules, which was issued on February
15, 2012 and other regulations, directors, supervisors, senior management and other employees participating in any share incentive plan
of an overseas listed company who are PRC citizens or non-PRC citizens residing in China for a continuous period of not less than one
year, subject to certain exceptions, are required to register with the SAFE. All such participants need to authorize a qualified PRC
agent, such as a PRC subsidiary of the overseas listed company to register with the SAFE and handle foreign exchange matters such as
opening accounts, transferring and settlement of the relevant proceeds. The Share Incentive Rules further require an offshore agent to
be designated to handle matters in connection with the exercise of share options and sales of proceeds for the participants of the share
incentive plans. Failure to complete the said SAFE registrations may subject us and the participants to fines and legal sanctions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In addition,
the SAT has issued certain circulars concerning employee stock options and restricted shares. Under these circulars, employees working
in the PRC who exercise stock options or are granted restricted shares will be subject to PRC individual income tax. The PRC subsidiaries
of an overseas listed company are required to file documents related to employee stock options and restricted shares with relevant tax
authorities and to withhold individual income taxes of employees who exercise their stock option or purchase restricted shares. If the
employees fail to pay or the PRC subsidiaries fail to withhold income tax in accordance with relevant laws and regulations, the PRC subsidiaries
may face sanctions imposed by the tax authorities or other PRC governmental authorities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Regulations
on Employment and Social Welfare </b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Employment
</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The principal
regulations that govern employment and labor matters in the PRC include (i) the Labor Law of the PRC, which was promulgated by the Standing
Committee of the National People&#8217;s Congress in 1994, effective in 1995 and amended in 2009 and 2018; (ii) the Labor Contract Law
of the PRC, which was promulgated by the Standing Committee of the National People&#8217;s Congress in 2007 and amended in 2012; (iii)
the Implementing Regulations of the Labor Contract Law of the PRC, which was promulgated by the State Council on September 18, 2008.
Under the above regulations, labor relationships between employers and employees must be executed in written form, and wages shall not
be lower than local standards on minimum wages and shall be paid to employees timely. In addition, employers must establish a system
for labor safety and sanitation, strictly abide by state standards and provide relevant education to its employees. Employers are also
prohibited from forcing employees to work above a certain time limit and employers shall pay employees for overtime work in accordance
with national regulations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Social
Insurance and Housing Fund </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">According
to the Social Insurance Law of the PRC, which was promulgated by the National People&#8217;s Congress of the PRC in 2010, and most recently
amended in 2018 by the Standing Committee of the National People&#8217;s Congress, and other relevant laws and regulations, the PRC establishes
a social insurance system including basic pension insurance, basic medical insurance, occupational injury insurance, unemployment insurance
and maternity insurance. Any employer shall register with the local social insurance agency within 30 days after its establishment and
shall register for the employee with the local social insurance agency within 30 days after the date of hire. An employer shall declare
and make social insurance contributions in full and on time. The occupational injury insurance and maternity insurance shall be only
paid by employers while the contributions of basic pension insurance, medical insurance and unemployment insurance shall be paid by both
employers and employees.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">According
to the Regulation on the Administration of Housing Fund promulgated by the State Council in 1999 and amended in 2002 and 2019, employers
are required to register at the designated administrative centers, open bank accounts for depositing employees&#8217; housing fund and
make housing fund contributions for employees in the PRC. The employer who fails to make housing fund contributions may be ordered to
rectify the noncompliance and pay the required contributions within a stipulated deadline.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Regulations
on Anti-Monopoly </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Anti-Monopoly
Law of the PRC promulgated by the Standing Committee of the National People&#8217;s Congress, which became effective in 2008 and was
amended in 2022, and the Guiding Opinions of the State Administration for Market Regulation on the Declaration of Concentration of Business
Operators (2018 Revision) require that the anti-monopoly agency under the State Council shall be notified in advance of any concentration
of undertaking if certain filing thresholds (i.e., during the previous fiscal year, (i) the total global turnover of all operators participating
in the transaction exceeded RMB10 billion in the preceding fiscal year and at least two of these operators each had a turnover of more
than RMB400 million within China in the preceding fiscal year, or (ii) the total turnover within China of all the operators participating
in the concentration exceeded RMB2 billion in the preceding fiscal year, and at least two of these operators each had a turnover of more
than RMB400 million within China in the preceding fiscal year) are triggered, and no concentration shall be implemented until the anti-monopoly
enforcement agency clears the anti-monopoly filing.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the Provisions on the Review of Concentrations of Undertakings, which was promulgated by the the State Administration for Market on
March 10 2023 and became effective on 1 April 2023, the term "concentration of undertakings" refers to (i) the merger of undertakings;
(ii) acquiring control over other undertakings by virtue of acquiring their equities or assets; or (iii) acquiring control over other
undertakings or the ability to exert decisive influence on other undertakings by virtue of contract or any other means.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Where an
undertaking implements concentration in violation of Anti-Monopoly, and the concentration has or may have the effect of eliminating or
restricting competition, the Anti-monopoly Law Enforcement Agency of the State Council shall order it to cease the implementation of
concentration, dispose of the shares or assets within a time limit, transfer the business within a time limit and take other necessary
measures to restore to the status before the concentration, and impose on it a fine of not more than 10% of its sales amount in the previous
year; or impose on it a fine of not more than 5 million yuan if the concentration has no effect of eliminating or restricting competition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Regulations
on M&amp;A and Overseas Listings </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In 2006,
six PRC regulatory agencies, including the China Securities Regulatory Commission, or the CSRC, jointly adopted the M&amp;A Rules, amended
in 2009. The M&amp;A Rules purport, among other things, to require an offshore special purpose vehicle controlled by PRC companies or
individuals and formed for overseas listing purposes through acquisitions of PRC domestic interest held by such PRC companies or individuals,
to obtain the approval from the CSRC prior to publicly listing their securities on an overseas stock exchange.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><!-- Field: /Page --><div>

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</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>C
<span style="text-decoration:underline">Organizational Structure</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We are an
exempted company incorporated with limited liability under the laws of the Cayman Islands with significant subsidiaries and VIEs in China,
Hong Kong and other jurisdictions. The following diagram illustrates our corporate structure, including the names, places of incorporation
and the proportion of ownership interests in our significant subsidiaries and VIEs as of December 31, 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><img alt="" src="image_002.jpg" style="width: 624px; height: 461px"/></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Notes:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">The
                                            remaining 49% equity interest in Naxos China is held by Naxos International, which is ultimately
                                            controlled by independent third parties.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(2)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">He
                                            Yu, Xingping Zuo, Jianmin Jin and Kunshan Maidun Culture Industry Investment Enterprise (Limited
                                            Partnership) each holds 35.5%, 25.9%, 9.0% and 8.9% equity interests in Beijing Kuke Music,
                                            respectively. The remaining 20.7% equity interests in Beijing Kuke Music are held by other
                                            beneficial owners of our company.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(3)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Lung
                                            Yu, He Yu, Ningbo Huaqiang Ruizhe Investment Partnership (Limited Partnership), Tianjin Shengxin
                                            Enterprise Management Consulting Partnership (Limited Partnership) and Suzhou Fengqiao Jichu
                                            Chuangye Investment Partnership (Limited Partnership) and Zheng Tu each holds 38.5%, 23.1%,
                                            15.4%, 15.4%, 6.2% and 1.4% equity interests in BMF Culture, respectively.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Contractual
Arrangements with The VIEs and Their Respective Shareholders </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Current PRC
laws and regulations impose certain restrictions or prohibitions on foreign ownership of companies that engage in value-added telecommunication
services, Internet audio-video program services and certain other businesses. We are a company incorporated in the Cayman Islands. Kuke
International and Beijing Lecheng, our PRC subsidiaries, are considered foreign-invested enterprises. To comply with the foregoing PRC
laws and regulations, we currently conduct our business in the PRC mainly through the VIEs based on a series of contractual arrangements.
These contractual arrangements enable us to (i) exercise substantial influence over the VIEs, (ii) receive substantially all of the economic
benefits of the VIEs, (iii) and have an exclusive option to purchase all or part of the equity interests and assets in the VIEs when
and to the extent permitted by PRC law. As a result of these contractual arrangements, we are the primary beneficiary of the VIEs and,
therefore, have consolidated the financial results of the VIEs in our consolidated financial statements in accordance with IFRS.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The following
is a summary of the currently effective contractual arrangements by and among each of our WFOEs, each of the VIEs and their respective
shareholders.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Agreements
That Provide Us with Substantial influence over The VIEs </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Powers
of Attorney</i></b>. Pursuant to the power of attorney entered into among Kuke International, Beijing Kuke Music and its shareholders,
the shareholders of Beijing Kuke Music unconditionally and irrevocably appointed Kuke International or any person designated by Kuke
International to act as their attorney-in-fact to exercise all of their rights as shareholders of Beijing Kuke Music, including, but
not limited to, the right to propose to convene and attend shareholders&#8217; meetings, to execute meeting minutes and resolutions,
to exercise voting rights on all matters that need to be discussed and resolved in shareholders&#8217; meetings, to dispose of the assets
of Beijing Kuke Music, to resolve to dissolve and liquidate Beijing Kuke Music, to decide to transfer or otherwise dispose of the shares
held by the shareholders in Beijing Kuke Music and to exercise all other shareholders&#8217; rights stipulated by PRC laws and regulations
and the articles of association of Beijing Kuke Music. The shareholders&#8217; power of attorney will remain effective until terminated
by Kuke International in writing or the equity interest in or all the assets of Beijing Kuke Music have been transferred to Kuke International
or any person designated by Kuke International.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Beijing Lecheng,
BMF Culture and its shareholders have also entered into a power of attorney regarding the exercise of all the shareholders&#8217; rights
of the shareholders of BMF Culture, the terms of which are substantially similar to the power of attorney described above.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Equity
Interest Pledge Agreements</i></b>. Pursuant to the equity interest pledge agreement entered into among Kuke International, Beijing Kuke
Music and its shareholders, the shareholders of Beijing Kuke Music have pledged all of their respective equity interest in Beijing Kuke
Music to guarantee the performance of the obligations by, and the representations, undertakings, and warranties provided by, Beijing
Kuke Music and its shareholders under the exclusive consulting service agreement, exclusive intellectual property rights licensing agreement,
exclusive option agreement and power of attorney (together with the equity interest pledge agreement, the &#8220;Cooperation Agreements&#8221;).
In the event of a breach by Beijing Kuke Music or any of its shareholders of contractual obligations under the Cooperation Agreements,
Kuke International, as pledgee, will have the right to dispose of the pledged equity interests in Beijing Kuke Music and will have priority
in receiving the proceeds from such disposal. Beijing Kuke Music and its shareholders also undertake that, without the prior written
consent of Kuke International, the shareholders of Beijing Kuke Music will not create or allow any encumbrance on the pledged equity
interests. As of the date of this annual report, the shareholders of the VIEs have completed the registration of their equity interest
pledge.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Beijing Lecheng,
BMF Culture and its shareholders have also entered into an equity interest pledge agreement, the terms of which are substantially similar
to the equity interest pledge agreement described above, except that the relevant Cooperation Agreements do not include an exclusive
intellectual property rights licensing agreement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Agreements
That Allow Us to Receive Economic Benefits from The VIEs </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Exclusive
Consulting Service Agreements</i></b>. Pursuant to the exclusive consulting service agreement entered into between Kuke International
and Beijing Kuke Music, Kuke International has the exclusive right to provide Beijing Kuke Music, its subsidiaries and investee companies
with comprehensive management consulting services. Kuke International has the right to adjust the service fee at any time based on the
services provided to Beijing Kuke Music. The exclusive consulting service agreement will remain irrevocable until both parties terminate
the agreement in writing or Kuke International acquires all equity interests in or if all the assets of Beijing Kuke Music have been
transferred to any person designated by Kuke International. Notwithstanding the above, Kuke International has the right to terminate
the agreement at any time by issuing a 30 days&#8217; notice in writing, and Kuke International shall not be liable for any defaults
for unilaterally terminating the agreement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Beijing Lecheng
and BMF Culture have also entered into an exclusive consulting service agreement, the terms of which are substantially similar to the
exclusive consulting service agreement described above.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Exclusive
Intellectual Property Rights Licensing Agreement</i></b>. Pursuant to the exclusive intellectual property rights licensing agreement
entered into between Kuke International and Beijing Kuke Music, Kuke International agreed to license to Beijing Kuke Music certain intellectual
property rights owned by Kuke International or being transferred to Kuke International by Beijing Kuke Music. After completion of the
transfer of the relevant intellectual property rights, Kuke International shall license such intellectual property rights to Beijing
Kuke Music at nil consideration. In addition, Beijing Kuke Music agreed to license all of its intellectual property rights (other than
those already transferred to Kuke International) to Kuke International at nil consideration. The exclusive intellectual property rights
agreement will remain effective for a term of ten years and shall be automatically renewed for successive terms of five years unless
either party terminates the agreement by issuing a 30 days&#8217; notice in writing prior to the expiration of the term of the agreement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Agreements
That Provide Us with the Option to Purchase the Equity Interest in The VIEs </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Exclusive
Option Agreements.</i></b> Pursuant to the exclusive option agreement entered into among Kuke International, Beijing Kuke Music and its
shareholders, the shareholders of Beijing Kuke Music irrevocably granted Kuke International or any person designated by Kuke International
an exclusive right to purchase from the shareholders of Beijing Kuke Music all or any part of their equity interest in and the assets
of Beijing Kuke Music for a nominal price, or the lowest price permitted under applicable PRC laws. The exclusive option agreement will
remain irrevocable until all parties terminate the agreement in writing or Kuke International acquires all equity interests in or if
all the assets of Beijing Kuke Music have been transferred to any person designated by Kuke International. Notwithstanding the above,
Kuke International has the right to terminate the agreement at any time by issuing a 30 days&#8217; notice in writing, and Kuke International
shall not be liable for any defaults for unilaterally terminating the agreement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Beijing Lecheng,
BMF Culture and its shareholders have also entered into an exclusive option agreement, the terms of which are substantially similar to
the exclusive option agreement agreement described above.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In addition,
the spouse of certain shareholders of each of the VIEs, where applicable, has signed an undertaking (collectively, the &#8220;Spouse
Undertakings&#8221;) to the effect that, among others, (i) the shares of the relevant VIE held and to be held by each of the shareholders
do not fall within the scope of communal properties, and (ii) he or she waives any rights or interests that may be granted to him or
her under the applicable laws of any jurisdictions, and he or she undertakes not to claim such rights or interests. The spouse of certain
shareholders of each of the VIEs, where applicable, has also consented to the arrangement of any equity interest held by his or her spouse
under the Exclusive Option Agreement, the Exclusive Consulting Service Agreement, the Exclusive Intellectual Property Rights Agreement,
where applicable, the Equity Interest Pledge Agreement and the Power of Attorney. In the opinion of Commerce &amp; Finance Law Offices,
our PRC counsel:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">the
                                            ownership structures of the VIEs in the PRC and our WFOEs, are not in violation of applicable
                                            PRC laws and regulations currently in effect; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">the
                                            contractual arrangements among our WFOEs, the VIEs and their shareholders governed by PRC
                                            law are currently valid and binding in accordance with applicable PRC laws and regulations
                                            currently in effect and do not result in any violation of the applicable PRC laws or regulations
                                            currently in effect.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 75; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">However,
our PRC counsel has also advised us that there are substantial uncertainties regarding the interpretation and application of current
and future PRC laws, regulations and rules. Accordingly, the PRC regulatory authorities may take a view that is contrary to the opinion
of our PRC counsel. It is uncertain whether any new PRC laws or regulations relating to variable interest entity structures will be adopted
or, if adopted, what they would provide. If we or any of the VIEs are found to be in violation of any existing or future PRC laws or
regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have
broad discretion to take action in dealing with such violations or failures. See &#8220;Item 3. Key Information-D. Risk Factors-Risks
Related to Our Corporate Structure-If the PRC government finds that the agreements that establish the structure for operating our businesses
in China do not comply with applicable PRC laws and regulations, or if these laws and regulations or their interpretations change in
the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>D
<span style="text-decoration:underline">Property, Plants and Equipment</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our principal
executive offices are located in leased office space from a third party at Building 96, 4 San Jian Fang South Block, Chaoyang District,
Beijing, China, which occupy approximately a total of 3,016 square meters. We do not own any facilities of our own. We believe that these
facilities are generally adequate to meet our current needs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_007"></a></div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">ITEM
4A UNRESOLVED STAFF COMMENTS</span></p><div>





</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">None.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_008"></a></div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">ITEM
5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</span></p><div>



</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>A
<span style="text-decoration:underline">Operating Results</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Key
Factors Affecting Our Results of Operations </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our business
and results of operations are influenced by general factors affecting the industries and markets where we operate, which include:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the
                                            overall economic growth in China;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">the
                                            growth of the classical music licensing and subscription market, smart music learning market
                                            and live classical music events market in China;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">governmental
                                            policies and the regulatory environment for industries in which we operate; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">disease,
                                            global or localized health pandemic or epidemic or a similar public health threat, or the
                                            fear of such an event.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">While our
business is influenced by general factors affecting the industries in which we operate, our results of operations are more directly affected
by company-specific factors, including the following major factors:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Ability
to maintain and enrich our content offerings </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We believe
that our diverse and expansive library of classical music content is one of our core competitive advantages, enabling us to continuously
attract customers and increase their spending. Our ability to maintain diverse and appealing content offerings hinges on our relationships
with content providers, our in-house content production capabilities, our understanding of the changing tastes and preferences of existing
and perspective customers and our ability to adjust our content offerings accordingly. We expect to continue to strengthen our relationships
with content providers and invest in expanding and enriching our content offerings in order to sustain the growth of our content-centric
ecosystem.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Ability
to attract and retain customers and increase their spending </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our ability
to attract and retain customers and increase their spending is critical to the continued success and growth of our business. Our ability
to attract and retain licensing and subscription customers primarily depends on our ability to offer attractive content offerings and
provide satisfactory services at competitive pricing. Our ability to attract and retain customers of our smart music learning solutions
primarily depends on the perceived effectiveness of our smart music learning solutions, the attractiveness of our educational content
offerings and our ability to adequately and promptly address their needs and optimize their user experience. Our ability to attract and
retain sponsors for our live classical music events business primarily depends on the popularity of our events and the extent to which
we can serve their marketing needs. We expect to continue to attract new customers, retain our existing customers and increase the spending
of our customers through continuous efforts to offer them high-quality services and promptly adapt to their evolving needs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;<b><i>Ability
to manage our costs and operating expenses effectively </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our ability
to manage and control our costs and expenses while continuing to grow our business is critical to the success of our business. Our cost
of sales decreased by 22.4% from RMB126.0 million in 2021 to RMB 97.8 million (US$14.2 million) in 2022, and our cost of sales as a percentage
of our revenue increased from 42.6% to 85.0% during the same period. Our ability to manage and control cost of sales depends on, to a
significant extent, content costs and hardware costs. Our total operating expenses increased by 297.1% from RMB 229.1 million in 2021
to RMB909.6 million (US$131.9 million) in 2022, and our total operating expenses as a percentage of our revenue increased from 77.4%
to 790.2% during the same period. We expect our operating expenses to increase due to the expansion of our business and the additional
costs and expenses associated with becoming a public company. As our business model is highly scalable, we expect that the growing scale
of our business will position us well to continue to improve our cost efficiency.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
COVID-19 pandemic </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Beginning
in January 2020, the COVID-19 pandemic and governmental measures imposed to contain its spread have disrupted and are expected to continue
to affect our business. For example, postponed school and kindergarten reopenings caused the sales of our Kukey courses, Kuke smart pianos,
Kuke smart music teaching systems and our institutional music subscription services to decline in 2020, 2021 and 2022. In addition, stay-at-home
orders and prohibition of public gatherings have caused us to cancel the production of many on-ground, live classical music events. The
general population&#8217;s fears regarding contracting COVID-19 alslo resulted in decreased ticket sales and sponsorship fees. Through
online streaming of live classical music performances and additional pre-recorded performances, most of which are available to registered
users of the BMF Club app for free, we have attracted new sponsors; however, we have also incurred higher content costs and IT expenditures
associated with the streaming of these content. As COVID-19 has been gradually contained in China, sales of our Kukey courses, Kuke smart
pianos, Kuke smart music teaching systems, institutional music subscription services and licensing services have recovered, and we were
able to resume organizing live classical music events.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Furthermore,
as a result of the widespread and detrimental effect that COVID-19 has had on the Chinese and global economy, the financial conditions
of many of our subscribers and licensees, the government funding available to our live music events and government-affiliated customers,
as well as the marketing budget of many of our live music events sponsors, have also decreased, making it more challenging for us to
retain existing customers and attract new customers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Moreover,
we have taken a series of measures in response to the outbreak of COVID-19 to protect our employees, including, among others, temporary
closure of our offices, remote working arrangements and procurement of masks, hand sanitizers and other protective equipment for our
employees, which reduced the capacity and efficiency of our operations and increased our operating expenses.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">While COVID-related
restrictions have largely been lifted in China, the ultimate impact of the COVID-19 pandemic on our business and results of operations
is still unknown and will depend on its future developments, which are highly uncertain and cannot be predicted with confidence.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Key Components of Results of Operations </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Revenue
</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Prior to
the Acquisition, we derived our revenue from: (i) licensing and subscription; and (ii) smart music learning. After the Acquisition, we
have also derived revenue from live classical music events.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The following
table sets forth the key components of our total revenue, in absolute amounts and as percentages of our total revenue, for the periods
presented.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="26" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">For
    the Years Ended December 31,</span></td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">US$</span></td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Live
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">16.9</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 4pt; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.0</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.0</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">16,690</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.0</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table><div>

</div><p style="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>(i)
Licensing and Subscription Revenue</i></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our licensing
revenue is generated by licensing certain music copyrights to digital music service providers for digital streaming or downloading through
their online platforms. Our licensees also include, to a much lesser extent, film and TV production companies, airlines and smart hardware
companies. We generate licensing fees either on a fixed-payment basis or through a combination of minimum guarantee and periodic revenue
sharing.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our subscription
revenue is generated from providing customers with the right to access music content databases through websites and mobile apps and from
the sale of smart music devices. Our customers for database subscription services consist primarily of universities, colleges and public
libraries that pay for the right of their respective students, faculty members or library patrons, as the case may be, to access the
databases and, to a lesser extent, individuals. We also offer various smart music devices to institutional customers, allowing offline
access to selected music content.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>(ii)
Smart Music Learning Revenue</i></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We generate
our smart music learning revenue primarily from the sale of Kukey courses to kindergarten students and the sale of Kuke smart pianos,
Kuke smart music teaching systems and piano accessories to distributors for them to resell to end customers. Students typically subscribe
to our Kukey courses on a monthly, semester or school-year basis. We typically collect tuition directly from enrolled students and share
part of the tuition fees with distributors who help us establish collaboration with kindergartens. All Kuke smart pianos are sold together
with the pre-installed Kuke smart music teaching systems. We sell Kuke smart music teaching systems primarily along with Kuke smart pianos
and also on a stand-alone basis.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>(iii)
Live Classical Music Events</i></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">BMF generates
(i) music festival events revenue primarily through service fees, sponsorship fees and ticket sales associated with the Beijing Music
Festival; (ii) music performance revenue primarily through sponsorship fees and service fees for other events it organizes; and (iii)
licensing revenue through the licensing of acquired and original content.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 78; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Cost
of Sales </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The following
table sets forth the components of our cost of sales in absolute amounts and as percentages of our total cost of sales, for the periods
presented.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,629</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Smart
    music learning</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(6,526</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">46.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Live
    classical music events</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">41.2</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(64,283</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">51.0</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(27,765</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(4,025</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">28.4</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 4pt; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.0</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(126,026</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.0</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(97,804</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.0</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Cost of sales
related to licensing and subscription consists primarily of royalties, equipment costs, set-up costs and amortization costs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Cost of sales
related to smart music learning consists primarily of hardware costs, tuition fees shared with collaborating kindergartens, and depreciation
costs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Cost of sales
related to live classical music events consists primarily of fees paid to artists, venue rental fees and other event production costs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Other
Income </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our other
income consists primarily of foreign exchange gains, government grants and additional deduction of VAT input tax.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Operating
Expenses </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The following
table sets forth the components of our operating expenses in absolute amounts and as percentages of our total operating expenses, for
the periods presented.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="26" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">For
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    except for percentages)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(25,808</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(4,644</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.4</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Administrative
    expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(65,018</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">51.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(132,237</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">57.7</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(69,030</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(10,008</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Impairment
    losses on financial assets, Net</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(35,240</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">27.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(20,653</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">9.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(99,634</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(14,446</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">11.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Other
    operating expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(18</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2,904</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1.3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,661</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(241</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Other
    losses</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(707,237</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(102,540</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">77.8</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 4pt; font-weight: bold; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(126,084</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.0</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(229,057</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.0</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(909,595</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(131,879</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.0</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Selling
                                            and Distribution Expenses </i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our selling
and distribution expenses consist primarily of sales and marketing personnel costs, travel expenses, expenses attributable to general
marketing and promotional activities, and tuition fees and institutional subscription fees shared with distributors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Administrative
Expenses </i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our administrative
expenses consist primarily of research and development costs, employee benefits expenses (including share-based payments), depreciation
for right-of-use assets and property, plant, and equipment, and professional service fees.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 79; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Impairment
Losses on Financial Assets </i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our impairment
losses on financial assets primarily include provisions of impairment for trade receivables and other receivables.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Other losses</i></p><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Our other losses primarily include impairment
of inventories, impairment of property, plant and equipment, impairment of intangible assets and impairment of goodwill</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Finance
Costs </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our finance
costs consist primarily of loan interest and interest expense on lease liabilities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Results
of Operations </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth a summary of the combined statements
of profit or loss and other comprehensive income for the years indicated</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.375in; padding-left: 0.375in; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">For
    the Years Ended December 31</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.375in; padding-left: 0.375in; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.375in; padding-left: 0.375in; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Kuke
    Music</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.375in; padding-left: 0.375in; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">US$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.375in; padding-left: 0.375in; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="14" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in thousands)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.375in; padding-left: 0.375in; width: 52%"><span style="font-family: Times New Roman, Times, Serif">Revenue</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">162,881</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">295,897</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">115,115</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">16,690</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.375in; padding-left: 0.375in; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cost
    of sales</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(44,281</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(126,026</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(97,804</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(14,180</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.375in; padding-left: 0.375in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gross
    profit</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">118,600</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">169,871</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">17,311</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,510</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.375in; padding-left: 0.375in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other
    income, net</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,385</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,700</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,659</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,110</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.375in; padding-left: 0.375in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Selling
    and distribution expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(25,808</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(73,263</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(32,033</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(4,644</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.375in; padding-left: 0.375in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Administrative
    expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(65,018</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(132,237</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(69,030</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(10,008</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.375in; padding-left: 0.375in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Impairment
    losses on financial assets, net</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(35,240</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(20,653</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(99,634</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(14,446</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.375in; padding-left: 0.375in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other
    losses</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(707,237</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(102,540</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.375in; padding-left: 0.375in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other
    operating expenses</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(18</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2,904</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,661</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(241</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.375in; padding-left: 0.375in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating
    loss</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(3,099</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(50,486</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(884,625</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(128,259</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.375in; padding-left: 0.375in"><span style="font-family: Times New Roman, Times, Serif">Share of loss of
    a joint venture</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(491</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.375in; padding-left: 0.375in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change
    in fair value of equity investment at fair value through profit or loss</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(145</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.375in; padding-left: 0.375in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Finance
    costs</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(10,105</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(7,684</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(4,848</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(703</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.375in; padding-left: 0.375in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Finance
    income</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,621</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">79</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">34</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.375in; padding-left: 0.375in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss
    before tax</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(11,592</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(58,582</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(890,439</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(129,102</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.375in; padding-left: 0.375in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Income
    tax expense</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(3,622</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,035</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(6,468</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(938</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt; text-indent: 0pt; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>Loss
                                            for the year and total comprehensive loss for the year</b></span></p></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>(15,214</b></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>)</b></span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>(59,617</b></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>)</b></span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>(896,907</b></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>)</b></span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>(130,040</b></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>)</b></span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Year
Ended December 31, 2022 Compared to Year Ended December 31, 2021</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Revenue</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our total revenue decreased by 61.1% from
RMB296.0 million in 2021 to RMB115.2 million (US$16.7 million) in 2022, primarily as a result of the negative impact of COVID-19.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our licensing
and subscription revenue decreased by 53.2% from RMB100.5 million in 2021 to RMB47.0 million (US$6.8 million) in 2022, primarily due
to weaker demand from customers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our smart
music learning revenue decreased by 68.5% from RMB118.1 million in 2021 to RMB37.3 million (US$5.4 million) in 2022, as we began to
pivot from providing smart music education to students to sales of smart music products.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our live
classical music events revenue decreased by 60.1% from RMB77.4 million in 2021 to RMB30.9 million (US$4.5 million) in 2022, primarily
due to the negative impact of COVID-19.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 80; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Cost
of sales</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our cost
of sales decreased by 22.4% from RMB126.0 million in 2021 to RMB97.8 million (US$14.2million) in 2022, primarily due to the decreased
cost incurred by BMF as a result of COVID-related restrictions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our cost
of sales for licensing and subscription increased by 37.6% from RMB18.2 million in 2021 to RMB25.0 million (US$3.6 million) in 2022,
primarily due to increased amortization from the newly purchased copyright resources in 2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our cost
of sales related to smart music learning increased by 3.4% from RMB43.5 million in 2021 to RMB45.0 million (US$6.6 million) in 2022 in
connection with our recent pivot from providing smart music education to students to sales of smart music products,</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our cost
of sales for live classical music events significantly decreased by 56.8% from RMB64.3 million in 2021 to RMB27.8 million (US$4.0 million)
in 2022, as a result of COVID-related restrictions on music festivals.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Gross
profit</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As a
result of the foregoing, our gross profit decreased by89.8% from RMB169.9 million in 2021 to RMB17.3 million (US$2.5 million) in
2022. In particular, our gross profit from licensing and subscription decreased by73.3% from RMB82.3 million in 2021 to RMB22.0
million (US$3.2 million) in 2022. Our gross profit from smart music learning decreased by 110.4% from RMB74.5 million in 2021 to
RMB7.8 million (US$1.1 million) in 2022. Our gross profit from live classical music events decreased by 76.0% from RMB13.1 million
in 2021 to RMB3.1 million (US$0.4 million) in 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Other
income</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our other
income decreased by 12.0% from RMB8.7 million in 2021 to RMB7.7 million (US$1.1 million) in 2022, primarily due to the decrease of bad
debt recovery in 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Selling
and distribution expenses</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our selling
and distribution expenses decreased by 56.3% from RMB73.3 million in 2021 to RMB32.0 million (US$4.6 million) in 2022, primarily attributable
to decreased promotion expenses due to the contraction of kindergarten business.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Administrative
expenses</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our administrative
expenses decreased by 47.8% from RMB132.2 million in 2021 to RMB69.0 million (US$10.0 million) in 2022, primarily attributable to decreased
share-based compensation expenses.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Impairment
losses on financial assets</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our impairment
losses on financial assets increased   from RMB20.7 million in 2021 to RMB99.6 million (US$14.4 million) in 2022, primarily due
to increased provision of bad debt.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Operating
(loss) profit </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As a result
of the foregoing, we recorded operating loss of RMB884.6million (US$ 128.3 million) in 2022, compared to operating loss of RMB50.5 million
in 2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Finance
costs </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our finance
costs decreased by 36.9% from RMB7.7 million in 2021 to RMB4.8 million (US$0.7 million) in 2022, primarily due to a decrease in interest-bearing
loans.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Finance
income </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our finance
income decreased by 57.0% from RMB0.1 million in 2021 to RMB34 thousand (US$4.9 thousand) in 2022, primarily attributable to a decrease
in current deposit.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Income
tax expense </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We recorded
income tax expenses of RMB1.0 million in 2021 and income tax benefit RMB6.5 million (US$0.9 million) in 2022, as a result of derecognizing deferred tax assets
due to increasing loss.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Loss
for the year </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As a result
of the foregoing, we recorded loss of RMB896.9million (US$130.0 million) in 2022, compared to loss of RMB59.6 million in 2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Year
Ended December 31, 2021 Compared to Year Ended December 31, 2020 </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Revenue
</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; background-color: white">Our
total revenue increased by 81.7% from RMB162.9 million in 2020 to RMB296.0 million in 2021, primarily as a result of strong growth of
our three music-related businesses.</span> <span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our licensing
and subscription revenue increased by 31.2% from RMB76.6 million in 2020 to RMB100.5 million in 2021, primarily due to the increased
customer portfolio and contract amount.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our smart
music learning revenue increased by 100.8% from to RMB58.8 million in 2020 to RMB118.1 million in 2021, primarily due to the increases
in the number of collaborating kindergartens and subscribing students, and the increased sales of smart music learning products.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our live
classical music events revenue increased by 181.2% from RMB27.5 million in 2020 to RMB77.4 million in 2021, primarily due to revenues
from the marketing, planning and execution services for live music events in China, and a newly-launched smart music learning hardware
product.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Cost
of sales </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our cost
of sales increased by 184.6% from RMB44.3 million in 2020 to RMB126.0 million in 2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our cost
of sales for licensing and subscription increased by 108.5% from RMB8.7 million in 2020 to RMB18.2 million in 2021 primarily due to a
change in profit sharing policy with music content providers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our cost
of sales related to smart music learning increased by 151.4% from RMB17.3 million in 2020 to RMB43.5 million in 2021, primarily due to
the increased investment in our smart music learning business as a result of economic recovery under the COVID-19 pandemic alleviation.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our cost
of sales for live classical music events increased by 252.5% from RMB18.2 million in 2020 to RMB64.3 million in 2021, which was in line
with increased revenues driven by the significant growth in our live classical music events business.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Gross
profit </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As a result
of the foregoing, our gross profit increased by 43.2% from RMB118.6 million in 2020 to RMB169.9 million in 2021. In particular, our gross
profit from licensing and subscription increased by 21.2% from RMB67.9 million in 2020 to RMB82.3 million in 2021.Our gross profit from
smart music learning increased by 79.7% from RMB41.5 million in 2020 to RMB74.5 million in 2021. Our gross profit from live classical
music events increased by 41.2% from RMB9.3 million in 2020 to RMB13.1 million in 2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Other
income </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our other
income increased by 98.4% from RMB4.4 million in 2020 to RMB8.7 million in 2021, primarily due to the bad debt recovery and the increase
in our government grants during the period.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Selling
and distribution expenses </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our selling
and distribution expenses increased by 183.9% from RMB25.8 million in 2020 to RMB73.3 million in 2021, primarily attributable to increased
expenses to promote our brands and products, and increased tuition fees and institutional subscription fees shared with distributors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Administrative
expenses </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our administrative
expenses increased by 103.4% from RMB65.0 million in 2020 to RMB132.2 million in 2021, primarily attributable to increased share-based
compensation expenses.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Impairment
losses on financial assets </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our impairment
losses on financial assets decreased by 41.4% from RMB35.2 million in 2020 to RMB20.7 million in 2021, primarily due to the settlement
of our trade receivables as a result of the improvement of our trade receivable management and the prudent credit policy.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Operating
(loss) profit </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As a result
of the foregoing, we recorded operating loss of RMB50.5 million in 2021, compared to operating loss of RMB3.1 million in 2020.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Finance
costs </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our finance
costs decreased by 24.0% from RMB10.1 million in 2020 to RMB7.7 million in 2021, primarily due to the decrease in interest on loans and
borrowings, the interest on lease liabilities, resulting from the decreased interest<b>-</b>bearing loans and borrowings, and the decreased
lease liabilities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Finance
income </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our finance
income decreased by 95.1% from RMB1.6 million in 2020 to RMB0.1 million in 2021, primarily attributable to the decrease in interest income
on loans receivable, as a result of the decreased loan receivable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Income
tax expense </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We recorded
income tax expenses of RMB3.6 million in 2020 and RMB1.0 million in 2021, as a result of the decrease in our profit before taxation during
the period.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Loss
for the year </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As a result
of the foregoing, we recorded loss of RMB59.6 million in 2021, compared to loss of RMB15.2 million in 2020.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Taxation
</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We are subject
to various rates of income tax under different jurisdictions. The following summarizes major factors affecting our applicable tax rates
in the Cayman Islands, British Virgin Islands, Hong Kong and the PRC.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Cayman
Islands </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Cayman
Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation, and there is no taxation
in the nature of inheritance tax or estate duty.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">There are
no other taxes likely to be material to us levied by the government of the Cayman Islands, except for stamp duties that may be applicable
on instruments executed in or, after execution, brought within the jurisdiction of the Cayman Islands. In addition, the Cayman Islands
does not impose withholding tax on dividend payments.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to section 6 of the Tax Concessions Act of the Cayman Islands, we have obtained an undertaking from the Governor-in-Cabinet:&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">that
                                            no law which is enacted in the Cayman Islands imposing any tax to be levied on profits or
                                            income or gains or appreciation shall apply to us or our operations; and</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(2)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">that
                                            no tax to be levied on profits, income, gains or appreciate or which is in the nature of
                                            estate duty or inheritance tax shall be payable (i) on or in respect of our shares debentures
                                            or other obligations; or (ii) by way of the withholding in whole or in part of any relevant
                                            payment as defined in the Tax Concession Act.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The undertaking
is for a period of 20 years from 22 November 2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>British
Virgin Islands </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our subsidiaries
incorporated in the British Virgin Islands are not subject to income or capital gains tax under the current laws of the British Virgin
Islands. The British Virgin Islands does not impose withholding tax on dividend payments.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Hong
Kong </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Under the
current Hong Kong Inland Revenue Ordinance, from the year of assessment 2018/2019 onwards, our HK subsidiaries are subject to profits
tax at the rate of 8.25% on assessable profits up to HK$2,000,000 and 16.5% on any part of assessable profits over HK$2,000,000. Prior
to April 1, 2018, our HK subsidiary Gauguin Limited was subject to profits tax at a rate of 16.5%.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>PRC
</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Generally,
our PRC subsidiaries and VIEs are subject to enterprise income tax on their taxable income in China at a statutory rate of 25%. For the
three years ended December 31, 2022, Beijing Kuke Music is eligible for the preferential enterprise income tax rate of 15% available
to HNTEs. The enterprise income tax is calculated based on the entity&#8217;s global income as determined under PRC tax laws and accounting
standards. We are also subject to VAT at the rates of 6%, 13%, 16% and 17% in accordance with PRC laws.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Dividends
paid by our wholly foreign-owned subsidiaries in China to our intermediary holding companies in Hong Kong will be subject to a withholding
tax of 10%, unless the Hong Kong entity satisfies all the requirements under the Arrangement between China and the Hong Kong Special
Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income and Capital.
If our Hong Kong subsidiaries satisfy all of these requirements and file an application with the relevant tax authority, then the dividends
paid to the Hong Kong subsidiaries would be subject to withholding tax at the rate of 5%. If the preferential 5% tax rate is subsequently
denied based on the review of the application by the relevant tax authority, our Hong Kong subsidiaries will be required to settle the
underpaid taxes.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">If our holding
company in the Cayman Islands or any of our subsidiaries outside of China were deemed to be a &#8220;resident enterprise&#8221; under
the PRC Enterprise Income Tax Law, it would be subject to enterprise income tax on its worldwide income at a rate of 25%. See &#8220;Item
3. Key Information-D. Risk Factors-Risks Related to Doing Business in China-If we are classified as a PRC resident enterprise for PRC
income tax purposes, such classification could result in unfavorable tax consequences to us and our non-PRC shareholders or ADS holders.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Recent
Accounting Pronouncements </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">A list of
recently issued accounting pronouncements that are relevant to us is included in &#8220;Note 2.4 Changes in accounting policies and disclosures&#8221;
of our consolidated financial statements included elsewhere in this annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>B
<span style="text-decoration:underline">Liquidity and Capital Resources</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Cash
Flows and Working Capital </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As of December
31, 2020, 2021 and 2022, our cash and cash equivalents were RMB25.7 million, RMB59.0 million and RMB5.4 million (US$0.8 million), respectively,
consisting of cash on hand and demand deposits.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We intend
to finance our future working capital requirements and capital expenditures from cash generated from operating activities and funds raised
from financing activities, including the net proceeds we received from our initial public offering. We believe that our current available
cash and cash equivalents will be sufficient to meet our working capital requirements and capital expenditures in the ordinary course
of business for the next 12 months.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The following
table sets forth a summary of our cash flows for the periods presented.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">For
    the Years Ended December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">US$</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="14" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in thousands)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Summary Consolidated Statement of Cash Flows:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 52%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Net
    cash flows from operating activities</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">26,287</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">64,690</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(26,479</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(3,838</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Net
    cash flows (used in) investing activities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(121,337</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(291,205</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(38,476</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(5,579</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Net
    cash flows from financing activities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">97,759</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">259,841</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,335</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,643</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Net
    increase/(decrease) in cash and cash equivalents</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right">(<span style="font-family: Times New Roman, Times, Serif">2,709</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">33,326</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(53,620</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(7,774</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Cash
    and cash equivalents at the beginning of the year/period</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">23,010</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">25,719</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">59,045</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,561</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Cash
    and cash equivalents at the end of the year/period</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">25,719</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">59,045</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,425</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">787</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Operating
Activities </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Net cash flows generated from operating activities for the year ended
December 31, 2022 was RMB26.5 million (US$3.8 million). The difference between our loss before tax of RMB890.4 million (US$129.1 million)
and the net cash used in operating activities was primarily due to (i) an adjustment of RMB859.0 million (US$124.6 million) in non-cash
items, which primarily consists of impairment of trade receivables, impairment of property, plant and equipment, impairment of intangible
assets and impairment of inventories and impairment of goodwill and share-based payment expenses and depreciation and amortizations; and
(ii) an increase of RMB2.1 million (US$0.3 million) in working capital. Changes in working capital for the year ended December 31, 2022
primarily consist of a decrease of RMB4.5 million (US$0.7 million) in trade payables, which is primarily due to repayment of loans.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Net cash
flows generated from operating activities for the year ended December 31, 2021 was RMB64.7 million. The difference between our loss before
tax of RMB58.6 million and the net cash used in operating activities was primarily due to (i) an adjustment of RMB97.8 million in non-cash
items, which primarily consists of impairment of trade receivables, share-based payment expenses and depreciation and amortizations;
and (ii) an increase of RMB24.0 million in working capital. Changes in working capital for the year ended December 31, 2021 primarily
consist of an increase of RMB52.0 million in trade receivables, which is primarily due to an increase in collection of trade receivables.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Net cash
flows generated from operating activities for the year ended December 31, 2020 was RMB26.3 million. The difference between our loss before
tax of RMB11.6 million and the net cash used in operating activities was primarily due to (i) an adjustment of RMB74.5 million in non-cash
items, which primarily consists of impairment of trade receivables, share-based payment expenses and depreciation and amortizations;
and (ii) a decrease of RMB29.0 million in working capital. Changes in working capital for the year ended December 31, 2020 primarily
consist of an increase of RMB25.9 million in trade receivables, which is primarily due to the growth of our smart music learning business.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Investing
Activities </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Net cash
flows used in investing activities was RMB38.5 million (US$5.6 million) for the year ended December 31, 2022, primarily due to the purchase
of intangible assets of RMB42.4 million (US$6.1 million).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Net cash
flows used in investing activities was RMB291.2 million for the year ended December 31, 2021, primarily due to the purchase of intangible
assets of RMB234.8 million and purchase of property, plant and equipment of RMB58.0 million.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Net cash
flows used in investing activities was RMB121.3 million for the year ended December 31, 2020, primarily due to the purchase of intangible
assets of RMB106.1 million, an advance to a related party of RMB18.5 million and purchase of property, plant and equipment of RMB10.1
million, partially offset by repayment from related parties of RMB17.4 million.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Financing
Activities </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Net cash
flows generated from financing activities was RMB11.3 million (US$1.6 million) for the year ended December 31, 2022, primarily due to
proceeds from bank borrowings of RMB30.0 million (US$4.3 million).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Net cash
flows generated from financing activities was RMB259.8 million for the year ended December 31, 2021, primarily due to issuance of ordinary
shares of RMB293.0 million and proceeds from bank borrowings of RMB10.0 million.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Net cash
flows generated from financing activities was RMB97.8 million for the year ended December 31, 2020, primarily due to issuance of ordinary
shares of RMB90.4 million and proceeds from bank borrowings of RMB10.0 million.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Capital
Expenditures </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our capital expenditure consists of additions of property, plant and
equipment, intangible assets, right-of-use assets, deposits paid for purchase of non-current assets, including assets from the acquisition
of a subsidiary. Our capital expenditures were RMB159.5 million, RMB295.5 million and RMB46.4 million (US$6.7 million) in 2020, 2021 and
2022, respectively. We will continue to make capital expenditures to support the growth of our business.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Off
Balance Sheet Arrangements </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We have not
entered into any material financial guarantees or other commitments to guarantee the payment obligations of any third parties. In addition,
we have not entered into any derivative contracts that are indexed to our shares and classified as shareholders&#8217; equity or that
are not reflected in our consolidated financial statements. Furthermore, we do not have any retained or contingent interest in assets
transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. We do not have any variable
interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing,
hedging or research and development services with us.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Contractual
Obligations </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The following
table sets forth our contractual obligations and commercial commitments as of December 31, 2022:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Payment
    Due by December 31, 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">On
    Demand</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Less
    than<br/> 1 year</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">More
    than<br/> 1 year</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(RMB in thousands)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left; text-indent: -8pt; padding-left: 8pt"><span style="font-family: Times New Roman, Times, Serif">Interest-bearing
    loans and borrowings</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">30,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">42,680</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">72,680</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -8pt; padding-left: 8pt"><span style="font-family: Times New Roman, Times, Serif">Lease
    liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,194</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,032</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,226</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -8pt; padding-left: 8pt"><span style="font-family: Times New Roman, Times, Serif">Trade
    payables</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">35,012</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">35,012</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -8pt; padding-left: 8pt"><span style="font-family: Times New Roman, Times, Serif">Due to
    a shareholder</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">325</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">325</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -8pt; padding-left: 8pt"><span style="font-family: Times New Roman, Times, Serif">Due to
    a related party</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">488</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">488</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -8pt; padding-left: 8pt"><span style="font-family: Times New Roman, Times, Serif">Other
    payables and accruals</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">12,046</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">12,046</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Other than
those shown above, we have certain capital and other commitments as of December 31, 2022. See &#8220;Note 30-Commitments&#8221; for our
commitments.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Holding
Company Structure </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Kuke Music
Holding Limited is a holding company that conducts its operations primarily through the VIEs and their subsidiaries, all of which are
incorporated in China. As a result, our ability to pay dividends depends upon dividends paid to us by our PRC subsidiaries. If our PRC
subsidiaries or any newly formed subsidiaries of our company incur debt on their own behalf in the future, the instruments governing
their debt may restrict their ability to pay dividends to us. In addition, our PRC subsidiaries is permitted to pay dividends to us only
out of its retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Under the PRC law, each
of our PRC subsidiaries, the VIEs and their subsidiaries is required to set aside at least 10% of its after-tax profits each year, if
any, to fund certain statutory reserve funds until such reserve funds reach 50% of its registered capital. In addition, each of our PRC
subsidiaries, the VIEs and their subsidiaries may allocate a portion of its after-tax profits based on PRC accounting standards to staff
welfare and bonus funds, a discretionary surplus fund and an enterprise expansion fund at its discretion or in accordance with its articles
of association. These reserve funds and staff welfare and bonus funds are not distributable as cash dividends.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As a result
of these and other restrictions under the PRC laws and regulations, our WFOEs and the VIEs are restricted to transfer a portion of their
net assets to us either in the form of dividends, loans or advances. The amounts restricted include the paid-up capital and the statutory
reserve funds of our WFOEs and VIEs, totaling RMB3.2 million, RMB3.2 million and RMB3.2 million (US$0.5 million) as of December 31, 2020,
2021 and 2022, respectively. Even though we currently does not require any such dividends, loans or advances from our WFOEs and the VIEs
for working capital and other funding purposes, we may in the future require additional cash resources from our WFOEs and the VIEs due
to changes in business conditions, to fund future acquisitions and developments, or merely declare and pay dividends to or distributions
to our shareholders. See &#8220;Item 3. Key Information-Restrictions on Foreign Exchange and the Ability to Transfer Cash between Entities,
Across Borders and to U.S. Investors.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Furthermore,
cash transfers from our PRC subsidiaries to our subsidiaries outside of China are subject to PRC government control of currency conversion.
Restrictions on the availability of foreign currency may affect the ability of our PRC subsidiaries and VIEs to remit sufficient foreign
currency to pay dividends or other payments to us, or otherwise satisfy their foreign currency denominated obligations. See &#8220;Item
3. Key Information-D. Risk Factors-Risks Related to Doing Business in China-Foreign exchange controls may limit our ability to utilize
our revenues effectively and affect the value of your investment.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>C
<span style="text-decoration:underline">Research and Development, Patents and Licenses, etc.</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">See &#8220;Item
4. Information On the Company-B. Business Overview-Research and Development&#8221; and &#8220;-Intellectual Property&#8221;.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>D
<span style="text-decoration:underline">Trend Information</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Other than
as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events since January
1, 2022 that are reasonably likely to have a material adverse effect on our net revenues, income, profitability, liquidity or capital
resources, or that caused the disclosed financial information to be not necessarily indicative of future operating results or financial
conditions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>E
<span style="text-decoration:underline">Critical Accounting Estimates</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">An accounting
policy is considered critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain
at the time such estimate is made, and if different accounting estimates that reasonably could have been used, or changes in the accounting
estimates that are reasonably likely to occur periodically, could materially impact the consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We prepare
our consolidated financial statements in accordance with the International Financial Reporting Standards, or IFRS, as issued by the International
Accounting Standards Board. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting
estimates. It also requires our management to exercise its judgment in the process of applying accounting policies. The areas involving
a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements,
are disclosed in Note 3 to our consolidated financial statements included elsewhere in this annual report. Since the use of estimates
is an integral component of the financial reporting process, actual results could differ from our expectations as a result of changes
in our estimates. Some of our accounting policies require a higher degree of judgment than others in their application and require us
to make significant accounting estimates. For a detailed discussion of our significant accounting policies and related judgments, see
&#8220;Notes to Consolidated Financial Statements-Note 2 Significant Accounting Policies&#8221;.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The following
descriptions of critical accounting estimates should be read in conjunction with our consolidated financial statements and accompanying
notes and other disclosures included in this annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Goodwill
</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">On February
29, 2020, the Group acquired a 61.6% equity interest from Lung Yu and He Yu, shareholders of the Group, and a 38.4% equity interest from
a series of independent third parties in Rosenkavalier through a share swap transaction. Rosenkavalier Group was a related party of the
Group before the acquisition and provides music festival event services, music performance services and licensing of music catalogues.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The acquisition
was made as part of the Group&#8217;s strategy to expand its market share in the industry. Upon completion of the transaction, the Company
obtained control over Rosenkavalier. Goodwill arising on this acquisition amounted to RMB237,225,000.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration:underline">Annual
goodwill impairment assessment performed at Dec 31, 2022</span></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Goodwill
is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination
is, from the acquisition date, allocated to each of the Group&#8217;s cash-generating units (&#8220;CGUs&#8221;) that are expected to
benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Impairment
is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the
recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill
cannot be reversed in future periods.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">At December 31, 2022, goodwill acquired through
the above business combinations is allocated to the three CGUs known as &#8220;Subscription and licensing business&#8221; &#8220;Smart
music learning business&#8221; and &#8220;Music events and performances business&#8221; for impairment testing. We performed quantitative
assessments for each of the three CGUs. These quantitative assessments resulted in impairment of RMB1,610 allocated to &#8220;Subscription
and licensing business&#8221; and impairment of RMB235,615 allocated to &#8220;Music events and performances business&#8221;.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Determining
the fair value of a reporting unit involves the use of significant estimates and assumptions, which are more fully described below.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Methodologies
and significant estimates utilized in determining recoverable amount of the CGUs </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The recoverable
amount of the CGU is determined based on a value-in-use calculation using cash flow projections based on financial budgets covering a
five-year period approved by senior management.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The cash
flow projection requires significant estimates, including projections of future operating results and cash flows of each CGU that are
based on internal budgets and strategic plans, terminal growth rate, weighted average cost of capital and the effects of external factors
and market conditions. Changes in these estimates and assumptions could materially affect the recoverable amount that could result in
an impairment charge to reduce the carrying value of goodwill, which could be material to the Group&#8217;s financial position and results
of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The sensitivity
analyses on the budgeted cash flows and discount rate assumptions are described below. These key assumptions utilized in the value-in-use
calculation require significant management judgment:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">- Budgeted
cash flows - the basis used to determine the budgeted cash flows is based on management&#8217;s expectation of the business development.
These projections are consistent with the Company&#8217;s operating budget and strategic plan. Cash flows for the five years subsequent
to the date of the quantitative goodwill impairment test were utilized in the determination of the recoverable amount of each CGU.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The growth
rates assumed an increase in revenue because of new customer acquisition or growth in sales from existing customers. Beyond five years,
a terminal growth rate was determined based on management&#8217;s expectation of the long-term forecast growth rate of the business.
A sensitivity analysis of the revenue growth rates was performed on both CGUs. Except for those already fully impaired, for
the CGU of &#8220;Smart music learning business&#8221;, a rise in the pre-tax discount rate to 24.88% (i.e., +10.41%) in the smart music
learning business CGU would result in impairment.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Discount rate - the discount rate used is before tax and reflects specific
risks relating to the relevant unit. The discount rate is used to discount each CGU&#8217;s estimated future cash flows. Except for those already fully impaired, a rise
in the pre-tax discount rate to 24.88% (i.e., +10.41%) in the smart music learning business CGU would result in impairment.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">See Note
14 to the consolidated financial statements for further information on goodwill impairment testing.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Provision
for expected credit losses on trade receivables </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Group
recognizes an allowance for expected credit losses, or ECLs, for all debt instruments not held at fair value through profit or loss.
ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the
Group expects to receive, discounted at an approximation of the original effective interest rate as described in Note 3 to the consolidated
financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Group
uses a provision matrix to calculate ECLs for trade receivables. The provision rates are based on days past due for groupings of various
customer segments that have similar loss patterns.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The provision
matrix is initially based on the Group&#8217;s historical observed default rates. The Group will calibrate the matrix to adjust the historical
credit loss experience with forward-looking information. At every reporting date, the historical observed default rates are updated and
changes in the forward-looking estimates are analyzed. The assessment of the correlation between historical observed default rates, forecast
economic conditions and ECLs is a significant estimate. Changes in the estimate of ECL rate could materially affect the recoverable amount
that could result in an increase or decrease in the ECL provision, which could be material to the Group&#8217;s financial position and
results of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A sensitivity analysis of the overall ECL rate was performed on trade
receivables as of December 31, 2022. An increase of 10% in the expected loss rate for all categories of trade receivables except for those
already fully impaired would result in additional ECL provision of RMB0.98 million for the year ended December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Income
Taxes </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Group
is mainly subject to income taxes in the PRC China. Current income tax assets and liabilities are measured at the amount expected to
be recovered from or paid to the taxation authorities. Deferred tax is provided using the liability method on temporary differences between
the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax
assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary
differences, and the carry forward of unused tax credits and unused tax losses can be utilized.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In assessing
the recoverability of deferred tax assets, the Group relies on the same forecast assumptions used elsewhere in the financial statements
and in other management reports. Significant management judgement is required to determine the amount of deferred tax assets that can
be recognized, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies. Changes
in these estimates and assumptions could materially affect the taxable profit that could result in increase or decrease in deferred tax
assets, which could be material to the Group&#8217;s financial position and results of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">See Note
3 to the consolidated financial statements for further information on estimates on income taxes.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Other
Accounting Estimates </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In addition
to the critical accounting estimates described above, there are other accounting estimates within consolidated financial statements.
Management believes the current assumptions and other considerations used to estimate amounts reflected in consolidated financial statements
are appropriate. However, if actual experience differs from the assumptions and other considerations used in estimating amounts reflected
in consolidated financial statements, the resulting changes could have a material adverse effect on consolidated results of operations
or financial condition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_009"></a></div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">ITEM
6 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</span></p><div>



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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>A <span style="text-decoration:underline">Directors
and Senior Management</span></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The following
table sets forth information regarding our directors and executive officers as of the date of this annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b>&#160;</span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b>&#160;</span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 56%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position/Title</b>&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">He Yu</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer
    and Chairman of the Board</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lung Yu</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yu Chen</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xingping Zuo</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peixian Tan</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bin Yu</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Director</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jia Li</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Director</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Li Sun</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xiao Ruojun</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial Vice President</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Mr.
He Yu</i></b> is our founder and has served as our Chief Executive Officer since our inception and Chairman of the Board since January
2018. Mr. Yu currently serves as the deputy head of the Emerging Music Community Working Committee of the Chinese Musicians Association.
Mr. Yu received his musical training at the Duisburg Conservatory of Music and an executive MBA degree from the Montpellier Business
School in 2020.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Mr.
Lung Yu</i></b> has served as our Director since July 2020. Mr. Yu is the founder of the Beijing Music Festival and has served as the
director of Beijing Music Festival Culture Communications Co., Ltd. since November 2018. As one of the most preeminent Chinese conductors,
Mr. Yu has served as the Vice Chairman of the Chinese Musicians Association since 2019 and was recognized as &#8220;the most powerful
figure in China&#8217;s Western classical music scene&#8221; by The New York Times. Mr. Yu is currently the Artistic Director &amp; Chief
Conductor of the China Philharmonic Orchestra, the Music Director of the Shanghai Symphony Orchestra and the Music Director of the Guangzhou
Symphony Orchestra. Over the years, Mr. Yu has received numerous prestigious honors and distinctions for his musical and cross-cultural
contributions, including the Arts Patronage Award of the Montblanc Cultural Foundation in 2002, L&#8217;onorificenza di commendatore
awarded by the Italian President in 2005, France&#8217;s highest honour of merit la L&#233;gion d&#8217;Honneur in 2014, the Global
Citizen Award by the Atlantic Council and the Sanford Medal by Yale University&#8217;s College of Music in 2015, and the Order of Merit
of the Federal Republic of Germany in 2016. Mr. Yu was also elected a Foreign Honorary Member of the American Academy of Arts and Sciences
in 2016. Mr. Yu received his bachelor&#8217;s degree from the Shanghai Conservatory of Music in 1987 and master&#8217;s degree in conducting
from the Universit&#228;t der K&#252;nste Berlin in 1992.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Mr.
Yu Chen</i></b> has served as our Director since January 2018. Mr. Chen has served as the general manager of Shanghai Huaqiang Equity
Investment Management Co., Ltd. since November 2015, responsible for managing its equity investment portfolio. Prior to that, Mr. Chen
held various other managerial positions specializing in finance, accounting and equity investments, including, among others, the deputy
general manager at Dahua (Group) Co., Ltd. and the deputy finance manager at Dahua Group Dalian Asset Management Co., Ltd. Mr. Chen received
his bachelor&#8217;s degree from the Open University of China in 2005.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Mr.
Xingping Zuo</i></b> has served as our Director since January 2018. Mr. Zuo has served as the chairman of Anhui Huanbowan High Speed
Steel Mill Roll Co., Ltd. since February 2017 and the chairman and general manager of Beijing Zhengda Ziyuan Co., Ltd. since November
2016. Mr. Zuo&#8217;s previous positions include, among others, vice president at Shanghai Zhengda Investment Development Co., Ltd.,
Huaan Securities Co., Ltd. and Xingye Securities Co., Ltd. Mr. Zuo received his bachelor&#8217;s degree from Renmin University of China
in 1986 and master&#8217;s degree from the Graduate School of the People&#8217;s Bank of China in 1990.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Mr.
Peixian Tan</i></b> has served as our Director since January 2018. Mr. Tan joined us in 2005 and has served as a vice president of Beijing
Kuke Music since 2016 and the general manager of BMF Culture since 2020. Prior to joining us, Mr. Tan served as an operations manager
at Beijing Qingdian Wanwei Technology Co., Ltd., specializing in telecommunication products. Mr. Tan received an associate&#8217;s degree
in computer science from Beijing Chaoyang Vocational University in 2003.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Ms.
Bin Yu</i></b> has served as our Director since January 2021. Ms. Yu served as the chief financial officer at LAIX Inc. (NYSE: LAIX)
from September 2017 to January 2020, InnoLight Technology Corporation from January 2015 to April 2017, Star China Media Limited from
May 2013 to January 2015 and Tudou Holdings Limited from January 2012 to April 2013, where she was the vice president of finance from
2010 to 2011. Ms. Yu also served as the senior vice president of Youku Tudou Inc. from August 2012 to April 2013 and worked at KPMG from
1999 to 2010. Currently, Ms. Yu also serves as an independent director of Baozun Inc. (Nasdaq: BZUN), GDS Holdings Ltd. (Nasdaq: GDS),
Zero2IPO Holdings Inc. (SEHK: 01945) and iDreamSky Technology Holdings Limited (SEHK: 1119). Ms. Yu holds a bachelor&#8217;s degree from
Xi&#8217;an Foreign Language University, master&#8217;s degrees in accounting and in education from the University of Toledo and an EMBA
degree from Tsinghua University and INSEAD. She is a Certified Public Accountant in the United States admitted by the Accountancy Board
of Ohio, a member of the American Institute of Certified Public Accountants and a member of Chartered Global Management Accountant.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Mr.
Jia Li</i></b> has served as our Director since September 2022. Mr. Li is an expert of media and communications in China. He has been
serving as the Chief Strategy Officer and executive director of Chuanglian Holdings Limited (2371.HK) since 2013, after he joined the
company as the head of marketing and operation in 2011. From 2009 to 2010, Mr. Li served as Deputy General Manager at Beijing CRI Glory
Advertising Co., Ltd. From 2004 to 2009, Mr. Li held various managerial positions at multiple advertisement companies in Beijing. Mr.
Li holds a bachelor&#8217;s degree from Capital Medical University and master&#8217;s degree from Nagasaki University.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Ms.
Li Sun</i></b> has served as our President since June 2020 and the chief executive officer of Naxos China since May 2016. From August
2008 to May 2016, Ms. Sun held various positions at Sony Music Entertainment (China), including deputy general manager and digital business
director, and was responsible for managing digital distribution, physical sales, marketing and classical Artists and Repertoire. Prior
to that, Ms. Sun worked for the International Affairs Bureau of the Ministry of Culture of China, serving as a supervisor from 1999 to
2004 and senior project manager from 2004 to 2008. Ms. Sun received her bachelor&#8217;s degree from Beijing Foreign Studies University
in 1999.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Mr.
Xiao Ruojun</i></b> has served as our Financial Vice President since February 2023. Prior to joining us, Mr. Xiao is a Chartered Professional
Accountant (CPA) and has over 20 years of financial management working experience. Mr. Xiao has worked in financial management roles
at various companies, such as MCCS Group Shanghai, Glorious Property and Sichuan Tianfu Bank, etc. Mr. Xiao received an associate&#8217;s
degree in accounting from University of Shanghai for Science and Technology in 1996.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Employment
Agreements and Indemnification Agreements </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We have entered
into employment agreements with our executive officers. Each of our executive officers is employed for a continuous term, or a specified
time period that will be automatically extended unless either we or the executive officer gives prior notice to terminate such employment.
We may terminate the employment for cause, at any time, without notice or remuneration, for certain acts of the executive officer, including,
but not limited to, the committing of any serious or persistent breach or nonobservance of the terms and conditions of the employment,
conviction of a criminal offense other than one which in the opinion of the board does not affect the executive&#8217;s position, willful
disobedience of a lawful and reasonable order, misconduct being inconsistent with the due and faithful discharge of the executive officer&#8217;s
material duties, fraud or dishonesty, or habitual neglect of his or her duties. An executive officer may terminate his or her employment
at any time with written notice three to six months prior.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Each executive
officer has agreed to hold, both during and after the employment agreement expires or is earlier terminated, in strict confidence and
not to use or disclose to any person, corporation or other entity without written consent, any confidential information or trade secrets.
Each executive officer has also agreed to disclose in confidence to us all inventions, intellectual and industry property rights and
trade secrets that they made, discovered, conceived, developed or reduced to practice during the executive officer&#8217;s employment
with us and to assign to our company all of his or her associated titles, interests, patents, patent rights, copyrights, trade secret
rights, trademarks, trademark rights, mask work rights and other intellectual property and rights anywhere in the world that the executive
officer may solely or jointly conceive, invent, discover, reduce to practice, create, drive, develop or make, or cause to be conceived,
invented, discovered, reduced to practice, created, driven, developed or made, during the period of the executive officer&#8217;s employment
with us that either are related to our business, actual or demonstrably anticipated research or development or any of our services being
developed, manufactured, marketed or sold, or are related to the scope of the employment or make use of our resources. In addition, all
executive officers have agreed to be bound by non-competition and non-solicitation restrictions set forth in their agreements. Each executive
officer has agreed to devote all his or her working time and attention to our business and use best efforts to develop our business and
interests. Moreover, each executive officer has agreed not to, for a certain period following the termination of his or her employment
or the expiration of the employment agreement, (i) carry on or be engaged, concerned or interested in, directly or indirectly, whether
as shareholder, director, employee, partner or agent, or otherwise carry on, any business in direct competition with us, (ii) solicit
or entice away any of our business partners, representatives or agents, or (iii) employ, solicit or entice away or attempt to employ,
solicit or entice away any of our officers, managers, consultants or employees.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We have entered
into indemnification agreements with our directors and executive officers, pursuant to which we will agree to indemnify our directors
and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of
their being such a director or executive officer.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>B
<span style="text-decoration:underline">Compensation </span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the year ended December 31, 2022, we paid an aggregate of RMB4.8
million (US$0.7 million) in cash and benefits to our executive officers. We have not set aside or accrued any amount to provide pension,
retirement or other similar benefits to our executive officers and directors. Our PRC subsidiaries and VIEs are required by law to make
contributions equal to certain percentages of each employee&#8217;s salary for his or her pension insurance, medical insurance, unemployment
insurance and other statutory benefits and a housing provident fund.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>2020
Share Incentive Plan </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In October 2020, our board of directors approved the 2020 Share Incentive
Plan to attract and retain key employees, directors and consultants. The maximum aggregate number of Class A ordinary shares that may
be issued under the 2020 Plan is 1,227,000. As of the date of this annual report, 1,125,334 share options and 101,666 restricted shares
have been granted and outstanding. As of the date of this report, the underlying Class A ordinary shares issuable under the Share Incentive
Plan were held by Nomadic Hunters Limited and Renaissance Gold Limited.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The following
paragraphs describe the principal terms of the 2020 Plan.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Plan administration.
</i>Our board of directors or a committee of one or more members of the board of directors will administer the 2020 Plan. The plan administrator
has discretionary authority, subject only to the express provisions of plan, to interpret the plan, to adopt such rules for the administration,
interpretation and application of the plan as are not inconsistent therewith, to interpret, amend or revoke any such rules and to amend
any award agreement to the extent that the holder&#8217;s rights are not adversely affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Types
of awards.</i> The 2020 Plan permits the award of share options, restricted shares, restricted share units or any other type of awards
approved by the plan administrator.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Award
agreements.</i> Awards granted under the 2020 Plan are evidenced by an award agreement entered into between the Company and the grantee
that sets forth the terms and conditions for each award, which may include the term of the award, the provisions applicable in the event
that the grantee&#8217;s employment or service terminates, and our authority to amend, modify, suspend, cancel or rescind the award.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Eligibility.
</i>The plan administrator will select participants under the 2020 Plan from key employees, consultants and non-employee directors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Vesting
Schedule.</i> In general, the plan administrator determines the vesting schedule, which is specified in the relevant award agreement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Exercise
of Awards.</i> The plan administrator determines the exercise or purchase price, as applicable, for each award, which is stated in the
relevant award agreement. Options that are vested and exercisable will terminate if they are not exercised prior to the time as the plan
administrator determines at the time of grant. However, the maximum exercisable term is ten years from the date of grant.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Transfer
Restrictions.</i> Awards may not be transferred in any manner by the participant other than in accordance with the exceptions provided
in the plan or the relevant award agreement or otherwise determined by the plan administrator, such as transfers by will or the laws
of descent and distribution.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Termination
and Amendment.</i> Unless terminated earlier, the plan has a term of ten years from its date of effectiveness. The administrator may
amend, suspend or terminate the plan at any time and from time to time. Except as provided in the plan or any award agreement, no amendment,
suspension or termination of the plan shall, without the consent of the holder, impair any rights or obligations under any award theretofore
granted or awarded.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table summarizes, as of the date of this annual report,
the number of Class A ordinary shares under outstanding options that we have granted to our directors and executive officers under the
2020 Share Incentive Plan. </p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>



</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Name</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Class
    A<br/> Ordinary<br/> Shares<br/> Underlying<br/> Options</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Exercise<br/>
    Price<br/> (US$/<br/> Share)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; white-space: nowrap; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Date
    of<br/> Grant</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; white-space: nowrap; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Date
    of<br/> Expiration</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">He
    Yu</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">175,285</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.01</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; width: 11%"><span style="font-family: Times New Roman, Times, Serif">&#160;October 30, 2020</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; width: 11%"><span style="font-family: Times New Roman, Times, Serif">&#160;October 30, 2030</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Lung
    Yu</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">175,285</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.01</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">&#160;October 30, 2020</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">&#160;October 30, 2030</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Peixian
    Tan</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">133,217</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.01</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">&#160;October 30, 2020</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">&#160;October 30, 2030</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">All
    directors and executive officers as a group</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">483,787</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.01</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">&#160;October 30, 2020</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">&#160;October 30, 2030</span></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">On October
30, 2020, we also granted 101,666 restricted shares of our Class A ordinary shares to our President, Li Sun, with an exercise price of
$0.01 per share, which will expire on October 30, 2030.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As of the
date of this annual report, our employees other than our directors and executive officers as a group hold options to purchase 641,547
Class A ordinary shares, with an exercise price of US$0.01 per share, which will expire on October 30, 2030.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>C
<span style="text-decoration:underline">Board Practices</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Committees
of the Board</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our board
of directors has established an audit committee, a compensation committee and a corporate governance and nominating committee under the
board of directors. Each committee&#8217;s members and functions are described below.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Audit
Committee </i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our audit
committee consists of Bin Yu and Jia Li, and is chaired by Bin Yu. Bin Yu and Jia Li satisfy the &#8220;independence&#8221; requirements
of Section 303A of the Corporate Governance Rules of the New York Stock Exchange and meet the independence standards under Rule 10A-3
under the Exchange Act. Our board of directors has also determined that Bin Yu qualifies as an &#8220;audit committee financial expert&#8221;
within the meaning of the SEC rules. The audit committee will oversee our accounting and financial reporting processes and the audits
of the financial statements of our company. The audit committee is responsible for, among other things:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">selecting
                                            our independent registered public accounting firm and pre-approving all auditing and non-auditing
                                            services permitted to be performed by our independent registered public accounting firm;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">reviewing
                                            with our independent registered public accounting firm any audit problems or difficulties
                                            and management&#8217;s response and approving all proposed related party transactions, as
                                            defined in Item 404 of Regulation S-K;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">discussing
                                            the annual audited financial statements with management and our independent registered public
                                            accounting firm;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">periodically
                                            reviewing and reassessing the adequacy of our audit committee charter;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">meeting
                                            periodically with the management, our internal auditor and our independent registered public
                                            accounting firm;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">reporting
                                            regularly to the full board of directors;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 94; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">reviewing
                                            the adequacy and effectiveness of our accounting and integral control policies and procedures
                                            and any steps taken to monitor and control major financial risk exposure; and</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">handling
                                            such other matters that are specifically delegated to our audit committee by our board of
                                            directors from time to time.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Compensation
Committee </i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our compensation
committee consists of Jia Li and He Yu and is chaired by Jia Li. Jia Li satisfies the &#8220;independence&#8221; requirements of Section
303A of the Corporate Governance Rules of the New York Stock Exchange. Our compensation committee will assist the board in reviewing
and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our
Chief Executive Officer may not be present at any committee meeting during which his compensation is deliberated upon. The compensation
committee is responsible for, among other things:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">reviewing
                                            and approving, or recommending to the board for its approval, the compensation for our Chief
                                            Executive Officer and other executive officers;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">reviewing
                                            the total compensation package for our employees and recommending any proposed changes to
                                            our management;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">reviewing
                                            and recommending to the board with respect to the compensation of our directors;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">reviewing
                                            annually and administering all long-term incentive compensation or equity plans;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">selecting
                                            and receiving advice from compensation consultants, legal counsel or other advisors after
                                            taking into consideration all factors relevant to that person&#8217;s independence from management;
                                            and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">reviewing
                                            programs or similar arrangements, annual bonuses, employee pension and welfare benefit plans.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Corporate
Governance and Nominating Committee </i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our corporate
governance and nominating committee consists of Jia Li, Bin Yu and He Yu, and is chaired by Jia Li. Jia Li and Bin Yu satisfy the &#8220;independence&#8221;
requirements of Section 303A of the Corporate Governance Rules of the New York Stock Exchange. The corporate governance and nominating
committee will assist the board of directors in selecting individuals qualified to become our directors and in determining the composition
of the board of directors and its committees. The corporate governance and nominating committee will be responsible for, among other
things:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">identifying
                                            and recommending nominees for election or re-election to our board of directors or for appointment
                                            to fill any vacancy;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">reviewing
                                            annually with our board of directors its current composition in light of the characteristics
                                            of independence, age, skills, experience and availability of service to us;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">advising
                                            the board periodically with respect to significant developments in the law and practice of
                                            corporate governance, as well as our compliance with applicable laws and regulations, and
                                            making recommendations to our board of directors on all matters of corporate governance and
                                            on any corrective action to be taken; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">monitoring
                                            compliance with our code of business conduct and ethics, including reviewing the adequacy
                                            and effectiveness of our procedures to ensure proper compliance.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Duties
of Directors </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Under Cayman
Islands law, our directors owe fiduciary duties to our company, including a duty of loyalty, a duty to act honestly, and a duty to act
in what they consider in good faith to be in our best interests. Our directors must also exercise their powers only for a proper purpose.
Our directors also owe to our company a duty to act with skill and care. It was previously considered that a director need not exhibit
in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience.
However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care, and these
authorities are likely to be followed in the Cayman Islands. In fulfilling their duty of care to us, our directors must ensure compliance
with our memorandum and articles of association, as amended and restated from time to time, and the class rights vested thereunder in
the holders of the shares. Our company has the right to seek damages if a duty owed by our directors is breached. In limited exceptional
circumstances, a shareholder may have the right to seek damages in our name if a duty owed by our directors is breached.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The functions
and powers of our board of directors include, among others:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">convening
                                            shareholders&#8217; annual general meetings and reporting its work to shareholders at such
                                            meetings;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">declaring
                                            dividends and distributions;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">appointing
                                            officers and determining the term of office of officers;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">exercising
                                            the borrowing powers of our company and mortgaging the property of our company; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">approving
                                            the transfer of shares of our company, including the registering of such shares in our share
                                            register.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Terms
of Directors and Executive Officers </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Each of our
directors holds office until the expiration of his or her term, as may be provided in a written agreement with our company, and his or
her successor has been elected and qualified, until his or her resignation or until his or her office is otherwise vacated in accordance
with our articles of association. A retiring director shall be eligible for re-election. All of our executive officers are appointed
by and serve at the discretion of our board of directors. Our directors may be appointed or removed from office by an ordinary resolution
of shareholders. A director will be removed from office automatically if, among other things, the director (i) becomes bankrupt or makes
any arrangement or composition with his creditors; (ii) dies or is found to be or becomes of unsound mind; (iii) resigns by notice in
writing to our company; (iv) without special leave of absence from our board of directors, is absent from three consecutive meetings
of the board and the board resolves that his office be vacated; (v) is prohibited by law from being a director; or (vi) is removed pursuant
to our second amended and restated memorandum of association. The compensation of our directors is determined by the board of directors.
There is no mandatory retirement age for directors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>D
<span style="text-decoration:underline">Employees</span>&#160;</b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As of December
31, 2020, 2021 and 2022, we had 132, 173 and 118 full-time employees, respectively. The following table sets forth the number of our
employees categorized by function as of December 31, 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As
    of December 31, 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Number</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">%
    of Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Operations</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif">21</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">17.8</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Sales
    and marketing</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">39</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">33.05</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Research
    and development</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">33</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">27.97</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Management
    and administration</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">25</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">21.19</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">118</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As
                                            required by laws and regulations in China, we participate in various employee social security
                                            plans that are organized by municipal and provincial governments, including, among other
                                            things, pension, medical insurance, unemployment insurance, maternity insurance, work-related
                                            injury insurance and housing fund plans through a PRC government-mandated benefit contribution
                                            plan. We are required under PRC laws to make contributions to employee benefit plans at specified
                                            percentages of the salaries, bonuses and certain allowances of our employees, up to a maximum
                                            amount specified by the local government from time to time.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 96; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We typically
enter into employment agreements with our full-time employees that contain standard confidentiality and non-competition provisions. In
addition to salaries and benefits, we provide performance-based bonuses for our employees. We believe that we maintain a good working
relationship with our employees, and we have not experienced any material labor disputes in the past. None of our employees are represented
by labor unions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>E
<span style="text-decoration:underline">Share Ownership</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The following
table sets forth information with respect to the beneficial ownership of our ordinary shares as of the date of this annual report, by:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">each
                                            of our directors and executive officers; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">each
                                            person known to us to own beneficially 5% or more of our ordinary shares.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The calculations
in the table below are based on (i) 21,785,625 Class A ordinary shares and 8,281,098 Class B ordinary shares outstanding on an as-converted
basis outstanding as of the date of this annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Beneficial
ownership is determined in accordance with the rules and regulations of the SEC. In computing the number of shares beneficially owned
by a person and the percentage ownership of that person, we have included shares that the person has the right to acquire within 60 days,
including through the exercise of any option, warrant, or other right or the conversion of any other security. These shares, however,
are not included in the computation of the percentage ownership of any other person.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="14" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Ordinary
    Shares Beneficially Owned</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Class
    A<br/>
    ordinary<br/>
    shares</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Class
    B<br/>
    ordinary<br/>
    shares</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">%
    of<br/> Beneficial<br/> Ownership*</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
    <span style="text-decoration: none"><b>of<br/>
    Aggregate<br/>
    Voting<br/>
    Power***</b></span></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Directors and Executive Officers&#8224;:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 51%"><span style="font-family: Times New Roman, Times, Serif">He Yu(1)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,914,297</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">19.7</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;56.</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">5%</span></td>
    <td style="width: 1%; text-align: left"></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Lung Yu(2)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,366,801</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7.8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">22.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Yu Chen</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Xingping Zuo(3)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,201,335</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">13.97</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Peixian Tan(4)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;*</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;*</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;*</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Li Sun</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Xiao Ruojun</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">All Directors and Executive
    Officers as a Group</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,201,335</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,281,098</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">41.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">83.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Principal Shareholders:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Lebon Holding Limited(5)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,793,620</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">15.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">45.8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Musence Limited(6)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,201,335</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right">14.0</td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Jianmin Jin(7)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,299,442</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">11.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Supertonic Limited(8)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,867,801</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">6.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">17.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Eichent Limited(9)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,643,511</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">5.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Million Profit International Holdings Limited(10)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,499,423</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">5.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">China Cultural and Entertainment Fund L.P(11)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,359,651</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1.3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Notes:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.35in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Less
                                            than 1%.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.35in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">**</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">For
                                            each person and group included in this table, percentage ownership is calculated by dividing
                                            the number of shares beneficially owned by such person or group by the sum of (i) the total
                                            number of ordinary shares outstanding as of the date of this annual report and (ii) the number
                                            of ordinary shares such person or group has the right to acquire upon exercise of option,
                                            warrant or other right within 60 days after the date of this annual report.</span></td>
</tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.35in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">***</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">For
                                            each person and group included in this column, percentage of voting power is calculated by
                                            dividing the voting power beneficially owned by such person or group by the voting power
                                            of all of our Class A and Class B ordinary shares as a single class. Each holder of Class
                                            B ordinary shares is entitled to ten votes per share and each holder of our Class A ordinary
                                            shares is entitled to one vote per share on all matters submitted to them for a vote. Our
                                            Class A ordinary shares and Class B ordinary shares vote together as a single class on all
                                            matters submitted to a vote of our shareholders, except as may otherwise be required by law.
                                            Our Class B ordinary shares are convertible at any time by the holder thereof into Class
                                            A ordinary shares on a one-for-one basis.</span></td>
</tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.35in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8224;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Except
                                            as indicated otherwise below, the business address of our directors and executive officers
                                            is Building 96, 4 San Jian Fang South Block, Chaoyang District, Beijing, 100024, People&#8217;s
                                            Republic of China.</span></td>
</tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.35in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Represents
                                            4,793,620 Class B ordinary shares held by Lebon Holding Limited, a British Virgin Islands
                                            company wholly owned by Mr. He Yu, and 1,120,677 Class B ordinary shares held by FutureMuse
                                            Limited, a British Virgin Islands company wholly owned by Mr. He Yu. The registered address
                                            of Lebon Holding Limited and FutureMuse Limited is P.O. Box 905, Quastisky Building, Road
                                            Town, Tortola, British Virgin Islands.</span></td>
</tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 97; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.35in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Represents
                                            499,000 Class B ordinary shares directly held by Mr. Lung Yu and 1,867,801 Class B ordinary
                                            shares held by Supertonic Limited, a British Virgin Islands company wholly owned by Mr. Lung
                                            Yu. The registered address of Supertonic Limited is P.O. Box 905, Quastisky Building, Road
                                            Town, Tortola, British Virgin Islands.</span></td>
</tr></table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.35in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(3)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Represents
                                            4,201,335 Class A ordinary shares held by Musence Limited, a British Virgin Islands company
                                            wholly owned by Mr. Xingping Zuo. The registered address of Musence Limited is P.O. Box 905,
                                            Quastisky Building, Road Town, Tortola, British Virgin Islands.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.35in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(4)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Represents
                                            98,548 Class A ordinary shares held by NBAMF HOLDING LIMITED, a British Virgin Islands company
                                            wholly owned by Mr. Peixian Tan. The registered address of NBAMF HOLDING LIMITED is P.O.
                                            Box 905, Quastisky Building, Road Town, Tortola, British Virgin Islands.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.35in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(5)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Represents
                                            4,793,620 Class B ordinary shares held by Lebon Holding Limited, a British Virgin Islands
                                            company wholly owned by Mr. He Yu. The registered address of Lebon Holding Limited is P.O.
                                            Box 905, Quastisky Building, Road Town, Tortola, British Virgin Islands.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.35in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(6)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Represents
                                            4,201,335 Class A ordinary shares held by Musence Limited, a British Virgin Islands company
                                            wholly owned by Mr. Xingping Zuo. The registered address of Musence Limited is Sertus Chambers,
                                            P.O. Box 905, Quastisky Building, Road Town, Tortola, British Virgin Islands.</span></td>
</tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.35in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(7)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Represents
                                            2,282,428 Class A ordinary shares held by Huaqiang Capital Limited, a British Virgin Islands
                                            company wholly owned by Mr. Jianmin Jin, 747,118 Class A ordinary shares held by Huayin Culture
                                            Limited, a British Virgin Islands company wholly owned by Mr. Jianmin Jin, and 269,896 Class
                                            A ordinary shares held by Million Profit International Holdings Limited through Rich International
                                            Development Limited, a Hong Kong company wholly owned by Mr. Jianmin Jin. The registered
                                            address of Huaqiang Capital Limited, Huayin Culture Limited and Rich International Development
                                            Limited is P.O. Box 905, Quastisky Building, Road Town, Tortola, British Virgin Islands.
                                            The registered address of Rich International Development Limited is 14/F, Chun Wo Commercial
                                            Centre, 25 Wing Wo Street, Central, Hong Kong.</span></td>
</tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.35in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(8)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Represents
                                            1,867,801 Class B ordinary shares held by Supertonic Limited, a British Virgin Islands company
                                            wholly owned by Mr. Lung Yu. The registered address of Supertonic Limited is P.O. Box 905,
                                            Quastisky Building, Road Town, Tortola, British Virgin Islands.</span></td>
</tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.35in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(9)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Represents
                                            1,643,511 Class A ordinary shares held by Eichent Limited, a British Virgin Islands company
                                            wholly owned by Mr. Liping Qiu. The registered address of Eichent Limited is P.O. Box 905,
                                            Quastisky Building, Road Town, Tortola, British Virgin Islands.</span></td>
</tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.35in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(10)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Represents
                                            1,499,423 Class A ordinary shares held by Million Profit International Holdings Limited,
                                            a Hong Kong company controlled by Mr. Huiming Jin. The registered address of Million Profit
                                            International Holdings Limited is Unit 1702B, 17/F, Fortress Tower, 250 King&#8217;s Road,
                                            North Point Hong Kong.</span></td>
</tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.35in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(11)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Represents
                                            1,359,651 Class A ordinary shares held by China Cultural and Entertainment Fund L.P, a Cayman
                                            Islands exempted limited partnership controlled by Syzygy Partner (Cayman) Limited. The registered
                                            address of China Cultural and Entertainment Fund L.P is c/o Campbells Corporate Services
                                            Limited, Floor 4, Willow House, Cricket Square, Grand Cayman KY1-9010, Cayman Islands.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To our knowledge, as of April 30, 2023, a total of 7,193,889 Class
A ordinary shares were held by one record holder in the United States, which represents approximately 24.3% of our total issued and outstanding
shares. The holder is Deutsche Bank Trust Company Americas, the depositary of our ADS program. The number of beneficial owners of our
ADSs in the United States is much larger than the number of record holders of our Class A ordinary shares in the United States. We are
not aware of any of our shareholders being affiliated with a registered broker-dealer or being in the business of underwriting securities.
We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>F
<span style="text-decoration:underline">Disclosure of A Registrant&#8217;s Action to Recover Erroneously Awarded Compensation</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Not applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_010"></a></div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">ITEM
7 MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</span></p><div>



</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>A
<span style="text-decoration:underline">Major Shareholders</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Please refer
to &#8220;Item 6. Directors, Senior Management and Employees-E. Share Ownership.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>B
<span style="text-decoration:underline">Related Party Transactions </span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Contractual
Arrangements with our Variable Interest Entity and its Shareholders </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">See &#8220;Item
4. Information on the Company-C. Organizational Structure.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Employment
Agreements </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">See &#8220;Item
6. Directors, Senior Management and Employees-C. Board Practices-Employment Agreements and Indemnification Agreements.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 98; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Share
Incentive Plan </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">See &#8220;Item
6. Directors, Senior Management and Employees-B. Compensation.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Transactions
with Other Related Parties </i></b>&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">On June 1,
2019, Beijing Kuke Music and BMF Culture entered into a lease agreement, pursuant to which Beijing Kuke Music subleased parts of the
office space it leased from a third party to BMF Culture. The total rental expenses arising from the lease agreement in 2019 was RMB0.5
million, which was settled in December 2019. Beijing Kuke Music and BMF Culture entered into another lease agreement for calendar year
2020 for a consideration of RMB1.1 million, and of which RMB 0.6 million (US$91.0 thousand) has not been settled as of December 31, 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">On October
28, 2020, we entered into a loan agreement with a company controlled by our Chief Executive Officer and Chairman of the Board He Yu,
Shigoo Limited, pursuant which we borrowed a one-year loan of RMB7.2 million from Shigoo Limited on an interest-free basis. The loan
was repaid in January 2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">On September
11, 2020, we entered into a loan agreement with Shanghai Xuanshi Culture Communication Co., Ltd. (&#8220;Shanghai Xuanshi&#8221;), a
company of which we hold 50% equity interests, pursuant to which we lent a one-year loan of RMB1.1 million to Shanghai Xuanshi on an
interest-free basis. In addition, on February 1, 2021, we lent another one-year loan of RMB0.9 million to Shanghai Xuanshi on an interest-free
basis. As of December 31, 2022, the loan of RMB2 million (US$0.3 million) in aggregate due from Shanghai Xuanshi has been recognized
as a bad debt following the annulment of Shanghai Xuanshi due to the impact of COVID-19.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>C
<span style="text-decoration:underline">Interests of Experts and Counsel</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Not applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_011"></a></div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">ITEM
8 FINANCIAL INFORMATION</span></p><div>



</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>A
<span style="text-decoration:underline">Consolidated Statements and Other Financial Information</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We have appended
audited consolidated financial statements filed as part of this annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Legal
Proceedings</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We are currently
not involved in any material legal or administrative proceedings. We may from time to time be subject to various legal or administrative
claims and proceedings arising in the ordinary course of our business. Litigation or any other legal or administrative proceeding, regardless
of the outcome, is likely to result in substantial cost and diversion of our resources, including our management&#8217;s time and attention.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Dividend
Policy </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We do not
have any present plan to pay any cash dividends on our Class A ordinary shares in the foreseeable future after our initial public offering.
We currently intend to retain most, if not all, of our available funds and any future earnings to operate and expand our business.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our board
of directors (&#8220;Board&#8221;) has discretion as to whether to distribute dividends, subject to certain requirements of Cayman Islands
law. Under Cayman Islands law, a Cayman Islands company may pay a dividend out of either profit or share premium account, provided that
in no circumstances may a dividend be paid if this would result in the company being unable to pay its debts as they fall due in the
ordinary course of business. Even if our Board decides to pay dividends, the form, frequency and amount will depend upon our future operations
and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that the Board
may deem relevant. If we pay any dividends on our Class A ordinary shares, we will pay those dividends that are payable in respect of
the Class A ordinary shares underlying the ADSs to the depositary, as the registered holder of such ordinary shares, and the depositary
then will pay such amounts to the ADS holders in proportion to the Class A ordinary shares underlying the ADSs held by such ADS holders,
subject to the terms of the deposit agreement, including the fees and expenses payable thereunder. See &#8220;Item 12. Description of
Securities other than Equity Securities-D. American Depositary Shares.&#8221; Cash dividends on our Class A ordinary shares, if any,
will be paid in U.S. Dollars.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We are a
holding company incorporated in the Cayman Islands. For our cash requirements, including any payment of dividends to our shareholders,
we rely upon payments from our operating entities. PRC regulations may restrict the ability of our PRC subsidiary to pay dividends to
us. See &#8220;Item 4. Information on the Company-B. Business Overview-Regulations-Regulations on Foreign Exchange Registration of Offshore
Investment by PRC Residents.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>B
<span style="text-decoration:underline">Significant Changes</span>&#160;</b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We have not
experienced any significant changes since the date of our audited consolidated financial statements included in this annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_012"></a></div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">ITEM
9 THE OFFER AND LISTING</span></p><div>



</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>A
<span style="text-decoration:underline">Offering and Listing Details</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our ADSs,
each representing one of our Class A ordinary shares, have been listed on the New York Stock Exchange since January 12, 2021 under the
symbol &#8220;KUKE.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>B
<span style="text-decoration:underline">Plan of Distribution</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Not applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>C
<span style="text-decoration:underline">Markets</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our ADSs
have been listed on the New York Stock Exchange since January 12, 2021 under the symbol &#8220;KUKE.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>D
<span style="text-decoration:underline">Selling Shareholders</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Not applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>E
<span style="text-decoration:underline">Dilution</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Not applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>F
<span style="text-decoration:underline">Expenses of the Issue</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Not applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_013"></a></div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">ITEM
10 ADDITIONAL INFORMATION</span></p><div>





</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>A
<span style="text-decoration:underline">Share Capital</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Not applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>B
<span style="text-decoration:underline">Memorandum and Articles of Association</span>&#160;</b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The following
are summaries of material provisions of our second amended and restated memorandum and articles of association and of the Companies Act,
insofar as they relate to the material terms of our ordinary shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The following
are summaries of material provisions of our second amended and restated memorandum and articles of association and the Companies Act,
insofar as they relate to the material terms of our ordinary shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Objects
of Our Company.</i> Under our second amended and restated memorandum and articles of association, the objects of our company are unrestricted
and we have the full power and authority to carry out any object not prohibited by the law of the Cayman Islands.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Ordinary
Shares.</i> Our ordinary shares are divided into Class A ordinary shares and Class B ordinary shares. Holders of our Class A ordinary
shares and Class B ordinary shares will have the same rights except for voting and conversion rights. Our ordinary shares are issued
in registered form and are issued when registered in our register of members. We may not issue shares to bearer. Our shareholders who
are non-residents of the Cayman Islands may freely hold and vote their shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Conversion
</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Each Class
B ordinary share is convertible into an equal number of Class A ordinary shares at any time at the option of the holder thereof. The
right to convert shall be exercisable by the holder of the Class B Ordinary Share delivering a written notice to the Company that such
holder elects to convert a specified number of Class B Ordinary Shares into Class A Ordinary Shares. Class A ordinary shares are not
convertible into Class B ordinary shares under any circumstances.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Upon any
transfer of Class B ordinary shares by a holder thereof to any person or entity that is not an affiliate of the holder, such Class B
ordinary shares are automatically and immediately converted into an equal number of Class A ordinary shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Dividends.
</i>The holders of our ordinary shares are entitled to such dividends as may be declared by our board of directors. Our second amended
and restated memorandum and articles of association provide that dividends may be declared and paid out of our profits, realized or unrealized,
or from any reserve set aside from profits that our board of directors determines is no longer needed. Under the laws of the Cayman Islands,
our company may pay a dividend out of either profit or share premium account, provided that in no circumstances may a dividend be paid
if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Voting
Rights.</i> Each Class A Ordinary Share shall entitle the holder thereof to one vote on all matters subject to a poll vote at general
meetings of the Company, and each Class B Ordinary Share shall entitle the holder thereof to ten votes on all matters subject to a poll
vote at general meetings of the Company. Our Class A ordinary shares and Class B ordinary shares vote together as a single class on all
matters submitted to a vote of our shareholders, except as may otherwise be required by law, or otherwise agreed in the second amended
and restated memorandum and articles of association. Voting at any shareholders&#8217; meeting is by show of hands unless a poll is demanded,
and on a poll every shareholder shall have one vote for every Class A Ordinary Share and ten votes for each Class B Ordinary Share of
which he is the holder. A poll may be demanded by the chairman of such meeting or any shareholder present in person or proxy.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">An
ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes
attaching to the ordinary shares cast at a meeting. A special resolution requires the affirmative vote of no less than two-thirds of
the votes cast attaching to the outstanding shares at a meeting. A special resolution will be required for important matters such as a change of name or making changes to our second amended
and restated memorandum and articles of association. Our shareholders may, among other things, divide or combine their shares by
ordinary resolution.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>General
Meetings of Shareholders.</i> As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders&#8217;
annual general meetings. Our second amended and restated memorandum and articles of association provide that we may (but are not obliged
to) in each year hold a general meeting as our annual general meeting in which case we shall specify the meeting as such in the notices
calling it, and the annual general meeting shall be held at such time and place as may be determined by our directors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Shareholders&#8217;
general meetings may be convened by a majority of our board of directors, the chairman of the board of directors or any director, where
required to give effect to a requisition validly received by the Company under our second amended and restated memorandum and articles
of association. Advance notice of at least ten days is required for the convening of our annual general shareholders&#8217; meeting (if
any) and any other general meeting of our shareholders. A quorum required for any general meeting of shareholders consists of one or
more shareholder(s) present or by proxy, representing not less than one-third of all votes attaching to the issued and outstanding shares
in our company entitled to vote at general meetings.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Companies
Act provides shareholders with only limited rights to requisition a general meeting and does not provide shareholders with any right
to put any proposal before a general meeting. However, these rights may be provided in a company&#8217;s articles of association. Under
our second amended and restated memorandum and articles of association, shareholders may not propose any resolution or other business
for consideration and voted upon except by way of requisition of a general meeting of our company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Transfer
of Ordinary Shares.</i> Subject to the restrictions and conditions set out in our second amended and restated memorandum and articles
of association, any of our shareholders may transfer all or any of his or her ordinary shares by an instrument of transfer in writing,
which shall be executed by or on behalf of the transferor and, if the directors so require, signed by the transferee.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our board
of directors may, in its absolute discretion, decline to register any transfer of any ordinary share that is not fully paid up or on
which we have a lien. Our board of directors may also decline to register any transfer of any ordinary share unless: &#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">the
                                            instrument of transfer is lodged with us, accompanied by the certificate for the ordinary
                                            shares to which it relates and such other evidence as our board of directors may reasonably
                                            require to show the right of the transferor to make the transfer;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">the
                                            instrument of transfer is in respect of only one class of ordinary shares;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the
                                            instrument of transfer is properly stamped, if required;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">in
                                            the case of a transfer to joint holders, the number of joint holders to whom the ordinary
                                            share is to be transferred does not exceed four; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">a
                                            fee of such maximum sum as the New York Stock Exchange may determine to be payable or such
                                            lesser sum as our directors may from time to time require is paid to us in respect thereof.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">If our directors
refuse to register a transfer they shall, within three months after the date on which the instrument of transfer was lodged, send to
each of the transferor and the transferee notice of such refusal.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The registration
of transfers may, after compliance with any notice required of the New York Stock Exchange, be suspended and the register closed at such
times and for such periods as our board of directors may from time to time determine; provided, however, that the registration of transfers
shall not be suspended nor the register closed for more than 30 days in any year as our board may determine.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Liquidation.
</i>On the winding up of our company, if the assets available for distribution amongst our shareholders shall be more than sufficient
to repay the whole of the share capital at the commencement of the winding up, the surplus shall be distributed amongst our shareholders
in proportion to the par value of the shares held by them at the commencement of the winding up, subject to a deduction from those shares
in respect of which there are monies due, of all monies payable to our company for unpaid calls or otherwise. If our assets available
for distribution are insufficient to repay all of the paid-up capital, the assets will be distributed so that the losses are borne by
our shareholders in proportion to the par value of the shares held by them.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Calls
on Shares and Forfeiture of Shares.</i> Our board of directors may from time to time make calls upon shareholders for any amounts unpaid
on their shares in a notice served to such shareholders at least 14 clear days prior to the specified time and place of payment. The
shares that have been called upon and remain unpaid are subject to forfeiture.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Redemption,
Repurchase and Surrender of Shares.</i> We may issue shares on terms that such shares are subject to redemption, at our option or at
the option of the holders of these shares, on such terms and in such manner as may be determined by our board of directors. Our Company
may also repurchase any of our shares on such terms and in such manner as have been approved by our board of directors. Under the Companies
Act, the redemption or repurchase of any share may be paid out of our company&#8217;s profits, share premium account or out of the proceeds
of a new issue of shares made for the purpose of such redemption or repurchase. Any amount of premium payable on the purchase over the
par value of the shares to be repurchased must be paid out of profits or the share premium account. Subject to our second amended and
restated memorandum and articles of association and the Companies Act, our company may also repurchase shares out of capital, if our
company can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under
the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption or repurchase would
result in there being no shares outstanding or (c) if the company has commenced liquidation. In addition, our company may accept the
surrender of any fully paid share for no consideration.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Variations
of Rights of Shares.</i> If at any time, our share capital is divided into different classes of shares, the rights attached to any class
of shares (subject to any rights or restrictions for the time being attached to any class) shall only be materially adversely varied  with the sanction of a special resolution passed by a majority
of not less than two-thirds of the votes cast at a separate meeting of the holders of the shares of that class. The rights conferred
upon the holders of the shares of any class issued with preferred or other rights shall not, subject to any rights or restrictions for
the time being attached to the shares of that class, be deemed to be materially adversely varied by the creation, allotment or issue
of further shares ranking <i>pari passu</i> therewith.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Issuance
of Additional Shares.</i> Subject to the Companies Act, our second amended and restated memorandum and articles of association and the
application rules of the New York Stock Exchange, our board of directors is empowered to issue additional ordinary shares from time to
time as our board of directors shall determine, to the extent of available authorized but unissued shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our second
amended and restated memorandum and articles of association also authorize our board of directors to establish from time to time one
or more series of preference shares and to determine, with respect to any series of preference shares, the terms and rights of that series,
including:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the
                                            designation of the series;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the
                                            number of shares of the series;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the
                                            dividend rights, conversion rights and voting rights; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the
                                            rights and terms of redemption and liquidation preferences.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Except as
otherwise provided in the resolution or resolutions providing for the establishment of any class or series of preferred shares, our board
of directors may issue preference shares without action by our shareholders to the extent authorized but unissued. Issuance of these
shares may dilute the voting power of holders of ordinary shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Inspection
of Books and Records.</i> Holders of our ordinary shares may inspect our register of members for such times and on such days as our
board of directors shall determine. We will also  provide our shareholders with annual audited financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Anti-Takeover
Provisions.</i> Some provisions of our second amended and restated memorandum and articles of association may discourage, delay or prevent
a change of control of our company or management that shareholders may consider favorable, including provisions that:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">authorize
                                            our board of directors to issue preference shares in one or more series and to designate
                                            the price, rights, preferences, privileges and restrictions of such preference shares without
                                            any further vote or action by our shareholders; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">limit
                                            the ability of shareholders to requisition and convene general meetings of shareholders.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">However,
under Cayman Islands law, our directors may exercise the rights and powers granted to them under our second amended and restated memorandum
and articles of association only for a proper purpose and for what they believe in good faith to be in the best interests of our company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Exempted
Company.</i> We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary
resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside
of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the
same as for an ordinary company, except that an exempted company:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">does
                                            not have to file an annual return of its shareholders with the Registrar of Companies;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">is
                                            not required to open its register of members for inspection;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">does
                                            not have to hold an annual general meeting;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">may
                                            issue negotiable or bearer shares or shares with no par value;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">may
                                            obtain an undertaking against the imposition of any future taxation (such undertakings are
                                            usually given for 20 years in the first instance);</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">may
                                            register by way of continuation in another jurisdiction and be deregistered in the Cayman
                                            Islands;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">may
                                            register as a limited duration company; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">may
                                            register as a segregated portfolio company.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#8220;Limited
liability&#8221; means that the liability of each shareholder is limited to the amount unpaid by the shareholder on that shareholder&#8217;s
shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an
illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>C
<span style="text-decoration:underline">Material Contracts</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We have not
entered into any material contracts other than in the ordinary course of business and other than those described in &#8220;Item 4. Information
on the Company&#8221; or elsewhere in this annual report on Form 20-F.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>D
<span style="text-decoration:underline">Exchange Controls</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">See &#8220;Item
4. Information on the Company-B. Business Overview-Regulations-Regulations on Foreign Exchange Registration of Offshore Investment by
PRC Residents.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>E
<span style="text-decoration:underline">Taxation</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The following
summary of Cayman Islands, the PRC and United States federal income tax consequences of an investment in the ADSs or Class A ordinary
shares is based upon laws and relevant interpretations thereof in effect as of the date of this annual report, all of which are subject
to change. This summary does not deal with all possible tax consequences relating to an investment in the ADSs or Class A ordinary shares,
such as the tax consequences under state, local and other tax laws, or tax laws of jurisdictions other than the Cayman Islands, the PRC
and the United States. To the extent that the discussion relates to matters of Cayman Islands tax law, it represents the opinion of Conyers
Dill &amp; Pearman, our Cayman Islands counsel. To the extent that the discussion relates to matters of the PRC tax law, it represents
the opinion of Commerce &amp; Finance Law Offices, our PRC counsel.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Cayman
Islands Taxation </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Cayman
Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation
in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government of the
Cayman Islands except for stamp duties that may be applicable on instruments executed in, or brought within, the jurisdiction of the
Cayman Islands. The Cayman Islands is a party to a double tax treaty with the United Kingdom in 2010 but otherwise is not a party to
any double tax treaties that are applicable to any payments made by or to our company. There are no exchange control regulations or currency
restrictions in the Cayman Islands.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Payments
of dividends and capital in respect of the Shares will not be subject to taxation in the Cayman Islands and no withholding will be required
on the payment of a dividend or capital to any holder of the Shares, nor will gains derived from the disposal of the Shares be subject
to Cayman Islands income or corporation tax.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to section 6 of the Tax Concessions Act of the Cayman Islands, we have obtained an undertaking from the Governor-in-Cabinet:&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">that
                                            no law which is enacted in the Cayman Islands imposing any tax to be levied on profits or
                                            income or gains or appreciation shall apply to us or our operations; and</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">that
                                            no tax to be levied on profits, income, gains or appreciate or which is in the nature of
                                            estate duty or inheritance tax shall be payable (i) on or in respect of our shares debentures
                                            or other obligations; or (ii) by way of the withholding in whole or in part of any relevant
                                            payment as defined in the Tax Concession Act.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The undertaking
is for a period of 20 years from 22 November 2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>PRC
Taxation</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Under the
PRC EIT Law, which became effective on January 1, 2008 and was amended on December 29, 2018, an enterprise established outside the PRC
with &#8220;de facto management bodies&#8221; within the PRC is considered a &#8220;resident enterprise&#8221; for PRC enterprise income
tax purposes and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income. Under the implementation rules
to the PRC EIT Law, a &#8220;de facto management body&#8221; is defined as a body that has material and overall management and control
over the manufacturing and business operations, personnel and human resources, finances and properties of an enterprise.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In addition,
the SAT Circular 82 issued by the SAT in April 2009 specifies that certain offshore incorporated enterprises controlled by PRC enterprises
or PRC enterprise groups will be classified as PRC resident enterprises if the following are located or resident in the PRC: (a) senior
management personnel and core management departments that are responsible for daily production, operation and management; (b) financial
and human resources decisions are subject to determination or approval by persons or bodies in the PRC; (c) key properties, accounting
books, company seal, minutes of board meetings and shareholders&#8217; meetings; and (d) half or more of the senior management or directors
having voting rights.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Further to
SAT Circular 82, the SAT issued the SAT Bulletin 45, which took effect in September 2011, to provide more guidance on the implementation
of SAT Circular 82. SAT Bulletin 45 provides for procedures and administration details of determination on resident status and administration
on post-determination matters. Our company is incorporated outside the PRC. As a holding company, its key assets are its ownership interests
in its subsidiaries, and its key assets are located, and its records (including the resolutions of its board of directors and the resolutions
of its shareholders) are maintained, outside the PRC. As such, we do not believe that our company meets all of the conditions above or
is a PRC resident enterprise for PRC tax purposes. For the same reasons, we believe our other entities outside China are not PRC resident
enterprises either. However, the tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties
remain with respect to the interpretation of the term &#8220;de facto management body.&#8221; There can be no assurance that the PRC
government will ultimately take a view that is consistent with our position. If the PRC tax authorities determine that our Cayman Islands
holding company is a PRC resident enterprise for PRC enterprise income tax purposes, a 10% withholding tax would be imposed on dividends
we pay to our non-PRC enterprise shareholders (including the ADS holders) if such dividends are deemed to be sourced within the PRC.
In addition, non-PRC resident enterprise shareholders (including the ADS holders) may be subject to PRC tax on gains realized on the
sale or other disposition of ADSs or Class A ordinary shares at a rate of 10%, if such income is treated as sourced from within the PRC.
Furthermore, if we are deemed a PRC resident enterprise, dividends paid to our non-PRC individual shareholders (including the ADS holders)
and any gain realized on the transfer of ADSs or Class A ordinary shares by such shareholders may be subject to PRC tax at a rate of
20% (which, in the case of dividends, may be withheld at source by us) if such dividends or gains are deemed to be sourced within the
PRC. These rates may be reduced by an applicable tax treaty, but it is unclear whether non-PRC shareholders of our company would be able
to claim the benefits of any tax treaties between their country of tax residence and the PRC in the event that we are treated as a PRC
resident enterprise. See &#8220;Item 3. Key Information-D. Risk Factors-Risks Related to Doing Business in China-If we are classified
as a PRC resident enterprise for PRC income tax purposes, such classification could result in unfavorable tax consequences to us and
our non-PRC shareholders or ADS holders.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>United
States Federal Income Tax Considerations </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The following
discussion is a summary of United States federal income tax considerations generally applicable to an investment in our ADSs or Class
A ordinary shares by a United States Holder (as defined below) that acquires our ADSs. This discussion is based on the federal income
tax laws of the United States as of the date of this annual report, including the United States Internal Revenue Code of 1986, as amended,
or the Code, existing and proposed Treasury regulations promulgated thereunder, judicial authority, published administrative positions
of the United States Internal Revenue Service, or IRS, and other applicable authorities, all as of the date of this annual report. All
of the foregoing authorities are subject to change, which change could apply retroactively and could significantly affect the tax consequences
described below. We have not sought any ruling from the IRS with respect to the United States federal income tax consequences described
below, and there can be no assurance that the IRS or a court will not take a contrary position. This discussion, moreover, does not address
the United States federal estate, gift, Medicare, and alternative minimum tax or other non-income tax considerations, or any state, local
or non-United States tax considerations, relating to an investment in our ADSs or Class A ordinary shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Except as
specifically described below, this discussion does not address any tax consequences or reporting obligations that may be applicable to
persons to the extent such tax consequences or reporting obligations arise from holding our ADSs or Class A ordinary shares through a
bank, financial institution or other entity, or a branch thereof, located, organized or resident outside the United States and does not
describe any tax considerations arising in respect of the Foreign Account Tax Compliance Act, or FATCA.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">This discussion
applies only to a United States Holder (as defined below) that holds our ADSs or Class A ordinary shares as capital assets for United
States federal income tax purposes (generally, property held for investment). The discussion neither addresses the tax consequences to
any particular investor nor describes all of the tax consequences applicable to persons in special tax situations, such as:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Banks
                                            and certain other financial institutions;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">insurance
                                            companies;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">regulated
                                            investment companies;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">real
                                            estate investment trusts;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">brokers
                                            or dealers in stocks and securities, or currencies;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">persons
                                            that use or are required to use a mark-to-market method of accounting;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">certain
                                            former citizens or residents of the United States subject to Section 877 of the Code;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">entities
                                            subject to the United States anti-inversion rules;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">tax-exempt
                                            organizations and entities;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">persons
                                            whose functional currency is other than the United States dollar;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">persons
                                            holding ADSs or ordinary shares as part of a straddle, hedging, conversion or integrated
                                            transaction;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">persons
                                            that actually or constructively own ADSs or ordinary shares representing 10% or more of our
                                            total voting power or value;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">persons
                                            who acquired ADSs or ordinary shares pursuant to the exercise of an employee stock option
                                            or otherwise as compensation;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">partnerships
                                            or other pass-through entities, or persons holding ADSs or ordinary shares through such entities;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">persons
                                            required to accelerate the recognition of any item of gross income with respect to our ADSs
                                            or ordinary shares as a result of such income being recognized on an applicable financial
                                            statement; or</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">persons
                                            that held, directly, indirectly or by attribution, ADSs or ordinary shares or other ownership
                                            interests in us prior to our initial public offering that closed on January 14, 2021.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">If a partnership
(including an entity or arrangement treated as a partnership for United States federal income tax purposes) holds our ADSs or ordinary
shares, the tax treatment of a partner in the partnership generally will depend upon the status of the partner and the activities of
the partnership. A partnership or partner in a partnership holding our ADSs or ordinary shares should consult its tax advisors regarding
the tax consequences of investing in and holding our ADSs or ordinary shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>THE FOLLOWING
DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT A SUBSTITUTE FOR CAREFUL TAX PLANNING AND ADVICE. HOLDERS SHOULD CONSULT THEIR
TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE UNITED STATES FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS, AS WELL AS
ANY TAX CONSEQUENCES ARISING UNDER THE UNITED STATES FEDERAL ESTATE OR GIFT TAX LAWS OR THE LAWS OF ANY STATE, LOCAL OR NON-UNITED STATES
TAXING JURISDICTION OR UNDER ANY APPLICABLE TAX TREATY. </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For purposes
of the discussion below, a &#8220;United States Holder&#8221; is a beneficial owner of our ADSs or Class A ordinary shares that is, for
United States federal income tax purposes:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">an
                                            individual who is a citizen or resident of the United States;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">a
                                            corporation created or organized in or under the laws of the United States, any state thereof
                                            or the District of Columbia;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">an
                                            estate, the income of which is subject to United States federal income taxation regardless
                                            of its source; or</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">a
                                            trust, if (i) a court within the United States is able to exercise primary jurisdiction over
                                            its administration and one or more United States persons (as defined under the Code) have
                                            the authority to control all of its substantial decisions or (ii) in the case of a trust
                                            that was treated as a domestic trust under the law in effect before 1997, a valid election
                                            is in place under applicable Treasury regulations to treat such trust as a domestic trust.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The discussion
below assumes that the representations contained in the deposit agreement and any related agreement are true and that the obligations
in such agreements will be complied with in accordance with their terms.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>ADSs
</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">If you own
our ADSs, then you should be treated as the owner of the underlying Class A ordinary shares represented by those ADSs for United States
federal income tax purposes. Accordingly, deposits or withdrawals of Class A ordinary shares for ADSs should not be subject to United
States federal income tax.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Dividends
and Other Distributions on our ADSs or Class A Ordinary Shares </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Subject to
the passive foreign investment company, or PFIC, rules discussed below, the gross amount of any distribution that we make to you with
respect to our ADSs or Class A ordinary shares (including any amounts withheld to reflect withholding taxes) will be taxable as a dividend,
to the extent paid out of our current or accumulated earnings and profits, as determined under United States federal income tax principles.
Such income (including any withheld taxes) will be includable in your gross income on the day actually or constructively received by
you, if you own our Class A ordinary shares, or by the depositary, if you own our ADSs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Because we
do not intend to determine our earnings and profits on the basis of United States federal income tax principles, any distribution paid
generally will be reported as a &#8220;dividend&#8221; for United States federal income tax purposes. Such dividends will not be eligible
for the dividends-received deduction allowed to qualifying corporations under the Code.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Dividends
received by a non-corporate United States Holder may qualify for the lower rates of tax applicable to &#8220;qualified dividend income,&#8221;
if the dividends are paid by a &#8220;qualified foreign corporation&#8221; and other conditions discussed below are met. A non-United
States corporation is treated as a qualified foreign corporation (i) with respect to dividends paid by that corporation on shares (or
American depositary shares backed by such shares) that are readily tradable on an established securities market in the United States
or (ii) if such non-United States corporation is eligible for the benefits of a qualifying income tax treaty with the United States that
includes an exchange of information program.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Under a published
IRS Notice, common shares, or American depositary shares representing such shares (such as our ADSs), are considered to be readily tradable
on an established securities market in the United States if they are listed on the New York Stock Exchange, as are our ADSs (but not
our Class A ordinary shares). Based on existing guidance, it is unclear whether the Class A ordinary shares will be considered to be
readily tradable on an established securities market in the United States, because only our ADSs, and not the underlying Class A ordinary
shares, are listed on a securities market in the United States. We believe, but we cannot assure you, that dividends we pay on our Class
A ordinary shares that are represented by our ADSs, but not on our Class A ordinary shares that are not so represented, will be eligible
for the reduced rates of taxation, subject to applicable limitations (including ineligibility for reduced rates as a result of our being
a PFIC for the taxable year in which the dividend is paid or the preceding taxable year). In addition, if we are treated as a PRC resident
enterprise under the PRC tax law (see &#8220;-PRC Taxation&#8221;), then we may be eligible for the benefits of the income tax treaty
between the United States and the PRC or, the Treaty. If we are eligible for such benefits, then dividends that we pay on our Class A
ordinary shares, regardless of whether such shares are represented by our ADSs, would be eligible for the reduced rates of taxation,
subject to applicable limitations (including ineligibility for reduced rates as a result of our being a PFIC for the taxable year in
which the dividend is paid or the preceding taxable year).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Even if dividends
would be treated as paid by a qualified foreign corporation, a non-corporate United States Holder will not be eligible for reduced rates
of taxation if it does not hold our ADSs or ordinary shares for more than 60 days during the 121-day period beginning 60 days before
the ex-dividend date (disregarding certain periods of ownership while the United States Holder&#8217;s risk of loss is diminished) Class
A or if such United States Holder elects to treat the dividend income as &#8220;investment income&#8221; pursuant to Section 163(d)(4)
of the Code. In addition, the rate reduction will not apply to dividends of a qualified foreign corporation if the non-corporate United
States Holder receiving the dividend is obligated to make related payments with respect to positions in substantially similar or related
property.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">A non-United
States corporation will not be treated as a qualified foreign corporation if it is a PFIC in the taxable year in which the dividend is
paid or the preceding taxable year. As noted below, we believe that we were a PFIC for United States federal income tax purposes for
our taxable year ended December 31, 2021. You should consult your tax advisors regarding the availability of the lower tax rates applicable
to qualified dividend income for any dividends that we pay with respect to our ADSs or Class A ordinary shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Any PRC withholding
taxes imposed on dividends paid to you with respect to our ADSs or Class A ordinary shares (at a rate not exceeding the applicable rate
provided in the Treaty if you are eligible for Treaty benefits) generally will be treated as foreign taxes eligible for credit against
your United States federal income tax liability, subject to the various limitations and disallowance rules that apply to foreign tax
credits generally. For purposes of calculating the foreign tax credit limitation, dividends paid to you with respect to the ADSs or Class
A ordinary shares generally will be treated as income from sources outside the United States and generally will constitute passive category
income, or in certain cases, general category income. In lieu of claiming a credit, you may elect to deduct such PRC taxes in computing
your taxable income, subject to applicable limitations. An election to deduct foreign taxes instead of claiming foreign tax credits applies
to all foreign taxes paid or accrued in the relevant taxable year. The rules relating to the determination of the foreign tax credit
are complex, and you should consult your tax advisors regarding the availability of a foreign tax credit in your particular circumstances.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Disposition
of our ADSs or Class A Ordinary Shares </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">You will
recognize gain or loss on a sale or exchange of our ADSs or Class A ordinary shares in an amount equal to the difference between the
amount realized on the sale or exchange and your tax basis in our ADSs or Class A ordinary shares. Subject to the discussion under &#8220;-Passive
Foreign Investment Company&#8221; below, such gain or loss generally will be capital gain or loss. Capital gains of a non-corporate United
States Holder, including an individual, that has held our ADSs or Class A ordinary shares for more than one year currently are eligible
for reduced tax rates. The deductibility of capital losses is subject to limitations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Any gain
or loss that you recognize on a disposition of our ADSs or Class A ordinary shares generally will be treated as United States-source
income or loss for foreign tax credit limitation purposes. However, if we are treated as a PRC resident enterprise for PRC tax purposes
and PRC tax is imposed on gain from the disposition of our ADSs or Class A ordinary shares (see &#8220;-PRC Taxation&#8221;), then a
United States Holder that is eligible for the benefits of the Treaty may elect to treat the gain as PRC-source income for foreign tax
credit purposes. If such an election is made, the gain so treated will be treated as a separate class or &#8220;basket&#8221; of income
for foreign tax credit purposes. You should consult your tax advisors regarding the proper treatment of gain or loss, as well as the
availability of a foreign tax credit, in your particular circumstances.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Passive
Foreign Investment Company </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The determination
of PFIC status for a taxable year is based on an annual determination that cannot be made until the close of such taxable year, involves
extensive factual investigation, including ascertaining the fair market value of all of our assets on a quarterly basis and the character
of each item of income that we earn, and is subject to uncertainty in several respects. There can be no assurance that we will not be
a PFIC for our current or any future taxable year.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We will be
treated as a PFIC for United States federal income tax purposes for any taxable year if, applying applicable look-through rules, either:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">at
                                            least 75% of our gross income for such year is passive income; or</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">at
                                            least 50% of the value of our assets (generally determined based on a quarterly average)
                                            during such year is attributable to assets that produce or are held for the production of
                                            passive income.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For this
purpose, (i) passive income generally includes dividends, interest, royalties and rents (other than certain royalties and rents derived
in the active conduct of a trade or business and not derived from a related person), (ii) cash is treated as a passive asset and (iii)
our goodwill is treated as an active asset to the extent its value is attributable to business activities that produce active income.
We will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation
in which we own, directly or indirectly, at least 25% by value of the stock. We hold a substantial amount of cash, licensed music content
and other assets treated as producing passive income. In addition, we earn a substantial amount of royalties (which for this purpose
are treated as passive income) from licensing music content to online music entertainment platforms and digital music service providers,
as well as film and TV production companies, airlines and smart hardware companies. If the percentage of our assets treated as producing
passive income or the amount of royalty income we earn from licensing music content increases, we may be more likely to be a PFIC for
one or more taxable years.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Although
the law in this regard is unclear, we treat the VIEs as being owned by us for United States federal income tax purposes, because we exercise
substantial influence over the operation of such entities and because we are entitled to substantially all of their economic benefits,
and, as a result, we consolidate their results of operations in our consolidated financial statements. If it were determined, however,
that we are not the owner of the VIEs for United States federal income tax purposes (for instance, because the relevant PRC authorities
do not respect these arrangements), the nature and composition of our income and assets would change and we may be more likely to be
treated as a PFIC for one or more taxable years.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Changes in
the value of our assets or the nature or composition of our income or assets may cause us to be or become a PFIC for one or more taxable
years. The determination of whether we will be a PFIC for any taxable year may also depend in part upon the value of our goodwill and
other unbooked intangibles not reflected on our balance sheet (which may depend upon the market price of our ADSs from time to time,
which may fluctuate significantly) and also may be affected by how, and how quickly, we spend our liquid assets and the cash we generate
from our operations and raise in any offering. In estimating the value of our goodwill and other unbooked intangibles, we will take into
account our market capitalization. Among other matters, if our market capitalization declines, we may be more likely to be treated as
a PFIC for one or more taxable years because our liquid assets and cash (which are for this purpose considered assets that produce passive
income) may then represent a greater percentage of the value of our overall assets. Further, while we believe our classification methodology
and valuation approach are reasonable, it is possible that the IRS may challenge our classification or valuation of our assets (including
our goodwill and other unbooked intangibles), which may make it more likely that we are a PFIC for one or more taxable years. In addition,
it is not entirely clear to what extent the value of our goodwill may be treated as active, because some of our business activities generate
passive royalty income whereas other of our business activities generate active income.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">If we are
a PFIC for any taxable year during your holding period for our ADSs or Class A ordinary shares, we will continue to be treated as a PFIC
with respect to you for all succeeding years during which you hold our ADSs or Class A ordinary shares, unless we cease to be a PFIC
and you make a &#8220;deemed sale&#8221; election with respect to such ADSs or Class A ordinary shares. If such election is made, you
will be deemed to have sold such ADSs or Class A ordinary shares you hold at their fair market value and any gain from such deemed sale
would be subject to the rules described in the following two paragraphs. After the deemed sale election, so long as we do not become
a PFIC in a subsequent taxable year, such ADSs or Class A ordinary shares with respect to which such election was made will not be treated
as shares in a PFIC and, as a result, you will not be subject to the rules described below with respect to any &#8220;excess distribution&#8221;
you receive from us or any gain from a sale or other taxable disposition of our ADSs or Class A ordinary shares. You are strongly urged
to consult your tax advisors as to the possibility and consequences of making a deemed sale election if we are and then cease to be a
PFIC and such an election becomes available to you.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">If we are
a PFIC for any taxable year during your holding period for our ADSs or Class A ordinary shares, then, unless you make a &#8220;mark-to-market&#8221;
election (as discussed below), you generally will be subject to special and adverse tax rules with respect to any &#8220;excess distribution&#8221;
that you receive from us and any gain that you recognize from a sale or other disposition (including a pledge) of the ADSs or Class A
ordinary shares. For this purpose, distributions that you receive in a taxable year that are greater than 125% of the average annual
distributions that you received during the shorter of the three preceding taxable years or your holding period for the ADSs or Class
A ordinary shares will be treated as an excess distribution. Under these rules:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">the
                                            excess distribution or recognized gain will be allocated ratably over your holding period
                                            for the ADSs or Class A ordinary shares;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">the
                                            amount of the excess distribution or recognized gain allocated to the taxable year of distribution
                                            or gain, and to any taxable years in your holding period prior to the first taxable year
                                            in which we were treated as a PFIC, will be treated as ordinary income; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">the
                                            amount of the excess distribution or recognized gain allocated to each other taxable year
                                            will be subject to the highest tax rate in effect for individuals or corporations, as applicable,
                                            for each such year and the resulting tax will be subject to the interest charge generally
                                            applicable to underpayments of tax.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The tax liability
for amounts allocated to years prior to the year of disposition or excess distribution cannot be offset by any net operating losses for
such years, and gains (but not losses) from a sale or other disposition of the ADSs or ordinary shares cannot be treated as capital,
even if you hold the ADSs or ordinary shares as capital assets.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">If we are
a PFIC for any taxable year during your holding period for our ADSs or Class A ordinary shares and any of our non-United States subsidiaries
that are corporations for United States federal income tax purposes (or other corporations in which we directly or indirectly own equity
interests) is also a PFIC, you would be treated as owning a proportionate amount (by value) of the shares of each such non-United States
corporation classified as a PFIC (each such corporation, a lower tier PFIC) for purposes of the application of these rules. You are strongly
encouraged to consult your tax advisors regarding the application of the PFIC rules to any of our lower tier PFICs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">If we are
a PFIC for any taxable year during your holding period for our ADSs or Class A ordinary shares, then in lieu of being subject to the
tax and interest-charge rules discussed above, you may make an election to include gain on our ADSs or Class A ordinary shares as ordinary
income under a mark-to-market method, provided that such ADSs or Class A ordinary shares constitute &#8220;marketable stock.&#8221; Marketable
stock is stock that is regularly traded on a qualified exchange or other market, as defined in applicable Treasury regulations. Our ADSs,
but not our Class A ordinary shares, are listed on the New York Stock Exchange, which is a qualified exchange or other market for these
purposes. Consequently, as long as our ADSs remain listed on the New York Stock Exchange and are regularly traded, and you are a holder
of such ADSs, we expect that the mark-to-market election would be available to you for each taxable year for which we are PFIC, but no
assurances are given in this regard.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">If a mark-to-market
election is available to you and you make the election, you will include as ordinary income in each taxable year the excess of the fair
market value of your ADSs at the end of such taxable year over your adjusted tax basis in such ADSs. You will be entitled to deduct as
an ordinary loss in each taxable year the excess of your adjusted tax basis in your ADSs over their fair market value at the end of the
year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. If you make
a mark-to-market election and we cease to be a PFIC, you will not take into account the gain or loss described above during any period
in which we are not a PFIC. If you make a mark-to-market election, any gain you recognize upon the sale or other disposition of our ADSs
in a year in which we are a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss to the extent of the
net amount of previously included income as a result of the mark-to-market election. Your adjusted tax basis in our ADSs will be increased
by the amount of any income inclusion and decreased by the amount of any deductions under the mark-to-market rules. If you make a mark-to-market
election, it will be effective for the taxable year for which the election is made and all subsequent taxable years in which we are a
PFIC unless our ADSs are no longer regularly traded on a qualified exchange or other market, or the IRS consents to the revocation of
the election.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Because a
mark-to-market election cannot be made for any lower-tier PFICs that we may own, if we were a PFIC for any taxable year, a United States
Holder that makes a mark-to-market election with respect to our ADSs or ordinary shares may continue to be subject to the tax and interest
charges under the general PFIC rules with respect to such United States Holder&#8217;s indirect interest in any investments held by us
that are treated as an equity interest in a PFIC for United States federal income tax purposes.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In certain
circumstances, a shareholder in a PFIC may avoid the adverse tax and interest-charge regime described above by making a &#8220;qualified
electing fund&#8221; election to include in income its share of the corporation&#8217;s income on a current basis. As previously noted,
if we were a PFIC, you would be able to make a qualified electing fund election with respect to our ADSs or Class A ordinary shares only
if we agreed to furnish you annually with a PFIC annual information statement as specified in the applicable Treasury regulations. We
currently do not intend to prepare or provide the information that would enable you to make a qualified electing fund election if we
were a PFIC.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">A United
States Holder that holds our ADSs or Class A ordinary shares in any year in which we are a PFIC will be required to file an annual report
containing such information as the United States Treasury Department may require. You should consult your tax advisors regarding the
application of the PFIC rules to an investment in our ADSs or Class A ordinary shares, the associated reporting requirements and the
availability, application and consequences of the elections described above.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Information
Reporting and Backup Withholding </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Information
reporting to the IRS and backup withholding generally will apply to dividends in respect of our ADSs or Class A ordinary shares, and
the proceeds from the sale or exchange of our ADSs or Class A ordinary shares, that are paid to you within the United States (and in
certain cases, outside the United States), unless you furnish a correct taxpayer identification number and make any other required certification,
generally on IRS Form W-9 or you otherwise establish an exemption from information reporting and backup withholding. Backup withholding
is not an additional tax. Amounts withheld as backup withholding generally are allowed as a credit against your United States federal
income tax liability, and you may be entitled to obtain a refund of any excess amounts withheld under the backup withholding rules if
you file an appropriate claim for refund with the IRS and furnish any required information in a timely manner.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">United States
Holders should consult their tax advisors regarding the application of the information reporting and backup withholding rules.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Information
with Respect to Foreign Financial Assets </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">United States
Holders who are individuals (and certain entities closely held by individuals) generally will be required to report our name, address
and such information relating to an interest in our ADSs or ordinary shares as is necessary to identify the class or issue of which our
ADSs or ordinary shares are a part. These requirements are subject to exceptions, including an exception for ADSs or ordinary shares
held in accounts maintained by certain financial institutions and an exception applicable if the aggregate value of all &#8220;specified
foreign financial assets&#8221; (as defined in the Code) does not exceed US$50,000.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">United States
Holders should consult their tax advisors regarding the application of these information reporting rules.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>F
<span style="text-decoration:underline">Dividends and Paying Agents</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Not applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>G
<span style="text-decoration:underline">Statement by Experts</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Not applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>H
<span style="text-decoration:underline">Documents on Display</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We previously
filed with the SEC a registration statement on Form F-1 (File Number 333-251461), including relevant exhibits, and a related registration
statement on Form F-6 (File Number 333-251918). We have filed this annual report on Form 20-F, including exhibits, with the SEC. As allowed
by the SEC, in Item 19 of this annual report, we incorporate by reference certain information we filed with the SEC. This means that
we can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated
by reference is considered to be part of this annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">You may read
and copy this annual report, including the exhibits incorporated by reference in this annual report, at the SEC&#8217;s Public Reference
Room at 100 F Street, N.E., Washington, D.C. 20549 and at the SEC&#8217;s regional offices in New York, New York and Chicago, Illinois.
You also can request copies of this annual report, including the exhibits incorporated by reference in this annual report, upon payment
of a duplicating fee, by writing information on the operation of the SEC&#8217;s Public Reference Room.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The SEC also
maintains a website at <span style="text-decoration:underline">www.sec.gov</span> that contains reports, proxy statements and other information regarding registrants that file
electronically with the SEC. Our annual report and some of the other information submitted by us to the SEC may be accessed through this
web site.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As a foreign
private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of quarterly reports and proxy
statements, and officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions
contained in Section 16 of the Exchange Act.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our financial
statements have been prepared in accordance with IFRS.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We will furnish
our shareholders with annual reports, which will include a review of operations and annual audited consolidated financial statements
prepared in conformity with IFRS.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>I
<span style="text-decoration:underline">Subsidiary Information</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Not applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>J
<span style="text-decoration:underline">Annual Report to Security Holders</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Not applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_014"></a></div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">ITEM
11 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</span></p><div>





</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Foreign
Currency Risk </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our operating
transactions are mainly denominated in Renminbi. We are subject to foreign currency risks arising from a loan receivable from a Hong
Kong entity and from foreign suppliers with currencies other than our functional currency. In addition, the value of your investment
in our ADSs will be affected by the exchange rate between the U.S. dollar and Renminbi because our ADSs will be traded in U.S. dollars.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">To the extent
that we need to convert U.S. dollars into Renminbi for our operations, appreciation of Renminbi against the U.S. dollar would reduce
the amount in Renminbi we receive from the conversion. Conversely, if we decide to convert Renminbi into U.S. dollars for the purpose
of making payments for dividends on our Class A ordinary shares or ADSs, servicing our outstanding debt or for other business purposes,
appreciation of the U.S. dollar against Renminbi would reduce the U.S. dollar amounts available to us.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Market
Risk </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Market risk
is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Financial
instruments affected by market risk include loans, borrowings and deposits.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We may invest
the net proceeds we received from our initial public offering in interest-earning instruments. Investments in both fixed-rate and floating-rate
interest earning instruments carry a degree of interest rate risk. Fixed-rate securities may have their fair market value adversely impacted
due to a rise in interest rates, while floating-rate securities may produce less income than expected if interest rates fall.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Credit
Risk </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Credit risk
is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial
loss. We are exposed to credit risk from our operating activities, deposits with banks and financial institutions, foreign exchange transactions
and other financial instruments.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_015"></a></div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">ITEM
12 DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</span></p><div>





</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>A.
<span style="text-decoration:underline">Debt Securities</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Not applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>B.
<span style="text-decoration:underline">Warrants and Rights</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Not applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>C.
<span style="text-decoration:underline">Other Securities</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Not applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>D.
<span style="text-decoration:underline">American Depositary Shares</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Deutsche
Bank Trust Company Americas, as depositary, will register and deliver the ADSs. Each ADS represents ownership of one Class A ordinary
share, deposited with Deutsche Bank AG, Hong Kong Branch, as custodian for the depositary. Each ADS also represents ownership of any
other securities, cash or other property which may be held by the depositary. The depositary&#8217;s corporate trust office at which
the ADSs will be administered is located at 60 Wall Street, New York, NY 10005, USA. The principal executive office of the depositary
is located at 60 Wall Street, New York, NY 10005, USA.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Fees and
Charges Our ADS Holders May Have to Pay </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">An ADS holder
will be required to pay the following service fees to the depositary bank and certain taxes and governmental charges (in addition to
any applicable fees, expenses, taxes and other governmental charges payable on the deposited securities represented by any of the ADSs):</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Service</b>&#160;</span></td>
    <td style="vertical-align: bottom; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fees</b>&#160;</span></td></tr>
  <tr>
    <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif">&#9679;<span style="font-size: 10pt">&#160;</span></span></td>
    <td style="vertical-align: top; width: 54%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To any person
    to which ADSs are issued or to any person to which a distribution is made in respect of ADS distributions pursuant to stock dividends
    or other free distributions of stock, bonus distributions, stock splits or other distributions (except where converted to cash)&#160;</span></td>
    <td style="vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; width: 42%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to US$0.05
    per ADS issued</span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancellation of ADSs, including
    the case of termination of the deposit agreement&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to US$0.05 per ADS canceled</span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution of cash dividends&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to US$0.05 per ADS held</span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution of cash entitlements
    (other than cash dividends) and/or cash proceeds from the sale of rights, securities and other entitlements&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to US$0.05 per ADS held</span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution of ADSs pursuant
    to exercise of rights</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to US$0.05 per ADS held</span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution of securities
    other than ADSs or rights to purchase additional ADSs&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to US$0.05 per ADS held</span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depositary services&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to US$0.05 per ADS held
    on the applicable record date(s) established by the depositary bank</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The depositary
collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the purpose of
withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those
fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect its annual
fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry system
accounts of participants acting for them. The depositary may collect any of its fees by deduction from any cash distribution payable
(or by selling a portion of securities or other property distributable) to ADS holders that are obligated to pay those fees. The depositary
may generally refuse to provide fee-attracting services until its fees for those services are paid.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Fees and
Other Payments Made by the Depositary to Us </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our depositary
anticipates to reimburse us for certain expenses we incur that are related to establishment and maintenance of the ADR program upon such
terms and conditions as we and the depositary may agree from time to time. The depositary may make available to us a set amount or a
portion of the depositary fees charged in respect of the ADR program or otherwise upon such terms and conditions as we and the depositary
may agree from time to time. For the year ended December 31, 2022, we did not receive such reimbursement from the depositary.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_016"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">PART
II</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_017"></a></div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">ITEM
13 DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</span></p><div>





</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">None.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_018"></a></div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">ITEM
14 MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</span></p><div>





</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>A-D <span style="text-decoration:underline">Material
Modifications to the Rights of Security Holders</span>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">See &#8220;Item
10. Additional Information-B. Memorandum and Articles of Association&#8221; for a description of the rights of shareholders, which remain
unchanged.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>E
<span style="text-decoration:underline">Use of Proceeds</span></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The following
&#8220;Use of Proceeds&#8221; information relates to the registration statement on Form F-1, as amended (File No. 333-251461 ) (the &#8220;F-1
Registration Statement&#8221;) in relation to our initial public offering of 5,000,000 ADSs representing 5,000,000 Class A ordinary shares,
at an initial offering price of US$10.00 per ADS. Our initial public offering closed in January 2021. Deutsche Bank Securities Inc.,
US Tiger Securities, Inc and AMTD Global Markets Limited were the representatives of the underwriters for our initial public offering.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The F-1 Registration
Statement was declared effective by the SEC on January 11, 2021. The total expenses incurred for our company&#8217;s account in connection
with our initial public offering was approximately US$5.4 million. We received net proceeds of approximately US$46.5 million from our
initial public offering, after deduction of underwriting discounts and commissions of US$3.5 million. None of the transaction expenses
included payments to directors or officers of our company or their associates, persons owning more than 10% or more of our equity securities
or our affiliates. None of the net proceeds we received from the initial public offering were paid, directly or indirectly, to any of
our directors or officers or their associates, persons owning 10% or more of our equity securities or our affiliates.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We still
intend to use the proceeds from our initial public offering, as disclosed in our registration statements on Form F-1.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_019"></a></div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">ITEM
15 CONTROLS AND PROCEDURES</span></p><div>





</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Disclosure
Controls and Procedures</i></b>&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We maintain
disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed in reports filed
under the Exchange Act is recorded, processed, summarized and reported within the specified time periods and accumulated and communicated
to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding
required disclosure.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our management,
under the supervision and with the participation of our principal executive officer and our principal financial officer, evaluated the
effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(e) or 15d-15(e) promulgated under the Exchange Act,
at December 31, 2022. Based on that evaluation, our principal executive officer and principal financial officer have concluded that,
as of December 31, 2022, our disclosure controls and procedures were not effective in ensuring that material information required to
be disclosed in this annual report is recorded, processed, summarized and reported to them for assessment, and required disclosure is
made within the time period specified in the rules and forms of the SEC, due to the lack of sufficient accounting and financial reporting
personnel with the requisite knowledge and experience in the application of IFRS and SEC rules and the lack of sufficient controls in
calculating the expected credit loss on financial assets.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Management&#8217;s
Annual Report on Internal Control over Financial Reporting</i></b>&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our management
is responsible for establishing and maintaining adequate internal control over financial reporting, as defined under Rule13(a)-15(f)
and 15(d)-15(f) of the Exchange Act. Our internal control over financial reporting is designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. Our
internal control over financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that,
in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS and that our receipts
and expenditures are being made only in accordance with authorizations of our management and directors; and (iii) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material
effect on the financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Because of
its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 115; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As required
by Section 404 of the Sarbanes-Oxley Act of 2002 and related rules as promulgated by the Securities and Exchange Commission, our management,
under the supervision and with the participation of our chief executive officer and chief financial officer, conducted an evaluation
of the effectiveness of our internal control over financial reporting as of December 31, 2022 using the criteria set forth in the report
&#8220;Internal Control-Integrated Framework (2013)&#8221; issued by the Committee on Sponsoring Organizations of the Treadway Commission.
Based on this evaluation, our management concluded that, as of December 31, 2022, our internal control over financial reporting was not
effective due to the material weaknesses in our internal control over financial reporting related to the lack of sufficient accounting
and financial reporting personnel with the requisite knowledge and experience in the application of IFRS and SEC rules and the lack of
sufficient controls in calculating the expected credit loss on financial assets.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Attestation
Report of the Registered Public Accounting Firm</i></b>&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As an &#8220;emerging
growth company,&#8221; as defined in the JOBS Act, we may take advantage of certain temporary exemptions from various reporting requirements,
including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley
Act (and the SEC rules and regulations there under). When these exemptions cease to apply, we expect to incur additional expenses and
devote increased management effort toward ensuring compliance with them. This annual report on Form 20-F does not include an attestation
report of our independent registered public accounting firm.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Changes
In Internal Control Over Financial Reporting</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In preparing our consolidated financial statements as of and for the
year ended December 31, 2021 included in our annual report on Form 20-F for the year ended December 31, 2021, we identified two material
weakness in our internal control over financial reporting, as defined in the standards established by the PCAOB. The identified material
weakness arose from the lack of sufficient accounting and financial reporting personnel with the requisite knowledge and experience in
the application of IFRS and SEC rules and lack of sufficient controls in calculating the expected credit
loss on financial assets. &#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We have
implemented measures in 2021 and 2022 to remediate the lack of sufficient accounting and financial reporting personnel with the
requisite knowledge and experience in the application of IFRS and SEC rules material weakness and lack of sufficient controls in
calculating the expected credit loss on financial assets, including (i) we plan to hire additional personnel with SEC reporting experience;
(ii) we improved the financial reporting and consolidation process by incorporating IFRS adjustments and disclosure requirements
into our quarterly financial reporting and consolidation process; (iii) providing internal and external trainings to finance
personnel through ongoing training and education in the accounting and reporting requirements under IFRS, and SEC rules and
regulations; and (iv) forming a working group comprising of senior management to review and improve internal control
procedures.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The
implementation of the foregoing measures has not remediated our material weaknesses relating to our lack of sufficient accounting
and financial reporting personnel with requisite knowledge of and experience in application of IFRS and SEC rules and lack of
sufficient controls in calculating the expected credit loss on financial assets. Therefore, our management concluded that the
above material weaknesses still existed as of December 31, 2022. </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In order
to remediate the existing material weaknesses, we intend to implement a number of measures to address the material weaknesses
identified, including (i) recruiting additional experienced personnel with relevant experience working on IFRS and SEC reporting; (ii)
further improving and implementing our accounting policy manual for our accounting and financial reporting personnel for transactions
level and period-end closing processes; (iii) enhancing the management function to oversee the calculation of the expected credit loss;
and (iv) implementing additional monitoring control over the calculation of the expected credit loss. However, we cannot assure you that
these measures may fully address or remediate the material weaknesses and control deficiencies. See &#8220;Item 3. Key Information-D.
Risk Factors-Risks Related to Our Business and Industry-If our internal control and procedures over financial reporting are not effective,
we may be unable to accurately report our operating results, meet our reporting obligations or prevent fraud.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Other than
as described above, there were no changes in our internal controls over financial reporting that occurred during the period covered by
this annual report that have materially affected, or are reasonably likely to materially affect, our internal control over financial
reporting.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_020"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM
16A AUDIT COMMITTEE FINANCIAL EXPERT</b></span></p><div>





</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our board
of directors has determined that Bin Yu, a member of our audit committee and independent director (under the standards set forth in Section
303A of the Corporate Governance Rules of the NYSE and Rule 10A-3 under the Securities Exchange Act of 1934), qualifies as an &#8220;audit
committee financial expert.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 116; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->111<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_021"></a></div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">ITEM
16B CODE OF ETHICS</span></p><div>





</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Our board
of directors has adopted a code of business conduct and ethics that applies to our directors, officers and employees. We have filed our
code of business conduct and ethics as an exhibit to our registration statement on Form F-1 (File No. 333-251461), as amended, initially
filed with the SEC on December 18, 2020. &#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_022"></a></div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">ITEM
16C PRINCIPAL ACCOUNTANT FEES AND SERVICES</span></p><div>





</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The following
table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered by Ernst
&amp; Young and Yu Certified Public Accountant, our principal external auditors, for the periods indicated. We did not pay any other
fees to our auditors during the periods indicated below.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td colspan="5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
                                            the Year Ended<br/>
                                            December 31,</b></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>2022</b></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Audit fees(1)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="white-space: nowrap; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB
                                            5,447,000&#160;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="white-space: nowrap; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB
                                            3,172,712</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -10pt; padding-left: 10pt">Audit-related fees(2)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="white-space: nowrap; text-align: right"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">-</p></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="white-space: nowrap; text-align: right"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">RMB 413,832</p></td><td style="text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#8220;Audit
                                            fees&#8221; means the aggregate fees billed for professional services rendered by our principal
                                            auditors for the annual audit of our consolidated financial statements.</span></td>
</tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Audit-related fees&#8221; means the aggregate fees billed in each of the fiscal years listed for the assurance and related services rendered by our principal auditors that are reasonably related to the performance of the audit or review of our financial statements and not reported under &#8220;Audit fees.&#8221;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The
policy of our audit committee is to pre-approve all audit and non-audit services provided by Ernst &amp; Young and Yu Certified
Public Accountant, including audit services, audit-related services, tax services and other services as described above, other than
those for de minimis services which are approved by the Audit Committee prior to the completion of the audit. We have a written
policy on the engagement of an external auditor.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_023"></a></div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">ITEM&#8239;16D
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</span></p><div>





</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Not applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_024"></a></div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">ITEM
16E PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</span></p><div>





</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The following
table sets forth information about our purchases of outstanding ADSs from June 28, 2021 to December 31, 2021:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Period(1)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Total<br/>
    Number of ADSs<br/> Purchased</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Average<br/>
    Price Paid<br/> for ADS(2)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Total<br/>
    Number of ADSs<br/> Purchased as<br/> Part of Publicly<br/> Announced<br/> Plans or<br/> Programs</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Approximate<br/>
    Dollar Value<br/> of ADSs that<br/> May Yet Be<br/> Purchased<br/> Under the<br/> Program(1)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">June 28,
    2021 through June 30, 2021</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,000,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">July 2021</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,000,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">August 2021</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,000,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">September 2021</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,735</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">5.96</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,735</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">959,800</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">October 2021</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,075</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">6.05</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,810</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">953,300</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">November 2021</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,155</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4.30</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">16,965</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">913,900</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">December 2021</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">32,644</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.47</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">49,609</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">800,700</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Notes:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">On
                                            June 28, 2021, we announced a share repurchase plan (the &#8220;Share Repurchase Plan&#8221;)
                                            approved by our board of directors, under which we may repurchase up to US$1 million of worth
                                            of our outstanding ADSs through December 31, 2021. Under the share repurchase program, we
                                            may repurchase our ADSs from time to time in the open market at prevailing market prices,
                                            in privately negotiated transactions, in block trades and/or through other legally permissible
                                            means, depending on market conditions and in accordance with applicable rules and regulations.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif">From
September to December 2021, we completed the Share Repurchase Plan from Tiger Brokers (NZ) Limited for an aggregate of 49,609 ordinary
shares with a consideration of US$199,300. The total amount paid for the buy-back of the shares has been debited to our capital reserve.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(2)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">The
                                            average price per ADS is calculated using the execution price for each repurchase excluding
                                            commissions paid to brokers.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_025"></a></div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">ITEM
16F CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</span></p><div>





</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On November 17, 2022, we engaged Yu Certified Public Accountant as
our independent registered public accounting firm. Ernst &amp; Young, which previously was our independent registered public accounting
firm, did not stand for re-appointment. The change of our independent registered public accounting firm had been approved by our board
and the audit committee of our board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The reports of Ernst &amp; Young on our consolidated financial statements
as of and for the years ended December 31, 2020 and 2021 did not contain an adverse opinion or a disclaimer of opinion and were not qualified
or modified as to uncertainty, audit scope or accounting principle. During the years ended December 31, 2020 and 2021 and the subsequent
interim period through November 17, 2022, there have been no (i) disagreements (as defined in Item 16F(a)(1)(iv) of Form 20-F and the
related instructions to Item 16F of Form 20-F) between us and Ernst &amp; Young on any matter of accounting principles or practices, financial
statement disclosure, or audit scope or procedure, which disagreements if not resolved to the satisfaction of Ernst &amp; Young would
have caused them to make reference thereto in their reports on the consolidated financial statements for such years, or (ii) reportable
events as defined in Item 16F(a)(1)(v) of the instructions to Form 20-F, other than the following material weaknesses reported in our
2020 and 2021 annual reports on Form 20-F filed with the U.S. Securities and Exchange of Commission: (a) the lack of sufficient accounting
and financial reporting personnel with the requisite knowledge and experience in the application of IFRS and SEC rules identified as of
December 31, 2020 and 2021, and (b) the lack of sufficient controls in calculating the expected credit loss on financial assets identified
as of December 31, 2021. The audit committee discussed the reportable events mentioned above with Ernst &amp; Young. Ernst &amp; Young
is authorized to fully respond to the inquiries of Yu Certified Public Accountant on the reportable event.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have provided Ernst &amp; Young with a copy of the disclosures here
under this Item 16F and required under Item 16F of Form 20-F and requested from Ernst &amp; Young a letter addressed to the SEC indicating
whether it agrees with such disclosures. A copy of Ernst &amp; Young&#8217;s letter dated May 16, 2023 is attached as Exhibit 15.5.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">During the years ended December 31, 2020 and 2021 and the subsequent
interim period through November 17, 2022, neither we nor anyone on behalf of us has consulted with Yu Certified Public Accountant regarding
(i) the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that
might be rendered on our consolidated financial statements, and neither a written report nor oral advice was provided to us that Yu Certified
Public Accountant concluded was an important factor considered by us in reaching a decision as to any accounting, audit, or financial
reporting issue, (ii) any matter that was the subject of a disagreement pursuant to Item 16F(a)(1)(iv) of the instructions to Form 20-F,
or (iii) any reportable event pursuant to Item 16F(a)(1)(v) of the instructions to Form 20-F.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_026"></a></div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">ITEM
16G CORPORATE GOVERNANCE</span></p><div>





</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As a Cayman
Islands company listed on the New York Stock Exchange, we are subject to the NYSE corporate governance listing standards. However, NYSE
rules permit a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance
practices in the Cayman Islands, which is our home country, may differ significantly from the NYSE corporate governance listing standards.
Currently, we do not plan to rely on home country exemption for corporate governance matters. However, if we choose to follow home country
practice in the future, our shareholders may be afforded less protection than they would otherwise enjoy under the NYSE corporate governance
listing standards applicable to U.S. domestic issuers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">See &#8220;Item
3. Key Information-D. Risk Factors-Risks Related to Our ADSs-As an exempted company incorporated in the Cayman Islands, we are permitted
to adopt certain home country practices in relation to corporate governance matters that differ significantly from New York Stock Exchange&#8217;s
corporate governance requirements.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_027"></a></div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">ITEM
16H MINE SAFETY DISCLOSURE</span></p><div>





</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Not applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_028"></a></div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">ITEM
16I DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</span></p><div>





</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As of the
date of the filing of this annual report and to our best knowledge:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">For
                                            the fiscal year ended December 31, 2021, our former auditor, Ernst &amp; Young, located in
                                            Hong Kong, issued an audit report for us. On December 16, 2021, the U.S. Public Company Accounting
                                            Oversight Board (the &#8220;PCAOB&#8221;) determined that it was unable to inspect or investigate
                                            completely PCAOB-registered public accounting firms headquartered in China mainland and in
                                            Hong Kong (including Ernst &amp; Young) because of positions taken by PRC authorities in
                                            the PRC and Hong Kong. In June 2022, the SEC conclusively listed us as a Commission-Identified
                                            Issuer under the HFCAA following the filing of our annual report on Form 20-F for the fiscal
                                            year ended December 31, 2021. On December 15, 2022, the PCAOB vacated its December 16, 2021
                                            determination and announced that it had secured complete access to inspect and investigate
                                            registered public accounting firms headquartered in China mainland and Hong Kong (including
                                            Ernst &amp; Young).</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(2)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Based
                                            on a review of the shareholder lists of our company and the related variable interest entities
                                            in China mainland, we are not aware of any governmental entities in China or the Cayman Islands
                                            (where we are incorporated) that hold any shares of our company or any of such variable interest
                                            entities. In addition, no such governmental entities have made any disclosures on Schedule
                                            13D or Schedule 13G indicating that they own any shares of our
                                            company or any such variable interest entity. Based on the above, we believe that none of
                                            our ordinary shares or ADSs are owned by the governmental entities in either China mainland,
                                            Hong Kong or the Cayman Islands. However, a significant portion of the shares of our company
                                            are publicly held, and the ultimate beneficial ownership of those publicly held shares may
                                            not be known to us. Nonetheless, none of these unknown beneficial owners has ever asserted
                                            any control or influence over us.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(3)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">No
                                            governmental entities in China have a controlling financial interest in Kuke Music Holding
                                            Limited or any variable interest entity as of the date of filing of this Form 20-F.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(4)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">No
                                            members of our board or any of our operating entities is an official of the Chinese Communist
                                            Party.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(5)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">The
                                            currently effective memorandum and articles of association of Kuke Music Holding Limited
                                            and equivalent organizational documents of our operating entities, including the variable
                                            interest entities, do not contain any charter of the Chinese Communist Party.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_029"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM
16J INSIDER TRADING POLICIES</b></span></p><div>





</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Not applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 119; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->114<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_030"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">PART
III</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_031"></a></div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">ITEM
17 FINANCIAL STATEMENTS</span></p><div>





</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We have elected
to provide financial statements pursuant to Item 18.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_032"></a></div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">ITEM
18 FINANCIAL STATEMENTS</span></p><div>





</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The consolidated
financial statements of Kuke Music Holding Limited are included at the end of this annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="k_033"></a></div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">ITEM
19 EXHIBITS</span></p><div>





</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: left; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
    <br/>
    Number</b></span></td>
    <td style="padding-bottom: 1.5pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description
    of Document</b></span></td></tr>
  <tr>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex1-1_kukemusic.htm">Second Amended and Restated Memorandum and Articles of Association of the Registrant</a></span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1809158/000104746921000023/a2242748zex-4_3.htm">Specimen American Depositary Receipt (incorporated herein by reference to Exhibit 4.3 to the registration statement on Form F-1 (File No. 333-251461), as amended, initially filed with the SEC on December 18, 2020)</a> </span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1809158/000104746920005717/a2242706zex-4_2.htm"><span style="font-size: 10pt">Registrant&#8217;s
    Specimen Certificate for Ordinary Shares (incorporated herein by reference to Exhibit 4.2 to the registration statement on Form F-1
    (File No. 333-251461), as amended, initially filed with the SEC on December 18, 2020) </span></a></span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1471515/000095012721000002/a21-1_ex4.htm"><span style="font-size: 10pt">Form
    of Deposit Agreement among the Registrant, the depositary and the owners and holders of the American Depositary Shares issued thereunder
    (incorporated herein by reference to Exhibit (a) to the registration statement on Form F-6 (File No. 333-251918), as amended, initially
    filed with the SEC on January 6, 2021) </span></a></span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><span style="font-size: 10pt"><a href="f20f2022ex2-4_kukemusic.htm">Description of Registrant&#8217;s Securities</a> </span></span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1809158/000104746920005717/a2242706zex-10_1.htm">
    <span style="font-size: 10pt">Form of Indemnification Agreement between the Registrant and its directors and executive officers (incorporated
    herein by reference to Exhibit 10.1 to the registration statement on Form F-1 (File No. 333-251461), as amended, initially filed
    with the SEC on December 18, 2020) </span></a></span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1809158/000104746920005717/a2242706zex-10_2.htm"><span style="font-size: 10pt">Form
    of Employment Agreement between the Registrant and its executive officers (incorporated herein by reference to Exhibit 10.2 to the
    registration statement on Form F-1 (File No. 333-251461), as amended, initially filed with the SEC on December 18, 2020) </span></a></span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1809158/000104746920005717/a2242706zex-10_3.htm"><span style="font-size: 10pt">English
    translation of the executed form of the Power of Attorney granted by shareholders of the VIEs and a schedule of all executed Power
    of Attorney adopting the same form (incorporated herein by reference to Exhibit 10.3 to the registration statement on Form F-1 (File
    No. 333-251461), as amended, initially filed with the SEC on December 18, 2020) </span></a></span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1809158/000104746920005717/a2242706zex-10_4.htm"><span style="font-size: 10pt">English
    translation of the executed form of the Equity Interest Pledge Agreements among our WFOEs, the VIEs and shareholders of the VIEs
    dated February 26, 2018 and February 28, 2020. (incorporated herein by reference to Exhibit 10.4 to the registration statement on
    Form F-1 (File No. 333-251461), as amended, initially filed with the SEC on December 18, 2020) </span></a></span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1809158/000104746920005717/a2242706zex-10_5.htm"><span style="font-size: 10pt">English
    translation of the executed form of the Exclusive Consulting Service Agreements between our WFOEs and the VIEs dated February 26,
    2018 and February 28, 2020 (incorporated herein by reference to Exhibit 10.5 to the registration statement on Form F-1 (File No.
    333-251461), as amended, initially filed with the SEC on December 18, 2020) </span></a></span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1809158/000104746920005717/a2242706zex-10_6.htm"><span style="font-size: 10pt">English
    translation of the executed form of the Exclusive Intellectual Property Rights Licensing Agreement between Kuke Future and Beijing
    Kuke Music dated February 26, 2018 (incorporated herein by reference to Exhibit 10.6 to the registration statement on Form F-1 (File
    No. 333-251461), as amended, initially filed with the SEC on December 18, 2020) </span></a></span></td></tr>
</table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="margin: 0"></p><div>

</div><!-- Field: Page; Sequence: 120; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->115<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><p style="margin: 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1809158/000104746920005717/a2242706zex-10_7.htm">
    <span style="font-size: 10pt">English translation of the executed form of the Exclusive Option Agreements among our WFOEs, the VIEs
    and shareholders of the VIEs dated February 26, 2018 and February 28, 2020 (incorporated herein by reference to Exhibit 10.7 to the
    registration statement on Form F-1 (File No. 333-251461), as amended, initially filed with the SEC on December 18, 2020) </span></a></span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1809158/000104746920005717/a2242706zex-10_8.htm">
    <span style="font-size: 10pt">English translation of the executed form of the Spousal Consent Letter granted by the spouse of each
    individual shareholder of the VIEs, as currently in effect, and a schedule of all executed Spousal Consent Letters adopting the same
    form (incorporated herein by reference to Exhibit 10.8 to the registration statement on Form F-1 (File No. 333-251461), as amended,
    initially filed with the SEC on December 18, 2020) </span></a></span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1809158/000104746920005717/a2242706zex-10_9.htm">
    <span style="font-size: 10pt">English translation of the executed form of the Supplementary Agreement to the Contractual Arrangements
    among Kuke Future, Beijing Kuke Music and its shareholders dated February 13, 2020 (incorporated herein by reference to Exhibit 10.9
    to the registration statement on Form F-1 (File No. 333-251461), as amended, initially filed with the SEC on December 18, 2020) </span></a></span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1809158/000104746920005717/a2242706zex-10_10.htm">
    <span style="font-size: 10pt">Digital Distribution Agreement between Naxos Digital Services US, Inc. and Beijing Kuke Music Co.,
    Ltd. (incorporated herein by reference to Exhibit 10.10 to the registration statement on Form F-1 (File No. 333-251461), as amended,
    initially filed with the SEC on December 18, 2020) </span></a></span></td></tr>

<tr style="background-color: White">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; width: 90%"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1809158/000104746920005717/a2242706zex-10_11.htm"><span style="font-size: 10pt">Shareholders&#8217;
    Agreement among Naxos International (Far East) Limited, Beijing Cathay Orient Information Technology Company Limited (the predecessor
    of Beijing Kuke Music Co., Ltd.) and Naxos (Beijing) Culture &amp; Communication Co., Ltd. (incorporated herein by reference to Exhibit
    10.11 to the registration statement on Form F-1 (File No. 333-251461), as amended, initially filed with the SEC on December 18, 2020)
    </span></a></span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.12</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1809158/000104746920005717/a2242706zex-10_12.htm"><span style="font-size: 10pt">License
    Agreement between Naxos international (Far East) Limited and Naxos (Beijing) Culture &amp; Communication Co., Ltd. (incorporated
    herein by reference to Exhibit 10.12 to the registration statement on Form F-1 (File No. 333-251461), as amended, initially filed
    with the SEC on December 18, 2020) </span></a></span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.13</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1809158/000104746920005717/a2242706zex-10_13.htm"><span style="font-size: 10pt">Digital
    Distribution Agreement between Naxos of America, Inc. and Naxos (Beijing) Culture &amp; Communication Co., Ltd. (incorporated herein
    by reference to Exhibit 10.13 to the registration statement on Form F-1 (File No. 333-251461), as amended, initially filed with the
    SEC on December 18, 2020) </span></a></span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.14</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1809158/000104746920005717/a2242706zex-10_14.htm"><span style="font-size: 10pt">2020
    Share Incentive Plan (incorporated herein by reference to Exhibit 10.14 to the registration statement on Form F-1 (File No. 333-251461),
    as amended, initially filed with the SEC on December 18, 2020) </span></a></span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.15</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1809158/000104746920005717/a2242706zex-10_15.htm"><span style="font-size: 10pt">Option
    Agreement (incorporated herein by reference to Exhibit 10.15 to the registration statement on Form F-1 (File No. 333-251461), as
    amended, initially filed with the SEC on December 18, 2020) </span></a></span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex8-1_kukemusic.htm"><span style="font-size: 10pt">Subsidiaries
    of the Registrant </span></a></span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">1<span style="font-size: 10pt">1.1</span></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-left: 0in; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1809158/000104746920005717/a2242706zex-99_1.htm"><span style="font-size: 10pt">Code
    of Business Conduct and Ethics of the Registrant (incorporated herein by reference to Exhibit 99.1 to the registration statement
    on Form F-1 (File No. 333-251461), as amended, initially filed with the SEC on December 18, 2020) </span></a></span></td></tr>
</table><div>
</div><p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="margin: 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->116<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="margin: 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex12-1_kukemusic.htm"><span style="font-size: 10pt">Certification
    by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</span></a></span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex12-2_kukemusic.htm"><span style="font-size: 10pt">Certification
    by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</span></a></span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1**</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex13-1_kukemusic.htm"><span style="font-size: 10pt">Certification
    by Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</span></a></span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2**</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex13-2_kukemusic.htm"><span style="font-size: 10pt">Certification
    by Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</span></a></span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex15-1_kukemusic.htm"><span style="font-size: 10pt">Consent
of Yu Certified Public Accountant</span></a></span></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.2*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex15-2_kukemusic.htm"><span style="font-size: 10pt">Consent
of Commerce &amp; Finance Law Offices </span></a></span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex15-3_kukemusic.htm"><span style="font-size: 10pt">Consent
of Conyers Dill &amp; Pearman </span></a></span></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.4*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex15-4_kukemusic.htm"><span style="font-size: 10pt">Consent
of Ernst &amp; Young</span></a></span></td></tr>

<tr style="background-color: White">
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom">&#160;</td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top">15.5*</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><a href="f20f2022ex15-5_kukemusic.htm">Letter from Ernst &amp; Young to the Securities and Exchange Commission, dated May 16, 2023</a></p></td></tr>
<tr style="background-color: White">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.6*</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; width: 90%"><a href="f20f2022ex15-6_kukemusic.htm"><span style="font-family: Times New Roman, Times, Serif"><span style="font-size: 10pt">Submission under Item 16I(a) of Form 20-F in relation to the Holding Foreign Companies Accountable Act </span></span></a></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.INS*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Instance
    Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline
    XBRL document</span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy
    Extension Schema Document</span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.CAL*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy
    Extension Calculation Linkbase Document</span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy
    Extension Definition Linkbase Document</span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy
    Extension Label Linkbase Document</span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.PRE*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy
    Extension Presentation Linkbase Document</span></td></tr>
  <tr style="background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page Interactive
    Data File - the cover page XBRL tags are embedded within the Exhibit 101 Inline XBRL document set</span></td></tr>
  </table><div>
</div><p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Filed
                                            with this annual report on Form 20-F.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">**</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Furnished
                                            with this annual report on Form 20-F.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 122; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->117<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;</span></p><div>

</div><div><a id="k_034"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">SIGNATURES</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The registrant
hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned
to sign this annual report on its behalf.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Kuke Music Holding
    Limited</b></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">/s/ He Yu</span></td></tr>
  <tr style="vertical-align: top">
    <td style="width: 60%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-size: 10pt; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#160;&#160;
    </span></td>
    <td style="font-size: 10pt; width: 35%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HE YU</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">Date: May 16, 2023</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">Chairman of the Board of Directors and Chief
    <span style="font-size: 10pt">Executive Officer</span></span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->118<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; width: 90%; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="border-bottom: Black 1.5pt solid; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><a href="#newf_001"><span style="font-style: normal; font-weight: normal">Report of Independent Registered Public Accounting Firm (Yu Certified Public Accountant, P.C., PCAOB ID Number: 5910)</span></a></td> <td style="vertical-align: bottom; text-align: center">F-2</td></tr> <tr style="background-color: White"> <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_001">Report of Independent Registered Public Accounting Firm (Ernst &amp; Young, PCAOB ID: <ix:nonNumeric contextRef="c0" name="dei:AuditorFirmId">1409</ix:nonNumeric>)</a></span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_002"><span style="font-size: 10pt">Consolidated Statements of Loss and Other Comprehensive L</span>oss <span style="font-size: 10pt">for the years ended December&#160;31, 2022, 2021 and 2020</span></a></span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr> <tr style="background-color: White"> <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_003">Consolidated Statements of Financial Position as at December&#160;31, 2022 and 2021</a></span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_004">Consolidated Statements of Changes in Equity for the years ended December&#160;31, 2022, 2021 and 2020</a></span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr> <tr style="background-color: White"> <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_005">Consolidated Statements of Cash Flows for the years ended December&#160;31, 2022, 2021 and 2020</a></span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_006">Notes to Consolidated Financial Statements</a></span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-8 </span><span style="font-family: Times New Roman, Times, Serif">- <span style="font-size: 10pt">F-81</span></span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 124; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p><div>

</div><div><a id="newf_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>Report
of independent registered public accounting firm</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the Shareholders and the Board of Directors
of</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Kuke Music Holding Limited</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Opinion on the Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 320pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We have audited the accompanying consolidated
statement of financial position of Kuke Music Holding Limited (the &#8220;Company&#8221;), its subsidiaries and its variable interest
entities (collectively the &#8220;Group&#8221;) as of December 31, 2022, the related consolidated statement of loss and comprehensive
loss, changes in equity, and cash flows, for the year ended December 31, 2022, and the related notes (collectively referred to as the
&#8220;consolidated financial statements&#8221;). In our opinion, the consolidated financial statements present fairly, in all material
respects, the financial position of the Group as of December 31, 2022, and the results of its operations and its cash flows, for the year
ended December 31, 2022, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards
Board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Emphasis of Matter - Going Concern </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The accompanying consolidated financial statements
have been prepared assuming the Group will continue as a going concern. As discussed in Note 1(b) to the consolidated financial statements,
the Group has continued to incur losses, and the Group has not yet generated favorable working capital; in addition, the Group&#8217;s
operations were still adversely impacted by COVID-19 pandemic. These conditions raise substantial doubt about its ability to continue
as a going concern. Management&#8217;s plan regarding these matters is also described in Note 1(b). The consolidated financial statements
do not include any adjustments that might result from the outcome of this uncertainty.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Basis for Opinion</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">These consolidated financial statements are the
responsibility of the Group's management. Our responsibility is to express an opinion on the Group&#8217;s consolidated financial statements
based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;)
and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission and the PCAOB.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We conducted our audit in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Group is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Group's internal
control over financial reporting. Accordingly, we express no such opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Our audit included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides
a reasonable basis for our opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 60%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Yu Certified Public Accountant, P.C. (PCAOB ID Number: 5910)</span></td>
    <td style="width: 40%; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have served as the Group&#8217;s auditor since 2022.</span></td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, New York</span></td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 16, 2023</span></td>
    <td style="text-align: justify">&#160;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>




</div><div><a id="a_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Report
of Independent Registered Public Accounting Firm</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">To
the Shareholders and the Board of Directors of Kuke Music Holding Limited</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Opinion
on the Financial Statements</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We have audited the accompanying
consolidated statements of financial position of Kuke Music Holding Limited (the &#8220;Company&#8221;) as of December&#160;31, 2021,
the related consolidated statements of loss and other comprehensive loss, changes in equity and cash flows for each of the two years in
the period ended December&#160;31, 2021, and the related notes (collectively referred to as the &#8220;consolidated financial statements&#8221;).
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company
at December&#160;31, 2021, and the results of its operations and its cash flows for each of the two years in the period ended December&#160;31,
2021, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Basis for Opinion</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">These financial statements
are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and
the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We conducted our audits in
accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to
have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required
to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness
of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our audits included performing
procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for
our opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ <ix:nonNumeric contextRef="c0" name="dei:AuditorName">Ernst&#160;&amp; Young</ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have served as the Company&#8217;s auditor
from 2019 to 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c0" name="dei:AuditorLocation">Hong Kong</ix:nonNumeric>, The People&#8217;s Republic of China</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">May 2, 2022</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>


</div><!-- Field: Page; Sequence: 126; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><div><a id="a_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>CONSOLIDATED
STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>



</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Years
    ended December 31,</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Notes</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="vertical-align: bottom; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherIncome" scale="3" unitRef="cny">4,385</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:SellingAndDistributionExpenses" scale="3" unitRef="cny">32,033</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Administrative
    expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdministrativeExpense" scale="3" unitRef="cny">69,030</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdministrativeExpense" scale="3" unitRef="cny">65,018</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Impairment
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:ImpairmentLossesOnFinancialAssetsNet" scale="3" unitRef="cny">99,634</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other
    losses</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Share of loss of
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change
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    <td style="vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:ChangeInFairValueOfEquityInvestmentAtFairValueThroughProfitOrLoss" scale="3" sign="-" unitRef="cny">1,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Finance
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">9.3</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceCosts" scale="3" unitRef="cny">4,848</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceCosts" scale="3" unitRef="cny">7,684</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceCosts" scale="3" unitRef="cny">10,105</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Finance
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    <td style="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceIncome" scale="3" unitRef="cny">79</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceIncome" scale="3" unitRef="cny">1,621</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss
    before tax</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossBeforeTax" scale="3" sign="-" unitRef="cny">890,439</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossBeforeTax" scale="3" sign="-" unitRef="cny">58,582</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossBeforeTax" scale="3" sign="-" unitRef="cny">11,592</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Income
    tax expense</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">10</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="3" unitRef="cny">1,035</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="3" unitRef="cny">3,622</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: 0pt; padding-left: 0pt; padding-bottom: 0pt; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Loss
                                            for the year and total comprehensive loss for the year</b></span></p></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLoss" scale="3" sign="-" unitRef="cny">896,907</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLoss" scale="3" sign="-" unitRef="cny">59,617</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLoss" scale="3" sign="-" unitRef="cny">15,214</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Attributable
    to:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Equity
    holders of the parent</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" scale="3" sign="-" unitRef="cny">894,214</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" scale="3" sign="-" unitRef="cny">59,570</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" scale="3" sign="-" unitRef="cny">16,423</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
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    <td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" scale="3" sign="-" unitRef="cny">2,693</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" scale="3" sign="-" unitRef="cny">47</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" scale="3" unitRef="cny">1,209</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: center; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="vertical-align: bottom; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c6" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DilutedEarningsLossPerShare" scale="0" sign="-" unitRef="cnyPershares">2.03</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c7" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DilutedEarningsLossPerShare" scale="0" sign="-" unitRef="cnyPershares">0.70</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">LOSS
    PER ADS (1 ADS equals 1 Class A ordinary share)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Basic</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="vertical-align: bottom; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c9" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:BasicEarningsLossPerShare" scale="0" sign="-" unitRef="cnyPershares">2.03</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c10" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:BasicEarningsLossPerShare" scale="0" sign="-" unitRef="cnyPershares">0.70</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Diluted</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c8" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DilutedEarningsLossPerShare" scale="0" sign="-" unitRef="cnyPershares">30.19</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c9" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DilutedEarningsLossPerShare" scale="0" sign="-" unitRef="cnyPershares">2.03</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c10" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DilutedEarningsLossPerShare" scale="0" sign="-" unitRef="cnyPershares">0.70</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">The
accompanying notes are an integral part of the consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 127; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="a_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Notes</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,<br/>
    2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,<br/>
    2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">NON-CURRENT ASSETS</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif">12</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="cny">60,443</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Intangible assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">13</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="3" unitRef="cny">492,300</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">14</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Goodwill" scale="3" unitRef="cny">237,225</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">17</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="kuke:PrepaymentsOtherReceivablesAndOtherAssetsNoncurrent" scale="3" unitRef="cny">110,236</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:PrepaymentsOtherReceivablesAndOtherAssetsNoncurrent" scale="3" unitRef="cny">95,217</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">10</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-4; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxAssets" scale="3" unitRef="cny">7,736</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Equity investment at
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    <td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-5; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentFinancialAssetsAtFairValueThroughProfitOrLossMeasuredAsSuchInAccordanceWithExemptionForReacquisitionOfOwnEquityInstruments" scale="3" unitRef="cny">1,000</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    non-current assets</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentAssets" scale="3" unitRef="cny">193,471</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentAssets" scale="3" unitRef="cny">896,981</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Inventories, net</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">15</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Inventories" scale="3" unitRef="cny">778</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Inventories" scale="3" unitRef="cny">7,307</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Trade receivables, net</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">16</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTradeReceivables" scale="3" unitRef="cny">9,279</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTradeReceivables" scale="3" unitRef="cny">111,104</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepayments, other receivables and other assets,
    net</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">17</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="kuke:PrepaymentsOtherReceivablesAndOtherAssetsCurrent" scale="3" unitRef="cny">35,311</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:PrepaymentsOtherReceivablesAndOtherAssetsCurrent" scale="3" unitRef="cny">34,101</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net investments in subleases</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">24</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-6; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:CurrentNetInvestmentsInSubleases" scale="3" unitRef="cny">355</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Due from related parties, net</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">26</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherCurrentReceivablesDueFromRelatedParties" scale="3" unitRef="cny">2,377</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherCurrentReceivablesDueFromRelatedParties" scale="3" unitRef="cny">306</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Due from shareholders, net</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">26</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DueFromShareholdersNet" scale="3" unitRef="cny">99</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DueFromShareholdersNet" scale="3" unitRef="cny">100</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cash and cash equivalents</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">19</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalents" scale="3" unitRef="cny">5,425</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalents" scale="3" unitRef="cny">59,045</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    current assets</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentAssets" scale="3" unitRef="cny">53,269</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentAssets" scale="3" unitRef="cny">212,318</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total
    assets</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Assets" scale="3" unitRef="cny">246,740</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Assets" scale="3" unitRef="cny">1,109,299</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">EQUITY</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Issued capital</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">20</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IssuedCapital" scale="3" unitRef="cny">198</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IssuedCapital" scale="3" unitRef="cny">194</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Reserves</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">20</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CapitalReserve" scale="3" unitRef="cny">58,262</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CapitalReserve" scale="3" unitRef="cny">936,444</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Equity attributable to equity
    holders of the parent</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:EquityAttributableToOwnersOfParent" scale="3" unitRef="cny">58,460</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:EquityAttributableToOwnersOfParent" scale="3" unitRef="cny">936,638</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Non-controlling interests</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncontrollingInterests" scale="3" unitRef="cny">2,328</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncontrollingInterests" scale="3" unitRef="cny">5,021</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    equity</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="cny">60,788</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="cny">941,659</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">NON-CURRENT LIABILITIES</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest-bearing loans and borrowings</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">23</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-7; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:NonCurrentInterestBearingLoansAndBorrowings" scale="3" unitRef="cny">6,046</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Contract liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">22</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentContractLiabilities" scale="3" unitRef="cny">415</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentContractLiabilities" scale="3" unitRef="cny">366</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deferred tax liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">10</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-8; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilities" scale="3" unitRef="cny">1,417</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Lease liabilities</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">24</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLeaseLiabilities" scale="3" unitRef="cny">4,650</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLeaseLiabilities" scale="3" unitRef="cny">793</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    non-current liabilities</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLiabilities" scale="3" unitRef="cny">5,065</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLiabilities" scale="3" unitRef="cny">8,622</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">CURRENT LIABILITIES</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Trade payables</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">21</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" scale="3" unitRef="cny">35,012</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" scale="3" unitRef="cny">30,514</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other payables and accruals</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">25</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="kuke:CurrentOtherPayablesAndAccruals" scale="3" unitRef="cny">50,163</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:CurrentOtherPayablesAndAccruals" scale="3" unitRef="cny">58,178</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">22</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentContractLiabilities" scale="3" unitRef="cny">20,688</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentContractLiabilities" scale="3" unitRef="cny">23,506</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Due to a shareholder</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">26</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties" scale="3" unitRef="cny">325</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Due to a related party</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">26</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AmountsPayableRelatedPartyTransactions" scale="3" unitRef="cny">488</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-9; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest<b>-</b>bearing loans
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">23</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="kuke:CurrentInterestsBearingLoansAndBorrowings" scale="3" unitRef="cny">69,045</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:CurrentInterestsBearingLoansAndBorrowings" scale="3" unitRef="cny">41,493</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Lease liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">24</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLeaseLiabilities" scale="3" unitRef="cny">4,123</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLeaseLiabilities" scale="3" unitRef="cny">2,486</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Income tax payable</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxLiabilitiesCurrent" scale="3" unitRef="cny">1,043</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxLiabilitiesCurrent" scale="3" unitRef="cny">2,516</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    current liabilities</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLiabilities" scale="3" unitRef="cny">180,887</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLiabilities" scale="3" unitRef="cny">159,018</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    liabilities</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Liabilities" scale="3" unitRef="cny">185,952</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Liabilities" scale="3" unitRef="cny">167,640</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total
    equity and liabilities</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:EquityAndLiabilities" scale="3" unitRef="cny">246,740</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:EquityAndLiabilities" scale="3" unitRef="cny">1,109,299</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">The
accompanying notes are an integral part of the consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="a_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="18" style="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Attributable
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    <td colspan="2" style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-</b></span></td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: center; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issued</b></span></td><td style="text-align: center; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: center; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Treasury</b></span></td><td style="text-align: center; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: center; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 26%; font-weight: bold; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">At
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    <td style="width: 0.5%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c14" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="cny">161,477</ix:nonFraction></span></td><td style="width: 0.5%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 0.5%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.5%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c15" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="cny">117,107</ix:nonFraction></span></td><td style="width: 0.5%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 0.5%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.5%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c16" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="cny">278,702</ix:nonFraction></span></td><td style="width: 0.5%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 0.5%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.5%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c17" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="cny">3,859</ix:nonFraction></span></td><td style="width: 0.5%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 0.5%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.5%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c18" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="cny">282,561</ix:nonFraction></span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c27" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="cny">555,255</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c30" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="cny">5,068</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-46; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-47; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">At
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c51" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" sign="-" unitRef="cny">1,274</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="cny">60,788</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">The
accompanying notes are an integral part of the consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><div><a id="a_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>CONSOLIDATED
STATEMENTS OF CASH FLOWS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0pt; text-align: center; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Years
    ended December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0pt; font-weight: bold; text-align: center; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Notes</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0pt; font-weight: bold; text-align: center; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; font-weight: bold; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Cash
    flows from operating activities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; width: 54%; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Loss
    before tax</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossBeforeTax" scale="3" sign="-" unitRef="cny">890,439</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossBeforeTax" scale="3" sign="-" unitRef="cny">58,582</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossBeforeTax" scale="3" sign="-" unitRef="cny">11,592</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Adjustments
    for:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; text-align: left; padding-left: 0.125in; padding-right: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Finance
    costs</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">9.3</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForFinanceCosts" scale="3" unitRef="cny">4,848</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForFinanceCosts" scale="3" unitRef="cny">7,684</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForFinanceCosts" scale="3" unitRef="cny">10,105</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; text-align: left; padding-left: 0.125in; padding-right: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Finance
    income</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">9.4</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForFinanceIncome" scale="3" unitRef="cny">34</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForFinanceIncome" scale="3" unitRef="cny">79</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForFinanceIncome" scale="3" unitRef="cny">1,621</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; text-align: left; padding-left: 0.125in; padding-right: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Depreciation
    of property, plant and equipment</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">9.5</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationExpense" scale="3" unitRef="cny">14,966</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationExpense" scale="3" unitRef="cny">10,709</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationExpense" scale="3" unitRef="cny">2,257</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; text-align: left; padding-left: 0.125in; padding-right: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Depreciation
    of right-of-use assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">9.5</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AdjustmentsForDepreciationOfRightOfUseAssets" scale="3" unitRef="cny">3,433</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AdjustmentsForDepreciationOfRightOfUseAssets" scale="3" unitRef="cny">4,139</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AdjustmentsForDepreciationOfRightOfUseAssets" scale="3" unitRef="cny">4,480</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; text-align: left; padding-left: 0.125in; padding-right: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Amortisation
    of intangible assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">9.5</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AmortisationExpense" scale="3" unitRef="cny">18,626</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AmortisationExpense" scale="3" unitRef="cny">8,422</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AmortisationExpense" scale="3" unitRef="cny">5,366</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; text-align: left; padding-left: 0.125in; padding-right: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Loss
    on disposal of property, plant and equipment</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:LossOnDisposalOfPropertyPlantAndEquipment" scale="3" sign="-" unitRef="cny">809</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:LossOnDisposalOfPropertyPlantAndEquipment" scale="3" sign="-" unitRef="cny">1,112</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="kuke:LossOnDisposalOfPropertyPlantAndEquipment" scale="3" sign="-" unitRef="cny">4</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; text-align: left; padding-left: 0.125in; padding-right: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Covid-19-related
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">24</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AdjustmentsForCovid19RelatedRentConcessionsFromLessor" scale="3" unitRef="cny">859</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-49; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AdjustmentsForCovid19RelatedRentConcessionsFromLessor" scale="3" unitRef="cny">778</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; text-align: left; padding-left: 0.125in; padding-right: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Recognition
    of equity-settled share-based payment expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">29</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForSharebasedPayments" scale="3" unitRef="cny">15,208</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForSharebasedPayments" scale="3" unitRef="cny">53,933</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForSharebasedPayments" scale="3" unitRef="cny">19,416</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; padding-left: 0.125in; padding-right: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Share
    of loss of a joint venture</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-50; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AdjustmentsForShareOfLossOfJointVenture" scale="3" unitRef="cny">491</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AdjustmentsForShareOfLossOfJointVenture" scale="3" unitRef="cny">9</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; padding-left: 0.25in; padding-right: 0pt; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">Change
    in fair value of equity investment at fair value through profit or loss</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" scale="3" unitRef="cny">1,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-51; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-52; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; text-align: left; padding-left: 0.125in; padding-right: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Impairment
    of trade receivables, net</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AdjustmentsForImpairmentOfAnAmountDueFromARelatedParty" scale="3" unitRef="cny">99,595</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AdjustmentsForImpairmentOfAnAmountDueFromARelatedParty" scale="3" unitRef="cny">18,653</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AdjustmentsForImpairmentOfAnAmountDueFromARelatedParty" scale="3" unitRef="cny">34,983</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; text-align: left; padding-left: 0.125in; padding-right: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Impairment
    of other receivables and other assets, net</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" scale="3" unitRef="cny">20</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-53; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" scale="3" unitRef="cny">257</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; text-align: left; padding-left: 0.125in; padding-right: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Impairment
    of amount due from related parties and directors</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" scale="3" unitRef="cny">19</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-54; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-55; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; text-align: left; padding-left: 0.125in; padding-right: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Impairment
    of an amount due from a related party</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-56; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:ImpairmentOfAnAmountDueFromARelatedPartyinDollars" scale="3" unitRef="cny">2,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-57; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; padding-left: 0.125in; padding-right: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Impairment
    of Inventories</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">9.2</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossInventories" scale="3" unitRef="cny">7,840</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-58; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-59; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; text-align: left; padding-left: 0.125in; padding-right: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Impairment
    of property, plant and equipment</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">9.2</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:ImpairmentOfPropertyPlantAndEquipmentinDollars" scale="3" unitRef="cny">34,858</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-60; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-61; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; text-align: left; padding-left: 0.125in; padding-right: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Impairment
    of Intangible assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">9.2</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:ImpairmentOfIntangibleAssets" scale="3" unitRef="cny">427,314</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-62; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-63; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 1.5pt 0.125in; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Impairment
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    <td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">9.2</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill" scale="3" unitRef="cny">237,225</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-64; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-65; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-66; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AdjustmentsForIncreaseDecreaseInOtherPayablesAndAccruals" scale="3" sign="-" unitRef="cny">2,450</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="padding: 0pt 0pt 1.5pt; font-weight: bold; text-align: left; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Net
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; font-weight: bold; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Cash
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Interest
    received</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestReceivedClassifiedAsInvestingActivities" scale="3" unitRef="cny">33</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestReceivedClassifiedAsInvestingActivities" scale="3" unitRef="cny">63</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestReceivedClassifiedAsInvestingActivities" scale="3" unitRef="cny">45</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Investment
    in a joint venture</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-67; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-68; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="kuke:InvestmentInAJointVenture" scale="3" unitRef="cny">500</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">Investment
    in an unlisted equity investment at fair value through profit or loss</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-69; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:InvestmentInAnUnlistedEquityInvestmentAtFairValueThroughProfitOrLoss" scale="3" unitRef="cny">1,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-70; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Acquisition
    of a subsidiary</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">8</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" scale="3" sign="-" unitRef="cny">315</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-71; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" scale="3" sign="-" unitRef="cny">1,073</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Purchase
    of intangible assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" scale="3" unitRef="cny">19,852</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" scale="3" unitRef="cny">20,333</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" scale="3" unitRef="cny">10,145</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Purchase
    of property, plant and equipment</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" scale="3" unitRef="cny">158</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" scale="3" unitRef="cny">16,382</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" scale="3" unitRef="cny">948</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Advance
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashAdvancesAndLoansMadeToRelatedParties" scale="3" unitRef="cny">2,089</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashAdvancesAndLoansMadeToRelatedParties" scale="3" unitRef="cny">900</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashAdvancesAndLoansMadeToRelatedParties" scale="3" unitRef="cny">18,498</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Repayment
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-72; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-73; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToRelatedParties" scale="3" unitRef="cny">17,398</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Repayment
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-74; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities" scale="3" unitRef="cny">3,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities" scale="3" unitRef="cny">6,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">Decrease/
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Proceeds
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 1.5pt; text-align: left; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Receipt
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" scale="3" sign="-" unitRef="cny">291,205</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" scale="3" sign="-" unitRef="cny">121,337</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; font-weight: bold; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Cash
    flows from financing activities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Proceeds
    from issuance of ordinary shares</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" scale="3" unitRef="cny">828</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" scale="3" unitRef="cny">292,958</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" scale="3" unitRef="cny">90,406</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Repurchase
    of shares</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-76; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:RepurchaseOfShares" scale="3" unitRef="cny">1,274</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-77; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Proceeds
    from bank borrowings</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:ProceedsFromBankCurrentBorrowings" scale="3" unitRef="cny">30,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:ProceedsFromBankCurrentBorrowings" scale="3" unitRef="cny">10,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="kuke:ProceedsFromBankCurrentBorrowings" scale="3" unitRef="cny">10,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Repayment
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:RepaymentOfBankBorrowingsinDollars" scale="3" unitRef="cny">10,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:RepaymentOfBankBorrowingsinDollars" scale="3" unitRef="cny">10,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="kuke:RepaymentOfBankBorrowingsinDollars" scale="3" unitRef="cny">5,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Proceeds
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="3" unitRef="cny">37,880</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="3" unitRef="cny">23,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-78; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif">Repayment
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalents" scale="3" sign="-" unitRef="cny">53,620</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalents" scale="3" unitRef="cny">59,045</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalents" scale="3" unitRef="cny">5,425</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalents" scale="3" unitRef="cny">59,045</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c31" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalents" scale="3" unitRef="cny">25,719</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 397.45pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">The
accompanying notes are an integral part of the consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="a_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfAdditionalInformationExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfAdditionalInformationExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>1. Corporate
information</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAdditionalInformationExplanatory-c0_cont_2" id="_DisclosureOfAdditionalInformationExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Company was incorporated in the Cayman Islands on September&#160;13, 2017, as an exempted company with limited liability under the Companies
Law, Cap. 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAdditionalInformationExplanatory-c0_cont_3" id="_DisclosureOfAdditionalInformationExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
principal activity of the Company is investment holding while its subsidiaries are principally engaged in the distribution of commercial
copyrights, provision of music education solutions, sales of musical instruments and provision of services related to music events and
performances in the People&#8217;s Republic of China (the &#8220;PRC&#8221;).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAdditionalInformationExplanatory-c0_cont_4" id="_DisclosureOfAdditionalInformationExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
February 2020, the Company acquired a <ix:nonFraction contextRef="c56" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" unitRef="pure">100</ix:nonFraction>% equity interest in Rosenkavalier Limited (&#8220;Rosenkavalier&#8221;), Degas Limited (&#8220;Degas&#8221;)
and Beijing Lecheng Future Culture Media Co., Ltd. (&#8220;Beijing Lecheng&#8221;) (collectively, the &#8220;Rosenkavalier Group&#8221;),
which provides services related to music festival events, music performance services and the licensing of music catalogues through Beijing
Music Festival Culture Communication Co., Ltd (&#8220;BMF Culture&#8221;).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAdditionalInformationExplanatory-c0_cont_5" id="_DisclosureOfAdditionalInformationExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Variable
interest entity agreements (&#8220;VIE agreements&#8221;) were also entered into, conferring Beijing Lecheng the right to substantially influence
and to receive variable returns from BMF Culture. As a result of the VIE agreements, BMF Culture was consolidated as an indirect subsidiary
of the Group.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 131; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>1. Corporate
information (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfAdditionalInformationExplanatory-c0_cont_6" id="_DisclosureOfAdditionalInformationExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
at the date of these consolidated financial statements, the Company had direct or indirect interests in the subsidiaries as set out below,
all of which are private entities with limited liabilities. All companies now comprising the Group have adopted December&#160;31 as their
financial year-end date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAdditionalInformationExplanatory-c0_cont_7" id="_DisclosureOfAdditionalInformationExplanatory-c0_cont_6"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal</b></span></td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directly</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Indirectly</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>activities</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 30%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Rococo
    Holding<br/> Limited (&#8220;Rococo&#8221;)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; width: 18%; text-align: center"><ix:nonNumeric contextRef="c58" name="ifrs-full:PrincipalPlaceOfBusinessOfSubsidiary"><span style="font-family: Times New Roman, Times, Serif">British Virgin Islands<br/> (&#8220;BVI&#8221;), limited liability<br/> company<br/> September 21, 2017</span></ix:nonNumeric></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left; width: 3%; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 15%; text-align: center"><ix:nonNumeric contextRef="c58" name="kuke:PrincipalActivities"><span style="font-family: Times New Roman, Times, Serif">Investment holding</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Rosenkavalier
    Limited<br/> (&#8220;Rosenkavalier&#8221;)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c59" name="ifrs-full:PrincipalPlaceOfBusinessOfSubsidiary"><span style="font-family: Times New Roman, Times, Serif">BVI, limited liability<br/> company<br/> October 2, 2019</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c59" decimals="2" format="ixt:num-dot-decimal" name="kuke:PercentageOfOwnershipinterestVotingRightsDirectly" scale="-2" unitRef="pure">100</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gauguin
    Limited<br/> (&#8220;Gauguin&#8221;)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-87; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c60" decimals="2" format="ixt:num-dot-decimal" name="kuke:PercentageOfOwnershipinterestVotingRightsIndirectly" scale="-2" unitRef="pure">100</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: center"><ix:nonNumeric contextRef="c60" name="kuke:PrincipalActivities"><span style="font-family: Times New Roman, Times, Serif">Investment holding</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Degas
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-88; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c61" decimals="2" format="ixt:num-dot-decimal" name="kuke:PercentageOfOwnershipinterestVotingRightsIndirectly" scale="-2" unitRef="pure">100</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Kuke
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    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c62" name="ifrs-full:PrincipalPlaceOfBusinessOfSubsidiary"><span style="font-family: Times New Roman, Times, Serif">PRC, limited liability<br/> company<br/> December 14, 2017</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-89; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c62" decimals="2" format="ixt:num-dot-decimal" name="kuke:PercentageOfOwnershipinterestVotingRightsIndirectly" scale="-2" unitRef="pure">100</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: center"><ix:nonNumeric contextRef="c62" name="kuke:PrincipalActivities"><span style="font-family: Times New Roman, Times, Serif">Investment holding</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Beijing
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-90; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c63" decimals="2" format="ixt:num-dot-decimal" name="kuke:PercentageOfOwnershipinterestVotingRightsIndirectly" scale="-2" unitRef="pure">100</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">US$</span></td>
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    <td style="text-align: center"><ix:nonNumeric contextRef="c63" name="kuke:PrincipalActivities"><span style="font-family: Times New Roman, Times, Serif">Investment holding</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Beijing
    Kuke Music Co. Ltd.*<br/> (formerly known as<br/> Beijing Cathay Orient<br/> Information Technology<br/> Company Limited)<br/> (&#8220;Beijing
    Kuke Music&#8221;)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-91; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c64" decimals="2" format="ixt:num-dot-decimal" name="kuke:PercentageOfOwnershipinterestVotingRightsIndirectly" scale="-2" unitRef="pure">100</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td>
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    <td style="text-align: center"><ix:nonNumeric contextRef="c64" name="kuke:PrincipalActivities"><span style="font-family: Times New Roman, Times, Serif">Distribution of<br/> commercial copyrights<br/> and provision of music<br/> education solutions</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Beijing
    Naxos Cultural<br/> Communication Co. Ltd.*<br/> (&#8220;Naxos China&#8221;)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c65" name="ifrs-full:PrincipalPlaceOfBusinessOfSubsidiary"><span style="font-family: Times New Roman, Times, Serif">PRC, limited liability<br/> company<br/> January 25, 2016</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-92; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c65" decimals="2" format="ixt:num-dot-decimal" name="kuke:PercentageOfOwnershipinterestVotingRightsIndirectly" scale="-2" unitRef="pure">51</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td>
    <td style="text-align: right"><ix:nonNumeric contextRef="c65" name="kuke:IssuedAndRegisteredCapital"><span style="font-family: Times New Roman, Times, Serif">2,000,000</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c65" name="kuke:PrincipalActivities"><span style="font-family: Times New Roman, Times, Serif">Distribution of<br/> commercial<br/> copyrights</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Beijing
    Music Festival<br/> Culture Communication<br/> Co., Ltd.* (&#8220;BMF Culture&#8221;)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c66" name="ifrs-full:PrincipalPlaceOfBusinessOfSubsidiary"><span style="font-family: Times New Roman, Times, Serif">PRC, limited liability<br/> company<br/> August 26, 2003</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-93; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c66" decimals="2" format="ixt:num-dot-decimal" name="kuke:PercentageOfOwnershipinterestVotingRightsIndirectly" scale="-2" unitRef="pure">100</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td>
    <td style="text-align: right"><ix:nonNumeric contextRef="c66" name="kuke:IssuedAndRegisteredCapital"><span style="font-family: Times New Roman, Times, Serif">19,500,000</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c66" name="kuke:PrincipalActivities"><span style="font-family: Times New Roman, Times, Serif">Distribution of<br/> commercial copyrights,<br/> sale of musical instruments<br/> and provision of<br/> services related to music events and performances</span></ix:nonNumeric></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 132; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>1. Corporate
information (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfAdditionalInformationExplanatory-c0_cont_8" id="_DisclosureOfAdditionalInformationExplanatory-c0_cont_7"><ix:continuation continuedAt="_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory-c0_cont_2" id="_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Place
    and date<br/> of incorporation/</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Percentage
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    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Issued and
    fully paid<br/> ordinary share capital/</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Principal</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0.125in; font-weight: bold; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">Name</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">establishment</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Directly</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Indirectly</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">registered&#160;capital</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">activities</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; width: 30%; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">Beijing
    Kuke Music<br/> Education Technology<br/> Co., Ltd.* (&#8220;Music Education&#8221;)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; width: 18%; text-align: center"><ix:nonNumeric contextRef="c67" name="ifrs-full:PrincipalPlaceOfBusinessOfSubsidiary"><span style="font-family: Times New Roman, Times, Serif">PRC, limited liability<br/> company<br/> April 14, 2021</span></ix:nonNumeric></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c67" decimals="2" format="ixt:num-dot-decimal" name="kuke:PercentageOfOwnershipinterestVotingRightsIndirectly" scale="-2" unitRef="pure">100</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; width: 3%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="width: 13%; text-align: right"><ix:nonNumeric contextRef="c67" name="kuke:IssuedAndRegisteredCapital"><span style="font-family: Times New Roman, Times, Serif">10,000,000</span></ix:nonNumeric></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; width: 15%; text-align: center"><ix:nonNumeric contextRef="c67" name="kuke:PrincipalActivities"><span style="font-family: Times New Roman, Times, Serif">Investment holding</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">Beijing
    Kuke Music Culture Co., Ltd. (formly known as &#8220;Beijing Successor Educational Equipment Co., Ltd&#8221;) *<br/> (&#8220;Music
    Culture&#8221;)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c68" name="ifrs-full:PrincipalPlaceOfBusinessOfSubsidiary"><span style="font-family: Times New Roman, Times, Serif">PRC, limited liability<br/> company<br/> January 6, 2020</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c68" decimals="2" format="ixt:num-dot-decimal" name="kuke:PercentageOfOwnershipinterestVotingRightsIndirectly" scale="-2" unitRef="pure">51</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: center"><ix:nonNumeric contextRef="c68" name="kuke:PrincipalActivities"><span style="font-family: Times New Roman, Times, Serif">Provide music equipment sales</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">Shanghai
    Kuke Fangyue Education Technology Center LLP*<br/> (&#8220;Kuke Fangyue&#8221;)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c69" name="ifrs-full:PrincipalPlaceOfBusinessOfSubsidiary"><span style="font-family: Times New Roman, Times, Serif">PRC, limited partnership<br/> June 24, 2021</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c69" decimals="2" format="ixt:num-dot-decimal" name="kuke:PercentageOfOwnershipinterestVotingRightsIndirectly" scale="-2" unitRef="pure">60</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: center"><ix:nonNumeric contextRef="c69" name="kuke:PrincipalActivities"><span style="font-family: Times New Roman, Times, Serif">Dormant</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">Shanghai
    Kuke Xingkong Cultural Media Center LLP*<br/> (&#8220;Kuke Xingkong&#8221;)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c70" name="ifrs-full:PrincipalPlaceOfBusinessOfSubsidiary"><span style="font-family: Times New Roman, Times, Serif">PRC, limited partnership<br/> June 25, 2021</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c70" decimals="2" format="ixt:num-dot-decimal" name="kuke:PercentageOfOwnershipinterestVotingRightsIndirectly" scale="-2" unitRef="pure">90</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    Kuke Linhui Education Technology Center LLP* (&#8220;Kuke Linhui&#8221;)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="vertical-align: bottom; text-align: center"><ix:nonNumeric contextRef="c71" name="kuke:PrincipalActivities"><span style="font-family: Times New Roman, Times, Serif">Dormant</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    Kuke Education Technology Co.,Ltd.*<br/> (&#8220;Fuzhou Kuke&#8221;)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c72" decimals="2" format="ixt:num-dot-decimal" name="kuke:PercentageOfOwnershipinterestVotingRightsIndirectly" scale="-2" unitRef="pure">80</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="vertical-align: bottom; text-align: center"><ix:nonNumeric contextRef="c72" name="kuke:PrincipalActivities"><span style="font-family: Times New Roman, Times, Serif">Dormant</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">Tianjin
    Kuke Xingkong Education Consulting., Ltd. *<br/> (&#8220;Tianjin Kuke&#8221;)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">Shijiazhuang
    Kuke Linhui Education Technology Co.,Ltd.*<br/> (&#8220;Shijiazhuang Kuke&#8221;)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c74" name="ifrs-full:PrincipalPlaceOfBusinessOfSubsidiary"><span style="font-family: Times New Roman, Times, Serif">PRC, limited liability<br/> company<br/> July 22, 2021</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c74" decimals="2" format="ixt:num-dot-decimal" name="kuke:PercentageOfOwnershipinterestVotingRightsIndirectly" scale="-2" unitRef="pure">96</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="text-align: right"><ix:nonNumeric contextRef="c74" name="kuke:IssuedAndRegisteredCapital"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">400,000</span></ix:nonNumeric></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: center"><ix:nonNumeric contextRef="c74" name="kuke:PrincipalActivities"><span style="font-family: Times New Roman, Times, Serif">Dormant</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">Beijing
    Hemule Cultural Co., Ltd. *<br/> (&#8220;Hemule Cultural&#8221;)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c75" name="ifrs-full:PrincipalPlaceOfBusinessOfSubsidiary"><span style="font-family: Times New Roman, Times, Serif">PRC, limited liability<br/> company<br/> August 31, 2022</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-95; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c75" decimals="2" format="ixt:num-dot-decimal" name="kuke:PercentageOfOwnershipinterestVotingRightsIndirectly" scale="-2" unitRef="pure">100</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: hidden-fact-96">Dormant</span></span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAdditionalInformationExplanatory-c0_cont_9" id="_DisclosureOfAdditionalInformationExplanatory-c0_cont_8"><ix:continuation id="_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">*</span></td><td style="text-align: left"><ix:footnote id="ix_0_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif">The English names of these companies represent the best efforts made by the Company to translate their Chinese names as these companies do not have official English names.</span></ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAdditionalInformationExplanatory-c0_cont_10" id="_DisclosureOfAdditionalInformationExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">(b)
Liquidity and going concern</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAdditionalInformationExplanatory-c0_cont_11" id="_DisclosureOfAdditionalInformationExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group&#8217;s consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets
and liquidation of liabilities during the normal course of operations. As of December 31, 2022, the Group had cash and cash equivalents
of RMB<ix:nonFraction contextRef="c57" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalents" scale="0" unitRef="cny">5,425</ix:nonFraction> and has generated a net loss from continuing operations of RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossIncludingNetMovementInRegulatoryDeferralAccountBalancesRelatedToProfitOrLossAndNetMovementInRelatedDeferredTaxAttributableToOwnersOfParent" scale="0" unitRef="cny">896,907</ix:nonFraction> and cash outflows for continuing operations of RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossFromContinuingOperations" scale="0" unitRef="cny">53,620</ix:nonFraction> for the year then ended.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>1.
Corporate information (continued)</b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfAdditionalInformationExplanatory-c0_cont_12" id="_DisclosureOfAdditionalInformationExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group&#8217;s largest institutional investor, Huaqiang Capital, has reached a verbal agreement with the Group
to provide approximately RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="kuke:WorkingCapital" scale="0" unitRef="cny">20,000,000</ix:nonFraction> to supplement our working capital. By 2022, the epidemic has ended, and all our business operations are rapidly recovering, showing
positive trends that will also provide financial support for the company&#8217;s development. Since the outbreak of the epidemic, the
company has reduced its operating costs through measures such as organizational restructuring, adjustments to the business structure,
and personnel optimization.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAdditionalInformationExplanatory-c0_cont_13" id="_DisclosureOfAdditionalInformationExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Management
believes that the Group&#8217;s current working capital, anticipated cash flows from operations will sustain our operations and business
expansion. If the Group&#8217;s business strategies are not successful in addressing its current financial concerns, additional capital
raise from issuing equity security or debt instrument may be needed to support the cash requirements. However, there is no assurance
that the Group will be able to raise adequate funds at acceptable terms to fund its operations going forward. These conditions raise
substantial doubt about the Group&#8217;s ability to continue as a going concern. The consolidated financial statements have been prepared
assuming that the Group will continue as a going concern and, accordingly, do not include any adjustments that might result from the
outcome of this uncertainty.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAdditionalInformationExplanatory-c0_cont_14" id="_DisclosureOfAdditionalInformationExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">(c)
Impact of the COVID-19 pandemic</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfAdditionalInformationExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group has experienced reductions and cancellations of orders due to effects of the COVID-19 in 2022. Affected by the epidemic,
the number, amount and frequency of purchases of smart music education business customers have been reduced. The government cut budget
of subscribing music correspondingly. Arranged music events have been forced to be cancelled. As a result, the Group&#8217;s sales have
been negatively impacted by the pandemic decreasing from RMB<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="kuke:ImpactOfCOVID19Pandemic" scale="0" unitRef="cny">295,897</ix:nonFraction> in 2021 to RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="kuke:ImpactOfCOVID19Pandemic" scale="0" unitRef="cny">115,115</ix:nonFraction> in 2022.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" continuedAt="kuke_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatory-c0_cont_1" escape="true" name="kuke:DescriptionOfAccountingPolicyForBasisOfPreparationExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.1
Basis of preparation</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatory-c0_cont_2" id="kuke_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
consolidated financial statements are prepared in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;) issued
by the International Accounting Standards Board (&#8220;IASB&#8221;).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatory-c0_cont_3" id="kuke_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
consolidated financial statements of the Company were authorised for issue in accordance with a resolution of the directors on May 15,
2023.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatory-c0_cont_4" id="kuke_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
consolidated financial statements are prepared on a going concern basis.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatory-c0_cont_5" id="kuke_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
consolidated financial statements are prepared on a historical cost basis, except for equity investment at fair value through profit
or loss (&#8220;FVTPL&#8221;) that has been measured at fair value.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6"><ix:continuation id="kuke_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
consolidated financial statements are presented in Renminbi (&#8220;RMB&#8221;) and all values are rounded to the nearest thousands,
except for the number of shares and loss per share data.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 134; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7"><ix:nonNumeric contextRef="c0" continuedAt="kuke_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_1" escape="true" name="kuke:DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.2
Basis of consolidation</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_2" id="kuke_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
consolidated financial statements comprise the financial statements of the Company, its subsidiaries and consolidated VIEs, (collectively
referred to as the &#8220;Group&#8221;) as at December&#160;31, 2022 and 2021. A subsidiary is an entity (including a structured entity),
directly or indirectly, controlled by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns
from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically,
the Group controls an investee if, and only if, the Group has:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 66pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_3" id="kuke_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Power
                                            over the investee (i.e.,&#160;existing rights that give it the current ability to direct
                                            the relevant activities of the investee)</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 66pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_11" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_4" id="kuke_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Exposure,
                                            or rights, to variable returns from its involvement with the investee</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 66pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_11"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_5" id="kuke_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">The
                                            ability to use its power over the investee to affect its returns</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_13" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_6" id="kuke_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Generally,
there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than
a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether
it has power over an investee, including:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 66pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_14" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_13"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_7" id="kuke_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">The
                                            contractual arrangement(s) with the other vote holders of the investee</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 66pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_15" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_14"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_8" id="kuke_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Rights
                                            arising from other contractual arrangements</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 66pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_16" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_15"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_9" id="kuke_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">The
                                            Group&#8217;s voting rights and potential voting rights</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_17" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_16"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_10" id="kuke_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of
the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when
the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the
year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control
the subsidiary.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 135; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.2
Basis of consolidation (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_18" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_17"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_11" id="kuke_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Profit
or loss and each component of other comprehensive income (&#8220;OCI&#8221;) are attributed to the equity holders of the parent of the
Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary,
adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group&#8217;s accounting
policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of
the Group are eliminated in full on consolidation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_19" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_18"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_12" id="kuke_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">A
change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_20" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_19"><ix:continuation id="kuke_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">If
the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest
and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised
at fair value.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_21" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.3
Summary of significant accounting policies</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_22" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_21"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>a)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Business combinations and goodwill</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_23" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_22"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Business
combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration
transferred, which is measured at the acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For
each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the
proportionate share of the acquiree&#8217;s identifiable net assets. Acquisition-related costs are expensed as incurred and included
in administrative expenses.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_24" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_23"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process
that together significantly contribute to the ability to create outputs.&#160; The acquired process is considered substantive if it is
critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills,
knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is
considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_25" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_24"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">When
the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation
in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the
separation of embedded derivatives in host contracts by the acquiree.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_26" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_25"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Any
contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. Contingent consideration
classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified
as an asset or liability that is a financial instrument and within the scope of IFRS&#160;9 <i>Financial Instruments</i> is measured
at fair value with the changes in fair value recognised in profit or loss in accordance with IFRS&#160;9. Other contingent consideration
that is not within the scope of IFRS&#160;9 is measured at fair value at each reporting date with changes in fair value recognised in
profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.3
Summary of significant accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>a)</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Business
                                            combinations and goodwill (continued)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_27" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_26"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Goodwill
is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling
interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the
net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified
all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised
at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration
transferred, then the gain is recognised in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_28" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_27"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">After
initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill
acquired in a business combination is, from the acquisition date, allocated to each of the Group&#8217;s cash-generating units (&#8220;CGUs&#8221;)
that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to
those units.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_29" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_28"><ix:continuation id="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Where
goodwill is allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation
is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances
is measured based on the relative values of the operation disposed of and the portion of the CGU retained.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_30" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_29"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>b)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Investment in a joint venture</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_31" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_30"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_2" id="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">A
joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets
of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions
about the relevant activities require the unanimous consent of the parties sharing control.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_32" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_31"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_3" id="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
considerations made in determining joint control are similar to those necessary to determine control over subsidiaries. The Group&#8217;s
investment in a joint venture is accounted for using the equity method.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_33" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_32"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_4" id="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Under
the equity method, the investment in a joint venture is initially recognised at cost. The carrying amount of the investment is adjusted
to recognise changes in the Group&#8217;s share of net assets of joint venture since the acquisition date. Goodwill relating to the joint
venture is included in the carrying amount of the investment and is not tested for impairment separately.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_34" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_33"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_5" id="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
consolidated statement of profit or loss and other comprehensive income reflects the Group&#8217;s share of the results of operations
of the joint venture. Any change in OCI of those investees is presented as part of the Group&#8217;s OCI. In addition, when there has
been a change recognised directly in the equity of the joint venture, the Group recognises its share of any changes, when applicable,
in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the joint venture
are eliminated to the extent of the interest in the joint venture.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 137; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.3
Summary of significant accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>b)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Investment
                                            in a joint venture (continued) </b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_35" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_34"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_6" id="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
aggregate of the Group&#8217;s share of profit or loss of a joint venture is shown on the face of the consolidated statements of profit
or loss and other comprehensive income outside operating profit and represents profit or loss after tax and non-controlling interests
in the subsidiaries of the joint venture.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_36" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_35"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_7" id="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
financial statements of the joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made
to bring the accounting policies in line with those of the Group.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_37" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_36"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_8" id="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">After
application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its
joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the joint venture
is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount
of the joint venture and its carrying value, and then recognises the loss within &#8216;Share of profit/(loss) of a joint venture&#8217;
in the consolidated statement of profit or loss and other comprehensive income.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_38" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_37"><ix:continuation id="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Upon
loss of joint control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference
between the carrying amount of the joint venture upon loss of joint control and the fair value of the retained investment and proceeds
from disposal is recognised in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_39" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_38"><ix:nonNumeric contextRef="c0" continuedAt="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_1" escape="true" name="kuke:DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>c)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Current versus non-current classification</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_40" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_39"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_2" id="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is
current when it is:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_41" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_40"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_3" id="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Expected
                                            to be realised or intended to be sold or consumed in the normal operating cycle</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_42" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_41"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_4" id="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Held
                                            primarily for the purpose of trading</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_43" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_42"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_5" id="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Expected
                                            to be realised within twelve months after the reporting period</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_44" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_43"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_6" id="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif">or</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_45" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_44"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_7" id="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Cash
                                            or cash equivalents unless restricted from being exchanged or used to settle a liability
                                            for at least twelve months after the reporting period</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_46" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_45"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_8" id="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">All
other assets are classified as non-current.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_47" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_46"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_9" id="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">A
liability is current when:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_48" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_47"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_10" id="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">It is
                                            expected to be settled in the normal operating cycle</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_49" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_48"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_11" id="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">It is
                                            held primarily for the purpose of trading</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 138; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.3
Summary of significant accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>c)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Current
                                            versus non-current classification (continued)</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_50" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_49"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_12" id="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">It is
                                            due to be settled within twelve months after the reporting period</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_51" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_50"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_13" id="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif">or</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_52" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_51"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_14" id="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">There
                                            is no unconditional right to defer the settlement of the liability for at least twelve months
                                            after the reporting period</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_53" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_52"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_15" id="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do
not affect its classification.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_54" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_53"><ix:continuation continuedAt="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_16" id="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group classifies all other liabilities as non-current.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_55" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_54"><ix:continuation id="kuke_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Deferred
tax assets and liabilities are classified as non-current assets and liabilities.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_56" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_55"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>d)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Revenue from contracts with customers</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_57" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_56"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_2" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Revenue
from contracts with customers is recognised when control of the services or goods are transferred to the customer at an amount that reflects
the consideration to which the Group expects to be entitled in exchange for those services or goods. Revenue is recognised net of value
added taxes (&#8220;VAT&#8221;) as the VAT is levied on the customer and the Group is collecting VAT on behalf of third parties. The
Group does not adjust the transaction price for the effects of a significant financing component if the period between when the entity
transfers the promised good or service and when the customer pays for that good or service is within <span style="-sec-ix-hidden: hidden-fact-97">one</span> year. The revenue arrangements
with a significant financing component are immaterial for the reporting periods.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_58" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_57"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_3" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
disclosures of significant accounting judgements, estimates and assumptions relating to revenue from contracts with customers are provided
in Note&#160;3.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_59" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_58"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_4" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group is in the business of distributing commercial copyrights, providing music education solutions, selling musical instruments and
providing services related to music events and performances.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_60" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_59"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_5" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Subscription
revenue</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_61" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_60"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_6" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Subscription
revenue is generated from the sale of smart music devices and providing customers with the right to access the Group&#8217;s and third-party
databases through websites and mobile apps. Customers of database subscription services primarily consist of universities, colleges and
public libraries in the PRC, which pay for access by their respective students, faculty members or library patrons or, as the case may
be, and to a lesser extent, individuals. The Group also offers various smart music devices to institutional customers, allowing offline
access to selected music content.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 139; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.3
Summary of significant accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>d)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Revenue
                                            from contracts with customers (continued) </b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_62" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_61"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_7" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(i) Subscription
revenue - music content database services</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_63" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_62"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_8" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group provides web-based and mobile-based access to the music content database to its customers, mainly universities, colleges and public
libraries and is the principal of the arrangement. The performance obligation consists of providing music database access and related
services (e.g.&#160;24-hour remote support services) that are not considered distinct in the context of the contract. The performance
obligation is satisfied over the subscription period. The payment is generally due in <ix:nonNumeric contextRef="c77" format="ixt-sec:durday" name="kuke:SubscriptionServicePaymentPeriod">7</ix:nonNumeric> to <ix:nonNumeric contextRef="c78" format="ixt-sec:duryear" name="kuke:SubscriptionServicePaymentPeriod">365</ix:nonNumeric>&#160;days after the Group begins to provide
the customer access to the music content database. In some contracts, short-term advances are required before the database service is
provided.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_64" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_63"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_9" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(ii) Subscription
revenue - third-party database service</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_65" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_64"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_10" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group acts as an agent for database owners which provide database services to colleges and public libraries. The Group recognises revenue
at the net amount that is retained from these arrangements. The performance obligation is satisfied when the Group has sold the database
services and the payment is generally due in <ix:nonNumeric contextRef="c79" format="ixt-sec:durday" name="kuke:SubscriptionServicePaymentPeriod">7</ix:nonNumeric> to <ix:nonNumeric contextRef="c80" format="ixt-sec:duryear" name="kuke:SubscriptionServicePaymentPeriod">365</ix:nonNumeric>&#160;days after the database owners begin to provide database access to the customers.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_66" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_65"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_11" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(iii)
Subscription revenue - sale of smart music devices</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_67" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_66"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_12" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group sells hardware with embedded content and revenue is recognised upon delivery of the devices. The payment is generally due within
<ix:nonNumeric contextRef="c81" format="ixt-sec:duryear" name="kuke:SubscriptionServicePaymentPeriod">1</ix:nonNumeric>&#160;year from delivery.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_68" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_67"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_13" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Licensing</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_69" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_68"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_14" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Licensing
revenue is generated by licensing certain music copyrights to internet music service providers for digital streaming or downloading through
their online platforms. Licensing customers also include, to a much lesser extent, digital music service providers, smart hardware manufacturers
and game developers. The licensing business mainly includes <ix:nonFraction contextRef="c0" decimals="INF" format="ixt-sec:numwordsen" name="kuke:NumberOfContractsUnderLicensingBusiness" scale="0" unitRef="pure">two</ix:nonFraction> types of contracts: (i)&#160;licensing with fixed payment; and (ii)&#160;licensing
with a minimum guarantee and a revenue-sharing arrangement.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_70" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_69"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_15" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(i) Licensing
- with a fixed payment</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_71" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_70"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_16" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group licenses specific music content to the customers. Revenue is recognised when the licensed copyright is made available for the customer&#8217;s
use and benefit, typically upon transfer of the licensed content to the customer. Payment is generally due within <ix:nonNumeric contextRef="c82" format="ixt-sec:durday" name="kuke:LicensingWithFixedPaymentPeriod">90</ix:nonNumeric> to <ix:nonNumeric contextRef="c76" format="ixt-sec:duryear" name="kuke:LicensingWithFixedPaymentPeriod">365</ix:nonNumeric>&#160;days
from the transfer.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 140; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.3
Summary of significant accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>d)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Revenue
                                            from contracts with customers (continued) </b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_72" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_71"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_17" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(ii) Licensing
- with a minimum guarantee and a revenue-sharing arrangement</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_73" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_72"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_18" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
these arrangements, the Group typically: (i)&#160;licenses a specific listing of music content; and (ii)&#160;licenses future music content
on an if-and-when-available basis over a specified period of time. The performance obligation relating to the licensing of a specific
listing of music content is satisfied when the specified licensed copyright is made available for the customer&#8217;s use and benefit,
typically, upon transfer of the licensed content to the customer. The performance obligation relating to the licensing of future music
content is satisfied over the specified licensing period. These arrangements typically include a minimum guarantee payment and a revenue-sharing
arrangement which requires additional payments if the usage of the music content exceeds specified thresholds. Royalties exceeding the
minimum guaranteed amount is recognised when the usage occurs. <span style="-sec-ix-hidden: hidden-fact-100">No</span> royalties exceeding the minimum guaranteed amount were received during
the reporting period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_74" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_73"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_19" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
minimum guarantee is generally due in <ix:nonNumeric contextRef="c82" format="ixt-sec:durday" name="kuke:LicensingWithMinimumGuaranteePeriod">7</ix:nonNumeric> to <ix:nonNumeric contextRef="c76" format="ixt-sec:duryear" name="kuke:LicensingWithMinimumGuaranteePeriod">365</ix:nonNumeric>&#160;days from delivery of the existing music content, and the royalties from the revenue-sharing
arrangement is calculated on a monthly or quarterly basis and are due within 30&#160;days from the month or quarter end.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_75" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_74"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_20" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Smart
music education business</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_76" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_75"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_21" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group has two business models for its smart music education business: sale of smart music products and smart music education classes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_77" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_76"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_22" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(i) Sale
of smart music products</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_78" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_77"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_23" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Revenue
from the sale of smart music products includes the sale of: (i)&#160;integrated Kukey smart pianos; (ii) a&#160;self-developed smart
teaching system installed on a network storage server; and (iii)&#160;piano accessories such as professional around-ear headphones. Revenue
is recognised upon delivery of the specified smart music products. The payment is generally due within <ix:nonNumeric contextRef="c81" format="ixt-sec:duryear" name="kuke:GoodsAndServicePaymentPeriod">1</ix:nonNumeric>&#160;year from delivery.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_79" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_78"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_24" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(ii) Smart
music education</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_80" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_79"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_25" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group provides music education classes conducted through Kukey smart pianos. The performance obligation is satisfied overtime as the
student attends the music education class and customers have generally prepaid for the smart music education services.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_81" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_80"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_26" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Music
events and performances </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_82" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_81"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_27" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(i) Music
festival events services</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_83" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_82"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_28" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group executes music festival events for the organisers. The Group also provides related sponsorship services to the patrons who sponsor
these music festivals. The sponsorship services may include placement of advertisements in the music festivals and organising pre-concert
events such as cocktail parties, production of publicity materials, and arrangement of media interviews for sponsors.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_84" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_83"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_29" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group recognises revenue from services related to music festival events over time as the music festival takes place and recognises sponsorship
service revenue over time when such services are provided to the patrons because the customer simultaneously receives and consumes the
benefits provided by the Group.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 141; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.3
Summary of significant accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>d)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Revenue
                                            from contracts with customers (continued)</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_85" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_84"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_30" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(ii) Music
performance services</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_86" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_85"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_31" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group executes music performance activities for the organisers.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_87" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_86"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_32" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group recognises revenue from music performance services over time as the music performance takes place because the customer simultaneously
receives and consumes the benefits provided by the Group.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_88" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_87"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_33" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>(iii)
Sale of musical instruments </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_89" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_88"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_34" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group sells hardware with embedded content and revenue is recognised upon delivery of the instruments. The payment is generally due within
<ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="kuke:GoodsAndServicePaymentPeriod">1</ix:nonNumeric>&#160;year from delivery.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_90" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_89"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_35" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Cost to
obtain a contract</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_91" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_90"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_36" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group applies the optional practical expedient to immediately expense costs to obtain a contract if the amortisation period of the asset
that would have been recognised is <span style="-sec-ix-hidden: hidden-fact-98">one</span> year or less. As such, sales commissions are immediately recognised as an expense as incurred.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_92" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_91"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_37" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Contract
balances</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_93" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_92"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_38" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Trade
receivables</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_94" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_93"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_39" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_38"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">A
receivable is recognised if an amount of consideration that is unconditional is due from the customer (i.e.,&#160;only the passage of
time is required before payment of the consideration is due). Refer to accounting policies of financial assets in section&#160;(l) Financial
instruments&#8212;initial recognition and subsequent measurement.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_95" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_94"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_40" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_39"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Contract
liabilities</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_96" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_95"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_41" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_40"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">A
contract liability is recognised if a payment is received or a payment is due (whichever is earlier) from a customer before the Group
transfers the related services. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e.,&#160;transfers
control of the related goods or services to the customer).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_97" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_96"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_42" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_41"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Variable
consideration</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_98" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_97"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_43" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_42"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
licensing with a minimum guarantee and revenue-sharing arrangement contracts include variable consideration for which if the revenue-sharing
outcome exceeds the minimum guarantee, the consideration should be the revenue-sharing outcome, and if not, the consideration is the
minimum guarantee.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_99" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_98"><ix:continuation id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_43"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
revenue-sharing arrangement is a usage-based royalty promised in exchange for a licence of intellectual property which is only recognised
when the subsequent usage occurs.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.3
Summary of significant accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_100" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_99"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForGovernmentGrants-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>e)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Government grants</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_101" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_100"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForGovernmentGrants-c0_cont_2" id="_DescriptionOfAccountingPolicyForGovernmentGrants-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Government
grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied
with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs,
for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognised as income in equal amounts
over the expected useful life of the related asset.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_102" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_101"><ix:continuation id="_DescriptionOfAccountingPolicyForGovernmentGrants-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">When
the Group receives grants of non-monetary assets, the asset and the grant are recorded at nominal amounts and released to profit or loss
over the expected useful life of the asset, based on the pattern of consumption of the benefits of the underlying asset by equal annual
instalments.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_103" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_102"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>f)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Taxes</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_104" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_103"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Current
income tax</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_105" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_104"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Current
income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax
rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries
where the Group operates and generates taxable income.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_106" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_105"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Current
income tax relating to items recognised directly in equity is recognised in equity and not in profit or loss. Management periodically
evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation
and establishes provisions where appropriate.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_107" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_106"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Deferred
tax</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_108" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_107"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Deferred
tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying
amounts for financial reporting purposes at the reporting date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_109" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_108"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Deferred
tax liabilities are recognised for all taxable temporary differences, except:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_110" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_109"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">When
                                            the deferred tax liability arises from the initial recognition of goodwill or an asset or
                                            liability in a transaction that is not a business combination and, at the time of the transaction,
                                            affects neither the accounting profit nor taxable profit or loss</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_111" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_110"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">In respect
                                            of taxable temporary differences associated with investments in subsidiaries and a joint
                                            venture, when the timing of the reversal of the temporary differences can be controlled and
                                            it is probable that the temporary differences will not reverse in the foreseeable future</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_112" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_111"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Deferred
tax assets are recognised for all deductible temporary differences, and the carry forward of unused tax credits and any unused tax losses.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible
temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 143; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.3
Summary of significant accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>f)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Taxes
                                            (continued) </b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Deferred
tax (continued) </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_113" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_112"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">When
                                            the deferred tax asset relating to the deductible temporary difference arises from the initial
                                            recognition of an asset or liability in a transaction that is not a business combination
                                            and, at the time of the transaction, affects neither the accounting profit nor taxable profit
                                            or loss</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_114" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_113"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">In respect
                                            of deductible temporary differences associated with investments in subsidiaries and a joint
                                            venture, deferred tax assets are recognised only to the extent that it is probable that the
                                            temporary differences will reverse in the foreseeable future and taxable profit will be available
                                            against which the temporary differences can be utilised</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_115" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_114"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that
sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax
assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits
will allow the deferred tax asset to be recovered.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_116" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_115"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
assessing the recoverability of deferred tax assets, the Group relies on the same forecast assumptions used elsewhere in the financial
statements and in other management reports.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_117" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_116"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_15" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Deferred
tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability
is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_118" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_117"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_16" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Deferred
tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised in correlation
to the underlying transaction either in OCI or directly in equity.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_119" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_118"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_17" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Tax
benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, are recognised
subsequently if new information about facts and circumstances change. The adjustment is either treated as a reduction in goodwill (as
long as it does not exceed goodwill) if it was incurred during the measurement period or recognised in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_120" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_119"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_18" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax
assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same
taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities
and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant
amounts of deferred tax liabilities or assets are expected to be settled or recovered.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 144; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.3
Summary of significant accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>f)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Taxes
                                            (continued) </b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_121" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_120"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_19" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Sales
tax</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_122" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_121"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_20" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Expenses
and assets are recognised net of the amount of sales tax, except:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_123" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_122"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_21" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_20"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">When
                                            the sales tax incurred on a purchase of assets or services is not recoverable from the taxation
                                            authority, the sales tax is recognised as part of the cost of acquisition of the asset or
                                            as part of the expense item, as applicable.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_124" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_123"><ix:continuation id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_21"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#9679;</b></span></td><td><span style="font-family: Times New Roman, Times, Serif">When
                                            receivables and payables are stated with the amount of sales tax included, the net amount
                                            of sales tax recoverable from, or payable to, the taxation authority is included as part
                                            of receivables or payables in the statement of financial position.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_125" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_124"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>g)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Foreign currencies</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_126" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_125"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group&#8217;s consolidated financial statements are presented in RMB, which is also the parent company&#8217;s functional currency. For
each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured
using that functional currency. The Group uses the direct method of consolidation and on disposal of a foreign operation and the gain
or loss that is reclassified to profit or loss reflects the amount that arises from using this method.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_127" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_126"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>i)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Transactions
                                            and balances</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_128" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_127"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Transactions
in foreign currencies are initially recorded by the Group&#8217;s entities at their respective functional currency spot rates at the
date the transaction first qualifies for recognition.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_129" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_128"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Monetary
assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting
date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_130" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_129"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Differences
arising on settlement or translation of monetary items are recognised in profit or loss with the exception of monetary items that are
designated as part of the hedge of the Group&#8217;s net investment in a foreign operation. These are recognised in OCI until the net
investment is disposed of, at which time, the cumulative amount is reclassified to profit or loss. Tax charges and credits attributable
to exchange differences on those monetary items are also recognised in OCI.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_131" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_130"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Non-monetary
items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the
initial transactions.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_132" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_131"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the derecognition
of a non-monetary asset or non-monetary liability relating to advance consideration, the date of the transaction is the date on which
the Group initially recognises the non-monetary asset or non-monetary liability arising from the advance consideration. If there are
multiple payments or receipts in advance, the Group determines the transaction date for each payment or receipt of advance consideration.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 145; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.3
Summary of significant accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>g)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Foreign
                                            currencies (continued)</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_133" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_132"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>ii)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Group
                                            companies</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_134" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_133"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
consolidation, the assets and liabilities of foreign operations are translated into RMB at the rate of exchange prevailing at the reporting
date and their profit or loss is translated at exchange rates prevailing at the dates of the transactions. The exchange differences arising
on translation for consolidation are recognised in OCI. On disposal of a foreign operation, the component of OCI relating to that particular
foreign operation is reclassified to profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_135" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_134"><ix:continuation id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Any
goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities
arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the spot rate of exchange
at the reporting date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_136" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_135"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>h)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Property, plant and equipment</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_137" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_136"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Property,
plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes
the cost of replacing part of the plant and equipment. When significant parts of plant and equipment are required to be replaced at intervals,
the Group depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost
is recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other
repair and maintenance costs are recognised in profit or loss as incurred. The present value of the expected cost for the decommissioning
of an asset after its use is included in the cost of the respective asset if the recognition criteria for a provision are met.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_138" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_137"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Depreciation
is calculated on a straight-line basis over the estimated useful lives of the assets as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_139" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_138"><ix:nonNumeric contextRef="c0" escape="true" name="kuke:DisclosureOfDetailedInformationAboutEstimatedUsefulLivesOfPropertyPlantAndEquipmentExplanatory"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="width: 85%; padding-left: 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;Leasehold
    improvements</span></td>
    <td style="text-align: center; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c86" name="ifrs-full:DescriptionOfUsefulLifePropertyPlantAndEquipment">Over the lease terms</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-left: 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;Music
    education equipment</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c87" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">5</ix:nonNumeric> years</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;Furniture
    and fixtures</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c88" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">3</ix:nonNumeric> to <ix:nonNumeric contextRef="c89" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">4</ix:nonNumeric>&#160;years</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-left: 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;Office
    equipment</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c90" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">3</ix:nonNumeric> to <ix:nonNumeric contextRef="c91" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">5</ix:nonNumeric>&#160;years</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_140" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_139"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">An
item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal (i.e.,&#160;at the
date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising
on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is
included in profit or loss when the asset is derecognised.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_141" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_140"><ix:continuation id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and
adjusted prospectively, if appropriate.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 146; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.3
Summary of significant accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_142" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_141"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>i)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Leases</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_143" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_142"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group assesses at contract inception whether a contract is, or contains, a lease, that is, whether the contract conveys the right to
control the use of an identified asset for a period of time in exchange for consideration.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_144" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_143"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Group
as a lessee</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_145" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_144"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets.
The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_146" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_145"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>i)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Right-of-use
                                            assets</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_147" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_146"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group recognises right-of-use assets at the commencement date of the lease (i.e.,&#160;the date the underlying asset is available for
use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement
of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred,
and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on
a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_148" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_147"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">If
ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option,
depreciation is calculated using the estimated useful life of the asset.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_149" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_148"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
right-of-use assets are also subject to impairment. Refer to the accounting policies in section&#160;(n) Impairment of non-financial
assets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_150" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_149"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>ii)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Lease
                                            liabilities</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_151" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_150"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">At
the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made
over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable,
variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease
payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties
for terminating the lease, if the lease term reflects the Group exercising the option to terminate the lease. Variable lease payments
that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in
which the event or condition that triggers the payment occurs.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_152" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_151"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because
the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is the rate of interest that a lessee
would have to pay to borrow over a similar term, similar security, the funds necessary to obtain an asset of a similar value to the right-of-use
asset in a similar economic environment. After the commencement date, the amount of lease liabilities is increased to reflect the accretion
of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is
a modification, a change in the lease term, a change in the lease payments (e.g.,&#160;changes to future payments resulting from a change
in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 147; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.3
Summary of significant accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Group
as a lessee (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_153" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_152"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>iii)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Short-term
                                            leases and leases of low-value assets</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_154" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_153"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group applies the short-term lease recognition exemption to its short-term leases of warehouses (i.e., those leases that have a lease
term of <ix:nonNumeric contextRef="c76" format="ixt-sec:durmonth" name="kuke:ShortTermLeasesOfWarehouses">12</ix:nonNumeric> months or less from the commencement date and&#160;do not contain a purchase option). &#160;It also applies the recognition
exemption for leases of low-value assets to leases of office equipment that are considered to be low value. Lease payments on short-term
leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_155" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_154"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Group
as a lessor</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_156" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_155"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_15" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">A
lease is classified as a finance lease if the Group transfers substantially all the risks and rewards incidental to ownership of an asset.
Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified
as operating leases. For subleases, the Group, as the intermediate lessor, classifies the sublease by reference to the right-of-use asset
arising from the head lease, rather than by reference to the underlying asset.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_157" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_156"><ix:continuation id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
subleases classified as finance leases, the Group derecognises the right-of-use asset on the head lease and recognises net investments
in the sublease. Any difference between the right-of-use asset and the net investments in the sublease is recognised in profit or loss.
The Group continues to account for the original lease liability. Interest income on the sublease and interest expense on the head lease
is recognised during the term of the sublease.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_158" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_157"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>j)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Borrowing costs</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_159" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_158"><ix:continuation id="_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Borrowing
costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of
time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed
in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing
of funds.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_160" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_159"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>k)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Intangible assets</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_161" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_160"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Intangible
assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination
is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated
amortisation and accumulated impairment losses. Internally generated intangibles, excluding capitalised development costs, are not capitalised
and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_162" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_161"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
useful lives of intangible assets are assessed as either finite or indefinite.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 148; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.3
Summary of significant accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>k)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Intangible
                                            assets (continued) </b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_163" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_162"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Intangible
assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that
the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful
life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption
of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are
treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in profit or
loss in the expense category that is consistent with the function of the intangible assets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_164" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_163"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">An
intangible asset is derecognised upon disposal (i.e.,&#160;at the date the recipient obtains control) or when no future economic benefits
are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between
the net disposal proceeds and the carrying amount of the asset) is included in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_165" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_164"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Research
and development costs</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_166" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_165"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Research
costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset when the Group
can demonstrate:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_167" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_166"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">The
                                            technical feasibility of completing the intangible asset so that the asset will be available
                                            for use or sale</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_168" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_167"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Its
                                            intention to complete and its ability and intention to use or sell the asset</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_169" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_168"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">How
                                            the asset will generate future economic benefits</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_170" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_169"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">The
                                            availability of resources to complete the asset</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_171" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_170"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">The
                                            ability to measure reliably the expenditure during development</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_172" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_171"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Following
initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated
impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised
over the period of expected future benefit. Amortisation is recorded in cost of sales. During the period of development, the asset is
tested for impairment annually.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_173" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_172"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Software</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_174" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_173"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_15" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Software
is stated at cost less any impairment losses and is amortised on the straight-line basis over its estimated useful economic life of <ix:nonNumeric contextRef="c83" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill">3</ix:nonNumeric>&#160;years.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_175" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_174"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_16" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Copyrights</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_176" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_175"><ix:continuation id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Copyrights
are stated at cost less any impairment losses and are amortised on the straight-line basis over their estimated useful economic lives
of <ix:nonNumeric contextRef="c84" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill">15</ix:nonNumeric> to <ix:nonNumeric contextRef="c85" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill">49</ix:nonNumeric>&#160;years.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.3
Summary of significant accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_177" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_176"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>l)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Financial instruments&#8212;initial recognition and subsequent measurement</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_178" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_177"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">A
financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument
of another entity.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_179" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_178"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>i)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Financial
                                            assets</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_180" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_179"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Initial
recognition and measurement</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_181" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_180"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Financial
assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through OCI, and fair value through
profit or loss (&#8220;FVTPL&#8221;).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_182" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_181"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
classification of financial assets at initial recognition depends on the financial asset&#8217;s contractual cash flow characteristics
and the Group&#8217;s business model for managing them. With the exception of trade receivables that do not contain a significant financing
component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value
plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain
a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price as
disclosed in section&#160;(d) Revenue from contracts with customers.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_183" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_182"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash
flows that are &#8220;solely payments of principal and interest (SPPI)&#8221; on the principal amount outstanding. This assessment is
referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified
and measured at fair value through profit or loss, irrespective of the business model.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_184" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_183"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group&#8217;s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows.
The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or
both. Financial assets classified and measured at amortised cost are held within a business model with the objective to hold financial
assets in order to collect contractual cash flows while financial assets classified and measured at fair value through OCI are held within
a business model with the objective of both holding to collect contractual cash flows and selling.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_185" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_184"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Purchases
or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace
(regular way trades) are recognised on the trade date, i.e.,&#160;the date that the Group commits to purchase or sell the asset.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_186" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_185"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Subsequent
measurement</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_187" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_186"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
purposes of subsequent measurement, financial assets are classified in two categories:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_188" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_187"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Financial
                                            assets at amortised cost (debt instruments)</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_189" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_188"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Financial
                                            assets at fair value through profit or loss</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_190" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_189"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Financial
assets at amortised cost (debt instruments)</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_191" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_190"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_15" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Financial
assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and
losses are recognised in profit or loss when the asset is derecognised, modified or impaired.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 150; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.3
Summary of significant accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>l)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Financial
                                            instruments&#8212;initial recognition and subsequent measurement (continued)</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>i)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Financial
                                            assets (continued) </b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_192" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_191"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_16" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Financial
assets at fair value through profit or loss</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_193" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_192"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_17" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Financial
assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair
value recognised in profit or loss. This category includes an unlisted equity investment which the Group had not irrevocably elected
to classify at fair value through OCI. Dividends on the equity investment are credited to profit or loss when the right of payment has
been established.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_194" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_193"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_18" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Derecognition</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_195" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_194"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_19" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">A
financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised
(i.e.,&#160;removed from the Group&#8217;s consolidated statement of financial position) when:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_196" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_195"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_20" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_19"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">The
                                            rights to receive cash flows from the asset have expired</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_197" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_196"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_21" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><span style="font-family: Times New Roman, Times, Serif">or</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_198" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_197"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_22" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_21"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">The
                                            Group has transferred its rights to receive cash flows from the asset or has assumed an obligation
                                            to pay the received cash flows in full without material delay to a third party under a &#8220;pass-through&#8221;
                                            arrangement; and either (a)&#160;the Group has transferred substantially all the risks and
                                            rewards of the asset, or (b)&#160;the Group has neither transferred nor retained substantially
                                            all the risks and rewards of the asset, but has transferred control of the asset</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_199" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_198"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_23" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">When
the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates
if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially
all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset
to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and
the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_200" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_199"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_24" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Continuing
involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of
the asset and the maximum amount of consideration that the Group could be required to repay.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 151; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.3
Summary of significant accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>l)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Financial
                                            instruments&#8212;initial recognition and subsequent measurement (continued)</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>i)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Financial
                                            assets (continued)</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_201" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_200"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_25" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Impairment</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_202" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_201"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_26" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Further
disclosures relating to impairment of financial assets are also provided in the following notes:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_203" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_202"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_27" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_26"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; width: 90%; padding-left: 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;&#160;&#160;&#160;&#160;&#160;<span style="font-size: 10pt">Disclosures
    of significant estimates and assumptions</span></span></td>
    <td style="text-align: center; vertical-align: bottom; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note&#160;3</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;&#160;&#160;&#160;&#160;&#160;<span style="font-size: 10pt">Trade
    receivables, net</span></span></td>
    <td style="text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note&#160;16</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;Prepayments,
    other receivables and other assets, net</span></td>
    <td style="text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note&#160;17</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;Related
    party disclosure</span></td>
    <td style="text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
    26</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_204" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_203"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_28" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group recognises an allowance for expected credit losses (&#8220;ECLs&#8221;) for all debt instruments not held at fair value through
profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash
flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows
will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_205" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_204"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_29" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>General
approach</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_206" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_205"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_30" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">ECLs
are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition,
ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For
those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_207" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_206"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_31" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">At
each reporting date, the Group assesses whether the credit risk on a financial instrument has increased significantly since initial recognition.
When making the assessment, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with
the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable and supportable
information that is available without undue cost or effort, including historical and forward-looking information.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_208" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_207"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_32" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group considers a financial asset in default when contractual payments are 90&#160;days past due. However, in certain cases, the Group
may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive
the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is
written off when there is no reasonable expectation of recovering the contractual cash flows.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_209" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_208"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_33" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Financial
assets at amortised cost are subject to impairment under the general approach and they are classified within the following stages for
measurement of ECLs except for trade receivables which apply the simplified approach as detailed below.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_210" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_209"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_34" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Stage&#160;1&#8212;Financial
instruments for which credit risk has not increased significantly since initial recognition and for which the loss allowance is measured
at an amount equal to 12-month ECLs</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 152; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.3
Summary of significant accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>l)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Financial
                                            instruments&#8212;initial recognition and subsequent measurement (continued)</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>i)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Financial
                                            assets (continued)</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Impairment
(continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_211" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_210"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_35" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Stage&#160;2&#8212;Financial
instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired financial assets
and for which the loss allowance is measured at an amount equal to lifetime ECLs</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_212" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_211"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_36" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Stage&#160;3&#8212;Financial
assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired) and for which the loss
allowance is measured at an amount equal to lifetime ECLs</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_213" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_212"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_37" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Simplified
approach</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_214" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_213"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_38" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit
risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix
that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic
environment. The Group considers a financial asset in default when contractual payments are 1 year past due. However, in certain cases,
the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely
to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial
asset is written off when there is no reasonable expectation of recovering the contractual cash flows.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_215" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_214"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_39" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_38"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>ii)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Financial
                                            liabilities</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_216" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_215"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_40" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_39"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Initial
recognition and measurement</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_217" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_216"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_41" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_40"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Financial
liabilities are classified, at initial recognition, as loans and borrowings, payables, as appropriate.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_218" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_217"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_42" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_41"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">All
financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable
transaction costs.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_219" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_218"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_43" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_42"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Subsequent
measurement</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_220" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_219"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_44" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_43"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
purposes of subsequent measurement, financial liabilities are classified in one category:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-indent: -14.2pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_221" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_220"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_45" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_44"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Financial
                                            liabilities at amortised cost (loans and borrowings)</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_222" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_221"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_46" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_45"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Financial
liabilities at amortised cost (loans and borrowings)</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_223" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_222"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_47" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_46"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">After
initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and
losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_224" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_223"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_48" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_47"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Amortised
cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR.
The EIR amortisation is recognised in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_225" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_224"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_49" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_48"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">This
category generally applies to interest-bearing loans and borrowings. For more information, refer to Note&#160;18.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 153; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.3
Summary of significant accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>l)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Financial
                                            instruments&#8212;initial recognition and subsequent measurement (continued)</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>ii)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Financial
                                            liabilities (continued)</b></span></td></tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_226" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_225"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_50" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_49"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Derecognition</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_227" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_226"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_51" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_50"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">A
financial liability is derecognised when the obligation under the liability is discharged or cancelled, or expires. When an existing
financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability
are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition
of a new liability. The difference in the respective carrying amounts is recognised in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_228" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_227"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_52" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_51"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>iii)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Offsetting
                                            of financial instruments</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_229" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_228"><ix:continuation id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_52"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Financial
assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there
is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise
the assets and settle the liabilities simultaneously.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_230" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_229"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>m)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Inventories</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_231" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_230"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_2" id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">All
inventories are finished goods.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_232" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_231"><ix:continuation id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Inventories
are valued at the lower of cost (determined on a first-in, first-out method) and net realisable value. Net realisable value is the estimated
selling price in the ordinary course of business, less estimated costs necessary to make the sale. The Group identifies potentially slow-moving
and obsolete inventories through physical counts, monitoring of inventories on hand, and specific identification, and makes adjustments
to net realisable value as necessary.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_233" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_232"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>n)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Impairment of non-financial assets</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_234" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_233"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Further
disclosures relating to impairment of non-financial assets are also provided in the following notes:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_235" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_234"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; width: 90%; padding-left: 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;Disclosures
    for significant estimates and assumptions</span></td>
    <td style="text-align: center; vertical-align: bottom; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note&#160;3</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;Property,
    plant and equipment</span></td>
    <td style="text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note&#160;12</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;Intangible
    assets</span></td>
    <td style="text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note&#160;13</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;Goodwill</span></td>
    <td style="text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note&#160;14</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_236" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_235"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when
annual impairment testing for an asset is required, the Group estimates the asset&#8217;s recoverable amount. An asset&#8217;s recoverable
amount is the higher of an asset&#8217;s or CGU&#8217;s fair value less costs of disposal and its value in use. The recoverable amount
is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other
assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired
and is written down to its recoverable amount.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_237" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_236"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal,
recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used.
These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair
value indicators.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.3
Summary of significant accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>n)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Impairment
                                            of non-financial assets (continued)</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_238" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_237"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group bases its impairment calculation on most recent budgets and forecast calculations, which are prepared separately for each of the
Group&#8217;s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of
<ix:nonNumeric contextRef="c0" continuedAt="kuke_BudgetsAndForecastCalculationsPeriod-c0_cont_1" format="ixt-sec:durwordsen" name="kuke:BudgetsAndForecastCalculationsPeriod">five</ix:nonNumeric><ix:continuation id="kuke_BudgetsAndForecastCalculationsPeriod-c0_cont_1"> years</ix:continuation>. A long-term growth rate is calculated and applied to project future cash flows after the fifth year.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_239" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_238"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Impairment
losses are recognised in profit or loss in expense categories consistent with the function of the impaired asset.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_240" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_239"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognised
impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset&#8217;s or CGU&#8217;s
recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine
the asset&#8217;s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount
of the asset does not exceed its recoverable amount, nor does it exceed the carrying amount that would have been determined, net of depreciation,
had <span style="-sec-ix-hidden: hidden-fact-101">no</span> impairment loss been recognised for the asset in prior years. Such reversal is recognised in profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_241" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_240"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Goodwill
is tested for impairment annually and when circumstances indicate that the carrying value may be impaired.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_242" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_241"><ix:continuation id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Impairment
is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the
recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill
cannot be reversed in future periods.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_243" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_242"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>o)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Cash and cash equivalents</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_244" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_243"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents-c0_cont_2" id="_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Cash
and cash equivalents in the consolidated statement of financial position comprise cash at banks and on hand and short-term highly liquid
deposits with a maturity of <span style="-sec-ix-hidden: hidden-fact-99">three</span> months or less, that are readily convertible to a known amount of cash and subject to an insignificant
risk of changes in value.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_245" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_244"><ix:continuation id="_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined
above, net of outstanding bank overdrafts as they are considered an integral part of the Group&#8217;s cash management.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_246" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_245"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>p)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Provisions</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_247" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_246"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>General</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_248" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_247"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Provisions
are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow
of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount
of the obligation. When the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the
reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision
is presented in profit or loss net of any reimbursement.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_249" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_248"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">If
the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate,
the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised
as a finance cost.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 155; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.3
Summary of significant accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>p)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Provisions
                                            (continued)</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_250" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_249"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Warranty
provisions</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_251" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_250"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. Provisions related to
these assurance-type warranties are recognised when the product is sold or the service is provided to the customer. Initial recognition
is based on historical experience. The estimate of warranty-related costs is revised annually.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_252" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_251"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Onerous
contracts</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_253" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_252"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">If
the Group has a contract that is onerous, the present obligation under the contract is recognised and measured as a provision. However,
before a separate provision for an onerous contract is established, the Group recognises any impairment loss that has occurred on assets
dedicated to that contract.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_254" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_253"><ix:continuation id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">An
onerous contract is a contract under which the unavoidable costs (i.e.,&#160;the costs that the Group cannot avoid because it has the
contract) of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable
costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any
compensation or penalties arising from failure to fulfil it. The cost of fulfilling a contract comprises the costs that relate directly
to the contract (i.e.,&#160;both incremental costs and an allocation of costs directly related to contract activities).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_255" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_254"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>q)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Pensions and other post-employment benefits</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_256" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_255"><ix:continuation id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Full
time employees of the Group in the PRC participate in a government mandated multi-employer defined contribution plan pursuant to which
certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees.
Chinese labour regulations require that the Group make contributions to the government for these benefits based on a certain percentage
of the employee&#8217;s salaries. The Group has no legal obligation for the benefits beyond the contributions.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_257" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_256"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>r)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Share-based payments</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_258" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_257"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Employees
(including senior executives) and consultants of the Group receive remuneration in the form of share-based payments, whereby employees
and consultants render services as consideration for equity instruments (equity-settled transactions).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_259" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_258"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Equity-settled
transactions</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_260" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_259"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation
model, further details of which are given in Note 29.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_261" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_260"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">That
cost is recognised in administrative expenses, together with a corresponding increase in equity (capital reserves), over the period in
which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognised
for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired
and the Group&#8217;s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in profit or
loss for a period represents the movement in cumulative expense recognised as at the beginning and end of that period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 156; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.3
Summary of significant accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>r)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Share-based
                                            payments (continued)</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Equity-settled
transactions (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_262" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_261"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Service
and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood
of the conditions being met is assessed as part of the Group&#8217;s best estimate of the number of equity instruments that will ultimately
vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without
an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value
of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_263" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_262"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: hidden-fact-102">No</span>
expense is recognised for awards that do not ultimately vest because non-market performance and/or service conditions have not been met.
Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or
non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_264" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_263"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">When
the terms of an equity-settled award are modified, the minimum expense recognised is the grant date fair value of the unmodified award,
provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognised
for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee.
Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately
through profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_265" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_264"><ix:continuation id="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
dilutive effect of outstanding options is reflected as additional share dilution in the computation of loss per share.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_266" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_265"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>s)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Related parties</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_267" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_266"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">A
party is considered to be related to the Group if:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_268" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_267"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(a)</span></td><td><span style="font-family: Times New Roman, Times, Serif">the party
                                            is a person or a close member of that person&#8217;s family and that person</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_269" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_268"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(i)</span></td><td><span style="font-family: Times New Roman, Times, Serif">has control
                                            or joint control over the Group;</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_270" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_269"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(ii)</span></td><td><span style="font-family: Times New Roman, Times, Serif">has significant
                                            influence over the Group; or</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_271" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_270"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(iii)</span></td><td><span style="font-family: Times New Roman, Times, Serif">is a member
                                            of the key management personnel of the Group or of a parent of the Group;</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_272" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_271"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif">or</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_273" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_272"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(b)</span></td><td><span style="font-family: Times New Roman, Times, Serif">the party
                                            is an entity where any of the following conditions applies:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_274" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_273"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(i)</span></td><td><span style="font-family: Times New Roman, Times, Serif">the entity
                                            and the Group are members of the same group;</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_275" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_274"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(ii)</span></td><td><span style="font-family: Times New Roman, Times, Serif">one entity
                                            is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow
                                            subsidiary of the other entity);</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_276" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_275"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(iii)</span></td><td><span style="font-family: Times New Roman, Times, Serif">the entity
                                            and the Group are joint ventures of the same third party;</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.3
Summary of significant accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>s)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Related
                                            parties (continued)</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_277" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_276"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(iv)</span></td><td><span style="font-family: Times New Roman, Times, Serif">one entity
                                            is a joint venture of a third entity and the other entity is an associate of the third entity;</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_278" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_277"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(v)</span></td><td><span style="font-family: Times New Roman, Times, Serif">the entity
                                            is a post-employment benefit plan for the benefit of employees of either the Group or an
                                            entity related to the Group;</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_279" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_278"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(vi)</span></td><td><span style="font-family: Times New Roman, Times, Serif">the entity
                                            is controlled or jointly controlled by a person identified in (a);</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_280" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_279"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_15" id="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(vii)</span></td><td><span style="font-family: Times New Roman, Times, Serif">a person
                                            identified in (a)(i) has significant influence over the entity or is a member of the key
                                            management personnel of the entity (or of a parent of the entity); and</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_281" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_280"><ix:continuation id="_DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory-c0_cont_15"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(viii)</span></td><td><span style="font-family: Times New Roman, Times, Serif">the entity,
                                            or any member of a group of which it is a part, provides key management personnel services
                                            to the Group or to the parent of the Group.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_282" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_281"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>t)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Fair value measurement</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_283" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_282"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Fair
value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the
liability takes place either:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_284" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_283"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">In the
                                            principal market for the asset or liability</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_285" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_284"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">or</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_286" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_285"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">In the
                                            absence of a principal market, in the most advantageous market for the asset or liability</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_287" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_286"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
principal or the most advantageous market must be accessible by the Group.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_288" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_287"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or
liability, assuming that market participants act in their economic best interest.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_289" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_288"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">All
assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value
hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_290" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_289"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Level&#160;1&#8212;Quoted
                                            (unadjusted) market prices in active markets for identical assets or liabilities</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_291" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_290"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Level&#160;2&#8212;Valuation
                                            techniques for which the lowest level input that is significant to the fair value measurement
                                            is directly or indirectly observable</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_292" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_291"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Level&#160;3&#8212;Valuation
                                            techniques for which the lowest level input that is significant to the fair value measurement
                                            is unobservable</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 158; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.3
Summary of significant accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>t)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Fair
                                            value measurement (continued)</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_293" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_292"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group determines whether
transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant
to the fair value measurement as a whole) at the end of each reporting period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_294" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_293"><ix:continuation id="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics
and risks of the asset or liability and the level of the fair value hierarchy, as explained above.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_295" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_294"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>u)
Share capital </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_296" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_295"><ix:continuation id="_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Ordinary
shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as
a deduction, net of tax, from the proceeds.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_297" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_296"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfTreasurySharesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfTreasurySharesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>v)
Treasury shares </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_298" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_297"><ix:continuation id="_DisclosureOfTreasurySharesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Own
equity instruments which are reacquired and held by the Company or the Group (treasury shares) are recognised directly in equity at cost.
No gain or loss is recognised in the statement of profit or loss on the purchase, sale, issue or cancellation of the Group&#8217;s own
equity instruments.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_299" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_298"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.4
Changes in accounting policies and disclosures</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_300" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_299"><ix:continuation continuedAt="_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements-c0_cont_2" id="_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after 1 January
2022. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_301" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_300"><ix:continuation continuedAt="_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements-c0_cont_3" id="_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>New
accounting standards and amendments adopted by the Group for the first time for the financial year beginning on 1&#160;January 2022</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_302" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_301"><ix:continuation continuedAt="_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements-c0_cont_4" id="_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>Amendments
to IAS 16 Property, Plant and Equipment: Proceeds before intended use</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_303" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_302"><ix:continuation continuedAt="_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements-c0_cont_5" id="_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
May 2020, the Board issued Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) which prohibit a company
from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing
the asset for its intended use. Instead, a company will recognise such sales proceeds and related cost in profit or loss. The amendments
are effective for annual periods beginning on or after 1 January 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_304" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_303"><ix:continuation continuedAt="_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements-c0_cont_6" id="_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>Amendments
to IAS 37 Onerous Contracts&#8212;Cost of Fulfilling a Contract</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_305" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_304"><ix:continuation continuedAt="_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements-c0_cont_7" id="_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
May 2020, the Board issued Cost of Fulfilling a Contract. The amendments clarify that for the purpose of assessing whether a contract
is onerous, the cost of fulfilling the contract includes both the incremental costs of fulfilling that contract and an allocation of
other costs that relate directly to fulfilling contracts. The amendments are effective for annual periods beginning on or after 1 January
2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 159; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>2. Significant
accounting policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>2.4
Changes in accounting policies and disclosures (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_306" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_305"><ix:continuation continuedAt="_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements-c0_cont_8" id="_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>Amendments
to IFRS 3 Reference to the Conceptual Framework</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_307" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_306"><ix:continuation continuedAt="_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements-c0_cont_9" id="_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
May 2020, the Board issued Reference to the Conceptual Framework,amended paragraphs 11, 14, 21, 22 and 23 and added paragraphs 21A, 21B,
21C and 23A. The amendments are effective for annual periods beginning on or after 1 January 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_307"><ix:continuation id="_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">These
amendments had no impact on the interim condensed consolidated financial statements of the Group.</span></p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>3. Significant
accounting judgements, estimates and assumptions</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_2" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
preparation of the Group&#8217;s consolidated financial statements requires management to make judgements, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure
of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment
to the carrying amount of assets or liabilities affected in future periods.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_3" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Other
disclosures relating to the Group&#8217;s exposure to risks and uncertainties includes:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_4" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; width: 89%; padding-left: 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;Capital
    management</span></td>
    <td style="text-align: center; vertical-align: bottom; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note&#160;6</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;Financial
    instruments risk management and policies</span></td>
    <td style="text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note&#160;18.4</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;Sensitivity
    analysis disclosures</span></td>
    <td style="text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note&#160;18.4</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_5" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Judgements</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_6" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
the process of applying the Group&#8217;s accounting policies, management has made the following judgements, which have the most significant
effect on the amounts recognised in the consolidated financial statements:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_7" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Contractual
arrangement</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_8" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
disclosed in Note&#160;7, the Group exercises substantial influence over Beijing Kuke Music and BMF Culture (the &#8220;VIEs&#8221;) and enjoys all
the economic benefits of the VIEs through VIE agreements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_9" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group considers that it controls the VIEs, notwithstanding the fact that it does not hold any direct equity interest in the VIEs, as
it has power over the financial and operating policies and receives substantially all of the economic benefits from the business activities
of the VIEs through the VIE agreements. Accordingly, the VIEs have been accounted for as subsidiaries during the reporting period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_10" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Revenue
recognition - principal versus agent considerations</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_11" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group enters into contracts with database holders to provide, on their behalf, database services to colleges and libraries. The Group
determined that it does not control the database services before they are transferred to customers and it does not obtain benefits from
the database services.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 160; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>3. Significant
accounting judgements, estimates and assumptions (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Judgements
(continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_12" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Revenue
recognition - principal versus agent considerations (continued)</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_13" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following factors indicate that the Group is an agent in these contracts:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_14" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">The
                                            Group is not primarily responsible for fulfilling the promise to provide database services;</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_15" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">The
                                            Group has no discretion in establishing the pricing for such database services;</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_16" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_15"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">The
                                            Group&#8217;s consideration is in the form of a commission</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_17" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Determining
the lease term of a contract with a renewal option - Group as lessee</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_18" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the
lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain
not to be exercised.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_19" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group has a lease contract that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably
certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create
an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassess the lease
term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not
to exercise the option to renew or to terminate.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_20" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group included the renewal period as part of the lease term for the lease of an office property. The Group typically exercises its option
to renew for the lease because there will be a significant negative effect from relocating the Group&#8217;s operations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_21" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Estimates
and assumptions</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_22" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant
risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described
below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared.
Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising
that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_23" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Provision
for expected credit losses on trade receivables and other financial assets at amortised cost</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_24" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group uses a provision matrix to calculate ECLs for trade receivables. The provision rates are based on days past due for groupings of
various customer segments that have similar loss patterns.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_25" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
provision matrix is initially based on the Group&#8217;s historical observed default rates. The Group will calibrate the matrix to adjust
the historical credit loss experience with forward-looking information. At every reporting date, the historical observed default rates
are updated and changes in the forward-looking estimates are analysed.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 161; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>3. Significant
accounting judgements, estimates and assumptions (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Estimates
and assumptions (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_26" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Provision
for expected credit losses on trade receivables and other financial assets at amortised cost (continued)</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_27" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate.
The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group&#8217;s historical credit
loss experience and forecast of economic conditions may also not be representative of a customer&#8217;s actual default in the future.
The information about the ECLs on the Group&#8217;s trade receivables, other receivables and amounts due from related parties and shareholders
are disclosed in Notes&#160;16, 17, 18.4 and 26.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_28" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
loss allowances for financial assets included in prepayments, other receivables and other assets and amounts due from related parties
and shareholders are based on assumption about risk of default and expected loss rates. The Group makes adjustment in making these assumptions
and selecting the inputs to the ECL calculation, based on the Group&#8217;s past history, existing market condition as well as forward-looking
estimates at the end of each of the reporting periods. A number of significant judgements and estimation are also required in applying
the accounting requirements for measuring ECLs, such as:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_29" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_28"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Determining
                                            criteria for a significant increase in credit risk;</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_30" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_29"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Identifying
                                            economic indicators for forward-looking measurements; and</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_31" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_30"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Estimating
                                            future cash flows.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_32" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Useful
life of intangible assets</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_33" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group&#8217;s management determines the estimated useful lives and related amortisation for the Group&#8217;s intangible assets with
reference to the estimated periods that the Group intends and is able to derive future economic benefits from the use of these assets.
Management will revise the amortisation where useful lives are different to that previously estimated, or it will writeoff or writedown
commercial obsolete or non-strategic assets that have been abandoned or sold. Actual economic lives may differ from estimated useful
lives. Periodic review could result in a change in depreciable lives and, therefore, amortisation in profit or loss in future periods.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_34" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Impairment
of non-financial assets (including goodwill)</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_35" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group assesses whether there are any indicators of impairment for all non-financial assets at the end of each reporting period or when
annual impairment testing for an asset is required. The non-financial assets are tested for impairment when there are indicators that
the carrying amounts may not be recoverable. An impairment exists when the carrying value of an asset or a CGU exceeds its recoverable
amount, which is the higher of its fair value less costs of disposal and its value in use. The calculation of the fair value less costs
of disposal is based on available data from binding sales transactions in an arm&#8217;s length transaction of similar assets or observable
market prices less incremental costs for disposing of the asset. When value-in-use calculations are undertaken, management must estimate
the expected future cash flows from the asset or CGU and choose a suitable discount rate in order to calculate the present value of those
cash flows.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 162; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>3. Significant
accounting judgements, estimates and assumptions (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Estimates
and assumptions (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_36" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Taxes</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_37" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Deferred
tax assets are recognised for unused tax losses and deductible temporary difference to the extent that it is probable that taxable profit
will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred
tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning
strategies. The Group recognised the consolidated deferred tax assets of <span style="-sec-ix-hidden: hidden-fact-103">nil</span> (2021: RMB<ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NetDeferredTaxAssets" scale="0" unitRef="cny">7,736,000</ix:nonFraction>) as at December 31, 2022, in relation
to ECLs on debt financial assets, leases and trade payables, Impairment of property, plant and equipment, Impairment of intangible assets
and Impairment of goodwill, accrual and provisions on profit-making subsidiaries, including Beijing Kuke Music, Naxos China, Music Culture
and BMF Culture.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_38" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group had tax losses related to subsidiaries that have a history of losses, which may not be used to offset taxable income elsewhere
in the Group. The subsidiaries neither have taxable temporary differences nor tax planning opportunities available that could partly
support the recognition of these losses as deferred tax assets. On this basis, the Group has determined that it cannot recognise deferred
tax assets on the tax losses carried forward.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_39" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_38"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Share-based
payments </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_40" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_39"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Estimating
fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the
terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including
the expected life of the share option, volatility and dividend yield and making assumptions about them. For the measurement of the fair
value of equity-settled transactions with employees at the grant date, the Group uses a binomial model for the Share Option Agreement
(as defined in Note 29) and the 2020 ESOP Plan. &#160;The assumptions and models used for estimating fair value for share-based payment
transactions are disclosed in Note 29.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_41" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_40"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Incremental
borrowing rate</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_41"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">IFRS16
requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily
determined, its incremental borrowing rate. As most of the Group&#8217;s leases do not provide an implicit rate, the Group uses its incremental
borrowing rate to measure lease liabilities. The Group&#8217;s incremental borrowing rate is estimated to approximate the interest rate
on a collateralized basis with similar terms and payments, and with a similar security, the funds necessary to obtain an asset of a similar
value to the right-of-use asset in a similar economic environment. The Group estimates the incremental borrowing rate using observable
inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary&#8217;s
stand-alone credit rating).</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 163; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>4.
Revenue from contracts with customers</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_2" id="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Disaggregated
revenue information</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_3" id="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Set
out below is the disaggregation of the Group&#8217;s revenue from contracts with customers</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_4" id="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="kuke:ScheduleOfDisaggregationOfRevenue"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Subscription<br/>
    and<br/> licensing</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Smart<br/>
    music<br/> education<br/> business</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Music<br/>
    events<br/> and performances</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Year ended December 31, 2022</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cost of sales</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c94" decimals="-3" format="ixt:num-dot-decimal" name="kuke:CostOfSale" scale="3" sign="-" unitRef="cny">27,765</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c93" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GrossProfit" scale="3" sign="-" unitRef="cny">7,767</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c94" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GrossProfit" scale="3" unitRef="cny">3,141</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cost of sales</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c96" decimals="-3" format="ixt:num-dot-decimal" name="kuke:CostOfSale" scale="3" sign="-" unitRef="cny">43,548</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="kuke:CostOfSale" scale="3" sign="-" unitRef="cny">44,281</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c100" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GrossProfit" scale="3" unitRef="cny">9,277</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GrossProfit" scale="3" unitRef="cny">118,600</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:nonNumeric></ix:continuation><div>


</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>4. Revenue
from contracts with customers (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Disaggregated
revenue information (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_5" id="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="kuke:ScheduleOfGeographicalMarketsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Geographical markets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Southern China</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c101" decimals="-3" format="ixt:num-dot-decimal" name="kuke:TotalRevenueFromContractsWithCustomers" scale="3" unitRef="cny">57,777</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c102" decimals="-3" format="ixt:num-dot-decimal" name="kuke:TotalRevenueFromContractsWithCustomers" scale="3" unitRef="cny">160,354</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c103" decimals="-3" format="ixt:num-dot-decimal" name="kuke:TotalRevenueFromContractsWithCustomers" scale="3" unitRef="cny">82,481</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Northern China</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c104" decimals="-3" format="ixt:num-dot-decimal" name="kuke:TotalRevenueFromContractsWithCustomers" scale="3" unitRef="cny">57,338</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c105" decimals="-3" format="ixt:num-dot-decimal" name="kuke:TotalRevenueFromContractsWithCustomers" scale="3" unitRef="cny">135,543</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c106" decimals="-3" format="ixt:num-dot-decimal" name="kuke:TotalRevenueFromContractsWithCustomers" scale="3" unitRef="cny">80,400</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total
    revenue from contracts with customers</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:TotalRevenueFromContractsWithCustomers" scale="3" unitRef="cny">115,115</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:TotalRevenueFromContractsWithCustomers" scale="3" unitRef="cny">295,897</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="kuke:TotalRevenueFromContractsWithCustomers" scale="3" unitRef="cny">162,881</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Timing of revenue recognition</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c107" decimals="-3" format="ixt:num-dot-decimal" name="kuke:TotalRevenueFromContractsWithCustomers" scale="3" unitRef="cny">83,976</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c108" decimals="-3" format="ixt:num-dot-decimal" name="kuke:TotalRevenueFromContractsWithCustomers" scale="3" unitRef="cny">218,885</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c109" decimals="-3" format="ixt:num-dot-decimal" name="kuke:TotalRevenueFromContractsWithCustomers" scale="3" unitRef="cny">119,998</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_6" id="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
amounts of transaction prices allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at each reporting
dates are as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_7" id="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_6"><ix:nonNumeric contextRef="c0" escape="true" name="kuke:ScheduleOfPerformanceObligations"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Amounts expected to be recognized as revenue:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Within 1 year</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c113" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AmountsExpectedToBeRecognisedAsRevenue" scale="3" unitRef="cny">4,347</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c114" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AmountsExpectedToBeRecognisedAsRevenue" scale="3" unitRef="cny">1,778</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">After 1 year</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c115" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AmountsExpectedToBeRecognisedAsRevenue" scale="3" unitRef="cny">415</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c116" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AmountsExpectedToBeRecognisedAsRevenue" scale="3" unitRef="cny">1,163</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AmountsExpectedToBeRecognisedAsRevenue" scale="3" unitRef="cny">4,762</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AmountsExpectedToBeRecognisedAsRevenue" scale="3" unitRef="cny">2,941</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_8" id="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
amounts disclosed above do not include variable consideration which is constrained.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group applied the practical expedient in IFRS 15 and did not disclose the aggregate amounts of transaction price allocated to the remaining
performance obligations that are unsatisfied or partially satisfied as of the end of the reporting period if the performance obligations
is part of a contract that has an original expected duration of one year or less. The comparative disclosures are amended to conform
with the current year&#8217;s presentation.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>5.
Segment information</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_2" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">IFRS
8 Operating Segments requires operating segments to be identified on the basis of internal reporting about components of the Group that
are regularly reviewed by the chief operating decision maker (&#8220;CODM&#8221;) in order to allocate resources to segments and to assess
their performance.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_3" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">During
the year ended December 31, 2020, the Group revised the presentation of reportable segments because of changes in resource allocation
and assessment of segment performance by the chief operation decision makers subsequent to the acquisition of Rosenkavalier. Prior to
the Rosenkavalier acquisition, the CODM reviewed the financial results of the Group as a whole. The Group now consists of two reportable
operating segments as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_4" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(a)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Subscription,
                                            licensing and smart education business engages in the distribution of commercial copyrights
                                            and provision of music education solutions.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_5" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(b)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Music
                                            events and performances business engages in the provision of services related to music festival
                                            events and music performance and sale of Conch Smart Speakers.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_6" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Management
monitors the results of the Group&#8217;s operating segments separately for the purpose of making decisions about resource allocation
and performance assessment. Segment performance is evaluated based on reportable operating segment&#8217;s profit/(loss), which is a
measure of adjusted profit/(loss) before tax. The adjusted profit/(loss) before tax is measured consistently with the Group&#8217;s profit/(loss)
before tax except that foreign exchange differences, net, finance income, non-lease-related finance costs, as well as head office and
corporate income/expenses are excluded from such measurement.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_7" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Segment
assets exclude amounts due from shareholders and related parties, cash and cash equivalents and other unallocated head office and corporate
assets as these assets are managed on a group basis.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_8" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Segment
liabilities exclude interest-bearing loans and borrowings, amounts due to a related party and a shareholder, income tax payable and other
unallocated head office and corporate liabilities as these liabilities are managed on a group basis.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><!-- Field: Page; Sequence: 165; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>5.
Segment information (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_9" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_8"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfOperatingSegmentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Subscription,
    licensing and smart education business</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Music<br/>
    events and performances business</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Segment
    revenue:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt; width: 19%"><span style="font-family: Times New Roman, Times, Serif">Sales
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    <td style="border-bottom: Black 4pt double; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c119" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="cny">218,515</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c120" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="cny">135,367</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c121" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="cny">30,906</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Segment
    results:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">The
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Foreign
    exchange differences, net</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" scale="3" sign="-" unitRef="cny">1,032</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" scale="3" unitRef="cny">361</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change
    in fair value of equity investment at fair value through profit or loss</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:ChangeInFairValueOfEquityInvestmentAtFairValueThroughProfitsOrLoss" scale="3" sign="-" unitRef="cny">1,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other
    unallocated gains</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-109; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-110; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c144" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherGainsLosses" scale="3" unitRef="cny">8</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Corporate
    and other unallocated expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c145" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherEmployeeExpense" scale="3" sign="-" unitRef="cny">267,618</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c146" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherEmployeeExpense" scale="3" sign="-" unitRef="cny">79,711</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c147" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherEmployeeExpense" scale="3" sign="-" unitRef="cny">34,209</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Non-lease
    related finance costs</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:InterestOnLoansAndBorrowings" scale="3" sign="-" unitRef="cny">4,613</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:InterestOnLoansAndBorrowings" scale="3" sign="-" unitRef="cny">6,602</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="kuke:InterestOnLoansAndBorrowings" scale="3" sign="-" unitRef="cny">7,544</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Loss
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    <td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-123; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;&#160;</b></span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_10" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_9"><ix:continuation continuedAt="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_2" id="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#x5e;</span></td><td style="text-align: left"><ix:footnote id="ix_1_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif">The Group has discontinued recognition of its share of loss of a joint venture and the unrecognised share of loss was <span style="-sec-ix-hidden: hidden-fact-130">Nil</span> (2021: <ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:UnrecognisedShareOfLossesOfJointVentures" scale="0" unitRef="usd">997,000</ix:nonFraction>; 2020:<span style="-sec-ix-hidden: hidden-fact-131">Nil</span>) for the year ended December 31, 2022 and cumulatively RMB<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CumulativeUnrecognisedShareOfLossesOfJointVentures" scale="0" unitRef="cny">997,000</ix:nonFraction> (December 31, 2021: <ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CumulativeUnrecognisedShareOfLossesOfJointVentures" scale="0" unitRef="usd">997,000</ix:nonFraction>) as at December 31, 2022. The joint venture was dissolved on February 18, 2022.</span></ix:footnote></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>5.
Segment information (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_11" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_10"><ix:continuation continuedAt="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_3" id="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Subscription,
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    <td colspan="6" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Music events
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    <td colspan="6" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As
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    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As
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    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 28%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Segment assets</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c154" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherAssets" scale="3" unitRef="cny">235,315</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c155" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherAssets" scale="3" unitRef="cny">797,424</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c156" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherAssets" scale="3" unitRef="cny">3,585</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c157" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherAssets" scale="3" unitRef="cny">251,987</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c158" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherAssets" scale="3" unitRef="cny">238,900</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c159" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherAssets" scale="3" unitRef="cny">1,049,411</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Reconciliation:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Corporate and other
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    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Assets" scale="3" unitRef="cny">1,109,299</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_12" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_11"><ix:continuation id="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">*</span></td><td style="text-align: left"><ix:footnote id="ix_2_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif">Capital expenditure consists of additions of property, plant and equipment, intangible assets, right-of-use assets, deposits paid for purchase of non-current assets, including assets from the acquisition of a subsidiary.</span></ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_13" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><span style="text-decoration:underline">Geographical
information</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_14" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Geographical
information is not presented since over <ix:nonFraction contextRef="c117" decimals="2" format="ixt:num-dot-decimal" name="kuke:PercentageOfRevenueFromExternalCustomers" scale="-2" unitRef="pure">90</ix:nonFraction>% of the Group&#8217;s revenue from external customers is generated in the PRC and over <ix:nonFraction contextRef="c117" decimals="2" format="ixt:num-dot-decimal" name="kuke:PercentageOfNonCurrentAssetsOtherThanFinancialInstruments" scale="-2" unitRef="pure">90</ix:nonFraction>%
of the non-current assets of the Group (other than financial instruments) are located in the PRC. Accordingly, in the opinion of the
directors, the presentation of geographical information would provide no additional useful information to the users of the consolidated
financial statements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_15" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><span style="text-decoration:underline">Information
about major customers</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_16" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Revenue
from major customers of the Group which individually accounted for <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="kuke:CustomerConcentrationRiskPercentageOfRevenue" scale="-2" unitRef="pure">10</ix:nonFraction>% or more of the Group&#8217;s revenue was derived from the subscription,
licensing and smart education business segment.&#160; The respective revenue generated by these customers for each reporting period is
set out below:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_16"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Customer 1</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c162" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="cny">28,302</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c163" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="cny">60,226</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c164" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="cny">22,146</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Customer 2</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c165" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="cny">25,396</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c166" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="cny">46,358</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c167" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromContractsWithCustomers" scale="3" unitRef="cny">18,868</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table></ix:nonNumeric></ix:continuation><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 167; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="kuke_DisclosureOfCapitalManagementExplanatory-c0_cont_1" escape="true" name="kuke:DisclosureOfCapitalManagementExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>6. Capital
management</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="kuke_DisclosureOfCapitalManagementExplanatory-c0_cont_2" id="kuke_DisclosureOfCapitalManagementExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
the purpose of the Group&#8217;s capital management, capital includes issued capital and all other equity reserves attributable to the
equity holders of the parent. The primary objective of the Group&#8217;s capital management is to maximise shareholders&#8217; value.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="kuke_DisclosureOfCapitalManagementExplanatory-c0_cont_3" id="kuke_DisclosureOfCapitalManagementExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics
of the underlying assets. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return
capital to shareholders or issue new shares. The Group is not subject to any externally imposed capital requirements. No changes were
made in the objectives, policies or processes to manage capital during the years ended December&#160;31, 2022 and 2021. The Group monitors
capital using a gearing ratio, which is &#8216;net debt&#8217; divided by equity attributable to equity holders of the parent plus net
debt. The Group&#8217;s policy is to maintain the gearing ratio below <ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="kuke:GearingRatioPercentage" scale="-2" unitRef="pure">50</ix:nonFraction>%. The Group includes within net debt, interest bearing loans
and borrowings, lease liabilities, trade payables, other payables and accruals, amount due to a related party and amount due to a shareholder,
less cash and cash equivalents.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="kuke_DisclosureOfCapitalManagementExplanatory-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="kuke:DisclosureOfDetailedInformationAboutCapitalManagementExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,<br/>
    2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December&#160;&#160;31,<br/>
    2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest-bearing loans and borrowings
    (Note 23)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="kuke:CurrentInterestBearingLoansAndBorrowings" scale="3" unitRef="cny">69,045</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:CurrentInterestBearingLoansAndBorrowings" scale="3" unitRef="cny">47,539</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Lease liabilities (Note 24)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:LeaseLiabilities" scale="3" unitRef="cny">8,773</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:LeaseLiabilities" scale="3" unitRef="cny">3,279</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Trade payables (Note 21)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" scale="3" unitRef="cny">35,012</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" scale="3" unitRef="cny">30,514</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other payables and accruals (Note 25)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="kuke:OtherPayablesAndAccruals" scale="3" unitRef="cny">50,163</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:OtherPayablesAndAccruals" scale="3" unitRef="cny">58,178</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Amount due to a related party (Note 26)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AmountDueToARelatedParty" scale="3" unitRef="cny">488</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-132; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Amount due to a shareholder (Note 26)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AmountDueToShareholder" scale="3" unitRef="cny">325</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AmountDueToShareholder" scale="3" unitRef="cny">325</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cash and cash equivalents
    (Note 19)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashEquivalents" scale="3" unitRef="cny">5,425</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashEquivalents" scale="3" unitRef="cny">59,045</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Net
    debt</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NetDebt" scale="3" unitRef="cny">158,381</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NetDebt" scale="3" unitRef="cny">80,790</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Equity attributable
    to equity holders of the parent</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gearing ratio</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  </table></ix:nonNumeric></ix:continuation><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>


</div><!-- Field: Page; Sequence: 168; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>7. Group
information</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_2" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Subsidiaries</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_3" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
consolidated financial statements of the Group include:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_4" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_3"><ix:nonNumeric contextRef="c130" escape="true" name="ifrs-full:DisclosureOfInterimFinancialReportingExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%&#160;equity
    interest</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Name</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Principal
    activities</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Place
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
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    2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><ix:nonNumeric contextRef="c169" continuedAt="_CountryOfIncorporationOrResidenceOfSubsidiary-c169_cont_1" name="ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary"><span style="font-family: Times New Roman, Times, Serif">100</span></ix:nonNumeric></td><td style="width: 1%; text-align: left"><ix:continuation id="_CountryOfIncorporationOrResidenceOfSubsidiary-c169_cont_1"><span style="font-family: Times New Roman, Times, Serif">%</span></ix:continuation></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c170" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" unitRef="pure">100</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: center"><ix:nonNumeric contextRef="c171" name="ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities"><span style="font-family: Times New Roman, Times, Serif">BVI</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Degas</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center"><ix:nonNumeric contextRef="c177" name="ifrs-full:NameOfSubsidiary"><span style="font-family: Times New Roman, Times, Serif">Investment holding</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c178" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" unitRef="pure">100</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Beijing Lecheng</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: center"><ix:nonNumeric contextRef="c179" name="ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities"><span style="font-family: Times New Roman, Times, Serif">PRC</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Naxos China</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Tianjin Kuke</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Shijiazhuang Kuke</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Music Culture</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Hemule Cultural</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c199" name="ifrs-full:NameOfSubsidiary"><span style="font-family: Times New Roman, Times, Serif">Dormant</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_5" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">VIE
of the Group include:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_6" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_5"><ix:nonNumeric contextRef="c130" escape="true" name="ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
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    <td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Place
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,
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    2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; width: 30%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Beijing Kuke
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    <td style="text-align: center; width: 9%; padding-left: 5.4pt"><ix:nonNumeric contextRef="c201" name="kuke:PlaceOfRegistration"><span style="font-family: Times New Roman, Times, Serif">PRC</span></ix:nonNumeric></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c201" decimals="2" format="ixt:num-dot-decimal" name="kuke:BeneficialInterests" scale="-2" unitRef="pure">100</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c202" decimals="2" format="ixt:num-dot-decimal" name="kuke:BeneficialInterests" scale="-2" unitRef="pure">100</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">BMF Culture</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-left: 5.4pt"><ix:nonNumeric contextRef="c203" name="ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities"><span style="font-family: Times New Roman, Times, Serif">Distribution of commercial copyrights, sale of musical instruments and provision of services related to music events and performances</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-left: 5.4pt"><ix:nonNumeric contextRef="c203" name="kuke:PlaceOfRegistration"><span style="font-family: Times New Roman, Times, Serif">PRC</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c203" decimals="2" format="ixt:num-dot-decimal" name="kuke:BeneficialInterests" scale="-2" unitRef="pure">100</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c204" decimals="2" format="ixt:num-dot-decimal" name="kuke:BeneficialInterests" scale="-2" unitRef="pure">100</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_7" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
PRC laws and regulations prohibit foreign ownership of companies that engage in online subscription, online educating business, internet
audio-video program services and certain other businesses, Kuke International and Beijing Lecheng, the Group&#8217;s PRC subsidiaries,
are considered foreign-invested enterprises. To comply with the foregoing PRC laws and regulations, the Group conducts its business in
the PRC mainly through the VIEs based on a series of contractual arrangements. These contractual arrangements avoid such statements as
the contractual arrangements enable the registrant to exercise substantial influence over the consolidated affiliated entities,
(ii) receive substantially all of the economic benefits of the Group&#8217;s VIEs, and (iii) exercise an exclusive option to purchase
all or part of the equity interests and assets in the Group&#8217;s VIEs when and to the extent permitted by PRC law. Therefore, the
Group consolidates the VIEs as required by IFRS&#160;10 <i>Consolidated Financial Statements</i>.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 169; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>7. Group
information (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_8" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
principal terms of the VIE agreements are further described below:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_9" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td><span style="font-family: Times New Roman, Times, Serif">Powers of
                                            attorney</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_10" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the powers of attorney signed by Beijing Kuke Music&#8217;s nominee shareholders, each nominee shareholder irrevocably authorised
Kuke International to act on behalf of such shareholder as its exclusive agent and attorney to exercise all rights and power that such
shareholder has in respect of its equity interest in Beijing Kuke Music (including, but not limited to, all of such shareholders&#8217;
rights and voting rights to the sale, transfer, pledge or disposition of the equity interest in part or in whole, and the right to designate
and appoint the directors and the executive officers of Beijing Kuke Music). The powers of attorney will remain effective ever after,
until Kuke International terminates the powers of attorney in writing or the shares or all the assets of Beijing Kuke Music have been
legally and effectively transferred to Kuke International and/or its designees.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_11" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif">Beijing
Lecheng, BMF Culture and its nominee shareholders have also entered into a power of attorney regarding the exercise of all the shareholders&#8217;
rights of the shareholders of BMF Culture, the terms of which are substantially similar to the power of attorney described above.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_12" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.5in"></td><td style="text-align: left; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(2)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Exclusive
                                            call option agreement</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_13" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the exclusive call option agreement entered into amongst Beijing Kuke Music&#8217;s nominee shareholders, Beijing Kuke Music and Kuke
International, each nominee shareholder granted to Kuke International an irrevocable and exclusive right to purchase all or part of its
equity interests in Beijing Kuke Music. The purchase price of the equity interests in Beijing Kuke Music will be a nominal price, unless
the relevant government authorities or the PRC laws request another amount to be used as the purchase price, in which case the purchase
price will be the lowest amount under such request. Subject to relevant PRC laws and regulations, the registered shareholders will return
any amount of the purchase price they have received to Kuke International or its designees.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_14" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif">Beijing
Lecheng, BMF Culture and its nominee shareholders have also entered into an exclusive call option agreement, the terms of which are substantially
similar to the exclusive call option described above.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 20pt; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_15" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in; text-align: left"></td><td style="text-align: left; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(3)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Exclusive
                                            service agreements</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_16" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the exclusive service agreement entered into between Beijing Kuke Music and Kuke International, Kuke International provides business
support and consulting services as the exclusive provider of such services to Beijing Kuke Music, in return for a fee which is equal
to <ix:nonFraction contextRef="c168" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" unitRef="pure">100</ix:nonFraction>% of the profits before tax of Beijing Kuke Music and is adjustable at the sole discretion of Kuke International. This agreement
remains effective perpetually unless termination is required by Kuke International with one month&#8217;s prior written notice.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_17" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif">Beijing
Lecheng and BMF Culture have also entered into an exclusive service agreement, the terms of which are substantially similar to the exclusive
service agreement described above.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 170; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>7. Group
information (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_18" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_17"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(4)</span></td><td><span style="font-family: Times New Roman, Times, Serif">Share Pledge
                                            contract</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_19" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the share pledge contract among Beijing Kuke Music&#8217;s nominee shareholders, Beijing Kuke Music and Kuke International, the nominee
shareholders of Beijing Kuke Music pledged all of their respective equity interests in Beijing Kuke Music to Kuke International as a
continuing first priority security interest to guarantee the prompt and full performance of these nominee shareholders&#8217; and Beijing
Kuke Music&#8217;s obligations under the powers of attorney, the exclusive call option agreement and the exclusive service agreement.
The nominee shareholders will not have the right to exercise the voting rights and rights to dividend distribution attaching to the equity
interests of Beijing Kuke Music. If Beijing Kuke Music or any of the nominee shareholders breaches its obligations, Beijing Kuke Music
is dissolved or the enforcement of the pledged equity interests of Beijing Kuke Music is permitted under PRC laws, Kuke International
will be entitled to exercise its rights to the pledged equity interests, including the right to sell the pledged equity interests of
Beijing Kuke Music through an auction or a private sale.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_20" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif">If
the pledged equity interests of Beijing Kuke Music are disposed of for whatever reasons, all proceeds received will be attributed to
Kuke International and the nominee shareholders must transfer all proceeds collected to Kuke International without consideration, to
the extent permitted by PRC laws. This contract remains effective until the earlier of: (i)&#160;the discharge in full of the nominee
shareholders&#8217; and Beijing Kuke Music&#8217;s obligations under VIE agreements, or (ii)&#160;the completion of the disposal of the
pledged equity interests in Beijing Kuke Music.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_21" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif">Beijing
Lecheng and BMF Culture have also entered into a share pledge contract, the terms of which are substantively similar to those of the
share pledge contract described above.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif">In
the opinion of the Company&#8217;s legal counsel, (i)&#160;the ownership structure of Kuke International, Beijing Lecheng and their VIEs
are in compliance with the PRC laws and regulations; and (ii)&#160;the contractual arrangements with the VIEs and their nominee shareholders
are valid and binding, and not in violation of the current PRC laws or regulations.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 171; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfBusinessCombinationsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>8.
Business combinations</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_2" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Beijing
Kuke Music Co. Ltd., the Company&#8217;s subsidiary, made a cash acquisition of RMB<ix:nonFraction contextRef="c205" decimals="-6" format="ixt:num-dot-decimal" name="kuke:CashAcquisition" scale="6" unitRef="cny">1</ix:nonFraction> million for <ix:nonFraction contextRef="c206" decimals="2" format="ixt:num-dot-decimal" name="kuke:SharesPercentage" scale="-2" unitRef="pure">51</ix:nonFraction>% share of Beijing Kuke Music
Culture Co., Ltd. (&#8220;Music Culture&#8221;), on January 1st, 2022. The acquisition aims to enlarge the Company&#8217;s market
share in the music education industry, by harnessing the Music Culture&#8217;s established service in the said
segment.&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_3" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
fair values of the identifiable assets and liabilities of Beijing Successor Educational Equipment Co., Ltd acquired as at the date of
acquisition were as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_4" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_3"><ix:nonNumeric contextRef="c0" continuedAt="kuke_ScheduleOfFairValuesOfTheIdentifiableAssetsAndLiabilitiesTableTextBlock-c0_cont_1" escape="true" name="kuke:ScheduleOfFairValuesOfTheIdentifiableAssetsAndLiabilitiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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                                            value<br/>
                                            recognised on<br/>
                                            acquisition</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c211" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherReceivables" scale="3" unitRef="cny">257</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c211" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLeasePrepayments" scale="3" unitRef="cny">461</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Inventories</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c211" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherInventories" scale="3" unitRef="cny">194</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Trade payables</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c211" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherPayables" scale="3" unitRef="cny">2</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Contract liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c211" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentContractLiabilities" scale="3" unitRef="cny">590</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other payables and accruals</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c211" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentPayables" scale="3" unitRef="cny">407</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total identifiable net
    assets at fair value</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c211" decimals="-3" format="ixt:num-dot-decimal" name="kuke:TotalIdentifiableNetAssetsAtFairValue" scale="3" unitRef="cny">236</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Goodwill arising on
    acquisition</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c211" decimals="-3" format="ixt:num-dot-decimal" name="kuke:GoodwillArisingOnAcquisition" scale="3" unitRef="cny">764</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Purchase consideration</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c211" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" scale="3" unitRef="cny">1,000</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Satisfied by:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 13.7pt"><span style="font-family: Times New Roman, Times, Serif">Cash
    and cash equivalents</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c211" decimals="-3" format="ixt:num-dot-decimal" name="kuke:CashAndCashEquivalentsSatisfied" scale="3" unitRef="cny">1,000</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Analysis of cash flows on acquisition:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Net cash inflows and cash
    acquired (including in net cash flows used in investing activities)</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c207" decimals="-3" format="ixt:num-dot-decimal" name="kuke:NetCashInflowsAndCashAcquiredincludingInNetCashFlowsUsedInInvestingActivities" scale="3" unitRef="cny">315</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_5" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Since
the acquisition, the Music Culture contributed RMB<ix:nonFraction contextRef="c207" decimals="0" format="ixt:num-dot-decimal" name="kuke:ContributedRevenue" scale="0" unitRef="cny">15,275,000</ix:nonFraction> revenue and RMB<ix:nonFraction contextRef="c207" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:InsuranceRevenueContractualServiceMarginRecognisedInProfitOrLossBecauseOfTransferOfServices" scale="0" unitRef="cny">3,351,000</ix:nonFraction> loss to the Group for the year ended December 31,
2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 172; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>8. Business
combinations (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_6" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
February 29, 2020, the Group acquired a <ix:nonFraction contextRef="c208" decimals="3" format="ixt:num-dot-decimal" name="kuke:EquityInterestRate" scale="-2" unitRef="pure">61.6</ix:nonFraction>% equity interest from Lung Yu and He Yu, shareholders of the Group, and a <ix:nonFraction contextRef="c209" decimals="3" format="ixt:num-dot-decimal" name="kuke:EquityInterestRate" scale="-2" unitRef="pure">38.4</ix:nonFraction>% equity interest
from a series of independent third parties in Rosenkavalier through a share swap transaction. Rosenkavalier Group was a related party
of the Group before the acquisition and provides music festival event services, music performance services and licensing of music catalogues.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_7" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
acquisition was made as part of the Group&#8217;s strategy to expand its market share in the industry. Upon completion of the transaction,
the Company obtained control over Rosenkavalier.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_8" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Company issued <ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="kuke:OrdinaryShares" scale="0" unitRef="shares">4,856,273</ix:nonFraction> ordinary shares as non-cash consideration for the acquisition of Rosenkavalier. The shares issued had a total
estimated fair value of RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="kuke:TotalEstimatedFairValue" scale="0" unitRef="cny">284,000,000</ix:nonFraction>, based on the fair value of the Rosenkavalier Group as at the date of acquisition measured using
the income approach.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_9" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
fair values of the identifiable assets and liabilities of Rosenkavalier Group acquired as at the date of acquisition were as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_10" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_9"><ix:continuation id="kuke_ScheduleOfFairValuesOfTheIdentifiableAssetsAndLiabilitiesTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Fair
                                            value<br/>
                                            recognised on<br/>
                                            acquisition</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash and cash equivalents</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c212" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCashAndCashEquivalents" scale="3" unitRef="cny">1,073</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Property, plant and equipment (Note 12)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c212" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherPropertyPlantAndEquipment" scale="3" unitRef="cny">769</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Right-of-use assets (Note 24)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Inventories</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c212" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherInventories" scale="3" unitRef="cny">2</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c212" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="3" unitRef="cny">26,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deferred tax liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c212" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DeferredTaxLiabilitiesAmount" scale="3" sign="-" unitRef="cny">1,472</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Trade payables</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c212" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherPayables" scale="3" unitRef="cny">188</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Due to related parties</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c212" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherPayablesToRelatedParties" scale="3" unitRef="cny">1,261</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Lease liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c212" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:LeaseLiabilities" scale="3" unitRef="cny">2,988</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other payables and accruals</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c212" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentPayables" scale="3" unitRef="cny">507</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total identifiable net
    assets at fair value</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c212" decimals="-3" format="ixt:num-dot-decimal" name="kuke:TotalIdentifiableNetAssetsAtFairValue" scale="3" unitRef="cny">46,775</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Goodwill arising on
    acquisition</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c212" decimals="-3" format="ixt:num-dot-decimal" name="kuke:GoodwillArisingOnAcquisition" scale="3" unitRef="cny">237,225</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Purchase consideration</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c212" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" scale="3" unitRef="cny">284,000</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Satisfied by:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Issuance of ordinary
    shares</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c213" decimals="-3" format="ixt:num-dot-decimal" name="kuke:IssuanceOfOrdinarySharesAmount" scale="3" unitRef="cny">284,000</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Analysis of cash flows on acquisition:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Net cash inflows and cash
    acquired (including in net cash flows used in investing activities)</span></td><td style="font-weight: bold; padding-bottom: 4pt"></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c213" decimals="-3" format="ixt:num-dot-decimal" name="kuke:NetCashInflowsAndCashAcquiredincludingInNetCashFlowsUsedInInvestingActivities" scale="3" unitRef="cny">1,073</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 173; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>8. Business
combinations (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" name="kuke:BusinessCombinations"><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_11" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Since
the acquisition, the Rosenkavalier Group contributed RMB31,885,000 revenue and RMB3,362,000 profit to the Group for the year ended December
31, 2020, contributed RMB109,270,000 revenue and RMB3,543,000 profit to the Group for the year ended December 31, 2021, contributed RMB140,223,000
revenue and RMB55,121,000 loss to the Group for the year ended December 31, 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_12" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Due
to the impact of the epidemic, Rosenkavalier Group&#8217;s operating performance significantly declined in 2022, and the future business
outlook is also not positive. Based on this, an impairment provision is made for the goodwill generated from the acquisition of Rosenkavalier
Group, with an impairment amount of RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="kuke:ImpairmentAmount" scale="0" unitRef="cny">237,225,000</ix:nonFraction>.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_13" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Had
the above combination taken place at the beginning of the year, the revenue of the Group and the loss of the Group for the year ended
December 31, 2020 would have been RMB<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:RevenueAndOperatingIncome" scale="0" unitRef="cny">162,881,000</ix:nonFraction> and RMB<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="kuke:Loss" scale="0" unitRef="cny">16,572,000</ix:nonFraction>, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_14" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Goodwill
of approximately RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ChangesInGoodwill" scale="0" unitRef="cny">237,225,000</ix:nonFraction> was recognised as part of this acquisition, which results from the expected synergies from combining
the operations of the Rosenkavalier Group with the Group&#8217;s operations. None of the goodwill recognised is expected to be deductible
for tax purposes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_15" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
aggregate fair values (and their respective gross contractual amounts) of the trade receivables and financial assets included in prepayments,
other receivables and other assets as at their respective date of acquisition amounted to RMB<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="kuke:OtherReceivable" scale="0" unitRef="cny">9,671,000</ix:nonFraction> and RMB<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:OtherAssets" scale="0" unitRef="cny">10,064,000</ix:nonFraction>, respectively,
of which other receivables of RMB<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:OtherReceivables" scale="0" unitRef="cny">218,000</ix:nonFraction> are expected to be uncollectable.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_16" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Transaction
costs of RMB<ix:nonFraction contextRef="c210" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AcquisitionrelatedCostsForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination" scale="0" unitRef="cny">320,000</ix:nonFraction> and RMB<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AcquisitionrelatedCostsForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination" scale="0" unitRef="cny">934,000</ix:nonFraction> incurred for the acquisition were expensed and included in administrative expenses in the profit or
loss for the years ended December 31, 2019 and 2020, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group measured the acquired lease liabilities using the present value of the remaining lease payments at the date of acquisition. The
right-of-use assets were measured at an amount equal to the lease liabilities and adjusted to reflect the favourable terms of the leases
relative to market terms.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>9. Other
income and expenses</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_2" id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>9.1.1
Other income, net</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_3" id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfOtherOperatingIncomeExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Government grants</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c215" decimals="-3" format="ixt:num-dot-decimal" id="ix_9_fact" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="cny">3,963</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c216" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="cny">1,218</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Covid-19 - related rent concessions from a
    lessor (Note 24)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-135; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-136; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c219" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="cny">778</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Foreign exchange differences, net</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c220" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="cny">1,023</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c221" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" sign="-" unitRef="cny">1,032</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c222" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="cny">361</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Additional deduction of VAT</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c223" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="cny">716</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c224" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="cny">502</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c225" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="cny">1,864</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Bad debt recovery</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c226" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="cny">849</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c227" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="cny">5,201</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-137; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Custody fees*</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c229" decimals="-3" format="ixt:num-dot-decimal" id="ix_10_fact" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="cny">3,012</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-138; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-139; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Others</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c232" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="cny">194</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c233" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="cny">66</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c234" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="cny">164</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total
    other income, net</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="cny">7,659</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="cny">8,700</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="cny">4,385</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_4" id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_3"><ix:continuation id="_DisclosureOfOtherOperatingIncomeExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">*</span></td><td style="text-align: justify"><ix:footnote id="ix_3_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif">It&#8217;s refunded ADR custody fees received from Deutsche Bank AG.</span></ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"></p><div>

</div><!-- Field: Page; Sequence: 174; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>9.
Other income and expenses (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_5" id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>9.1.2
Other operating expenses&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_6" id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
amounts recognised for the year ended December 31, 2022 mainly represented the compensation payables on contract terminations of RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="kuke:CompensationPayablesOnContractTerminations" scale="0" unitRef="cny">425,000</ix:nonFraction>
(2021: RMB<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="kuke:CompensationPayablesOnContractTerminations" scale="0" unitRef="cny">1,622,000</ix:nonFraction>; 2020: <span style="-sec-ix-hidden: hidden-fact-153">Nil</span>) and loss on disposal of property, plant and equipment of RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:MiscellaneousOtherOperatingExpense" scale="0" unitRef="cny">809,000</ix:nonFraction> (2021: RMB<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:MiscellaneousOtherOperatingExpense" scale="0" unitRef="cny">1,112,000</ix:nonFraction>; 2020: RMB<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:MiscellaneousOtherOperatingExpense" scale="0" unitRef="cny">4,000</ix:nonFraction>).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_7" id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>9.2
Other losses</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_8" id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_7"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfDepreciationAndAmortisationExpenseExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%"><span style="font-family: Times New Roman, Times, Serif">Impairment of inventories</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossInventories" scale="3" unitRef="cny">7,840</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-140; font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-141; font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Impairment of property, plant and equipment</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" scale="3" unitRef="cny">34,858</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-142; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-143; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Impairment of intangible assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="kuke:ImpairmentOfIntangibleAsset" scale="3" unitRef="cny">427,314</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-144; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-145; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Impairment of goodwill</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TaxEffectOfImpairmentOfGoodwill" scale="3" unitRef="cny">237,225</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-146; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-147; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total
    other losses</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:OtherGainsAndLoss" scale="3" unitRef="cny">707,237</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-148; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-149; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_9" id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Due to the severe impact of COVID-19 pandemic
especially in 2022, the Group&#8217;s performance has declined significantly, failing to achieve its operational targets,
leading to asset impairment. The Group accrued impairment on its assets based on its evaluation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_10" id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>9.3
Finance costs</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_11" id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_10"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfFinanceCostExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest on loans and borrowings</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestExpenseOnBorrowings" scale="3" unitRef="cny">4,613</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestExpenseOnBorrowings" scale="3" unitRef="cny">6,602</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestExpenseOnBorrowings" scale="3" unitRef="cny">7,544</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Interest on lease liabilities</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestExpenseOnLeaseLiabilities" scale="3" unitRef="cny">235</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestExpenseOnLeaseLiabilities" scale="3" unitRef="cny">1,082</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestExpenseOnLeaseLiabilities" scale="3" unitRef="cny">2,561</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total
    finance costs</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceCosts" scale="3" unitRef="cny">4,848</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceCosts" scale="3" unitRef="cny">7,684</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceCosts" scale="3" unitRef="cny">10,105</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_12" id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>9.4
Finance income</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_13" id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_12"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfFinanceIncomeExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Bank interest income</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestIncomeOnDeposits" scale="3" unitRef="cny">33</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestIncomeOnDeposits" scale="3" unitRef="cny">34</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestIncomeOnDeposits" scale="3" unitRef="cny">45</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest income on loans receivable</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-151; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-152; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="kuke:InterestIncomeOnLoansReceivable" scale="3" unitRef="cny">1,527</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Interest income on net
    investments in subleases</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:InterestIncomeOnNetInvestmentsInSubleases" scale="3" unitRef="cny">1</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:InterestIncomeOnNetInvestmentsInSubleases" scale="3" unitRef="cny">45</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="kuke:InterestIncomeOnNetInvestmentsInSubleases" scale="3" unitRef="cny">49</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total
    finance income</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceIncome" scale="3" unitRef="cny">34</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceIncome" scale="3" unitRef="cny">79</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceIncome" scale="3" unitRef="cny">1,621</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:nonNumeric></ix:continuation><div>



</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 175; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>9.
Other income and expenses (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_14" id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>9.5
Depreciation, amortisation and costs of inventories</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_15" id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_14"><ix:continuation id="_DisclosureOfDepreciationAndAmortisationExpenseExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Included in cost of sales:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Depreciation of property, plant
    and equipment</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c235" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationOfPropertyPlantAndEquipment" scale="3" unitRef="cny">13,983</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c236" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationOfPropertyPlantAndEquipment" scale="3" unitRef="cny">9,709</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c237" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationOfPropertyPlantAndEquipment" scale="3" unitRef="cny">1,448</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Depreciation of right-of-use assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-150; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c236" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationOfRightofuseAssets" scale="3" unitRef="cny">696</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c237" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationOfRightofuseAssets" scale="3" unitRef="cny">1,955</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Depreciation of property, plant and equipment</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c241" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationOfPropertyPlantAndEquipment" scale="3" unitRef="cny">983</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c242" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationOfPropertyPlantAndEquipment" scale="3" unitRef="cny">1,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c243" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationOfPropertyPlantAndEquipment" scale="3" unitRef="cny">809</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c241" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationOfRightofuseAssets" scale="3" unitRef="cny">2,118</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c242" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationOfRightofuseAssets" scale="3" unitRef="cny">2,622</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c243" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationOfRightofuseAssets" scale="3" unitRef="cny">2,009</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Amortisation of intangible assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c241" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForAmortisationExpense" scale="3" unitRef="cny">531</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c242" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForAmortisationExpense" scale="3" unitRef="cny">151</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c243" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForAmortisationExpense" scale="3" unitRef="cny">40</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_16" id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>9.6
Research and development costs</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_17" id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group&#8217;s research and development concentrates on the development of smart music education solutions, which include music education
system, musical software (e.g.&#160;Kuke music app, digital music cloud library), Kuke music online platform, audiobook, musical education
instruments and hardware (e.g.&#160;Kukey smart pianos).</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_18" id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Research
and development costs of RMB<ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ResearchAndDevelopmentExpense" scale="0" unitRef="cny">18,661,000.00</ix:nonFraction>, RMB<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ResearchAndDevelopmentExpense" scale="0" unitRef="cny">27,811,000</ix:nonFraction> and RMB<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ResearchAndDevelopmentExpense" scale="0" unitRef="cny">12,598,000</ix:nonFraction> that are not eligible for capitalisation were expensed and
included in administrative expenses for the years ended December 31, 2022, 2021 and 2020, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_19" id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>9.7
Wages and salaries and pension scheme contributions</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_20" id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_19"><ix:nonNumeric contextRef="c0" escape="true" name="kuke:WagesAndSalariesAndPensionSchemeContributionsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:WagesAndSalaries" scale="3" unitRef="cny">41,473</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:WagesAndSalaries" scale="3" unitRef="cny">29,798</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:EquitySettledShareBasedPaymentExpenses" scale="3" unitRef="cny">15,208</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:EquitySettledShareBasedPaymentExpenses" scale="3" unitRef="cny">53,933</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="kuke:EquitySettledShareBasedPaymentExpenses" scale="3" unitRef="cny">19,416</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Pension scheme contributions</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:PensionSchemeContributions" scale="3" unitRef="cny">3,933</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:PensionSchemeContributions" scale="3" unitRef="cny">3,485</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="kuke:PensionSchemeContributions" scale="3" unitRef="cny">129</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">At
December&#160;31, 2022, 2021 and 2020, the Group had no forfeited contributions available to reduce its contributions to the pension
scheme in future years.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 176; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfIncomeTaxExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>10. Income
tax</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_2" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
major components of income tax expense for the years ended December&#160;31, 2022, 2021 and 2020 are as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_3" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Consolidated
profit or loss</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_4" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="kuke:DisclosureOfComponentsOfIncomeTaxExpenseExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2010</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Current
    income tax:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Current income tax charge</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="3" unitRef="cny">149</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="3" unitRef="cny">1,783</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="3" unitRef="cny">10,143</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Over provision in prior years</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-154; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:OverProvisionInPriorYears" scale="3" sign="-" unitRef="cny">1,899</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="kuke:OverProvisionInPriorYears" scale="3" sign="-" unitRef="cny">1,912</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DeferredTax" scale="3" unitRef="cny">6,319</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DeferredTax" scale="3" unitRef="cny">1,151</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DeferredTax" scale="3" sign="-" unitRef="cny">4,609</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Income
    tax expense reported in profit or loss</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" scale="3" unitRef="cny">6,468</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" scale="3" unitRef="cny">1,035</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" scale="3" unitRef="cny">3,622</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_5" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Reconciliation
of tax expense and the accounting profit multiplied by China&#8217;s domestic tax rate of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ApplicableTaxRate" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c3" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ApplicableTaxRate" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c4" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ApplicableTaxRate" scale="-2" unitRef="pure">25</ix:nonFraction></ix:nonFraction></ix:nonFraction>% for 2022, 2021 and 2020:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_6" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_5"><ix:nonNumeric contextRef="c0" escape="true" name="kuke:ScheduleOfReconciliationOfTaxExpenseTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-deductible expenses for tax purposes</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Super deductions</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" scale="3" sign="-" unitRef="cny">2,086</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Adjustments in respect of current tax of previous
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForCurrentTaxOfPriorPeriod" scale="3" sign="-" unitRef="cny">1,899</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForCurrentTaxOfPriorPeriod" scale="3" sign="-" unitRef="cny">1,912</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Unrecognised tax losses</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:UnrecognisedTaxLosses" scale="3" unitRef="cny">168,545</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:UnrecognisedTaxLosses" scale="3" unitRef="cny">2,116</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="kuke:UnrecognisedTaxLosses" scale="3" unitRef="cny">107</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">At the effective income tax rate of -<ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="kuke:EffectiveIncomeTaxRate" scale="-2" unitRef="pure">1</ix:nonFraction>% (2021: -<ix:nonFraction contextRef="c3" decimals="2" format="ixt:num-dot-decimal" name="kuke:EffectiveIncomeTaxRate" scale="-2" unitRef="pure">2</ix:nonFraction>%; 2020: -<ix:nonFraction contextRef="c4" decimals="2" format="ixt:num-dot-decimal" name="kuke:EffectiveIncomeTaxRate" scale="-2" unitRef="pure">31</ix:nonFraction>%)</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AtTheEffectiveIncomeTaxRate" scale="3" unitRef="cny">6,468</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AtTheEffectiveIncomeTaxRate" scale="3" unitRef="cny">1,035</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AtTheEffectiveIncomeTaxRate" scale="3" unitRef="cny">3,622</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Income tax expense reported
    in profit or loss</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncome" scale="3" unitRef="cny">6,468</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncome" scale="3" unitRef="cny">1,035</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncome" scale="3" unitRef="cny">3,622</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_7" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Note:</span></td><td><span style="font-family: Times New Roman, Times, Serif">The amount represented (i) a reduced enterprise income tax rate of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="kuke:IncomeTaxRate" scale="-2" unitRef="pure">15</ix:nonFraction>% and certain other preferential tax benefits available to qualified High and New Technology Enterprise under PRC tax laws and regulations entitled by Bejing Kuke Music and (ii) effects of different tax rates in relation to other jurisdictions.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_8" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>Uncertain
tax positions</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_9" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
tax authority of the PRC government conducts periodic and ad hoc tax filing reviews on business enterprises operating in the PRC after
those enterprises complete their relevant tax filings. Therefore, the Company&#8217;s PRC entities&#8217; tax filings results are subject
to change. It is therefore uncertain as to whether the PRC tax authority may take different views about the Company&#8217;s PRC entities&#8217;
tax filings, which may lead to additional tax liabilities. In general, the tax authorities have three to five years to conduct examinations
of the tax filings of the Group&#8217;s subsidiaries. Accordingly, the subsidiaries&#8217; tax years of 2019 through 2022 remain open
to examination by the respective tax authorities.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_10" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2022 and 2021, the Group had accrued liabilities for uncertain tax positions of <span style="-sec-ix-hidden: hidden-fact-165">Nil</span> and RMB<ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="kuke:UncertainTaxPositions" scale="0" unitRef="cny">1,395,000</ix:nonFraction>, respectively. The
Group does not anticipate any significant increases or decreases to its liability for unrecognised tax benefits within the next twelve
months. As of December 31, 2022 and 2021, the interest and penalties in connection with unrecognised tax benefits was assessed to be
minimal.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: 20pt"></p><div>

</div><!-- Field: Page; Sequence: 177; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>10. Income
tax (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_11" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Deferred
tax</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_12" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Reconciliation
of deferred tax assets and liabilities:</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_13" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_12"><ix:nonNumeric contextRef="c0" escape="true" name="kuke:ScheduleOfReconciliationOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31,<br/> 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31,<br/> 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deferred tax assets</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-156; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxAssets" scale="3" unitRef="cny">7,736</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-157; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" scale="3" unitRef="cny">1,417</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Net
    deferred tax</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-158; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AccruedIncomeIncludingContractAssets" scale="3" unitRef="cny">6,319</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_14" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_13"><ix:nonNumeric contextRef="c0" continuedAt="kuke_ScheduleOfDeferredTaxTableTextBlock-c0_cont_1" escape="true" name="kuke:ScheduleOfDeferredTaxTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    1,<br/>
    2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Credited/<br/>
    (charged) to<br/>
    profit or<br/>
    loss</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,<br/>
    2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%"><span style="font-family: Times New Roman, Times, Serif">Leases</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c246" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" unitRef="cny">95</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c247" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" scale="3" unitRef="cny">61</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c248" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" unitRef="cny">156</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c249" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" unitRef="cny">6,382</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c250" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" scale="3" sign="-" unitRef="cny">1,314</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c251" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" unitRef="cny">5,068</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Trade payables, accrual and provisions</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c252" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" unitRef="cny">2,440</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c253" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" scale="3" unitRef="cny">72</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c254" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" unitRef="cny">2,512</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Fair value adjustment
    arising from business combinations</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c255" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" sign="-" unitRef="cny">1,447</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c256" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" scale="3" unitRef="cny">30</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-159; font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c257" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" sign="-" unitRef="cny">1,417</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" scale="3" sign="-" unitRef="cny">1,151</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" unitRef="cny">6,319</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_15" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_14"><ix:continuation id="kuke_ScheduleOfDeferredTaxTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%"><span style="font-family: Times New Roman, Times, Serif">Leases</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c259" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" scale="3" sign="-" unitRef="cny">156</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-160; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Expected credit losses on debt financial assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c251" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" unitRef="cny">5,068</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c261" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" scale="3" sign="-" unitRef="cny">5,068</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-161; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Trade payables, accrual and provisions</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c254" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" unitRef="cny">2,512</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c263" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" scale="3" sign="-" unitRef="cny">2,512</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-162; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Fair value adjustment
    arising from business combinations</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c257" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" sign="-" unitRef="cny">1,417</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c265" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" scale="3" unitRef="cny">1,417</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-163; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" unitRef="cny">6,319</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" scale="3" sign="-" unitRef="cny">6,319</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-164; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_16" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group had tax losses arising in Mainland China of RMB<ix:nonFraction contextRef="c244" decimals="0" format="ixt:num-dot-decimal" name="kuke:AccumulatedTaxLosses" scale="0" unitRef="cny">64,748,000</ix:nonFraction> and RMB<ix:nonFraction contextRef="c245" decimals="0" format="ixt:num-dot-decimal" name="kuke:AccumulatedTaxLosses" scale="0" unitRef="cny">9,133,000</ix:nonFraction> as at December&#160;31, 2022 and 2021, respectively,
that will expire in one to five years for offsetting against future taxable profits of the companies in which the losses arose.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_17" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Deferred
tax assets have not been recognised in respect of the tax losses as at December&#160;31, 2022 and 2021 as the directors consider that
it is currently not probable that future taxable profits will be available against which the tax losses can be utilised.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_18" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the PRC Corporate Income Tax Law, a <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="kuke:WithholdingTaxRate" scale="-2" unitRef="pure">10</ix:nonFraction>% withholding tax is levied on dividends declared to foreign investors from the foreign investment
enterprises established in Mainland China. A lower withholding tax rate may be applied if there is a tax treaty between Mainland China
and the jurisdiction of the foreign investors. For the Group, the applicable rate is <ix:nonFraction contextRef="c82" decimals="2" format="ixt:num-dot-decimal" name="kuke:WithholdingTaxRate" scale="-2" unitRef="pure">5</ix:nonFraction>% or <ix:nonFraction contextRef="c76" decimals="2" format="ixt:num-dot-decimal" name="kuke:WithholdingTaxRate" scale="-2" unitRef="pure">10</ix:nonFraction>%. The Group is therefore liable for withholding
taxes on dividends distributed by the subsidiaries established in Mainland China to foreign shareholders in respect of earnings generated.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 178; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>10. Income
tax (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Deferred
tax (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation id="_DisclosureOfIncomeTaxExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">At
December&#160;31, 2022 and 2021, the directors of the Company estimated that the retained earnings of the PRC subsidiaries and a joint
venture would be retained in Mainland China for use in future operations and investments. In the opinion of the directors, it is not
probable that these subsidiaries and a joint venture will distribute such earnings in the foreseeable future to their foreign shareholders.
The aggregate amounts of temporary differences for the undistributed earnings associated with the investments in subsidiaries and a joint
venture in Mainland China for which deferred tax liabilities have not been recognised were approximately <span style="-sec-ix-hidden: hidden-fact-166">Nil</span> and RMB <ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesBranchesAndAssociatesAndInterestsInJointVentures" scale="0" unitRef="cny">217,324,000</ix:nonFraction> at December&#160;31,
2022 and 2021, respectively. The Group has determined that the undistributed profits of its PRC subsidiaries and a joint venture will
not be distributed in the foreseeable future.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_EarningsPerShareExplanatory-c0_cont_1" escape="true" name="ifrs-full:EarningsPerShareExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>11. Loss
per share</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_EarningsPerShareExplanatory-c0_cont_2" id="_EarningsPerShareExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Basic
loss per share are calculated by dividing the loss for the year attributable to ordinary equity holders of the parent by the weighted
average number of ordinary shares outstanding during the year.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_EarningsPerShareExplanatory-c0_cont_3" id="_EarningsPerShareExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
the year ended December 31, 2022, 2021 and 2020, the effects of all outstanding share options and unvested restricted shares were excluded
from the computation of diluted loss per share as their effects were anti-dilutive.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_EarningsPerShareExplanatory-c0_cont_4" id="_EarningsPerShareExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following table reflects the loss and share data used in the basic and diluted loss per share calculations:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>


</div><ix:continuation continuedAt="_EarningsPerShareExplanatory-c0_cont_5" id="_EarningsPerShareExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfEarningsPerShareExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 64%; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif">- Class A ordinary
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif">- Class
    B ordinary shares</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c269" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity" scale="3" sign="-" unitRef="cny">249,990</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c270" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity" scale="3" sign="-" unitRef="cny">16,778</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c271" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity" scale="3" sign="-" unitRef="cny">5,781</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>


</div><ix:continuation id="_EarningsPerShareExplanatory-c0_cont_5"><ix:continuation id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Weighted average
    number of ordinary shares in issue during the year for basic and diluted loss per share calculations</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 64%; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif">- Class A ordinary
    shares</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c266" decimals="INF" format="ixt:num-dot-decimal" name="ifrs-full:WeightedAverageShares" scale="0" unitRef="shares">21,340,420</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c267" decimals="INF" format="ixt:num-dot-decimal" name="ifrs-full:WeightedAverageShares" scale="0" unitRef="shares">21,121,241</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c268" decimals="INF" format="ixt:num-dot-decimal" name="ifrs-full:WeightedAverageShares" scale="0" unitRef="shares">15,244,686</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif">- Class
    B ordinary shares</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c269" decimals="INF" format="ixt:num-dot-decimal" name="ifrs-full:WeightedAverageShares" scale="0" unitRef="shares">8,281,098</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c270" decimals="INF" format="ixt:num-dot-decimal" name="ifrs-full:WeightedAverageShares" scale="0" unitRef="shares">8,281,098</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c271" decimals="INF" format="ixt:num-dot-decimal" name="ifrs-full:WeightedAverageShares" scale="0" unitRef="shares">8,281,098</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table></ix:continuation></ix:continuation><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 179; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>12.
Property, plant and equipment</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_2" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Leasehold</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>improvements</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Music</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>education</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>equipment</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Furniture</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>and</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>fixtures</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Office</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>equipment</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Cost</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif">At January 1, 2021</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c272" decimals="-3" format="ixt:num-dot-decimal" name="kuke:Cost" scale="3" unitRef="cny">4,136</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c273" decimals="-3" format="ixt:num-dot-decimal" name="kuke:Cost" scale="3" unitRef="cny">18,226</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c274" decimals="-3" format="ixt:num-dot-decimal" name="kuke:Cost" scale="3" unitRef="cny">335</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c275" decimals="-3" format="ixt:num-dot-decimal" name="kuke:Cost" scale="3" unitRef="cny">879</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c31" decimals="-3" format="ixt:num-dot-decimal" name="kuke:Cost" scale="3" unitRef="cny">23,576</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Additions</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c276" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AdditionsCost" scale="3" unitRef="cny">425</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c277" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AdditionsCost" scale="3" unitRef="cny">53,830</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c278" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AdditionsCost" scale="3" unitRef="cny">6</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c279" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AdditionsCost" scale="3" unitRef="cny">166</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AdditionsCost" scale="3" unitRef="cny">54,427</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Disposals</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-167; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c277" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DisposalsCost" scale="3" unitRef="cny">1,859</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-168; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c279" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DisposalsCost" scale="3" unitRef="cny">15</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DisposalsCost" scale="3" unitRef="cny">1,874</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">At December 31, 2021</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c280" decimals="-3" format="ixt:num-dot-decimal" name="kuke:Cost" scale="3" unitRef="cny">4,561</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c281" decimals="-3" format="ixt:num-dot-decimal" name="kuke:Cost" scale="3" unitRef="cny">70,197</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c282" decimals="-3" format="ixt:num-dot-decimal" name="kuke:Cost" scale="3" unitRef="cny">341</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c283" decimals="-3" format="ixt:num-dot-decimal" name="kuke:Cost" scale="3" unitRef="cny">1,030</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:Cost" scale="3" unitRef="cny">76,129</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Acquisition from business combinations (Note
    8)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-169; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-170; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-171; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c285" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AcquisitionFromBusinessCombinations" scale="3" unitRef="cny">8</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AcquisitionFromBusinessCombinations" scale="3" unitRef="cny">8</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Additions</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-172; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c87" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AdditionsCost" scale="3" unitRef="cny">155</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-173; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c285" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AdditionsCost" scale="3" unitRef="cny">3</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AdditionsCost" scale="3" unitRef="cny">158</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Disposals</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-174; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c87" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DisposalsCost" scale="3" unitRef="cny">2,367</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-175; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-176; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DisposalsCost" scale="3" unitRef="cny">2,367</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">At December 31, 2022</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c286" decimals="-3" format="ixt:num-dot-decimal" name="kuke:Cost" scale="3" unitRef="cny">4,561</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c287" decimals="-3" format="ixt:num-dot-decimal" name="kuke:Cost" scale="3" unitRef="cny">67,985</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c288" decimals="-3" format="ixt:num-dot-decimal" name="kuke:Cost" scale="3" unitRef="cny">341</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c289" decimals="-3" format="ixt:num-dot-decimal" name="kuke:Cost" scale="3" unitRef="cny">1,041</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="kuke:Cost" scale="3" unitRef="cny">73,928</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accumulated depreciation</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">At January 1, 2021</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c272" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AccumulatedDepreciations" scale="3" sign="-" unitRef="cny">2,858</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c273" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AccumulatedDepreciations" scale="3" sign="-" unitRef="cny">1,752</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c274" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AccumulatedDepreciations" scale="3" sign="-" unitRef="cny">179</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c275" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AccumulatedDepreciations" scale="3" sign="-" unitRef="cny">652</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c31" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AccumulatedDepreciations" scale="3" sign="-" unitRef="cny">5,441</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Depreciation charge for the year</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c276" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationChargeForTheYearAccumulatedDepreciation" scale="3" unitRef="cny">804</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c277" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationChargeForTheYearAccumulatedDepreciation" scale="3" unitRef="cny">9,710</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c278" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationChargeForTheYearAccumulatedDepreciation" scale="3" unitRef="cny">72</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c279" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationChargeForTheYearAccumulatedDepreciation" scale="3" unitRef="cny">123</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationChargeForTheYearAccumulatedDepreciation" scale="3" unitRef="cny">10,709</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Disposals</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-177; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c277" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DisposalsAccumulatedDepreciation" scale="3" sign="-" unitRef="cny">462</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-178; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c279" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DisposalsAccumulatedDepreciation" scale="3" sign="-" unitRef="cny">2</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DisposalsAccumulatedDepreciation" scale="3" sign="-" unitRef="cny">464</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">At December 31, 2021</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c280" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AccumulatedDepreciations" scale="3" sign="-" unitRef="cny">3,662</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c281" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AccumulatedDepreciations" scale="3" sign="-" unitRef="cny">11,000</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c282" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AccumulatedDepreciations" scale="3" sign="-" unitRef="cny">251</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c283" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AccumulatedDepreciations" scale="3" sign="-" unitRef="cny">773</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AccumulatedDepreciations" scale="3" sign="-" unitRef="cny">15,686</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Depreciation charge for the year</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c86" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationChargeForTheYearAccumulatedDepreciation" scale="3" unitRef="cny">817</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c87" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationChargeForTheYearAccumulatedDepreciation" scale="3" unitRef="cny">13,983</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c284" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationChargeForTheYearAccumulatedDepreciation" scale="3" unitRef="cny">54</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c285" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationChargeForTheYearAccumulatedDepreciation" scale="3" unitRef="cny">112</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationChargeForTheYearAccumulatedDepreciation" scale="3" unitRef="cny">14,966</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Disposals</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-179; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c87" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DisposalsAccumulatedDepreciation" scale="3" sign="-" unitRef="cny">692</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-180; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-181; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DisposalsAccumulatedDepreciation" scale="3" sign="-" unitRef="cny">692</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">At December 31, 2022</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c286" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AccumulatedDepreciations" scale="3" sign="-" unitRef="cny">4,479</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c287" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AccumulatedDepreciations" scale="3" sign="-" unitRef="cny">24,291</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c288" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AccumulatedDepreciations" scale="3" sign="-" unitRef="cny">305</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c289" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AccumulatedDepreciations" scale="3" sign="-" unitRef="cny">885</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AccumulatedDepreciations" scale="3" sign="-" unitRef="cny">29,960</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accumulated impairment loss</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">At January 1, 2021</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-182; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-183; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-184; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-185; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-186; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Impairment loss charge
    for the year</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-187; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-188; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-189; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-190; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-191; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">At December 31, 2021</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-192; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-193; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-194; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-195; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-196; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Impairment loss charge
    for the year</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-197; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c87" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" scale="3" sign="-" unitRef="cny">34,858</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-198; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-199; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" scale="3" sign="-" unitRef="cny">34,858</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">At December 31, 2022</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-200; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c287" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AccumulatedImpairmentsLoss" scale="3" sign="-" unitRef="cny">34,858</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-201; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-202; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AccumulatedImpairmentsLoss" scale="3" sign="-" unitRef="cny">34,858</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net carrying amount</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">At December 31, 2022</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">At December 31, 2021</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c31" decimals="-3" format="ixt:num-dot-decimal" name="kuke:NetCarryingAmounts" scale="3" unitRef="cny">60,443</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
the year ended December 31, 2022, the impairment loss of RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DisposalsPropertyPlantAndEquipment" scale="0" unitRef="cny">34,858</ix:nonFraction> represented the write-down of certain property, plant and
equipment to the recoverable amount as a result of obsolescence. This was recognised in the statement of profit or loss as other
losses. The recoverable amount of as at December 31, 2022 was based on fair value less costs of disposal.</span></p></ix:continuation><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 180; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfIntangibleAssetsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13.
Intangible assets</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_2" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c290" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="3" unitRef="cny">391</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c291" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="3" unitRef="cny">276,863</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c292" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="3" unitRef="cny">277,254</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additions
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c293" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" scale="3" unitRef="cny">64</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c294" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" scale="3" unitRef="cny">237,557</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c295" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" scale="3" unitRef="cny">237,621</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charge
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
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    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-206; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charge
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
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    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-211; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charge
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
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    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
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</div><div>

</div><ix:continuation id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_2"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
recoverable amount of copyrights of RMB<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:RecoverableAmountOfAssetOrCashgeneratingUnit" scale="0" unitRef="cny">66189</ix:nonFraction> as at December 31, 2022 has been determined based on a value in use calculation using cash
flow projections from financial budgets approved by senior management covering a five-year period. The projected cash flows have been
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rate as at December 31, 2021 and 2022. It was concluded that the carrying amount did not exceed the value in use. As a result of this
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 181; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfGoodwillExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14.
Goodwill</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_2" id="_DisclosureOfGoodwillExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfReconciliationOfChangesInGoodwillExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_3" id="_DisclosureOfGoodwillExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Impairment
testing of goodwill</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_4" id="_DisclosureOfGoodwillExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group performed its annual impairment test at the end of each year in 2022 and 2021. As at December 31, 2022, the impact of global COVID-19
pandemic and the ongoing economic uncertainty, indicating a potential impairment of goodwill.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_5" id="_DisclosureOfGoodwillExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_6" id="_DisclosureOfGoodwillExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_7" id="_DisclosureOfGoodwillExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smart
                                            music learning business; and</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_8" id="_DisclosureOfGoodwillExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Music
                                            events and performances business</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_9" id="_DisclosureOfGoodwillExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Subscription
and licensing business</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_10" id="_DisclosureOfGoodwillExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
recoverable amount of the CGU is determined based on a value-in-use calculation using cash flow projections based on financial budgets
covering a five-year period approved by senior management. The pre-tax discount rate of capital applied to the cash flow projections
is <ix:nonFraction contextRef="c339" decimals="3" format="ixt:num-dot-decimal" name="kuke:CashFlowProjectionsPreTaxDiscountRate" scale="-2" unitRef="pure">19.7</ix:nonFraction>% as at December 31, 2021 and <ix:nonFraction contextRef="c340" decimals="4" format="ixt:num-dot-decimal" name="kuke:CashFlowProjectionsPreTaxDiscountRate" scale="-2" unitRef="pure">15.86</ix:nonFraction>% as at December 31, 2022. The growth rate used to extrapolate the cash flows beyond the five-year
period is <ix:nonFraction contextRef="c339" decimals="2" format="ixt:num-dot-decimal" name="kuke:GrowthRatePercentageOfCashFlowsBeyondFiveYearPeriod" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c340" decimals="2" format="ixt:num-dot-decimal" name="kuke:GrowthRatePercentageOfCashFlowsBeyondFiveYearPeriod" scale="-2" unitRef="pure">3</ix:nonFraction></ix:nonFraction>% as at December 31, 2021 and 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_11" id="_DisclosureOfGoodwillExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following describes management&#8217;s key assumptions in its subscription and licensing business CGU cash flow projections:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_12" id="_DisclosureOfGoodwillExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Budgeted
cash flows &#8211; the basis used to determine the budgeted cash flows is based on management&#8217;s expectation of the business development.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_13" id="_DisclosureOfGoodwillExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discount
rate &#8211; the discount rate used is before tax and reflects specific risks relating to the relevant unit.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_14" id="_DisclosureOfGoodwillExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terminal
growth rate &#8211; the growth rate is based on management&#8217;s expectation of the long-term forecast growth rate of the business.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_15" id="_DisclosureOfGoodwillExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the result of the impairment testing of goodwill, in the opinion of the directors, full impairment provision was considered necessary
for the Group&#8217;s goodwill allocated to the subscription and licensing business CGU as at December 31, 2022. The impairment charge is recorded within other losses in the statement of profit or loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>




</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 182; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14.
Goodwill (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_16" id="_DisclosureOfGoodwillExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Smart
music learning business</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_17" id="_DisclosureOfGoodwillExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
recoverable amount of the CGU is determined based on a value-in-use calculation using cash flow projections based on financial budgets
covering a five-year period approved by senior management. The pre-tax discount rate of capital applied to the cash flow projections
is <ix:nonFraction contextRef="c341" decimals="3" format="ixt:num-dot-decimal" name="kuke:CashFlowProjectionsPreTaxDiscountRate" scale="-2" unitRef="pure">19.7</ix:nonFraction>% as at December 31, 2021 and <ix:nonFraction contextRef="c342" decimals="4" format="ixt:num-dot-decimal" name="kuke:CashFlowProjectionsPreTaxDiscountRate" scale="-2" unitRef="pure">14.47</ix:nonFraction>% as at December 31, 2022. The growth rate used to extrapolate the cash flows beyond the five-year
period is <ix:nonFraction contextRef="c342" decimals="2" format="ixt:num-dot-decimal" name="kuke:GrowthRatePercentageOfCashFlowsBeyondFiveYearPeriod" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c341" decimals="2" format="ixt:num-dot-decimal" name="kuke:GrowthRatePercentageOfCashFlowsBeyondFiveYearPeriod" scale="-2" unitRef="pure">3</ix:nonFraction></ix:nonFraction>% as at December 31, 2021 and 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_18" id="_DisclosureOfGoodwillExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following describes management&#8217;s key assumptions in its smart music learning business CGU cash flow projections:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_19" id="_DisclosureOfGoodwillExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Budgeted
cash flows &#8211; the basis used to determine the budgeted cash flows is based on management&#8217;s expectation of the business development.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_20" id="_DisclosureOfGoodwillExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discount
rate &#8211; the discount rate used is before tax and reflects specific risks relating to the relevant unit. A rise in the pre-tax
discount rate to <ix:nonFraction contextRef="c342" decimals="4" format="ixt:num-dot-decimal" name="kuke:DiscountRate" scale="-2" unitRef="pure">24.88</ix:nonFraction>% (i.e., +<ix:nonFraction contextRef="c0" decimals="4" format="ixt:num-dot-decimal" name="kuke:DiscountRate" scale="-2" unitRef="pure">10.41</ix:nonFraction>%) in the smart music learning business CGU would result in impairment.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_21" id="_DisclosureOfGoodwillExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terminal
growth rate &#8211; the growth rate is based on management&#8217;s expectation of the long-term forecast growth rate of the
business. A reduction by <ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseImpairmentLosses" scale="-2" unitRef="pure">10.2</ix:nonFraction>% in the long-term growth rate would result in impairment.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_22" id="_DisclosureOfGoodwillExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the result of the impairment testing of goodwill, in the opinion of the directors, no impairment provision was considered necessary
for the Group&#8217;s goodwill allocated to the smart music learning business CGU as at December 31, 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_23" id="_DisclosureOfGoodwillExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Music
events and performances business</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_24" id="_DisclosureOfGoodwillExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
recoverable amount of the CGU is determined based on a value-in-use calculation using cash flow projections based on financial budgets
covering a five-year period approved by senior management. The pre-tax discount rate of capital applied to the cash flow projections
is <ix:nonFraction contextRef="c343" decimals="3" format="ixt:num-dot-decimal" name="kuke:CashFlowProjectionsPreTaxDiscountRate" scale="-2" unitRef="pure">21.7</ix:nonFraction>% as at December 31, 2021 and <ix:nonFraction contextRef="c344" decimals="4" format="ixt:num-dot-decimal" name="kuke:CashFlowProjectionsPreTaxDiscountRate" scale="-2" unitRef="pure">13.56</ix:nonFraction>% as at December 31, 2022. The terminal growth rate used to extrapolate the cash flows beyond
the <span style="-sec-ix-hidden: hidden-fact-226">five</span>-year period is <ix:nonFraction contextRef="c343" decimals="2" format="ixt:num-dot-decimal" name="kuke:GrowthRatePercentageOfCashFlowsBeyondFiveYearPeriod" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c344" decimals="2" format="ixt:num-dot-decimal" name="kuke:GrowthRatePercentageOfCashFlowsBeyondFiveYearPeriod" scale="-2" unitRef="pure">3</ix:nonFraction></ix:nonFraction>% as at December 31, 2021 and 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_25" id="_DisclosureOfGoodwillExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following describes the management&#8217;s key assumptions in its music events and performances business CGU cash flow projections:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_26" id="_DisclosureOfGoodwillExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Budgeted
cash flows &#8211; the basis used to determine the budgeted cash flows is based on management&#8217;s expectation of the business development.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_27" id="_DisclosureOfGoodwillExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discount
rate &#8211; the discount rate used is before tax and reflects specific risks relating to the relevant unit.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_28" id="_DisclosureOfGoodwillExplanatory-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terminal
growth rate &#8211; the growth rate is based on management&#8217;s expectation of the long-term forecast growth rate of the business.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfGoodwillExplanatory-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the result of the impairment testing of goodwill, in the opinion of the directors, full impairment provision was considered necessary
for the Group&#8217;s goodwill allocated to the Music events and performances business CGU as at December 31, 2022. The impairment charge is recorded within other losses in the statement of profit or loss.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 183; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfInventoriesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15.
Inventories, net</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_2" id="_DisclosureOfInventoriesExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="kuke:DisclosureOfDetailedInformationAboutInventoriesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,<br/>
                                            2022</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,<br/>
                                            2021</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Finished goods</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinishedGoods" scale="3" unitRef="usd">8,618</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinishedGoods" scale="3" unitRef="usd">7,307</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Less: provision</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherShorttermProvisions" scale="3" unitRef="usd">7,840</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-227; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Inventories, net</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InventoriesAtNetRealisableValue" scale="3" unitRef="usd">778</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InventoriesAtNetRealisableValue" scale="3" unitRef="usd">7,307</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfInventoriesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">During
2022, RMB <ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="kuke:InventoriesAmount" scale="0" unitRef="usd">7,840</ix:nonFraction> (2021: <span style="-sec-ix-hidden: hidden-fact-228">nil</span>) was recognised as an expense for inventories carried at net realisable value. This is recognised in other
losses in the statement of profit or loss.</span></p></ix:continuation><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16.
Trade receivables, net</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_2" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="kuke:DisclosureOfTradeReceivablesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,<br/>
    2022</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,<br/>
    2021</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: italic"><span style="font-family: Times New Roman, Times, Serif">Trade receivables</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Receivables from third-party customers</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c360" decimals="-3" format="ixt:num-dot-decimal" name="kuke:ReceivablesDueFromThirdPartyCustomers" scale="3" unitRef="cny">76,260</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c361" decimals="-3" format="ixt:num-dot-decimal" name="kuke:ReceivablesDueFromThirdPartyCustomers" scale="3" unitRef="cny">116,776</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Allowance for ECLs</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c362" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AllowanceForECLsAmount" scale="3" unitRef="cny">66,981</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c363" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AllowanceForECLsAmount" scale="3" unitRef="cny">5,672</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    trade receivables</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c360" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTradeReceivables" scale="3" unitRef="cny">9,279</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c361" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTradeReceivables" scale="3" unitRef="cny">111,104</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_3" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
receivables are non-interest bearing and are generally on terms of 7 to 365&#160;days.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="kuke_DisclosureOfAllowanceForExpectedCreditLosses-c0_cont_1" escape="true" name="kuke:DisclosureOfAllowanceForExpectedCreditLosses"><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_4" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
movements in allowance for ECLs are as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:nonNumeric><div>

</div><div>

</div><ix:continuation id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_4"><ix:continuation id="kuke_DisclosureOfAllowanceForExpectedCreditLosses-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">At the beginning of the year</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c361" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" scale="3" unitRef="cny">5,672</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c364" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" scale="3" unitRef="cny">10,818</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Impairment losses, net</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c362" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ImpairmentLossOnFinancialAssets" scale="3" sign="-" unitRef="cny">99,595</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c363" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ImpairmentLossOnFinancialAssets" scale="3" sign="-" unitRef="cny">18,653</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Amount written off as
    uncollectible</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c362" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ReversalAllowanceAccountForCreditLossesOfFinancialAssets" scale="3" unitRef="cny">38,286</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c363" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ReversalAllowanceAccountForCreditLossesOfFinancialAssets" scale="3" unitRef="cny">23,799</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">At
    the end of the year</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c360" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" scale="3" unitRef="cny">66,981</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c361" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" scale="3" unitRef="cny">5,672</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  </table></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfPrepaymentsAndOtherAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17.
Prepayments, other receivables and other assets, net</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPrepaymentsAndOtherAssetsExplanatory-c0_cont_2" id="_DisclosureOfPrepaymentsAndOtherAssetsExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="kuke:DisclosureOfDetailedInformationAboutPrepaymentsOtherReceivablesAndOtherAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,<br/>
                                            </b></span><b><span style="font-family: Times New Roman, Times, Serif">2022</span></b></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,<br/>
                                            </b></span><b><span style="font-family: Times New Roman, Times, Serif">2021</span></b></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: italic"><span style="font-family: Times New Roman, Times, Serif">Non-current</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 76%"><span style="font-family: Times New Roman, Times, Serif">Prepayments</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentPrepayments" scale="3" unitRef="cny">85</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentPrepayments" scale="3" unitRef="cny">213</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Deposits</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="kuke:NoncurrentDeposits" scale="3" unitRef="cny">110,127</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:NoncurrentDeposits" scale="3" unitRef="cny">94,858</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other receivables</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentReceivables" scale="3" unitRef="cny">24</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentReceivables" scale="3" unitRef="cny">146</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentAssets" scale="3" unitRef="cny">110,236</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentAssets" scale="3" unitRef="cny">95,217</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; font-style: italic"><span style="font-family: Times New Roman, Times, Serif">Current</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Prepayments</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentPrepayments" scale="3" unitRef="cny">27,628</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentPrepayments" scale="3" unitRef="cny">29,368</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Deposits</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="kuke:CurrentDeposits" scale="3" unitRef="cny">116</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:CurrentDeposits" scale="3" unitRef="cny">244</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other receivables</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentReceivables" scale="3" unitRef="cny">7,587</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentReceivables" scale="3" unitRef="cny">4,489</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentPrepaymentsAndOtherCurrentAssets" scale="3" unitRef="cny">35,331</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentPrepaymentsAndOtherCurrentAssets" scale="3" unitRef="cny">34,101</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Less: provision</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherShorttermProvisions" scale="3" unitRef="cny">20</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-229; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="kuke:PrepaymentsOtherReceivablesAndOtherAssetsCurrent" scale="3" unitRef="cny">35,311</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:PrepaymentsOtherReceivablesAndOtherAssetsCurrent" scale="3" unitRef="cny">34,101</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPrepaymentsAndOtherAssetsExplanatory-c0_cont_3" id="_DisclosureOfPrepaymentsAndOtherAssetsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions
were <span style="-sec-ix-hidden: hidden-fact-236">nil</span> and RMB<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:Provisions" scale="0" unitRef="cny">20</ix:nonFraction> as of December 31, 2021 and 2022, respectively. The Group determined the allowance based on known troubled accounts,
historical experience, and other currently available evidence.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 184; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17.
Prepayments, other receivables and other assets, net (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfPrepaymentsAndOtherAssetsExplanatory-c0_cont_4" id="_DisclosureOfPrepaymentsAndOtherAssetsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
movements in allowance for ECLs are as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPrepaymentsAndOtherAssetsExplanatory-c0_cont_5" id="_DisclosureOfPrepaymentsAndOtherAssetsExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" continuedAt="kuke_DisclosureOfDetailedInformationAboutMovementsInAllowanceForECLsExplanatory-c0_cont_1" escape="true" name="kuke:DisclosureOfDetailedInformationAboutMovementsInAllowanceForECLsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">At the beginning of the year</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-230; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">*</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-231; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Impairment losses, net</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseThroughReversalsOfImpairmentLossesAssetsForInsuranceAcquisitionCashFlows" scale="3" unitRef="cny">20</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-232; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">*</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Amount written off as
    uncollectible</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-233; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-234; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">At
    the end of the year</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="kuke:MovementsInAllowanceForECLs" scale="3" unitRef="cny">20</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-235; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">*</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfPrepaymentsAndOtherAssetsExplanatory-c0_cont_5"><ix:continuation id="kuke_DisclosureOfDetailedInformationAboutMovementsInAllowanceForECLsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><ix:footnote id="ix_4_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less than RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="kuke:MovementsInAllowance" scale="0" unitRef="cny">1,000</ix:nonFraction></span></ix:footnote></td>
</tr></table></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfFinancialInstrumentsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.
Financial assets and financial liabilities</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_2" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.1
Financial assets</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_3" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfFinancialAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: italic"><span style="font-family: Times New Roman, Times, Serif">Financial assets at FVTPL</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-style: italic"><span style="font-family: Times New Roman, Times, Serif">Non-current</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Equity investment
    at FVTPL</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-237; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:EquityInvestmentAtFairValueThroughProfitOrLoss" scale="3" unitRef="cny">1,000</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    non-current financial assets at FVTPL</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-238; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:NoncurrentFinancialAssetsAtFairValueThroughProfitOrLossFinancialAssetsAtFairValueThroughProfitOrLoss" scale="3" unitRef="cny">1,000</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    financial assets</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,000</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Financial
    assets at amortised cost</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-style: italic"><span style="font-family: Times New Roman, Times, Serif">Current</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Trade receivables (Note 16)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTradeReceivables" scale="3" unitRef="cny">9,279</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTradeReceivables" scale="3" unitRef="cny">111,104</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Financial assets included in prepayments, other
    receivables and other assets, net</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="kuke:FinancialAssetsIncludedInPrepaymentsOtherReceivablesAndOtherAssetsNet" scale="3" unitRef="cny">7,683</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:FinancialAssetsIncludedInPrepaymentsOtherReceivablesAndOtherAssetsNet" scale="3" unitRef="cny">4,733</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherCurrentReceivablesDueFromRelatedParties" scale="3" unitRef="cny">306</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AmountsDueFromShareholdersCurrent" scale="3" unitRef="cny">100</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cash and cash equivalents</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="kuke:CashAndCashEquivalent" scale="3" unitRef="cny">5,425</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:CashAndCashEquivalent" scale="3" unitRef="cny">59,045</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    current financial assets at amortised cost</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentFinancialAssetsAtAmortisedCost" scale="3" unitRef="cny">24,863</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentFinancialAssetsAtAmortisedCost" scale="3" unitRef="cny">175,643</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-style: italic"><span style="font-family: Times New Roman, Times, Serif">Non-current</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Financial assets included
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="kuke:NoncurrentPrepaymentAndNoncurrentAccruedIncome" scale="3" unitRef="cny">306</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:NoncurrentPrepaymentAndNoncurrentAccruedIncome" scale="3" unitRef="cny">3,010</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    non-current financial assets at amortised cost</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentFinancialAssetsAtAmortisedCost" scale="3" unitRef="cny">306</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentFinancialAssetsAtAmortisedCost" scale="3" unitRef="cny">3,010</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    financial assets at amortised cost</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsAtAmortisedCost" scale="3" unitRef="cny">25,169</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsAtAmortisedCost" scale="3" unitRef="cny">178,653</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total
    financial assets</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssets" scale="3" unitRef="cny">25,169</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssets" scale="3" unitRef="cny">179,653</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"></p><div>

</div><!-- Field: Page; Sequence: 185; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.
Financial assets and financial liabilities (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_4" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.2
Financial liabilities</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_5" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
liabilities and other financial liabilities at amortised cost, with carrying amounts that are reasonable approximations of fair values</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_6" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_5"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-style: italic"><span style="font-family: Times New Roman, Times, Serif">Current</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Trade payables</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentPayablesToTradeSuppliers" scale="3" unitRef="cny">35,012</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentPayablesToTradeSuppliers" scale="3" unitRef="cny">30,514</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentFinancialLiabilitiesAtAmortisedCost" scale="3" unitRef="cny">95,199</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-style: italic"><span style="font-family: Times New Roman, Times, Serif">Non-current</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest-bearing loans and borrowings</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-241; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:NonCurrentInterestBearingLoansAndBorrowings" scale="3" unitRef="cny">6,046</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLeaseLiabilities" scale="3" unitRef="cny">4,650</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLeaseLiabilities" scale="3" unitRef="cny">793</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentFinancialLiabilitiesAtAmortisedCost" scale="3" unitRef="cny">4,650</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentFinancialLiabilitiesAtAmortisedCost" scale="3" unitRef="cny">6,839</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialLiabilitiesAtAmortisedCost" scale="3" unitRef="cny">102,038</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>




</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_7" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.3
Fair values and fair value hierarchy</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_8" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group assessed that the fair values of cash and cash equivalents, trade receivables, the current portion of financial assets included
in prepayments, other receivables and other assets, amounts due from related parties and shareholders, trade payables, amounts due to
a related party and a shareholder and the financial liabilities included in other payables and accruals approximate to their carrying
amounts largely due to the short-term maturities of these instruments.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_9" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
non-current portion of financial assets included in prepayments, other receivables and other assets, and financial liabilities such as
interest-bearing loans and borrowings are measured at amortised cost. In the opinion of the directors, the fair values of these financial
assets and financial liabilities approximate to their carrying amounts.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_10" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group invests in an unlisted investment measured at fair value through profit or loss. The Group has estimated the fair value of the
unlisted investment by </span>based on the valuation performed by DZValue Consulting Company Limited, an accredited independent
valuer who has valuation experience for similar financial instruments. A change in fair value for this unlisted investment of
RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="kuke:UnlistedInvestment" scale="0" unitRef="usd">1,000</ix:nonFraction> was recognised in the statement of profit or loss during the year ended December 31, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p></ix:continuation><div>
</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_11" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The significant unobservable inputs used in the
valuation of unlisted equity investment, together with a quantitative sensitivity analysis as at December 31, 2022 are shown below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_12" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_11"><ix:nonNumeric contextRef="c0" escape="true" name="kuke:DisclosureOfValuationOfUnlistedEquityInvestmentTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Valuation technique</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Significant unobservable inputs</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Inputs</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Sensitivity of the input to fair value</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 25%; text-align: center">Market approach</td><td style="width: 1%; font-weight: bold">&#160;</td>
    <td style="width: 20%; font-weight: bold; text-align: center"><ix:nonNumeric contextRef="c371" name="kuke:SignificantUnobservableInputs">Discount for lack of marketability</ix:nonNumeric></td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: center">&#160;</td><td style="width: 15%; text-align: center"><ix:nonFraction contextRef="c371" decimals="3" format="ixt:num-dot-decimal" name="kuke:ValuationInputs" scale="-2" unitRef="pure">33.0</ix:nonFraction>%(2021:-)</td><td style="width: 1%; text-align: left"></td><td style="width: 1%">&#160;</td>
    <td style="width: 35%; text-align: left"><ix:nonNumeric contextRef="c371" name="kuke:SensitivityOfTheInputToFairValue">5% decrease in the discount would increase the fair value by RMB 2,000.</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c0" name="kuke:SignificantUnobservableInputs">Discount rate</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center"><ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="kuke:ValuationInputs" scale="-2" unitRef="pure">12.4</ix:nonFraction>%(2021:-)</td><td style="text-align: left"></td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c0" name="kuke:SensitivityOfTheInputToFairValue">5% decrease in the discount rate would increase the fair value by RMB 150,000.</ix:nonNumeric></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 186; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.
Financial assets and financial liabilities (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.3
Fair values and fair value hierarchy (continued)</b></span><b><span style="font-family: Times New Roman, Times, Serif">&#160;</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_13" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of an unlisted investment measured at fair value
through profit or loss as of December 31, 2022 is <span style="-sec-ix-hidden: hidden-fact-344">Nil</span> (2021: <ix:nonFraction contextRef="c366" decimals="0" format="ixt:num-dot-decimal" name="kuke:UnlistedInvestment" scale="0" unitRef="usd">1,000</ix:nonFraction>) and is categorized within Level
2 (2021: Level 2) of the fair value measurement hierarchy.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_14" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December 31, 2022 and 2021, there were no transfers of fair value measurements between Level 1 and Level 2, and Level
2 and Level 3.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_15" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following methods and assumptions were used to estimate the fair values :</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_16" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair values of the Group&#8217;s interest-bearing loans and borrowings are determined by using the discounted cash flow method using
the discount rate currently available for instruments with similar terms, credit risk and remaining maturities as at the end of the reporting
period. The changes in fair value as a result of the Group&#8217;s own non-performance risk as at December 31, 2022 and 2021 were assessed
to be insignificant. The fair values of the Group&#8217;s interest-bearing loans and borrowings are approximate to the fair values based
on the discounted cash flows.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_17" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.4
Financial instruments risk management objectives and policies</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_18" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s principal financial liabilities comprise interest-bearing loans and borrowings, amounts due to a related party and a shareholder,
trade payables and other payables and accruals. The main purpose of these financial liabilities is to raise finance for the Group&#8217;s
operations. The Group&#8217;s principal financial assets include trade receivables, other receivables and cash and cash equivalents that
derive directly from its operations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_19" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is exposed to foreign currency risk, credit risk and liquidity risk. The board of directors reviews and agrees policies for managing
each of these risks, which are summarised below.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:continuation><div>




</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 187; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.
Financial assets and financial liabilities (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.4
Financial instruments risk management objectives and policies (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_20" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
currency risk</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_21" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has transactional currency exposures. Such exposures mainly arise from cash and cash equivalents, a loan receivable from a Hong
Kong entity and trade payables to foreign suppliers in currencies other than the Group&#8217;s functional currency.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_22" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following tables demonstrate the sensitivity at the end of the reporting period to a reasonably possible change in the United States
dollars (&#8220;US$&#8221;) and HK$ exchange rates, with all other variables held constant, of the Group&#8217;s loss before tax. The
impact on the Group&#8217;s loss before tax is due to changes in the fair values of monetary assets and liabilities. The Group&#8217;s
exposure to foreign currency risk for all other currencies is not material.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_23" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_22"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">For the
    year ended December 31, 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Change
    in<br/>
    exchange<br/>
    rate</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Effect
    on<br/>
    loss<br/>
    before tax</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">US$</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+<ix:nonFraction contextRef="c372" decimals="2" format="ixt:num-dot-decimal" name="kuke:ChangeInForeignExchangeRate" scale="-2" unitRef="pure">5</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c372" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax" scale="3" sign="-" unitRef="cny">461</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-<ix:nonFraction contextRef="c373" decimals="2" format="ixt:num-dot-decimal" name="kuke:ChangeInForeignExchangeRate" scale="-2" sign="-" unitRef="pure">5</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c373" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax" scale="3" unitRef="cny">461</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+<ix:nonFraction contextRef="c374" decimals="2" format="ixt:num-dot-decimal" name="kuke:ChangeInForeignExchangeRate" scale="-2" unitRef="pure">5</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-242; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-<ix:nonFraction contextRef="c375" decimals="2" format="ixt:num-dot-decimal" name="kuke:ChangeInForeignExchangeRate" scale="-2" sign="-" unitRef="pure">5</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-243; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_24" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_23"><ix:continuation continuedAt="_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingExplanatory-c0_cont_2" id="_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">For the
    year ended December 31, 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Change
    in<br/>
    exchange<br/>
    rate</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Effect
    on<br/>
    loss<br/>
    before tax</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">US$</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+<ix:nonFraction contextRef="c376" decimals="2" format="ixt:num-dot-decimal" name="kuke:ChangeInForeignExchangeRate" scale="-2" unitRef="pure">5</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c376" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax" scale="3" unitRef="cny">1,606</ix:nonFraction></span></td><td style="width: 1%; text-align: left"></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8722;<ix:nonFraction contextRef="c377" decimals="2" format="ixt:num-dot-decimal" name="kuke:ChangeInForeignExchangeRate" scale="-2" sign="-" unitRef="pure">5</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c377" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax" scale="3" sign="-" unitRef="cny">1,606</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+<ix:nonFraction contextRef="c378" decimals="2" format="ixt:num-dot-decimal" name="kuke:ChangeInForeignExchangeRate" scale="-2" unitRef="pure">5</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8722;<ix:nonFraction contextRef="c379" decimals="2" format="ixt:num-dot-decimal" name="kuke:ChangeInForeignExchangeRate" scale="-2" sign="-" unitRef="pure">5</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-245; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_25" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_24"><ix:continuation id="_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">For the
    year ended December 31, 2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Change
    in<br/>
    exchange<br/>
    rate</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Effect
    on<br/>
    profit<br/>
    before tax</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">US$</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+<ix:nonFraction contextRef="c380" decimals="2" format="ixt:num-dot-decimal" name="kuke:ChangeInForeignExchangeRate" scale="-2" unitRef="pure">5</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c380" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax" scale="3" sign="-" unitRef="cny">608</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8722;<ix:nonFraction contextRef="c381" decimals="2" format="ixt:num-dot-decimal" name="kuke:ChangeInForeignExchangeRate" scale="-2" sign="-" unitRef="pure">5</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c381" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax" scale="3" unitRef="cny">608</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">HK$</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+<ix:nonFraction contextRef="c382" decimals="2" format="ixt:num-dot-decimal" name="kuke:ChangeInForeignExchangeRate" scale="-2" unitRef="pure">5</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-246; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8722;<ix:nonFraction contextRef="c383" decimals="2" format="ixt:num-dot-decimal" name="kuke:ChangeInForeignExchangeRate" scale="-2" sign="-" unitRef="pure">5</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-247; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_26" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Credit
risk</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_27" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial
loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities,
including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_28" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maximum
exposure and year-end staging</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_29" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tables below show the credit quality and the maximum exposure to credit risk based on the Group&#8217;s credit policy, which is mainly
based on past due information unless other information is available without undue cost or effort, and year-end staging classification
as at December&#160;31, 2022 and 2021. The amounts presented are gross carrying amounts for financial assets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:continuation><div>




</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 188; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.
Financial assets and financial liabilities (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.4
Financial instruments risk management objectives and policies (continued)</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Credit
risk (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_30" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
at December&#160;31, 2022</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>



</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_31" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_30"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfCreditRiskExposureExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfCreditRiskExposureExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12-month</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expected</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Credit</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>losses</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lifetime
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    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stage
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stage
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stage
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Simplified</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>approach</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-265; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-267; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c414" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:MaximumExposureToCreditRisk" scale="3" unitRef="cny">15,890</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-268; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-269; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c417" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:MaximumExposureToCreditRisk" scale="3" unitRef="cny">76,260</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:MaximumExposureToCreditRisk" scale="3" unitRef="cny">92,150</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_32" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
at December&#160;31, 2021</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_33" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_32"><ix:continuation continuedAt="_DisclosureOfCreditRiskExposureExplanatory-c0_cont_2" id="_DisclosureOfCreditRiskExposureExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Trade
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-270; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-271; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-272; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c421" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:MaximumExposureToCreditRisk" scale="3" unitRef="cny">116,776</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c422" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:MaximumExposureToCreditRisk" scale="3" unitRef="cny">116,776</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Financial
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c423" decimals="-3" format="ixt:num-dot-decimal" id="ix_17_fact" name="ifrs-full:MaximumExposureToCreditRisk" scale="3" unitRef="cny">7,743</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-273; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-274; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-275; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c427" decimals="-3" format="ixt:num-dot-decimal" id="ix_18_fact" name="ifrs-full:MaximumExposureToCreditRisk" scale="3" unitRef="cny">7,743</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-276; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-277; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-278; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c432" decimals="-3" format="ixt:num-dot-decimal" id="ix_20_fact" name="ifrs-full:MaximumExposureToCreditRisk" scale="3" unitRef="cny">355</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c433" decimals="-3" format="ixt:num-dot-decimal" id="ix_21_fact" name="ifrs-full:MaximumExposureToCreditRisk" scale="3" unitRef="cny">306</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-279; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c435" decimals="-3" format="ixt:num-dot-decimal" id="ix_22_fact" name="ifrs-full:MaximumExposureToCreditRisk" scale="3" unitRef="cny">2,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-280; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-281; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-282; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-283; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-284; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-285; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-286; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c447" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:MaximumExposureToCreditRisk" scale="3" unitRef="cny">59,045</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_34" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_33"><ix:continuation id="_DisclosureOfCreditRiskExposureExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="font: 10pt Times New Roman, Times, Serif"><ix:footnote id="ix_5_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The credit quality of the financial assets included in prepayments, other receivables and other assets, net investments in subleases, and amounts due from related parties and shareholders is considered to be &#8220;normal&#8221; when they are not past due and there is no information indicating that the financial assets had a significant increase in credit risk since initial recognition. Otherwise, the credit quality of the financial assets is considered to be &#8220;doubtful&#8221;.</span></ix:footnote></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>




</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 189; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.
Financial assets and financial liabilities (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.4
Financial instruments risk management objectives and policies (continued)&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Credit
risk (continued)&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_35" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trade
receivables</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_36" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer
credit risk is managed by each business unit subject to the Group&#8217;s established policy, procedures and control relating to customer
credit risk management.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_37" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has significant credit risk concentration from its largest customers&#8217; trade receivables. The Group&#8217;s largest customer&#8217;s
trade receivables represents <ix:nonFraction contextRef="c367" decimals="2" format="ixt:num-dot-decimal" name="kuke:CreditRiskConcentrationPercentage" scale="-2" unitRef="pure">52</ix:nonFraction>% and <ix:nonFraction contextRef="c368" decimals="2" format="ixt:num-dot-decimal" name="kuke:CreditRiskConcentrationPercentage" scale="-2" unitRef="pure">17</ix:nonFraction>% of the Group&#8217;s gross trade receivables as at December 31, 2022 and 2021, respectively.
The Group&#8217;s five largest customers&#8217; trade receivables represent <ix:nonFraction contextRef="c369" decimals="2" format="ixt:num-dot-decimal" name="kuke:CreditRiskConcentrationPercentage" scale="-2" unitRef="pure">74</ix:nonFraction>% and <ix:nonFraction contextRef="c370" decimals="2" format="ixt:num-dot-decimal" name="kuke:CreditRiskConcentrationPercentage" scale="-2" unitRef="pure">47</ix:nonFraction>% of the Group&#8217;s gross trade receivables
as at December 31, 2022and 2021, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_38" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses both on an aging basis
and specific basis. In evaluating the collectability of aging receivable balances, the matrix provision rates are based on days past
due for groupings of various customer segments with similar loss patterns. The calculation reflects the probability weighted outcome,
the time value of money and reasonable and supportable information that is available at the reporting date about past events, current
conditions and forecasts of future economic conditions. In evaluating the collectability of specific receivable balances, the Group considers
many factors, including the age of the balance, the customer&#8217;s payment history, its current credit-worthiness and current economic
trends. Generally, trade receivables are written off if past due for more than one year and are subject to enforcement activity.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_39" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_38"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
out below is the information about the credit risk exposure on the Group&#8217;s trade receivables using a provision matrix:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_40" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_39"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfProvisionMatrixExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfProvisionMatrixExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">December&#160;31, 2022</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_41" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_40"><ix:continuation id="_DisclosureOfProvisionMatrixExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c464" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncome" scale="3" unitRef="cny">65,102</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c465" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncome" scale="3" unitRef="cny">22,232</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c466" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncome" scale="3" unitRef="cny">19,686</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c467" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncome" scale="3" unitRef="cny">9,756</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c298" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncome" scale="3" unitRef="cny">116,776</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Expected credit loss (RMB&#8217;000)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c460" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:MaximumExposureToCreditRiskOfLoansOrReceivables" scale="3" unitRef="cny">1,824</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c461" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:MaximumExposureToCreditRiskOfLoansOrReceivables" scale="3" unitRef="cny">733</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c462" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:MaximumExposureToCreditRiskOfLoansOrReceivables" scale="3" unitRef="cny">1,508</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c463" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:MaximumExposureToCreditRiskOfLoansOrReceivables" scale="3" unitRef="cny">1,607</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:MaximumExposureToCreditRiskOfLoansOrReceivables" scale="3" unitRef="cny">5,672</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 190; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.
Financial assets and financial liabilities (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.4
Financial instruments risk management objectives and policies (continued)&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_42" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_41"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
risk</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_43" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_42"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group monitors its risk of a shortage of funds using a liquidity planning tool.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_44" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_43"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans, other borrowings
and lease liabilities.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_45" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_44"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below summarises the maturity profile of the Group&#8217;s financial liabilities as at the end of the reporting period based on
the contractual undiscounted payments:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_46" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_45"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">On
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Less
                                            than</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1
                                            year</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&gt;1
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">As at December 31, 2022</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest-bearing loans and borrowings</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c468" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Borrowings" scale="3" unitRef="cny">30,000</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c469" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Borrowings" scale="3" unitRef="cny">42,680</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-288; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c471" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Borrowings" scale="3" unitRef="cny">72,680</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Lease liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-289; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c469" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:LeaseLiabilities" scale="3" unitRef="cny">4,194</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c470" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:LeaseLiabilities" scale="3" unitRef="cny">5,032</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c471" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:LeaseLiabilities" scale="3" unitRef="cny">9,226</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Trade payables</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-290; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c469" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherPayablesToTradeSuppliers" scale="3" unitRef="cny">35,012</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-291; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c471" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherPayablesToTradeSuppliers" scale="3" unitRef="cny">35,012</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Due to a shareholder</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c468" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AmountDueToShareholder" scale="3" unitRef="cny">325</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-292; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-293; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c471" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AmountDueToShareholder" scale="3" unitRef="cny">325</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Due to a related party</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-294; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c469" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties" scale="3" unitRef="cny">488</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-295; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c471" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties" scale="3" unitRef="cny">488</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other payables and accruals</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-296; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c469" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherPayables" scale="3" unitRef="cny">12,046</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-297; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c471" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherPayables" scale="3" unitRef="cny">12,046</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">As at December 31, 2021</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest-bearing loans and borrowings</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c473" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Borrowings" scale="3" unitRef="cny">34,804</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other payables and accruals</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-304; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c475" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherPayables" scale="3" unitRef="cny">20,381</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_47" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_46"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Excessive
risk concentration</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_48" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_47"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concentrations
arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have
economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political
or other conditions. Concentrations indicate the relative sensitivity of the Group&#8217;s performance to developments affecting a particular
industry.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_49" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_48"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplier
concentration risk &#8211; the Group&#8217;s main operations are dependent upon one particularly large supplier. The Group purchases
copyright from the supplier with an amount of RMB<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="kuke:SupplierTransactions" scale="0" unitRef="cny">52,385</ix:nonFraction>, RMB<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="kuke:SupplierTransactions" scale="0" unitRef="cny">210,887</ix:nonFraction> and <span style="-sec-ix-hidden: hidden-fact-345">nil</span> for transactions and ending balances of RMB<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="kuke:SupplierPayments" scale="0" unitRef="cny">89,967</ix:nonFraction>, RMB<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="kuke:SupplierPayments" scale="0" unitRef="cny">96,703</ix:nonFraction>
and RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="kuke:SupplierPayments" scale="0" unitRef="cny">118,118</ix:nonFraction> for prepayment as of December 31, 2020, 2021 and 2022, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_50" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_49"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s top 1 supplier accounted for <span style="-sec-ix-hidden: hidden-fact-346">nil</span>, <ix:nonFraction contextRef="c3" decimals="3" format="ixt:num-dot-decimal" name="kuke:SupplierAccountedPurchasePercentage" scale="-2" unitRef="pure">63.6</ix:nonFraction>% and <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="kuke:SupplierAccountedPurchasePercentage" scale="-2" unitRef="pure">41</ix:nonFraction>% of its purchase and for <ix:nonFraction contextRef="c4" decimals="3" format="ixt:num-dot-decimal" name="kuke:SupplierAccountedPaymentsPercentage" scale="-2" unitRef="pure">85.7</ix:nonFraction>%, <ix:nonFraction contextRef="c3" decimals="3" format="ixt:num-dot-decimal" name="kuke:SupplierAccountedPaymentsPercentage" scale="-2" unitRef="pure">77.7</ix:nonFraction>% and <ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="kuke:SupplierAccountedPaymentsPercentage" scale="-2" unitRef="pure">76.7</ix:nonFraction>% of its ending balances of
prepayment in the years ended December 31, 2020, 2021 and 2022, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;<span style="font-size: 10pt"><b>&#160;</b></span></span></p></ix:continuation><div>




</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 191; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.
Financial assets and financial liabilities (continued)</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_51" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_50"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.5
Changes in liabilities arising from financing activities&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_51"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Interest-
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    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    and borrowings</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    liabilities</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    a shareholder</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">a
    related party</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Changes from operating activities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-311; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-318; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-319; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">As at December 31, 2020 and January 1, 2021</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-324; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-326; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Accretion of interest</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-327; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c489" decimals="-3" format="ixt:num-dot-decimal" name="kuke:IncreaseDecreaseThroughAccretionOfInterestLiabilitiesArisingFromFinancingActivities" scale="3" unitRef="cny">1,082</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-328; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-329; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">As at December 31, 2021 and January 1, 2022</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c497" decimals="-3" format="ixt:num-dot-decimal" name="kuke:LeaseTermination" scale="3" sign="-" unitRef="cny">1,151</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-336; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-340; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Accretion of interest</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-341; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c497" decimals="-3" format="ixt:num-dot-decimal" name="kuke:IncreaseDecreaseThroughAccretionOfInterestLiabilitiesArisingFromFinancingActivities" scale="3" unitRef="cny">235</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-342; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-343; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c501" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:LiabilitiesArisingFromFinancingActivities" scale="3" unitRef="cny">8,773</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c502" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:LiabilitiesArisingFromFinancingActivities" scale="3" unitRef="cny">325</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c503" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:LiabilitiesArisingFromFinancingActivities" scale="3" unitRef="cny">488</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table></ix:nonNumeric></ix:continuation><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19.
Cash and cash equivalents</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_2" id="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="kuke:DisclosureScheduleOfCashAndCashEquivalentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Cash and cash
    equivalents</span></td><td style="width: 1%; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCashAndCashEquivalents" scale="3" unitRef="cny">5,425</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCashAndCashEquivalents" scale="3" unitRef="cny">59,045</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2022, the cash and cash equivalents of the Group denominated in RMB amounting to RMB<ix:nonFraction contextRef="c471" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalents" scale="0" unitRef="cny">4,898,000</ix:nonFraction> (2021: RMB<ix:nonFraction contextRef="c475" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalents" scale="0" unitRef="cny">16,046,000</ix:nonFraction>). The
RMB is not freely convertible into other currencies, however, under Mainland China&#8217;s Foreign Exchange Control Regulations and Administration
of Settlement, Sale and Payment of Foreign Exchange Regulations, the Group is permitted to exchange RMB for other currencies through
banks authorised to conduct foreign exchange business.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 192; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="kuke_DisclosureOfIssuedCapitalAndReservesExplanatory-c0_cont_1" escape="true" name="kuke:DisclosureOfIssuedCapitalAndReservesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20.
Issued capital and reserves</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="kuke_DisclosureOfIssuedCapitalAndReservesExplanatory-c0_cont_2" id="kuke_DisclosureOfIssuedCapitalAndReservesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
authorised share capital consisted of <ix:nonFraction contextRef="c2" decimals="INF" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesAuthorised" scale="0" unitRef="shares">50,000,000</ix:nonFraction> shares at a par value of US$<ix:nonFraction contextRef="c2" decimals="INF" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="usdPershares">0.001</ix:nonFraction> per share, of which <ix:nonFraction contextRef="c504" decimals="INF" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesAuthorised" scale="0" unitRef="shares">41,718,902</ix:nonFraction> shares were designated
as Class A ordinary shares and <ix:nonFraction contextRef="c505" decimals="INF" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesAuthorised" scale="0" unitRef="shares">8,281,098</ix:nonFraction> as Class B ordinary shares after the completion of the Company&#8217;s initial public offering
(&#8220;IPO&#8221;) and such designation was retrospectively disclosed in the consolidated financial statements. The rights of the holders
of Class A and Class B ordinary shares are identical, except with respect to voting and conversion rights. Each share of Class A ordinary
shares is entitled to <ix:nonNumeric contextRef="c266" name="kuke:CommonSharesVotingRightsEntitledPerShare">one vote</ix:nonNumeric> per share and is not convertible into Class B ordinary shares under any circumstances. Each share of Class
B ordinary shares is entitled to ten votes per share and is</span></p></ix:continuation><div>

</div><ix:continuation continuedAt="kuke_DisclosureOfIssuedCapitalAndReservesExplanatory-c0_cont_3" id="kuke_DisclosureOfIssuedCapitalAndReservesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">convertible
into one Class A ordinary share at any time by the holder thereof. Upon any transfer of Class B ordinary shares by a holder thereof to
any person or entity that is not an affiliate of the holder, such Class B ordinary shares are automatically and immediately converted
into an equal number of Class A ordinary shares. There was no transfer between Class A ordinary shares and Class B ordinary shares in
the years ended December 31, 2020, 2021 and 2022, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="kuke_DisclosureOfIssuedCapitalAndReservesExplanatory-c0_cont_4" id="kuke_DisclosureOfIssuedCapitalAndReservesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 12, 2021, the Company completed its initial public offering and was listed on the New York Stock Exchange. <ix:nonFraction contextRef="c506" decimals="INF" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">5,000,000</ix:nonFraction> ordinary
shares were issued at a price of US$<ix:nonFraction contextRef="c506" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IssuedCapital" scale="3" unitRef="usd">10</ix:nonFraction> per share for net proceeds after deducting underwriting discounts and commissions and other issuance
costs of approximately US$<ix:nonFraction contextRef="c266" decimals="-2" format="ixt:num-dot-decimal" name="ifrs-full:ShareIssueRelatedCost" scale="3" unitRef="usd">46.5</ix:nonFraction> million (equivalent to RMB<ix:nonFraction contextRef="c266" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ShareIssueRelatedCost" scale="0" unitRef="cny">292,958,000</ix:nonFraction>). After the initial public offering, there were <ix:nonFraction contextRef="c31" decimals="INF" format="ixt:num-dot-decimal" name="kuke:OrdinarySharesOutstanding" scale="0" unitRef="shares">29,566,273</ix:nonFraction> ordinary
shares outstanding, consisting of <ix:nonFraction contextRef="c507" decimals="INF" format="ixt:num-dot-decimal" name="kuke:OrdinarySharesOutstanding" scale="0" unitRef="shares">21,285,625</ix:nonFraction> Class A ordinary shares and <ix:nonFraction contextRef="c508" decimals="INF" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesOutstanding" scale="0" unitRef="shares">8,281,098</ix:nonFraction> Class B ordinary shares, with par value US$<ix:nonFraction contextRef="c508" decimals="INF" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="usdPershares">0.001</ix:nonFraction> and
prepayments of listing expenses as at December 31, 2020 of US$<ix:nonFraction contextRef="c4" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:OtherExpenseByNature" scale="6" unitRef="usd">0.9</ix:nonFraction> million (equivalent to RMB<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:OtherExpenseByNature" scale="0" unitRef="cny">5,510,000</ix:nonFraction>) has been debited to capital reserve.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="kuke_DisclosureOfIssuedCapitalAndReservesExplanatory-c0_cont_5" id="kuke_DisclosureOfIssuedCapitalAndReservesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
September to December 2021, the Company completed a treasury share repurchase from Tiger Brokers (NZ) Limited for an aggregate of <ix:nonFraction contextRef="c509" decimals="INF" format="ixt:num-dot-decimal" name="kuke:RepurchaseOfTreasuryShare" scale="0" unitRef="shares">49,609</ix:nonFraction>
ordinary shares with a consideration of US$<ix:nonFraction contextRef="c509" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ConsiderationPaidReceived" scale="3" unitRef="usd">199,000</ix:nonFraction> (equivalent to RMB<ix:nonFraction contextRef="c510" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ConsiderationPaidReceived" scale="3" unitRef="cny">1,274,000</ix:nonFraction>). The total amount paid for the buy-back of the shares
has been debited to the capital reserve of the Company.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="kuke_DisclosureOfIssuedCapitalAndReservesExplanatory-c0_cont_6" id="kuke_DisclosureOfIssuedCapitalAndReservesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2021, there were <ix:nonFraction contextRef="c511" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesOutstanding" scale="0" unitRef="shares">49,609</ix:nonFraction> treasury shares outstanding (2020: <span style="-sec-ix-hidden: hidden-fact-347">Nil</span>) for the distributions of share-based payments expenses
at exercise of share options as disclosed in Note 29 to the financial statements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="kuke_DisclosureOfIssuedCapitalAndReservesExplanatory-c0_cont_7" id="kuke_DisclosureOfIssuedCapitalAndReservesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 28, 2022, the company signed a financial advisory contract with FirsTrust China Ltd. The company hired FirsTrust China Ltd to
provide professional management, operations, and business development consulting services. The service period is from October 28, 2022,
to April 27, 2023, and the consulting fee is <ix:nonFraction contextRef="c513" decimals="0" format="ixt:num-dot-decimal" name="kuke:CommonShares" scale="0" unitRef="shares">500,000</ix:nonFraction> common shares. According to the agreement, on November 22, 2022, the company issued
<ix:nonFraction contextRef="c514" decimals="INF" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">500,000</ix:nonFraction> common shares at a closing price of $<ix:nonFraction contextRef="c514" decimals="3" format="ixt:num-dot-decimal" name="kuke:IssuedCapitalPerShare" scale="0" unitRef="cnyPershares">0.693</ix:nonFraction> per share to personnel designated by FirsTrust China Ltd to pay for the consulting
fees.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="kuke_DisclosureOfIssuedCapitalAndReservesExplanatory-c0_cont_8" id="kuke_DisclosureOfIssuedCapitalAndReservesExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Statutory
restrictions</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="kuke_DisclosureOfIssuedCapitalAndReservesExplanatory-c0_cont_9" id="kuke_DisclosureOfIssuedCapitalAndReservesExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries.
Relevant PRC statutory laws and regulations permit payments of dividends by the Company&#8217;s subsidiaries, VIEs and subsidiaries of
the VIEs registered in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards
and regulations. The consolidated results of operations reflected in the consolidated financial statements prepared in accordance with
IFRSs differ from those reflected in the statutory financial statements of the Company&#8217;s subsidiaries.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 193; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20.
Issued capital and reserves (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Statutory
restrictions (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="kuke_DisclosureOfIssuedCapitalAndReservesExplanatory-c0_cont_10" id="kuke_DisclosureOfIssuedCapitalAndReservesExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
PRC law, the Company&#8217;s subsidiaries, VIEs and the subsidiaries of the VIEs located in the PRC (collectively referred as the &#8220;PRC
entities&#8221;) are required to provide for certain statutory reserves, namely a general reserve, an enterprise expansion fund and a
staff welfare and bonus fund. The PRC entities are required to allocate at least <ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="kuke:MinimumPercentageOfAfterTaxProfitToBeKeptAsStatutoryReserve" scale="-2" unitRef="pure">10</ix:nonFraction>% of their after-tax profits on an individual company
basis as determined under China Accounting Standards (&#8220;CAS&#8221;) to the statutory reserve and have the rights to discontinue
allocations to the statutory reserve if such reserve has reached <ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="kuke:PercentageAtWhichRightsToDiscontinueAllocationsToStatutoryReserve" scale="-2" unitRef="pure">50</ix:nonFraction>% of registered capital on an individual company basis. In addition,
the registered capital of the PRC entities is also restricted.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="kuke_DisclosureOfIssuedCapitalAndReservesExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
restricted that include statutory reserve funds, as determined in accordance with CAS, were RMB<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="kuke:RestrictedAmountIncludedInStatutoryReserveFund" scale="3" unitRef="cny">9,420,000</ix:nonFraction> and RMB<ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:RestrictedAmountIncludedInStatutoryReserveFund" scale="3" unitRef="cny">9,420,000</ix:nonFraction> as at December&#160;31,
2022 and 2021, respectively.</span></p></ix:continuation><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="kuke_DisclosureOfTradePayablesExplanatory-c0_cont_1" escape="true" name="kuke:DisclosureOfTradePayablesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>21.
Trade payables</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="kuke_DisclosureOfTradePayablesExplanatory-c0_cont_2" id="kuke_DisclosureOfTradePayablesExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="kuke:DisclosureSummaryOfTradePayablesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: center; text-indent: -0.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: center; text-indent: -0.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Trade payables</span></td><td style="width: 1%; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="kuke:TradePayables" scale="3" unitRef="cny">35,012</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:TradePayables" scale="3" unitRef="cny">30,514</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="kuke_DisclosureOfTradePayablesExplanatory-c0_cont_3" id="kuke_DisclosureOfTradePayablesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terms
and conditions of the above financial liabilities are as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="kuke_DisclosureOfTradePayablesExplanatory-c0_cont_4" id="kuke_DisclosureOfTradePayablesExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade payables are non-interest-bearing and are normally settled on terms ranging from <ix:nonNumeric contextRef="c82" format="ixt-sec:durday" name="kuke:TradePayablesSettlementPeriodOne">1</ix:nonNumeric> to <ix:nonNumeric contextRef="c76" format="ixt-sec:durday" name="kuke:TradePayablesSettlementPeriodOne">30</ix:nonNumeric>&#160;days; and</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="kuke_DisclosureOfTradePayablesExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                            explanations on the Group&#8217;s liquidity risk management processes, refer to Note&#160;18.4.</span></td></tr></table></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="kuke_DisclosureOfContractLiabilitiesExplanatory-c0_cont_1" escape="true" name="kuke:DisclosureOfContractLiabilitiesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>22.
Contract liabilities</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="kuke_DisclosureOfContractLiabilitiesExplanatory-c0_cont_2" id="kuke_DisclosureOfContractLiabilitiesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
balance represented the receipts in advance from customers.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="kuke_DisclosureOfContractLiabilitiesExplanatory-c0_cont_3" id="kuke_DisclosureOfContractLiabilitiesExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="kuke:DisclosureOfDetailedInformationAboutContractLiabilitiesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Deferred revenue</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Subscriptions
    and licensing</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c515" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ContractLiabilities" scale="3" unitRef="cny">13,197</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c516" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ContractLiabilities" scale="3" unitRef="cny">12,050</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c517" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ContractLiabilities" scale="3" unitRef="cny">13,827</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Smart music education</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c518" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ContractLiabilities" scale="3" unitRef="cny">7,868</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c519" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ContractLiabilities" scale="3" unitRef="cny">11,784</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c520" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ContractLiabilities" scale="3" unitRef="cny">11,074</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Music
    Festival Events</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c521" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ContractLiabilities" scale="3" unitRef="cny">38</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c522" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ContractLiabilities" scale="3" unitRef="cny">38</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-348; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total
    contract liabilities</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ContractLiabilities" scale="3" unitRef="cny">21,103</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ContractLiabilities" scale="3" unitRef="cny">23,872</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c31" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ContractLiabilities" scale="3" unitRef="cny">24,901</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Current</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentContractLiabilities" scale="3" unitRef="cny">20,688</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentContractLiabilities" scale="3" unitRef="cny">23,506</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c31" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentContractLiabilities" scale="3" unitRef="cny">24,314</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Non-current</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentContractLiabilities" scale="3" unitRef="cny">415</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentContractLiabilities" scale="3" unitRef="cny">366</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c31" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentContractLiabilities" scale="3" unitRef="cny">587</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="kuke_DisclosureOfContractLiabilitiesExplanatory-c0_cont_4" id="kuke_DisclosureOfContractLiabilitiesExplanatory-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Amount
    of revenue recognised in the respective reporting periods that was included in the contract liabilities at the beginning of the reporting
    period</span></td><td style="width: 1%; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 4pt double; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueThatWasIncludedInContractLiabilityBalanceAtBeginningOfPeriod" scale="3" unitRef="cny">20,821</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="kuke_DisclosureOfContractLiabilitiesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract
liabilities include deferred revenue relating to the subscription and licensing of music content and music education products and services.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 194; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="kuke_InterestbearingLoansAndBorrowings-c0_cont_1" escape="true" name="kuke:InterestbearingLoansAndBorrowings"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>23.
Interest-bearing loans and borrowings</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation id="kuke_InterestbearingLoansAndBorrowings-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="kuke:ScheduleOfInterestbearingLoansAndBorrowings"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
    <br/>
    interest rate</span></td><td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity</span></td><td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2022</span></td><td style="vertical-align: bottom; text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="vertical-align: bottom; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2021</span></td><td style="vertical-align: bottom; text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guaranteed
    <br/>
    or pledged by</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="vertical-align: bottom; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="vertical-align: bottom; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RMB&#8217;000
                                            &#160;</b></span></td><td style="vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="vertical-align: bottom; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RMB&#8217;000</b></span></td><td style="vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; font-weight: bold; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; width: 28%; text-align: left"><span style="-sec-ix-hidden: hidden-fact-350; -sec-ix-hidden: hidden-fact-349; font-family: Times New Roman, Times, Serif; font-size: 10pt">Secured RMB10 million bank loan</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: center; width: 15%"><ix:nonNumeric contextRef="c524" name="ifrs-full:BorrowingsInterestRateBasis"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.65 (2021: 4.25)</span></ix:nonNumeric></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 15%; text-align: center"><ix:nonNumeric contextRef="c524" name="kuke:MaturityCurrent"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On demand (2021: On demand)</span></ix:nonNumeric></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c525" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentDebtInstrumentsIssued" scale="3" unitRef="cny">10,000</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c526" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentDebtInstrumentsIssued" scale="3" unitRef="cny">10,000</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 15%; text-align: center"><ix:nonNumeric contextRef="c524" name="ifrs-full:DescriptionOfTermAndConditionsOfFinancialAssetsPledgedAsCollateralForLiabilitiesOrContingentLiabilities"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">He Yu</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left"><span style="-sec-ix-hidden: hidden-fact-352; -sec-ix-hidden: hidden-fact-351; font-family: Times New Roman, Times, Serif; font-size: 10pt">Secured RMB10 million bank loan</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c527" name="ifrs-full:BorrowingsInterestRateBasis">5.50</ix:nonNumeric> &#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c527" name="kuke:MaturityCurrent"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On demand</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c528" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentDebtInstrumentsIssued" scale="3" unitRef="cny">10,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c527" name="ifrs-full:DescriptionOfTermAndConditionsOfFinancialAssetsPledgedAsCollateralForLiabilitiesOrContingentLiabilities"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">He Yu</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: left"><span style="-sec-ix-hidden: hidden-fact-354; -sec-ix-hidden: hidden-fact-353; font-family: Times New Roman, Times, Serif; font-size: 10pt">Secured RMB10 million bank loan</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c530" name="ifrs-full:BorrowingsInterestRateBasis">4.00</ix:nonNumeric> &#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c530" name="kuke:MaturityCurrent"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On demand</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c531" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentDebtInstrumentsIssued" scale="3" unitRef="cny">10,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c530" name="ifrs-full:DescriptionOfTermAndConditionsOfFinancialAssetsPledgedAsCollateralForLiabilitiesOrContingentLiabilities"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">He Yu</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left"><span style="-sec-ix-hidden: hidden-fact-356; -sec-ix-hidden: hidden-fact-355; font-family: Times New Roman, Times, Serif; font-size: 10pt">Secured RMB28 million other borrowings</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c533" name="ifrs-full:BorrowingsInterestRateBasis">12</ix:nonNumeric> &#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c533" name="kuke:MaturityCurrent"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 27, 2023</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c534" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentDebtInstrumentsIssued" scale="3" unitRef="cny">27,880</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c533" name="ifrs-full:DescriptionOfTermAndConditionsOfFinancialAssetsPledgedAsCollateralForLiabilitiesOrContingentLiabilities"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">He Yu</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: left"><span style="-sec-ix-hidden: hidden-fact-358; -sec-ix-hidden: hidden-fact-357; font-family: Times New Roman, Times, Serif; font-size: 10pt">Secured RMB10 million other borrowings</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c536" name="ifrs-full:BorrowingsInterestRateBasis">6.40</ix:nonNumeric> &#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: center; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: center; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c550" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentDebtInstrumentsIssued" scale="3" unitRef="cny">47,539</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfLeasesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24.
Leases</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_2" id="_DisclosureOfLeasesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Group
as a lessee </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_3" id="_DisclosureOfLeasesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has lease contracts for various items of property, plant and equipment. Leases of a building and music education equipment generally
have lease terms between <ix:nonNumeric contextRef="c82" format="ixt-sec:duryear" name="kuke:LeaseTerm">3</ix:nonNumeric> and <ix:nonNumeric contextRef="c76" format="ixt-sec:duryear" name="kuke:LeaseTerm">5</ix:nonNumeric>&#160;years.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_4" id="_DisclosureOfLeasesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group also has certain leases with lease terms of 12 months or less and leases with low value. The Group applies recognition exemptions
for &#8220;short-term leases&#8221; and &#8220;leases of low-value assets&#8221; for these leases.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 195; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24.
Leases (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Group
as a lessee (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_5" id="_DisclosureOfLeasesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
out below are the carrying amounts of right-of-use assets recognised and the movements during the years:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_6" id="_DisclosureOfLeasesExplanatory-c0_cont_5"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%"><span style="font-family: Times New Roman, Times, Serif">At January 1, 2021</span></td><td style="width: 1%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c552" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RightofuseAssets" scale="3" unitRef="cny">10,600</ix:nonFraction></span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c31" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RightofuseAssets" scale="3" unitRef="cny">14,918</ix:nonFraction></span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Additions</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c553" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AdditionsAssets" scale="3" unitRef="cny">2,259</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c554" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AdditionsAssets" scale="3" unitRef="cny">475</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AdditionsAssets" scale="3" unitRef="cny">2,734</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Depreciation charge</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c555" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationChargeUnaudited" scale="3" unitRef="cny">3,443</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c556" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationChargeUnaudited" scale="3" unitRef="cny">696</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationChargeUnaudited" scale="3" unitRef="cny">4,139</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Lease termination</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c555" decimals="-3" format="ixt:num-dot-decimal" name="kuke:LeaseTerminationRightOfUseAssets" scale="3" sign="-" unitRef="cny">74</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c556" decimals="-3" format="ixt:num-dot-decimal" name="kuke:LeaseTerminationRightOfUseAssets" scale="3" sign="-" unitRef="cny">10,379</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:LeaseTerminationRightOfUseAssets" scale="3" sign="-" unitRef="cny">10,453</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">At December 31, 2021</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c553" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RightofuseAssets" scale="3" unitRef="cny">3,060</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-365; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RightofuseAssets" scale="3" unitRef="cny">3,060</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Additions</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c557" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AdditionsAssets" scale="3" unitRef="cny">8,578</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-366; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="kuke:AdditionsAssets" scale="3" unitRef="cny">8,578</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Depreciation charge</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c559" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationChargeUnaudited" scale="3" unitRef="cny">3,433</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-367; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationChargeUnaudited" scale="3" unitRef="cny">3,433</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Lease termination</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c559" decimals="-3" format="ixt:num-dot-decimal" name="kuke:LeaseTerminationRightOfUseAssets" scale="3" sign="-" unitRef="cny">1,056</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-368; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:LeaseTerminationRightOfUseAssets" scale="3" sign="-" unitRef="cny">1,056</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">As December 31, 2022</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c557" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RightofuseAssets" scale="3" unitRef="cny">7,149</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-369; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RightofuseAssets" scale="3" unitRef="cny">7,149</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_7" id="_DisclosureOfLeasesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
out below are the carrying amounts of lease liabilities and the movements during the years:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_8" id="_DisclosureOfLeasesExplanatory-c0_cont_7"><ix:nonNumeric contextRef="c0" escape="true" name="kuke:DisclosureOfQuantitativeInformationAboutLeaseLiabilitiesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c561" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:LeaseLiabilities" scale="3" unitRef="cny">3,279</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c562" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:LeaseLiabilities" scale="3" unitRef="cny">17,490</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Accretion of interest</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c563" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestExpenseOnLeaseLiabilities" scale="3" unitRef="cny">235</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Covid-19 - related rent concessions from a
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c563" decimals="-3" format="ixt:num-dot-decimal" name="kuke:Covid19RelatedRentConcessionsFromLessor" scale="3" unitRef="cny">859</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-370; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Lease termination</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c563" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" scale="3" unitRef="cny">1,151</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c564" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" scale="3" unitRef="cny">14,379</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Payments</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c563" decimals="-3" format="ixt:num-dot-decimal" name="kuke:PaymentsOfLeaseLiabilities" scale="3" unitRef="cny">1,309</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c564" decimals="-3" format="ixt:num-dot-decimal" name="kuke:PaymentsOfLeaseLiabilities" scale="3" unitRef="cny">3,648</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">At December 31</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c565" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:LeaseLiabilities" scale="3" unitRef="cny">8,773</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c561" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:LeaseLiabilities" scale="3" unitRef="cny">3,279</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Current</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c565" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLeaseLiabilities" scale="3" unitRef="cny">4,123</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c561" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLeaseLiabilities" scale="3" unitRef="cny">2,486</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Non-current</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c565" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLeaseLiabilities" scale="3" unitRef="cny">4,650</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c561" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLeaseLiabilities" scale="3" unitRef="cny">793</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_9" id="_DisclosureOfLeasesExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are the amounts recognised in profit or loss:</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_10" id="_DisclosureOfLeasesExplanatory-c0_cont_9"><ix:nonNumeric contextRef="c0" escape="true" name="kuke:DisclosureOfAmountRelatedToLeasesRecognisedInProfitOrLossExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Depreciation
    expense of right-of-use assets</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationExpenseOfRightofuseAssets" scale="3" unitRef="cny">3,433</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationExpenseOfRightofuseAssets" scale="3" unitRef="cny">4,139</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="kuke:DepreciationExpenseOfRightofuseAssets" scale="3" unitRef="cny">4,480</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest
    expense on lease liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:InterestExpenseOnLeaseLiabilitie" scale="3" unitRef="cny">235</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:InterestExpenseOnLeaseLiabilitie" scale="3" unitRef="cny">1,082</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="kuke:InterestExpenseOnLeaseLiabilitie" scale="3" unitRef="cny">2,561</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Covid-19-related
    rent concessions from a lessor</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:Covid19RelatedRentConcessionsFromLessor" scale="3" unitRef="cny">859</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-371; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="kuke:Covid19RelatedRentConcessionsFromLessor" scale="3" unitRef="cny">778</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Expense
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:ExpenseRelatingToShortTermLeasesAndLeasesOfLowValueAssetsForWhichRecognitionExemptionHasBeenUsed" scale="3" unitRef="cny">1,676</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:ExpenseRelatingToShortTermLeasesAndLeasesOfLowValueAssetsForWhichRecognitionExemptionHasBeenUsed" scale="3" unitRef="cny">1,604</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="kuke:ExpenseRelatingToShortTermLeasesAndLeasesOfLowValueAssetsForWhichRecognitionExemptionHasBeenUsed" scale="3" unitRef="cny">775</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    amount recognised in profit or loss</span></td><td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:LeaseExpenseAmountRecognisedInProfitOrLoss" scale="3" unitRef="cny">4,485</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:LeaseExpenseAmountRecognisedInProfitOrLoss" scale="3" unitRef="cny">6,825</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="kuke:LeaseExpenseAmountRecognisedInProfitOrLoss" scale="3" unitRef="cny">7,038</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 196; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24.
Leases (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Group
as a lessee (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_11" id="_DisclosureOfLeasesExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total cash outflow for leases included in the statements of cash flows is as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_12" id="_DisclosureOfLeasesExplanatory-c0_cont_11"><ix:nonNumeric contextRef="c0" escape="true" name="kuke:DisclosureOfTotalCashOutflowForLeasesIncludedInStatementOfCashFlowsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total cash outflow for leases</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashOutflowForLeases" scale="3" unitRef="cny">2,985</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashOutflowForLeases" scale="3" unitRef="cny">5,252</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashOutflowForLeases" scale="3" unitRef="cny">5,463</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_13" id="_DisclosureOfLeasesExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Group
as a lessor </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_14" id="_DisclosureOfLeasesExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group entered into sub-lease agreements on its office. These leases have terms of three and a half years, which are equal to the lease
term of the head lease.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_15" id="_DisclosureOfLeasesExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
minimum rentals receivable under non-cancellable finance leases as at each of the reporting dates are as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfLeasesExplanatory-c0_cont_15"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Amounts receivable:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 76%; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Within one
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    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-372; font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#8212;</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c567" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:UndiscountedFinanceLeasePaymentsToBeReceived" scale="3" unitRef="cny">357</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total future undiscounted minimum rentals receivables</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-373; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:UndiscountedFinanceLeasePaymentsToBeReceived" scale="3" unitRef="cny">357</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Unearned finance income</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-374; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:UnearnedFinanceIncomeRelatingToFinanceLeasePaymentsReceivable" scale="3" unitRef="cny">2</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Net investments in subleases</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-375; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NetInvestmentInFinanceLease" scale="3" unitRef="cny">355</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Current</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-376; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentFinanceLeaseReceivables" scale="3" unitRef="cny">355</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Non-current</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-378; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="kuke_DisclosureOfOtherPayablesAndAccrualsExplanatory-c0_cont_1" escape="true" name="kuke:DisclosureOfOtherPayablesAndAccrualsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25.
Other payables and accruals</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="kuke_DisclosureOfOtherPayablesAndAccrualsExplanatory-c0_cont_2" id="kuke_DisclosureOfOtherPayablesAndAccrualsExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="kuke:DisclosureOfComponentsOfOtherPayablesAndAccrualsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%"><span style="font-family: Times New Roman, Times, Serif">Accruals</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Accruals" scale="3" unitRef="cny">11,934</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Accruals" scale="3" unitRef="cny">10,372</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other payables</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherPayables" scale="3" unitRef="cny">34,718</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherPayables" scale="3" unitRef="cny">39,057</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Payable to database suppliers</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="kuke:PayableToDatabaseSuppliers" scale="3" unitRef="cny">3,327</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:PayableToDatabaseSuppliers" scale="3" unitRef="cny">3,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Interest payables</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestPayable" scale="3" unitRef="cny">184</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestPayable" scale="3" unitRef="cny">5,749</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total other payables and
    accruals</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="kuke:TotalOtherPayablesAndAccruals" scale="3" unitRef="cny">50,163</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:TotalOtherPayablesAndAccruals" scale="3" unitRef="cny">58,178</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Current</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="kuke:OtherPayablesAndAccrualsCurrent" scale="3" unitRef="cny">50,163</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="kuke:OtherPayablesAndAccrualsCurrent" scale="3" unitRef="cny">58,178</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Non-current</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-379; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-380; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="kuke_DisclosureOfOtherPayablesAndAccrualsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
payables are non-interest bearing and normally settled within one year.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 197; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfRelatedPartyExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>26.
Related party disclosures</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_2" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note&#160;7
provides information about the Group&#8217;s structure, including details of the subsidiaries. The following table provides the total
amount of transactions that are entered into with related parties for the relevant financial years.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_3" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Interest
    income on net investments in subleases</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Revenue
    from a related party</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Acquisition
    of a subsidiary</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Copyright
    expenses</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_4" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_3"><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_2" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_5" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_4"><ix:continuation id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
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</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_6" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
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or received for any related party receivables or payables</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Naxos One Holding Limited&#65288;Former
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Shareholders of the Company</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Hoi Tung Chan&#x5e;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-419; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-420; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-422; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_8" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_7"><ix:continuation continuedAt="kuke_ScheduleOfOutstandingBalancesTableTextBlock-c0_cont_2" id="kuke_ScheduleOfOutstandingBalancesTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0%"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>#</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><ix:footnote id="ix_8_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A director of the Company is the controlling shareholder of Naxos One Holding Limited. The amount due from Naxos One Holding Limited was unsecured, interest-free and repayable on demand, while the amount due to Naxos One Holding Limited was unsecured, interest-free and repayable within one year.</span></ix:footnote></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: -20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_9" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_8"><ix:continuation id="kuke_ScheduleOfOutstandingBalancesTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x5e;</span></td><td style="text-align: justify"><ix:footnote id="ix_9_footnote" xml:lang="en-US">Hoi
Tung Chan was the Chief Financial Officer of Kuke Music Holding Limited, who resigned its position on 12th May, 2023. The amount due
from Hoi Tung Chan was unsecured, interest-free and repayable on demand.</ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: -20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: -20pt"></p><div>

</div><!-- Field: Page; Sequence: 198; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: -20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: -20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: -20pt"><span style="font-family: Times New Roman, Times, Serif"><b>26.
Related party disclosures (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: -20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_10" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides compensation of key management personnel of the Group:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_11" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_10"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfAmountsIncurredByEntityForProvisionOfKeyManagementPersonnelServicesProvidedBySeparateManagementEntitiesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Post employment benefits</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="kuke:PostEmploymentBenefits" scale="3" unitRef="cny">518</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="kuke:PostEmploymentBenefits" scale="3" unitRef="cny">356</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 4pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Total
                                            compensation paid to key management personnel</b></span></p></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:KeyManagementPersonnelCompensation" scale="3" unitRef="cny">13,793</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:KeyManagementPersonnelCompensation" scale="3" unitRef="cny">39,001</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:KeyManagementPersonnelCompensation" scale="3" unitRef="cny">22,500</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation id="_DisclosureOfRelatedPartyExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amounts disclosed in the table are the amounts recognised as an expense during the reporting periods related to key management personnel.</span></p></ix:continuation><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfCashFlowStatementExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfCashFlowStatementExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>27.
Notes to the consolidated statements of cash flows</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCashFlowStatementExplanatory-c0_cont_2" id="_DisclosureOfCashFlowStatementExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Major
non-cash transactions</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCashFlowStatementExplanatory-c0_cont_3" id="_DisclosureOfCashFlowStatementExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2020, the Group acquired <ix:nonFraction contextRef="c31" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" scale="-2" unitRef="pure">100</ix:nonFraction>% equity interest in Rosenkavalier by issuing <ix:nonFraction contextRef="c31" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">4,856,273</ix:nonFraction> ordinary shares of the Company, which had a total value of RMB<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="kuke:SharesValue" scale="0" unitRef="cny">284,000,000</ix:nonFraction> (Note 8).</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCashFlowStatementExplanatory-c0_cont_4" id="_DisclosureOfCashFlowStatementExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
                                            the year ended December&#160;31, 2020, the Group and two independent third parties entered
                                            into an agreement to offset the non-current loan receivable against a non-current loan payable.
                                            As a result, both the non-current loan receivable and non-current loan payable were derecognised
                                            through a non-cash transaction.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCashFlowStatementExplanatory-c0_cont_5" id="_DisclosureOfCashFlowStatementExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="padding: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December&#160;31, 2022, the Group had non-cash additions to right-of-use assets and lease liabilities of RMB<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:GrossLeaseLiabilities" scale="0" unitRef="cny">8,578,000</ix:nonFraction> (2021: RMB<ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:GrossLeaseLiabilities" scale="0" unitRef="cny">2,259,000</ix:nonFraction>) in respect of lease arrangements for <ix:nonFraction contextRef="c2" decimals="0" format="ixt-sec:numwordsen" name="kuke:NumberOfLeasedProperties" scale="0" unitRef="pure">one</ix:nonFraction></span> <span style="font-family: Times New Roman, Times, Serif">(2021: three) properties (Note 24).</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfCashFlowStatementExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December&#160;31, 2022, the Group entered into finance lease arrangements in respect of property, plant and equipment with a total capital value at the inception of the leases of <span style="-sec-ix-hidden: hidden-fact-423">Nil</span> (2021: RMB<ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:OtherPropertyPlantAndEquipment" scale="0" unitRef="cny">475,000</ix:nonFraction>) (Note 24).</span></td></tr></table></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 199; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>28. Standards
issued but not yet effective</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations-c0_cont_2" id="_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
new and amended standards that are issued, but not yet effective, up to the date of issuance of the Group&#8217;s financial statements
are disclosed below. The Group intends to adopt these new and amended standards, if applicable, when they become effective.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations-c0_cont_3" id="_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 30%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Amendments
        to IFRS 10 and IAS 28 (2011)</i></span></p></td>
    <td style="width: 70%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Sale
        or Contribution of Assets between an Investor and its Associate or Joint Venture<sup>2</sup></i></span></p></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Amendments to IFRS 17</i></span></td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Initial
        Application of IFRS 17 and IFRS 9 &#8211; Comparative Information<sup>1</sup></i></span></p></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Amendments to IAS 1</i></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Classification of Liabilities as Current or Non-curren<sup>1</sup></i></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Amendments to IAS 1 and</i></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Disclosure of Accounting Policies<sup>1</sup></i></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Amendments to IAS 8</i></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Definition of Accounting Estimate<sup>1</sup></i></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Amendments to IAS 12</i></span></td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Deferred
        Tax related to Assets and Liabilities arising from a Single Transaction<sup>1</sup></i></span></p></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations-c0_cont_4" id="_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 22.5pt"><span style="font-family: Times New Roman, Times, Serif"><sup>1.</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">Effective
                                            for annual periods beginning on or after 1 January 2023</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations-c0_cont_5" id="_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 22.5pt"><span style="font-family: Times New Roman, Times, Serif"><sup>2.</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">No
                                            mandatory effective date yet determined but available for adoption</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
adoption of the above new and amended standards and interpretations are not expected to have a material impact on the Group&#8217;s financial
statements.</span></p></ix:continuation><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 200; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>29.
Share-based payments</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_2" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Share
Option Agreement</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_3" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2019, the Group entered into an agreement with a financial consultant (&#8220;Share Option Agreement&#8221;), pursuant to which
share options of the Company are granted to the financial consultant in respect of his services to the Group in the forthcoming years.
The maximum number of share options granted under the Share Option Agreement to the financial consultant is <ix:nonFraction contextRef="c581" decimals="2" format="ixt:num-dot-decimal" name="kuke:PercentageOfSharesOnListingDatesGrantedAsShareOptions" scale="-2" unitRef="pure">3</ix:nonFraction>% of the total number of
shares of the Company on the Listing Dates (as defined below). The exercise price of the share options is the offer price of the underlying
shares of the Company issued in the final financing arrangement prior to the Company&#8217;s initial public offering (&#8220;IPO&#8221;).
<ix:nonNumeric contextRef="c582" name="ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement">The share options can only be vested if (i) the financial consultant becomes an employee of the Group prior to the date of successful
listing of the Company&#8217;s shares through the IPO (the &#8220;Listing Date&#8221;); and (ii) there is the successful listing of the
Company&#8217;s shares through the IPO (&#8220;IPO Performance Condition&#8221;); and (iii) the financial consultant remains as an employee
of the Group over the vesting period as specified in the Share Option Agreement. All share options will be vested over 24&#160;months
after the Listing Date.</ix:nonNumeric> Unexercised portion will be forfeited after <ix:nonNumeric contextRef="c582" format="ixt-sec:durmonth" name="kuke:ShareBasedPaymentArrangementShareOptionUnexercisedPortionForfeitedPeriod">48</ix:nonNumeric> months after Listing Date. There are caps for share options to
be exercised in the periods as specified as below:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_4" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="kuke:ScheduleOfRelevantPercentageOfOptionsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Vesting
    period of the relevant percentage of the options</b></span></td>
    <td style="padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cap
    of options exercisable</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
    6&#160;months since the Listing Date</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><ix:nonNumeric contextRef="c582" name="kuke:PercentageOfCapOfOptionsExercisable"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1% of the total shares</span></ix:nonNumeric></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
    12&#160;months since the Listing Date</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><ix:nonNumeric contextRef="c597" name="kuke:PercentageOfCapOfOptionsExercisable"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2% of the total shares</span></ix:nonNumeric></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
    18&#160;months since the Listing Date</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><ix:nonNumeric contextRef="c598" name="kuke:PercentageOfCapOfOptionsExercisable"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5% of the total shares</span></ix:nonNumeric></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
    24&#160;months since the Listing Date</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><ix:nonNumeric contextRef="c599" name="kuke:PercentageOfCapOfOptionsExercisable"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3% of the total shares</span></ix:nonNumeric></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_5" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no cash settlement alternatives. The Group does not have a past practice of cash settlement for these share options. The Group accounts
for the share options granted under the Share Option Agreement as equity-settled share-based payments.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_6" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2020, the financial consultant was appointed as the Chief Financial Officer of the Group. The share options granted under the Share
Option Agreement remain effective and the terms of the share options remain unchanged, except that the exercise price of the share options
is now the higher of US$<ix:nonFraction contextRef="c583" decimals="-5" format="ixt:num-dot-decimal" name="kuke:IncreaseInExercisePriceOfShareOptions" scale="6" unitRef="usd">7.5</ix:nonFraction> million and the offer price of the underlying shares the Company issued in its last round of financing prior
to the Company&#8217;s IPO.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_7" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            fair value of equity-settled share options granted during the year ended December 31, 2020,
                                            was estimated as at the date of grant using a binomial model, taking into account the terms
                                            and conditions upon which the options were granted.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_8" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table lists the inputs to the model used:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_9" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_8"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedShareOptionsGrantedDuringPeriodExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedShareOptionsGrantedDuringPeriodExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Assumptions</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Inputs</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Dividend yield (%)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ExpectedDividendAsPercentageShareOptionsGranted" scale="-2" unitRef="pure">0</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Expected volatility (%) (note)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" scale="-2" unitRef="pure">49</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Risk-free interest rate (%)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" scale="-2" unitRef="pure">0.36</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Suboptimal factor</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="kuke:SuboptimalsFactorinDollarsPerShare" scale="-2" unitRef="pure">2.5</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Forfeiture rate</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="kuke:DescriptionOfForfeitureRateShareOptionsGranted" scale="-2" unitRef="pure">0</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Option life (years)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="kuke:DescriptionOfOptionLifeShareOptionGranted"><span style="font-family: Times New Roman, Times, Serif">4.78</span></ix:nonNumeric></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Share price (US$ per share)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:WeightedAverageSharePriceShareOptionsGranted2019" scale="0" unitRef="usdPershares">8.67</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_10" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected
                                            volatility is determined by reference to a peer group of publicly traded companies. No other
                                            feature of the options granted was incorporated into the measurement of fair value.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:continuation><div>




</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 201; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>29.
Share-based payments (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Share
Option Agreement</i> (continued)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_11" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            following table illustrates the number and weighted average exercise prices (WAEP) of, and
                                            movements in, share options during the year:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_12" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_11"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%"><span style="font-family: Times New Roman, Times, Serif">At January 1</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c592" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" scale="0" unitRef="usdPershares">8.46</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c592" decimals="INF" format="ixt:num-dot-decimal" name="kuke:NumberOfOutstandingShareOptionsShares" scale="0" unitRef="shares">887,002</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Granted during the year</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-424; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-425; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-426; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-427; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Forfeited during the year</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-428; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-429; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-430; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-431; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Exercised during the year</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-432; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-433; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-434; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-435; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Expired during the year</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-436; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-437; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-438; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-439; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">At December 31</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c604" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" scale="0" unitRef="usdPershares">8.46</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c604" decimals="INF" format="ixt:num-dot-decimal" name="kuke:NumberOfOutstandingShareOptionsShares" scale="0" unitRef="shares">887,002</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c602" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" scale="0" unitRef="usdPershares">8.46</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c602" decimals="INF" format="ixt:num-dot-decimal" name="kuke:NumberOfOutstandingShareOptionsShares" scale="0" unitRef="shares">887,002</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_13" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            exercise prices and exercise periods of the share options outstanding as at the end of the
                                            reporting period are as follows:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_14" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_13"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfNumberAndWeightedAverageRemainingContractualLifeOfOutstandingShareOptionsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfNumberAndWeightedAverageRemainingContractualLifeOfOutstandingShareOptionsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Exercise
    period</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
                                            of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>options</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercise&#160;price</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>US$</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%"><ix:nonNumeric contextRef="c608" name="kuke:DescriptionOfExercisePeriod"><span style="font-family: Times New Roman, Times, Serif">July 12, 2021 &#8211; January 12, 2025</span></ix:nonNumeric></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c609" decimals="INF" format="ixt:num-dot-decimal" name="kuke:NumberOfOutstandingShareOption" scale="0" unitRef="shares">295,667</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c610" decimals="INF" format="ixt:num-dot-decimal" name="kuke:NumberOfOutstandingShareOption" scale="0" unitRef="shares">295,667</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c609" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ExercisePriceOfOutstandingShareOptions2019" scale="0" unitRef="usdPershares">8.46</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_15" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>2020
ESOP Plan</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_16" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group adopted an equity incentive plan (the &#8220;2020 ESOP Plan&#8221;) for grants of share options and restricted shares of the Company&#8217;s
ordinary shares to directors, officers and employees of the Company and its subsidiaries.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_17" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October, 2020, the Group&#8217;s board of directors approved the 2020 ESOP Plan. The maximum aggregate number of, ordinary shares that
may be issued pursuant to all awards under the 2020 ESOP Plan shall was <ix:nonFraction contextRef="c584" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesAuthorised" scale="0" unitRef="shares">1,227,000</ix:nonFraction>. <ix:nonNumeric contextRef="c585" name="kuke:DescriptionOfExpirationPeriodForShareBasedPaymentArrangement">The 2020 ESOP Plan lapses on the tenth anniversary
of the grant date.</ix:nonNumeric></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_18" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c586" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" scale="0" unitRef="pure">1,125,334</ix:nonFraction>
share options and <ix:nonFraction contextRef="c587" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" scale="0" unitRef="pure">101,666</ix:nonFraction> restricted shares were granted under the 2020 ESOP Plan, at an exercise price of US$<ix:nonFraction contextRef="c585" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ExercisePriceShareOptionsGranted2019" scale="0" unitRef="usdPershares">0.01</ix:nonFraction> per share. <ix:nonFraction contextRef="c588" decimals="2" format="ixt:num-dot-decimal" name="kuke:SharesOptionsPercentage" scale="-2" unitRef="pure">50</ix:nonFraction>%, <ix:nonFraction contextRef="c589" decimals="2" format="ixt:num-dot-decimal" name="kuke:SharesOptionsPercentage" scale="-2" unitRef="pure">30</ix:nonFraction>%,
<ix:nonFraction contextRef="c590" decimals="2" format="ixt:num-dot-decimal" name="kuke:SharesOptionsPercentage" scale="-2" unitRef="pure">10</ix:nonFraction>% and <ix:nonFraction contextRef="c591" decimals="2" format="ixt:num-dot-decimal" name="kuke:SharesOptionsPercentage" scale="-2" unitRef="pure">10</ix:nonFraction>% of the share options and restricted shares will vest on October 1, 2021, October 1, 2022, October 1, 2023 and October 1,
2024, respectively, on the condition that (i) directors, officers, employees and consultants of the Company remain in service; and (ii)
the Company completes its initial public offering within 12 months after the adoption of the 2020 ESOP Plan by the board of the directors.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_19" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_18"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            fair value of equity-settled share options and restricted shares granted during the year
                                            ended December 31, 2020, was estimated as at the date of grant using a binomial model, taking
                                            into account the terms and conditions upon which the options were granted.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:continuation><div>




</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 202; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>29.
Share-based payments (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>2020
ESOP Plan</i> (continued)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_20" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table lists the inputs to the model used:</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_21" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_20"><ix:continuation id="_DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedShareOptionsGrantedDuringPeriodExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Assumptions</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Inputs</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Dividend yield (%)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c585" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ExpectedDividendAsPercentageShareOptionsGranted" scale="-2" unitRef="pure">0</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Risk-free interest rate (%)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c585" decimals="2" format="ixt:num-dot-decimal" name="kuke:DescriptionOfForfeitureRateShareOptionsGranted" scale="-2" unitRef="pure">0</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Option life (years)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Share price (US$ per share)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_22" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_21"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected
                                            volatility is determined by reference to a peer group of publicly traded companies. No other
                                            feature of the options granted was incorporated into the measurement of fair value.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_23" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_22"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            following share options and restricted shares were outstanding under the 2020 ESOP Plan during
                                            the year:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_24" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_23"><ix:continuation id="_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>WAEP</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>US$</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Numbers&#160;of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>options</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>WAEP<br/>
                                            US$</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Numbers&#160;of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>options</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number&#160;of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>restricted&#160;shares</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="width: 28%"><span style="font-family: Times New Roman, Times, Serif">At January 1, 2022</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c605" decimals="INF" format="ixt:num-dot-decimal" name="kuke:NumberOfOutstandingShareOptionsShares" scale="0" unitRef="shares">1,125,334</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c605" decimals="INF" format="ixt:num-dot-decimal" name="kuke:NumberOfOtherEquityInstrumentOutstandingInSharebasedPaymentArrangementShares" scale="0" unitRef="shares">101,666</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c593" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" scale="0" unitRef="usdPershares">0.01</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c593" decimals="INF" format="ixt:num-dot-decimal" name="kuke:NumberOfOutstandingShareOptionsShares" scale="0" unitRef="shares">1,125,334</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c593" decimals="INF" format="ixt:num-dot-decimal" name="kuke:NumberOfOtherEquityInstrumentOutstandingInSharebasedPaymentArrangementShares" scale="0" unitRef="shares">101,666</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Granted during the year</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-440; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-441; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-442; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-443; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-444; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-445; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Forfeited during the year</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-446; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-447; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-448; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-449; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-450; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-451; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Exercised during the year</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-452; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-453; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-454; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-455; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-456; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-457; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Expired during the year</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-458; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-459; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-460; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-461; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-462; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-463; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_25" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_24"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            exercise prices and exercise periods of the share options and restricted shares outstanding
                                            as at the end of the reporting period are as follows:</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_26" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_25"><ix:continuation id="_DisclosureOfNumberAndWeightedAverageRemainingContractualLifeOfOutstandingShareOptionsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_27" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 203; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>KUKE
                                            MUSIC HOLDING LIMITED</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>29.
Share-based payments (continued)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_28" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>2020
ESOP Plan</i> (continued)</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
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approximately US$<ix:nonFraction contextRef="c596" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CapitalRedemptionReserve" scale="0" unitRef="usd">7,514,000</ix:nonFraction>) (before issue expenses), respectively.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfCommitmentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfCommitmentsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30.
Commitments</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsExplanatory-c0_cont_2" id="_DisclosureOfCommitmentsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group had the following purchase commitments at the end of the reporting period which are not yet reflected in the financial statements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfCommitmentsExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="kuke:DisclosureSummaryOfCommitmentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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                                            2022</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,<br/>
                                            2021</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB&#8217;000</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Intangible assets</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c632" decimals="-3" format="ixt:num-dot-decimal" name="kuke:Commitments" scale="3" unitRef="cny">400</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c633" decimals="-3" format="ixt:num-dot-decimal" name="kuke:Commitments" scale="3" unitRef="cny">5,000</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Music education equipment</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-464; font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

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contents replace the contents of the original agreement signed in February, 2022 which was cancelled. In May, 2023, Mr. Xiao Ruojun, who joined the
company in February 2023, will take over Mr. Chan&#8217;s role and serve as the Financial Vice President of the Company.&#160;</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">F-81</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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<ix:nonFraction contextRef="c480" id="hidden-fact-311" name="ifrs-full:IncreaseDecreaseThroughObtainingOrLosingControlOfSubsidiariesOrOtherBusinessesLiabilitiesArisingFromFinancingActivities" unitRef="cny" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c498" id="hidden-fact-342" name="kuke:IncreaseDecreaseThroughAccretionOfInterestLiabilitiesArisingFromFinancingActivities" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c499" id="hidden-fact-343" name="kuke:IncreaseDecreaseThroughAccretionOfInterestLiabilitiesArisingFromFinancingActivities" unitRef="cny" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c603" id="hidden-fact-426" name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019" unitRef="usdPershares" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c582" id="hidden-fact-428" name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsForfeitedInSharebasedPaymentArrangement2019" unitRef="usdPershares" xsi:nil="true"></ix:nonFraction>
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
20-F
(Mark
One)
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended
December 31
,
2022
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from               to
OR
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of event requiring this shell company report
Commission
file number:
001-39859
Kuke
Music Holding Limited
(Exact
name of Registrant as specified in its charter)
N/A
(Translation
of Registrant's name into English)
Cayman
Islands
(Jurisdiction
of incorporation or organization)
Building
96
4
San Jian Fang South Block
Chaoyang
District
,
Beijing
100024
People's
Republic of
China
(Address
of principal executive offices)
He
Yu
, Chief Executive Officer
+86
-
010-6561
0392
Building
96
4
San Jian Fang South Block
Chaoyang
District
,
Beijing
100024
People's
Republic of
China
(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities
registered or to be registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Each Exchange on Which Registered
American Depositary Shares, each representing one Class A ordinary share, par value US$0.001 per share*
KUKE
New York Stock Exchange
*
Not for trading, but only in connection with the listing
    on the New York Stock Exchange of American depositary shares.
Securities
registered or to be registered pursuant to Section 12(g) of the Act:
None
(Title
of Class)
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
(Title
of Class)
Indicate
the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered
by the annual report.
As of December
31, 2022, there were
21,785,625
Class A ordinary shares outstanding, par value US$0.001.
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐
No
☒
If this report
is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934. Yes ☐
No
☒
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth
company. See definition of "accelerated filer," "large accelerated filer" and "emerging growth company"
in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
Emerging growth company
☒
If an emerging
growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected
not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant
to Section 13(a) of the Exchange Act.
☐
†
The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on
and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section
404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
☐
If securities
are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included
in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark which basis of accounting the registration has used to prepare the financial statements included in this filing:
U.S. GAAP    ☐
International Financial Reporting Standards
as issued
Other     ☐
by the International Accounting Standards Board
☒
If "Other"
has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected
to follow. Item 17 ☐ Item 18 ☐
If this is
an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
☐ No
☒
(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. ☐ Yes ☐ No
Table
of Contents
FORWARD-LOOKING
    STATEMENTS
iii
PART
    I
ITEM
    1
IDENTITY
    OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
1
ITEM
    2
OFFER
    STATISTICS AND EXPECTED TIMETABLE
1
ITEM
    3
KEY
    INFORMATION
1
ITEM
    4
INFORMATION
    ON THE COMPANY
48
ITEM
    4A
UNRESOLVED
    STAFF COMMENTS
71
ITEM
    5
OPERATING
    AND FINANCIAL REVIEW AND PROSPECTS
71
ITEM
    6
DIRECTORS,
    SENIOR MANAGEMENT AND EMPLOYEES
85
ITEM
    7
MAJOR
    SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
93
ITEM
    8
FINANCIAL
    INFORMATION
94
ITEM
    9
THE
    OFFER AND LISTING
95
ITEM
    10
ADDITIONAL
    INFORMATION
95
ITEM
    11
QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
108
ITEM
    12
DESCRIPTION
    OF SECURITIES OTHER THAN EQUITY SECURITIES
109
PART
    II
ITEM
    13
DEFAULTS,
    DIVIDEND ARREARAGES AND DELINQUENCIES
110
ITEM
    14
MATERIAL
    MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
110
ITEM
    15
CONTROLS
    AND PROCEDURES
110
ITEM
    16A
AUDIT
    COMMITTEE FINANCIAL EXPERT
111
ITEM
    16B
CODE
    OF ETHICS
112
ITEM
    16C
PRINCIPAL
    ACCOUNTANT FEES AND SERVICES
112
ITEM
    16D
EXEMPTIONS
    FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
112
ITEM
    16E
PURCHASES
    OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
112
ITEM
    16F
CHANGE
    IN REGISTRANT'S CERTIFYING ACCOUNTANT
113
ITEM
    16G
CORPORATE
    GOVERNANCE
113
ITEM
    16H
MINE
    SAFETY DISCLOSURE
114
ITEM
    16I
DISCLOSURE
    REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
114
ITEM
    16J
INSIDER
    TRADING POLICIES
114
PART
    III
ITEM
    17
FINANCIAL
    STATEMENTS
115
ITEM
    18
FINANCIAL
    STATEMENTS
115
ITEM
    19
EXHIBITS
115
SIGNATURES
118
i
INTRODUCTION
Unless otherwise
indicated or the context otherwise requires in this annual report on Form 20-F:
●
"Kuke
                                            Music," "we," "us," "our company" and "our"
                                            refer to Kuke Music Holding Limited, a Cayman Islands company and its wholly-owned subsidiaries;
●
"ADSs"
                                            refer to our American depositary shares, each of which represents one Class A ordinary share;
●
"Acquisition"
                                            refers to our acquisition of Rosenkavalier Limited on February 29, 2020;
●
"Beijing
                                            Kuke Music" refers to Beijing Kuke Music Co., Ltd., one of the VIEs;
●
"Beijing
                                            Lecheng" refers to Beijing Lecheng Future Culture Communications Co., Ltd., one of
                                            our WFOEs;
●
"BMF
                                            Culture" refers to Beijing Music Festival Culture Communications Co., Ltd., one of
                                            the VIEs;
●
"BMF"
                                            refers to Beijing Lecheng Future Culture Communications Co., Ltd., its holding companies
                                            and Beijing Music Festival Culture Communications Co., Ltd.;
●
"CAGR"
                                            refers to compound annual growth rate;
●
"classical
                                            music" refers to art music that is produced and rooted in the traditions of western
                                            culture and ethnic culture; the characteristics of classical music that distinguish itself
                                            from popular music include (i) the complexity of the creation process, (ii) sophisticated
                                            use of instrumental musical forms and vocal forms and (iii) having high aesthetic and appreciation
                                            value; for purposes of this annual report, references to "classical music" include
                                            traditional classical music, jazz, world music and other non-pop music forms;
●
"COVID-19"
                                            refers to a highly contagious novel virus that was declared a global pandemic by the World
                                            Health Organization on March 11, 2020;
●
"China"
                                            or "PRC" refers to the People's Republic of China, excluding, for the purpose
                                            of this annual report only, Taiwan and the special administrative regions of Hong Kong and
                                            Macau;
●
"Kuke
                                            International" refers to Kuke Future International Technology (Beijing) Co., Ltd.,
                                            one of our WFOEs;
●
"HNTE"
                                            refers to high and new technology enterprises;
●
"Naxos"
                                            refers to Naxos Global Distribution Limited, Naxos Rights International Limited and their
                                            affiliates and subsidiaries;
●
"Naxos
                                            China" refers to Naxos (Beijing) Culture & Communication Co., Ltd., a non-wholly-owned
                                            subsidiary of our company;
●
"Naxos
                                            International" refers to Naxos International (Far East) Limited;
●
"NFT"
                                            refers to non-fungible token;
●
"ordinary
                                            shares" or "shares" refers to our Class A ordinary shares and Class B ordinary
                                            shares, par value US$0.001 per share;
●
"VIEs"
                                            refers to our variable interest entities, including Beijing Kuke Music and BMF Culture;
●
"our
                                            WFOEs" refers to our wholly-owned subsidiaries in the PRC, including Kuke International
                                            and Beijing Lecheng;
●
"RMB"
                                            or "Renminbi" refers to the legal currency of China;
●
"SAFE"
                                            refers to the PRC State Administration of Foreign Exchange;
●
"student
                                            interest training market," "student art education market," "student
                                            music education market," "student musical instrument training market,"
                                            and "student piano education market" refer to markets for students aged between
                                            3 and 18, as measured by the total amount of tuition paid; and
●
"US$,"
                                            "U.S. dollars," "$" and "dollars" refer to the legal
                                            currency of the United States.
This annual
report contains translations between Renminbi and U.S. dollars solely for the convenience of the reader. The translations from Renminbi
to U.S. dollars and from U.S. dollars to Renminbi in this annual report were made at a rate of RMB 6.8972 to US$1.00, the exchange rate
set forth in the H.10 statistical release of the Federal Reserve Board on December 30, 2022. We make no representation that the Renminbi
or U.S. dollar amounts referred to in this annual report could have been or could be converted into U.S. dollars or Renminbi, as the
case may be, at any particular rate or at all.
ii
FORWARD-LOOKING
STATEMENTS
This annual
report contains forward-looking statements that involve risks and uncertainties. These forward-looking statements are made under the
"safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements
of current or historical facts are forward-looking statements. These statements involve known and unknown risks, uncertainties and other
factors, including those listed under "Item 3. Key Information-D. Risk Factors", that may cause our actual results, performance
or achievements to be materially different from those expressed or implied by the forward-looking statements.
In some cases,
you can identify these forward-looking statements by words or phrases such as "may," "might," "would,"
"will," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "likely to" or other similar expressions. We have based these forward-looking
statements largely on our current expectations and projections about future events and financial trends that we believe may affect our
financial condition, results of operations, business strategy and financial needs. These forward-looking statements include, but not
limited to, statements about:
●
our
                                            goals and strategies;
●
our
                                            expectations regarding the demand for and market acceptance of our music licensing and subscription
                                            services, smart music learning solutions, and live classical music events;
●
our
                                            expectations regarding our relationships with licensors and suppliers;
●
our
                                            future business development, financial condition and results of operations;
●
expected
                                            changes in our revenues, costs or expenditures;
●
the
                                            growth of and changes in our industries;
●
our
                                            competitive landscape;
●
government
                                            policies and regulations relating to our industries; and
●
general
                                            economic and business conditions in the PRC and globally.
You should
read this annual report and the documents that we refer to in this annual report thoroughly with the understanding that our actual future
results may be materially different from and worse than what we expect. Important risks and factors that could cause our actual results
to be materially different from our expectations are generally set forth in "Item 3. Key Information-D. Risk Factors," "Item
4. Information on the Company-B. Business Overview," "Item 5. Operating and Financial Review and Prospects," and other
sections in this annual report. You should read thoroughly this annual report and the documents that we refer to with the understanding
that our actual future results may be materially different from and worse than what we expect. We qualify all of our forward-looking
statements by these cautionary statements. Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge
from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact
of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially
from those contained in any forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.
This annual
report also contains statistical data and estimates that we obtained from industry publications and reports generated by government or
third-party providers of market intelligence. Although we have not independently verified the data, we believe that the publications
and reports are reliable. However, the statistical data and estimates in these publications and reports are based on a number of assumptions
and if any one or more of the assumptions underlying the market data are later found to be incorrect, actual results may differ from
the projections based on these assumptions. In addition, due to the rapidly evolving nature of the industry in which we operate, projections
or estimates about our business and financial prospects involve significant risks and uncertainties.
The forward-looking
statements made in this annual report relate only to events or information as of the date on which the statements are made in this annual
report. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as
a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence
of unanticipated events. You should read this annual report and the documents that we refer to in this annual report and exhibits to
this annual report completely and with the understanding that our actual future results may be materially different from what we expect.
iii
PART
I
ITEM
1 IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not applicable.
ITEM
2 OFFER STATISTICS AND EXPECTED TIMETABLE
Not applicable.
ITEM
3 KEY INFORMATION
Our Holding
Company Structure and Contractual Arrangements with The VIEs and Their Respective Shareholders
Kuke
Music Holding Limited, our ultimate Cayman Islands holding company and the entity in which investors are purchasing their interest, is
not a Chinese operating company and does not have any substantive operations. We carry out our value-added telecommunications business,
internet audio-video program services and certain other businesses in China through our subsidiaries, the VIEs, and their subsidiaries.
We do not have substantive business operations in Hong Kong. We, through our WFOEs, entered into a series of contractual arrangements
with the VIEs and their respective shareholders. Neither we nor our subsidiaries own any equity interests in the VIEs. The VIE structure
is used to provide investors with exposure to foreign investment in China-based companies where the PRC laws restrict direct foreign
investment in the operating companies. However, our contractual arrangements with the VIEs are not equivalent of an investment in the
VIEs. The VIE structure involves unique risks to investors in our securities. Investors in our securities are purchasing equity securities
of our ultimate Cayman Islands holding company, rather than equity securities of the VIEs, and investors in our securities may never
hold equity interests in the VIEs. Our contractual agreements may not be equivalent to, and are not as effective as, direct ownership
in the VIEs. The following diagram illustrates our corporate structure, including the names, places of incorporation and the proportion
of ownership interests in our subsidiaries and VIEs, as of the date of this annual report.
(1)
As of the date of this annual report, shareholders
    who own 5% or more of our issued and outstanding ordinary shares, which we refer to as our principal shareholders, include Mr. He
    Yu (directly and through Aleatory Limited and Capriccio Limited), Mr. Xingping Zuo (directly and indirectly through Musence Limited),
    Mr. Jianmin Jin, Mr. Lung Yu (directly and indirectly through Supertonic Limited), Eichent Limited and Million Profit International
    Holdings Limited. Our principal shareholders who are directors and executive officers of Kuke Music Holding Limited include Mr. He
    Yu, Mr. Xingping Zuo and Mr. Lung Yu. For more information, see "Item 6. Directors, Senior Management and Employees—Share
    Ownership" for more details.
(2)
The remaining 49% equity interest in Naxos China is
    held by Naxos International (Far East) Limited, which is ultimately controlled by independent third parties.
1
(3)
He Yu, Xingping Zuo, Jianmin Jin and Kunshan Maidun
    Culture Industry Investment Enterprise (Limited Partnership) each holds 35.5%, 25.9%, 9.0% and 8.9% equity interests in Beijing Kuke
    Music, respectively. The remaining 20.7% equity interests in Beijing Kuke Music are held by other beneficial owners of our company.
(4)
Lung Yu, He Yu, Ningbo Huaqing Ruizhe Investment Partnership
    (Limited Partnership), Tianjin Shengxin Enterprise Management Consulting Partnership (Limited Partnership) and Suzhou Fengqiao Jichu
    Chuangye Investment Partnership (Limited Partnership) and Zheng Tu each holds 38.5%, 23.1%, 15.4%, 15.4%, 6.2% and 1.4% equity interests
    in BMF Culture, respectively.
Contractual
Arrangements with the VIEs
Current
PRC laws and regulations impose certain restrictions or prohibitions on foreign ownership of companies that engage in value-added telecommunication
services, internet audio-video program services and certain other businesses. We are a company incorporated in the Cayman Islands. Kuke
International and Beijing Lecheng, our PRC subsidiaries, are considered foreign-invested enterprises. To comply with the foregoing PRC
laws and regulations, we currently conduct our business in the PRC mainly through the VIEs based on a series of contractual arrangements.
These contractual arrangements enable us to receive substantially all of the economic benefits of the VIEs and have an exclusive
option to purchase all or part of the equity interests and assets in the VIEs when and to the extent permitted by PRC law. As a result
of our direct ownership in the WFOEs and the contractual arrangements with the VIEs, we are able to receive the economic benefits of
the VIEs, be the primary beneficiary of the VIEs for accounting purposes and consolidate the financial results of the VIEs in our consolidated
financial statements, to the extent that we have satisfied the conditions for consolidation of the VIEs under the IFRS. The following
is a summary of the currently effective contractual arrangements by and among each of our WFOEs, each of the VIEs and their respective
shareholders.
Powers
of Attorney
. Pursuant to the power of attorney entered into among Kuke International, Beijing Kuke Music and its shareholders, the
shareholders of Beijing Kuke Music unconditionally and irrevocably appointed Kuke International or any person designated by Kuke International
to act as their attorney-in-fact to exercise all of their rights as shareholders of Beijing Kuke Music, including, but not
limited to, the right to propose to convene and attend shareholders' meetings, to execute meeting minutes and resolutions, to exercise
voting rights on all matters that need to be discussed and resolved in shareholders' meetings, to dispose of the assets of Beijing
Kuke Music, to resolve to dissolve and liquidate Beijing Kuke Music, to decide to transfer or otherwise dispose of the shares held by
the shareholders in Beijing Kuke Music and to exercise all other shareholders' rights stipulated by PRC laws and regulations and
the articles of association of Beijing Kuke Music. The shareholders' power of attorney will remain effective until terminated by
Kuke International in writing or the equity interest in or all the assets of Beijing Kuke Music have been transferred to Kuke International
or any person designated by Kuke International.
Beijing
Lecheng, BMF Culture and its shareholders have also entered into a power of attorney regarding the exercise of all the shareholders'
rights of the shareholders of BMF Culture, the terms of which are substantially similar to the power of attorney described above.
Equity
Interest Pledge Agreements
. Pursuant to the equity interest pledge agreement entered into among Kuke International, Beijing Kuke
Music and its shareholders, the shareholders of Beijing Kuke Music have pledged all of their respective equity interest in Beijing Kuke
Music to guarantee the performance of the obligations by, and the representations, undertakings, and warranties provided by, Beijing
Kuke Music and its shareholders under the exclusive consulting service agreement, exclusive intellectual property rights licensing agreement,
exclusive option agreement and power of attorney (together with the equity interest pledge agreement, the "Cooperation Agreements").
In the event of a breach by Beijing Kuke Music or any of its shareholders of contractual obligations under the Cooperation Agreements,
Kuke International, as pledgee, will have the right to dispose of the pledged equity interests in Beijing Kuke Music and will have priority
in receiving the proceeds from such disposal. Beijing Kuke Music and its shareholders also undertake that, without the prior written
consent of Kuke International, the shareholders of Beijing Kuke Music will not create or allow any encumbrance on the pledged equity
interests. As of the date of this annual report, the shareholders of the VIEs have completed the registration of their equity interest
pledge.
Beijing
Lecheng, BMF Culture and its shareholders have also entered into an equity interest pledge agreement, the terms of which are substantially
similar to the equity interest pledge agreement described above, except that the relevant Cooperation Agreements do not include an exclusive
intellectual property rights licensing agreement.
Exclusive
Consulting Service Agreements
. Pursuant to the exclusive consulting service agreement entered into between Kuke International and
Beijing Kuke Music, Kuke International has the exclusive right to provide Beijing Kuke Music, its subsidiaries and investee companies
with comprehensive management consulting services. Kuke International has the right to adjust the service fee at any time based on the
services provided to Beijing Kuke Music. The exclusive consulting service agreement will remain irrevocable until both parties terminate
the agreement in writing or Kuke International acquires all equity interests in or if all the assets of Beijing Kuke Music have been
transferred to any person designated by Kuke International. Notwithstanding the above, Kuke International has the right to terminate
the agreement at any time by issuing a 30 days' notice in writing, and Kuke International shall not be liable for any defaults
for unilaterally terminating the agreement.
Beijing
Lecheng and BMF Culture have also entered into an exclusive consulting service agreement, the terms of which are substantially similar
to the exclusive consulting service agreement described above.
2
Exclusive
Intellectual Property Rights Licensing Agreement
. Pursuant to the exclusive intellectual property rights licensing agreement entered
into between Kuke International and Beijing Kuke Music, Kuke International agreed to license to Beijing Kuke Music certain intellectual
property rights owned by Kuke International or being transferred to Kuke International by Beijing Kuke Music. After completion of the
transfer of the relevant intellectual property rights, Kuke International shall license such intellectual property rights to Beijing
Kuke Music at nil consideration. In addition, Beijing Kuke Music agreed to license all of its intellectual property rights (other than
those already transferred to Kuke International) to Kuke International at nil consideration. The exclusive intellectual property rights
agreement will remain effective for a term of ten years and shall be automatically renewed for successive terms of five years unless
either party terminates the agreement by issuing a 30 days' notice in writing prior to the expiration of the term of the agreement.
Exclusive
Option Agreements
.
Pursuant to the exclusive option agreement entered into among Kuke International, Beijing Kuke Music
and its shareholders, the shareholders of Beijing Kuke Music irrevocably granted Kuke International or any person designated by Kuke
International an exclusive right to purchase from the shareholders of Beijing Kuke Music all or any part of their equity interest in
and the assets of Beijing Kuke Music for a nominal price, or the lowest price permitted under applicable PRC laws. The exclusive option
agreement will remain irrevocable until all parties terminate the agreement in writing or Kuke International acquires all equity interests
in or if all the assets of Beijing Kuke Music have been transferred to any person designated by Kuke International. Notwithstanding the
above, Kuke International has the right to terminate the agreement at any time by issuing a 30 days' notice in writing, and Kuke
International shall not be liable for any defaults for unilaterally terminating the agreement.
Beijing
Lecheng, BMF Culture and its shareholders have also entered into an exclusive option agreement, the terms of which are substantially
similar to the exclusive option agreement described above.
In
addition, the spouse of certain shareholders of each of the VIEs, where applicable, has signed an undertaking (collectively, the "Spouse
Undertakings") to the effect that, among others, (1) the shares of the relevant VIE held and to be held by each of the shareholders
do not fall within the scope of communal properties, and (2) he or she waives any rights or interests that may be granted to him
or her under the applicable laws of any jurisdictions, and he or she undertakes not to claim such rights or interests. The spouse of
certain shareholders of each of the VIEs, where applicable, has also consented to the arrangement of any equity interest held by his
or her spouse under the Exclusive Option Agreement, the Exclusive Consulting Service Agreement, the Exclusive Intellectual Property Rights
Agreement, where applicable, the Equity Interest Pledge Agreement and the Power of Attorney.
In
the opinion of Commerce & Finance Law Offices, our PRC counsel:
●
the
    ownership structures of the VIEs in the PRC and our WFOEs, are not in violation of applicable PRC laws and regulations currently
    in effect; and
●
the contractual
    arrangements among our WFOEs, the VIEs and their shareholders governed by PRC law are currently valid and binding in accordance with
    applicable PRC laws and regulations currently in effect and do not result in any violation of the applicable PRC laws or regulations
    currently in effect.
However,
our PRC counsel has also advised us that there are substantial uncertainties regarding the interpretation and application of current
and future PRC laws, regulations and rules. Our corporate structure is subject to risks associated with our contractual arrangements
with the VIEs. These contractual arrangements have not been properly tested in a court of law, and the PRC regulatory authorities could
disallow our corporate structure at any time, which could result in a material change in our operations and the value of our securities
could decline or become worthless. The legal system in the PRC is not as developed as in other jurisdictions such as the United States,
and there are few precedents and little formal guidance as to how contractual arrangements in the context of a variable interest entity
should be interpreted or enforced under PRC law. As a result, uncertainties in the PRC legal system could limit our ability, as a Cayman
Islands holding company, to enforce these contractual arrangements and doing so may be costly. Because of our corporate structure, our
Cayman Islands holding company, our WFOEs, the VIEs and their subsidiaries, and our investors face uncertainty with respect to the interpretation
and the application of the PRC laws and regulations, including but not limited to limitation on foreign ownership of value-added telecommunications
businesses, internet audio-video program businesses and certain other businesses, and the validity and enforcement of the contractual
agreements.
Accordingly,
the PRC regulatory authorities may take a view that is contrary to the opinion of our PRC counsel. It is uncertain whether any new PRC
laws or regulations relating to variable interest entity structures will be adopted or, if adopted, what requirements they would prescribe.
If the PRC government deems that the contractual arrangements with the VIEs domiciled in China do not comply with PRC regulatory restrictions
on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change or are
interpreted differently in the future, we and the VIEs could be subject to severe penalties or be forced to relinquish their interests
in those operations. If we or any of the VIEs are found to be in violation of any future PRC laws or regulations, or fail to obtain or
maintain any required permissions or approvals, the relevant PRC regulatory authorities would have broad discretion to take action in
dealing with such violations or failures
3
Cash
Flows and Asset Transfers within Our Organization
Kuke
Music Holding Limited is a holding company with no material operations of its own. We currently conduct our operations through our WFOEs,
the VIEs and their respective subsidiaries. Under our corporate structure, our ability to pay dividends and to service any debt we may
incur and pay our operating expenses principally depends on dividends paid by our subsidiaries in China. Cash is transferred within our
organization in the manner as follows: (1) we may transfer funds to our WFOEs through our British Virgin Islands and Hong Kong subsidiaries
by additional capital contributions or shareholder loans, as the case may be; (2) our subsidiaries in China may provide loans to the
VIEs, subject to statutory limits and restrictions; (3) the VIEs may pay service fees to our subsidiaries in China for services rendered
by our subsidiaries in China; (4) our subsidiaries in China may pay service fees to the VIEs for services rendered by the VIEs; (5) our
WFOEs may make dividends or other distributions to us through our British Virgin Islands and Hong Kong subsidiaries, as the case may
be; and (6) our Hong Kong subsidiaries may provide loans to the VIEs, subject to statutory limits and restrictions. We do not have a
written policy or procedure that specifically dictates how funds are transferred among us, our subsidiaries and the VIEs; however, we
require that any loan be made and used on an ad-hoc basis and pursuant to a written loan agreement. To the extent cash or assets in the
business is in mainland China or Hong Kong or in an entity domiciled in mainland China or Hong Kong, and may need to be used to fund
operations outside of mainland China or Hong Kong, the funds and assets may not be available to fund operations or for other uses outside
of mainland China or Hong Kong due to interventions in or the imposition of restrictions and limitations by the government on our or
the VIEs' ability to transfer cash and assets. We may also encounter difficulties in our ability to transfer cash between subsidiaries
in China and other subsidiaries largely due to various PRC laws and regulations imposed on foreign exchange.
Under
the exclusive consulting services agreements, Kuke International and Beijing Lecheng provide consulting services to the VIEs and are
entitled to receive service fees from the VIEs in exchange. The contractual arrangements provide that Kuke International and Beijing
Lecheng have the right to adjust the service fee at any time based on the services provided to Beijing Kuke Music and BMF Culture. Pursuant
to the exclusive intellectual property rights licensing agreement between Kuke International and Beijing Kuke Music, Kuke International
agreed to license to Beijing Kuke Music certain intellectual property rights owned by Kuke International or being transferred to Kuke
International by Beijing Kuke Music, both at nil consideration.
In 2020, 2021 and 2022, our WFOEs did not charge any service fees from
the VIEs under the contractual arrangements, and there was no cash flows or transfers of other assets between our WFOEs and the VIEs under
the contractual arrangements. In 2020, 2021 and 2022, the VIEs received debt financing from our Hong Kong subsidiaries of US$9.6 million,
US$33.2 million and US$4 million, respectively, and did not receive any debt financing from our WFOEs for the same years. From January
2022 to June 2022, the VIEs paid back RMB4.78 million to our WFOEs; and from July 2022 to December 2022, the VIEs extended loans in the
total amount of RMB5.2 million to our WFOEs. As of the date of this annual report, the remaining balance of the debt obligation of our
WFOEs to the VIEs is approximately RMB3.6 million.
Beijing Kuke
Music and BMF Culture entered into a lease agreement in 2020 for a consideration of RMB1.1 million, and of which RMB0.6 million
(US$0.1 million) remained unsettled as of December 31, 2022. Beijing Kuke Music and BMF Culture entered into another lease agreement
in 2021 for a consideration of RMB1.2 million, and of which RMB0.2 million (US$30 thousand) remained unsettled as of December
31, 2022. Beijing Kuke Music and BMF Culture entered into another lease agreement in 2022 for a consideration of RMB1.2 million,
and the total amount of which remained unsettled as of December 31, 2022. As of the date of this annual report, other than disclosed
above, we do not have any transfers, dividends or distributions among us, our subsidiaries and the VIEs.
Dividend
Distribution to U.S. Investors and Tax Consequences
As of the
date of this annual report, none of our subsidiaries has issued any dividends or made other distributions to us or their respective holding
companies nor have we or any of our subsidiaries ever paid dividends or made other distributions to U.S. investors. We currently intend
to retain all future earnings to finance the VIEs' and our subsidiaries' operations and to expand their business. As a result,
we do not expect to pay any cash dividends in the foreseeable future. If we intend to distribute dividends through Kuke Music, Kuke International
and Beijing Lecheng will transfer the dividends to Gauguin Limited and Degas Limited, which are Hong Kong entities, respectively, in
accordance with the PRC laws and regulations of the PRC, and then Gauguin Limited and Degas Limited will transfer the dividends to Rococo
Holding Limited and Rosenkavalier Limited, respectively, and Rococo Holding Limited and Rosenkavalier Limited will then transfer the
dividends to Kuke Music, and the dividends will be distributed from Kuke Music to all shareholders respectively in proportion to the
shares they hold, regardless of whether the shareholders are U.S. investors or investors in other countries or regions. The PRC Enterprise
Income Tax Law and its implementing rules provide that dividends paid by a PRC entity to a nonresident enterprise for income tax purposes
is subject to PRC withholding tax at a rate of 10%, subject to reduction by an applicable tax treaty with China. Pursuant to the Arrangement
between Mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and Tax Evasion on Income,
the withholding tax rate in respect to the payment of dividends by a PRC enterprise to a Hong Kong enterprise may be reduced to 5% from
a standard rate of 10% if the Hong Kong enterprise directly holds at least 25% of the PRC enterprise. Pursuant to the Notice of the State
Administration of Taxation on the Issues concerning the Application of the Dividend Clauses of Tax Agreements ("SAT Circular 81"),
a Hong Kong resident enterprise must meet the following conditions, among others, in order to apply the reduced withholding tax rate:
(1) it must be a company; (2) it must directly own the required percentage of the total owner's equity and the proportion
of the voting shares in the PRC resident enterprise; and (3) it must have directly owned such required percentage in the PRC
resident enterprise throughout the consecutive 12 months prior to receiving the dividends. In October 2019, the State Administration
of Taxation promulgated the Administrative Measures for Nonresident Taxpayers to Enjoy Treatment under Tax Treaties ("SAT Circular
35"), which became effective on January 1, 2020. SAT Circular 35 provides that nonresident enterprises are not required to
obtain pre-approval from the relevant tax authority in order to enjoy the reduced withholding tax. Instead, nonresident enterprises and
their withholding agents may, by self-assessment and on confirmation that the prescribed criteria to enjoy the tax treaty benefits are
met, directly apply the reduced withholding tax rate, and file necessary forms and supporting documents when performing tax filings,
which will be subject to post-tax filing examinations by the relevant tax authorities. Accordingly, Gauguin Limited and Degas Limited
may be able to benefit from the 5% withholding tax rate for the dividends it receives from its PRC subsidiaries, if it satisfies the
conditions prescribed under SAT Circular 81 and other relevant tax rules and regulations. However, according to SAT Circular 81 and SAT
Circular 35, if the relevant tax authorities consider the transactions or arrangements we have are for the primary purpose of enjoying
a favorable tax treatment, the relevant tax authorities may adjust the favorable withholding tax in the future.
4
Under our
corporate structure, our ability to pay dividends and to service any debt we may incur and pay our operating expenses principally depends
on dividends paid by our subsidiaries in China. Under applicable PRC laws and regulations, our subsidiaries in China are
permitted to pay dividends to us only out of their accumulated profits, if any, determined in accordance with PRC accounting standards
and regulations. In addition, our subsidiaries in China are required to allocate at least 10% of their accumulated profits
each year, if any, to fund statutory reserves of up to 50% of the registered capital of the enterprise. Statutory reserves are not distributable
as cash dividends except in the event of liquidation. Furthermore, if our subsidiaries incur debt on their own behalf in the future,
the instruments governing the debt may restrict their ability to pay dividends or make other payments to us. In addition, the PRC tax
authorities may require us to adjust the taxable income under the contractual arrangements we currently have in place in a manner that
would materially and adversely affect our WFOEs' ability to pay dividends and other distributions to us. Any limitation on the
ability of our subsidiary to distribute dividends to us or on the ability of the VIEs to make payments to us may restrict our ability
to satisfy our liquidity requirements.
Restrictions
on Our and the VIEs' Ability to Transfer Cash Out of China
To the extent
cash or assets in the business are in mainland China or Hong Kong or in an entity domiciled in mainland China or Hong Kong, and may need
to be used to fund operations outside of mainland China or Hong Kong, the funds and assets may not be available to fund operations or
for other uses outside of mainland China or Hong Kong due to interventions in or the imposition of restrictions and limitations by the
government on our, our subsidiaries' or the VIEs' ability to transfer cash and assets.
We may encounter
difficulties in our ability to transfer cash between subsidiaries in China and other subsidiaries largely due to various PRC laws
and regulations imposed on foreign exchange. The majority of our income is denominated in Renminbi, and shortage in foreign currencies
may restrict our ability to pay dividends or other payment to satisfy our foreign currency denominated obligations, if any. Under existing
PRC foreign exchange regulations, payments of current account items, including profit distributions, interest payments and expenditures
from trade-related transactions can be made in foreign currencies without prior approval from the State Administration of the Foreign
Exchange in the PRC as long as certain procedural requirements are met. Approval from appropriate government authorities is required
if Renminbi is converted into foreign currency and remitted out of the PRC to pay capital expenses such as the repayment of loans denominated
in foreign currencies. The PRC government may, at its discretion, impose restrictions on access to foreign currencies for current account
transactions and if this occurs in the future, we may not be able to pay dividends in foreign currencies to our shareholders. The PRC
government has implemented a series of capital control measures, including stricter vetting procedures for China-based companies to remit
foreign currency for overseas acquisitions, dividend payments and shareholder loan repayments. It may continue to strengthen its capital
controls and dividends and other distributions of our subsidiaries in China may be subjected to tighter scrutiny and may limit the ability
of our Cayman Islands holding company, to use capital from our subsidiaries in China, which may restrict our ability to satisfy
our liquidity requirements.
Permissions
or Approvals Required from the PRC Authorities for Our Operations
We conduct our business primarily through our subsidiaries, the VIEs
and their subsidiaries in China. We do not have any substantive business operations in Hong Kong. Our and the VIEs' operations in
China are governed by PRC laws and regulations. As of the date of this annual report, as confirmed by our PRC counsel, we, our PRC subsidiaries
and the VIEs have obtained or are in the process of renewing the requisite permissions and approvals from the PRC government authorities
for the business operations of us, our PRC subsidiaries and the VIEs, including, among others, the Internet Content Provider License,
the License for Production and Operation of Radio and TV Programs, Online Culture Operating Permit, the Online Publishing Service Permit
(currently under renewal process), and the Online Culture Operating Permit held by Beijing Kuke Music, and the requisite commercial performance
approvals and permits held by BMF culture. As of the date of this annual report, we, our PRC subsidiaries and the VIEs have not been denied
application for any permissions or approvals required for business operations. Given the uncertainties of interpretation and implementation
of relevant laws and regulations and the enforcement practice by relevant government authorities, we, our subsidiaries and the VIEs may
be required to obtain additional permissions or approvals for business operations in the future. If we, our subsidiaries or the VIEs are
found to be in violation of any existing or future PRC laws or regulations, or fail to obtain or maintain any of the required permissions
or approvals, the relevant PRC regulatory authorities would have broad discretion to take action in dealing with such violations or failures.
In addition, if we, our subsidiaries and the VIEs had inadvertently concluded that such permissions or approvals were not required, or
if applicable laws, regulations or interpretations change in a way that requires us, our subsidiaries or the VIEs to obtain such permissions
or approvals in the future, we, our subsidiaries and the VIEs may be unable to obtain such necessary permissions or approvals in a timely
manner, or at all, and such permissions or approvals may be rescinded even if obtained. Any such circumstance may subject us, our subsidiaries
and the VIEs to fines and other regulatory, civil or criminal liabilities, and we, our subsidiaries and the VIEs may be ordered by the
competent government authorities to suspend affected operations, which will materially and adversely affect our business operations and
the value of your investment. For more detailed information, see "Item 3. Key Information-D. Risk Factors—Risks Related to
Our Business and Industry—Certain of our and the VIEs' content offerings may be found objectionable by the PRC government,
which may subject us and the VIEs to penalties and other regulatory or administrative actions," and "Risk Factors—Risks
Related to Our Business and Industry—Failure to obtain or renew licenses, permits or approvals or respond to any changes in government
policies, laws or regulations may affect our ability to conduct or expand our business."
5
Permissions
or Approvals Required from the PRC Authorities for Offering Securities to Foreign Investors
On February 17, 2023, the CSRC issued the Trial Administrative Measures of Overseas Securities Offering and Listing
by Domestic Enterprises, or the Trial Measures, which became effective on March 31, 2023. On the same date of the issuance of the
Trial Measures, the CSRC circulated No.1 to No.5 Supporting Guidance Rules, the Notes on the Trial Measures, the Notice on Administration
Arrangements for the Filing of Overseas Listings by Domestic Enterprises and the relevant CSRC Answers to Reporter Questions on the official
website of the CSRC, or collectively, the Guidance Rules and Notice. Under the Trial Measures and the Guidance Rules and Notice, domestic
companies conducting overseas securities offering and listing activities, either in direct or indirect form, shall complete filing procedures
with the CSRC pursuant to the requirements of the Trial Measures within three working days following its submission of initial public
offering or listing application. The companies that have already been listed on overseas stock exchanges are not required to make immediate
filings for its listing yet need to make filings for subsequent offerings in accordance with the Trial Measures. In view of the fact that
the Trial Measures have come into effect on March 31, 2023, we shall fulfill the filing procedures with the CSRC for our future offshore
offering as per requirements of the Trial Measures. According to CSRC's Questions and Answers with respect to Trial Administrative
Measures of Overseas Securities Offering and Listing by Domestic Companies on February 17, 2023, for the filing of overseas listing of
enterprises with VIE structure, the filing procedure will adhere to the principles of market-oriented principle, rule of law, and strengthened
regulatory synergy. The CSRC will consult the relevant competent authorities, and the overseas listing of VIE structured enterprises that
meet the compliance requirements will be filed. We may not be able to complete the filing if the filing materials are incomplete
or do not meet the requirements of the CSRC. We currently do not have over one million users'
personal information and do not anticipate that we will be collecting over one million users' personal information in the
foreseeable future. Based on such information, there is a relatively low likelihood that we, our
subsidiaries and the VIEs will be subject to the cybersecurity review by the CAC for a future offering of our securities to foreign
investors.
As
of the date of this annual report, we have not received any formal notice from any PRC authorities that we shall be subject to
permission or approval for the filing of this annual report
. However, we cannot assure you that the relevant PRC government agencies, including the CSRC and the CAC,
would reach the same conclusion as our PRC counsel does. If we, our subsidiaries and the VIEs inadvertently conclude that such
permissions or approvals are not required, and the CSRC, the CAC or any other PRC regulatory body subsequently determines that we,
our subsidiaries or the VIEs need to file with such government authorities or obtain their permissions or approvals to maintain our
listing status on U.S. exchanges,
the CAC or any other PRC government authorities promulgate any interpretation or implements rules that would require us, our
subsidiaries or the VIEs to file with or obtain the permissions or approvals from the CSRC, the CAC or other governmental bodies for
any such listing status, we, our subsidiaries and the VIEs may face adverse actions that could have a material adverse
effect on our business, reputation, financial condition, results of operations, prospects, as well as the trading price of the ADSs,
and we cannot assure you that, if ever required, we, our subsidiaries and the VIEs would be able to obtain any such permissions or
approvals and fully comply with the relevant new rules on a timely basis, or at all.
The Holding
Foreign Companies Accountable Act
Our financial statements as of December 31, 2020 and 2021 and for the
years then ended contained in this annual report have been audited by Ernst & Young, an independent registered public accounting firm
that is located in Hong Kong and was among the PCAOB-registered public accounting firms that are subject to the PCAOB's determination
issued on December 16, 2021 of having been unable to be inspected or investigated completely by the PCAOB. In June 2022, in connection
with its implementation of the Holding Foreign Companies Accountable Act, or the HFCAA, the SEC conclusively named us as a "Commission-Identified
Issuer" on its website (https://www.sec.gov/hfcaa) following the filing of our annual report on Form 20-F for the fiscal year ended
December 31, 2021. Such identification may add uncertainty to the trading and price volatility of the ADSs. On August 26, 2022, the CSRC,
the Ministry of Finance of China, and the PCAOB signed a Statement of Protocol (the "Protocol"), governing inspections and
investigations of audit firms based in mainland China and Hong Kong. Pursuant to the Protocol, the PCAOB shall have independent discretion
to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC. On December
15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered public accounting
firms headquartered in mainland China and Hong Kong in 2022, and the PCAOB Board vacated its previous determinations that the PCAOB was
unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. However,
whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered
in mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor's, control.
The PCAOB is continuing to demand complete access in mainland China and Hong Kong moving forward and is already making plans to resume
regular inspections in early 2023 and beyond, as well as to continue pursuing ongoing investigations and initiate new investigations as
needed. The PCAOB has indicated that it will act immediately to consider the need to issue new determinations with the HFCAA if needed.
Ernst & Young did not stand for re-appointment as our independent registered public accounting firm, and we appointed Yu Certified
Public Accountant, P.C. ("Yu CPA") as our independent registered public accounting firm, effective on November 17, 2022. Our
current auditor, Yu CPA, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB,
is headquartered in New York, New York and is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections
to assess its compliance with the applicable professional standards. As of the date of this annual report, Yu CPA is not included in the
list of the PCAOB's Determination Report issued in December 2021. For the foregoing reasons, we do not expect to be identified as
a "Commission-Identified Issuer" after we file this annual report on Form 20-F.
Notwithstanding
the foregoing, if, in the future, we have been identified by the SEC for two consecutive years as a "Commission-Identified Issuer"
whose registered public accounting firm is determined by the PCAOB that it is unable to inspect or investigate completely because of a
position taken by one or more authorities in China, the SEC may prohibit our shares or the ADSs from being traded on a national securities
exchange or in the over-the-counter trading market in the United States.
6
Risks
Related to the VIEs and China Operations
Investing in the ADSs involves a high degree of risk. You should carefully
consider the risks described under "Item 3. Key Information-D. Risk Factors" and other information contained in this annual
report, before you decide whether to purchase the ADSs. In particular, we are subject to risks and uncertainties relating to our corporate
structure and doing business in China, including, but not limited to, the following:
●
If
                                            the PRC government finds that the agreements that establish the structure for operating our
                                            businesses in China do not comply with applicable PRC laws and regulations, or if these laws
                                            and regulations or their interpretations change in the future, we could be subject to severe
                                            penalties or be forced to relinquish our interests in those operations.
●
We
                                            rely on contractual arrangements with the VIEs and their shareholders for our operations
                                            in the PRC, which may not be as effective as direct ownership in providing operational control.
●
Uncertainties
                                            exist with respect to the interpretation and implementation of the PRC Foreign Investment
                                            Law and how it may impact the viability of our current corporate structure, corporate governance
                                            and business operations.
●
We
                                            may rely on dividends and other distributions on equity paid by our subsidiaries in mainland
                                            China and Hong Kong to fund any cash and financing requirements we may have. To the extent
                                            cash or assets in the business is in mainland China or Hong Kong or an entity domiciled in
                                            mainland China or Hong Kong, and may need to be used to fund operations outside of mainland
                                            China or Hong Kong, the funds and assets may not be available to fund operations or for other
                                            uses outside of mainland China or Hong Kong due to interventions in or the imposition of
                                            restrictions and limitations by the government on our, our subsidiaries' or the VIEs'
                                            ability to transfer cash and assets, which could have a material and adverse effect on our
                                            ability to conduct business.
●
A severe
                                            or prolonged downturn in the Chinese and global economy could materially and adversely affect
                                            our business, financial condition and operating results.
●
Uncertainties
                                            with respect to the PRC legal system and changes in laws and regulations in China could adversely
                                            affect us.
●
The
                                            PRC government may exert, at any time, substantial intervention and influence over the manner
                                            of our and the VIEs' operations, and the rules and regulations to which we and the
                                            VIEs are subject, including the ways they are enforced, may change rapidly and with little
                                            advance notice to us, the VIEs or our shareholders. Any such actions by the Chinese government,
                                            including any decision to intervene or influence the operations of our subsidiaries in China
                                            or the VIEs or to exert control over any offering of securities conducted overseas and/or
                                            foreign investment in China-based issuers, may cause us to make material changes to the operations
                                            of our subsidiaries in China or the VIEs, may limit or completely hinder our ability to offer
                                            or continue to offer securities to investors, and may cause the value of such securities
                                            to significantly decline or be worthless.
●
The
                                            permission and approval from the CSRC or other PRC government authorities may be required
                                            in connection with an offshore offering under PRC law, and, if required, we cannot predict
                                            whether or for how long we will be able to obtain such permission or approval.
●
You
                                            may experience difficulties in effecting service of legal process, enforcing foreign judgments
                                            or bringing actions in China against us or our management named in this annual report based
                                            on foreign laws.
●
Our
                                            Hong Kong subsidiaries could become subject to more influence and/or control of the PRC government
                                            if the Hong Kong legal system becomes more integrated into the PRC legal system.
For further
details on the regulatory, liquidity and enforcement risks related to our corporate structure and the fact that we conduct substantially
all of our operations in China, see "Item 3. Key Information-D. Risk Factors-Risks Related to Our Corporate Structure" and
"Item 3. Key Information-D. Risk Factors-Risks Related to Doing Business in China."
VIE Consolidation
Schedule
The following
tables set forth the summary consolidated balance sheets data as of December 31, 2020, 2021 and 2022 of (i) Kuke Music and its subsidiaries
and (ii) the VIEs and its subsidiaries, and the summary of the consolidated statement of income and cash flows for the years ended December
31, 2020, 2021 and 2022. Our consolidated financial statements are prepared and presented in accordance with IFRS. The VIEs' historical
results are not necessarily indicative of results expected for future periods. You should read this information together with our consolidated
financial statements and the related notes and "Item 5. Operating and Financial Review and Prospects" included elsewhere
in this annual report.
7
Selected
Condensed Consolidated Statements of Comprehensive Income Information
For
    the year ended December 31, 2022
Our
Company
Other
Subsidiaries
The
    VIEs
and VIEs'
Subsidiaries
Eliminating
adjustments
Consolidated
total
(RMB in thousands)
Revenue
—
3,475
111,640
—
115,115
(Loss)/profit
    for the year and total comprehensive (loss)/income for the year
6,099
(45,701
)
(857,525
)
220
(896,907
)
For
    the year ended December 31, 2021
Our
Company
Other
Subsidiaries
The
    VIEs
and VIEs'
Subsidiaries
Eliminating
adjustments
Consolidated
total
(RMB in thousands)
Revenue
—
7,317
288,789
(209
)
295,897
(Loss)/profit
    for the year and total comprehensive (loss)/income for the year
(79,858
)
(5,773
)
25,794
220
(59,617
)
For
    the year ended December 31, 2020
Our
Company
Other
Subsidiaries
The
    VIEs
and VIEs'
Subsidiaries
Eliminating
adjustments
Consolidated
total
(RMB in thousands)
Revenue
—
11,425
152,164
(708
)
162,881
(Loss)/profit
    for the year and total comprehensive (loss)/income for the year
(43,007
)
5,158
24,474
(1,839
)
(15,214
)
8
Selected
Condensed Consolidated Balance Sheets Information
As
    of December 31, 2022
Our
Company
Other
Subsidiaries
The
    VIEs
and VIEs'
Subsidiaries
Eliminating
adjustments
Consolidated
total
(RMB in thousands)
Assets
Cash
    and cash equivalents
50
2,706
2,669
—
5,425
Trade
    receivables
—
534
8,745
—
9,279
Prepayments,
    other receivables and other assets
35
141
35,135
—
35,311
Due
    from related parties
2,073
—
304
—
2,377
Due
    from shareholders
—
—
99
—
99
Inventories
—
—
778
—
778
Total
    current assets
2,158
3,381
47,730
—
53,269
Property,
    plant and equipment
—
84
9,026
—
9,110
Intangible assets(1)
1,444
211
64,777
(220
)
66,212
Right-of-use
    assets
—
—
7,149
—
7,149
Goodwill
—
—
764
—
764
Investment
    in subsidiaries(2)
284,000
—
—
(284,000
)
—
Prepayments,
    other receivables and other assets(3)
—
37,178
110,236
(37,178
)
110,236
Total
    non-current assets
285,444
37,473
191,952
(321,398
)
193,471
Due
    from intercompanies(4)
401,178
311,891
6,344
(719,413
)
—
Total
    assets
688,780
352,745
246,026
(1,040,811
)
246,740
Liabilities
Trade
    payables
950
4,087
29,975
—
35,012
Other
    payables and accruals
274
3,100
46,789
—
50,163
Contract
    liabilities
—
160
20,528
—
20,688
Due
    to a shareholder
—
—
325
—
325
Due
    to related parties
488
—
—
—
488
Interest-bearing
    loans and borrowings
—
—
69,045
—
69,045
Lease
    liabilities
—
—
4,123
—
4,123
Income
    tax payable
—
459
584
—
1,043
Total
    current liabilities
1,712
7,806
171,369
—
180,887
Contract
    liabilities
—
—
415
—
415
Lease
    liabilities
—
—
4,650
—
4,650
Other
    payable(3)
—
—
36,000
(36,000
)
—
Total
    non-current liabilities
—
—
41,065
(36,000
)
5,065
Due
    to intercompanies(4)
607
390,831
327,975
(719,413
)
—
Total
    liabilities
2,319
398,637
540,409
(755,413
)
185,952
Total
    net assets/(liabilities)
686,461
(45,892
)
(294,383
)
(285,398
)
60,788
9
As
    of December 31, 2021
Our
Company
Other
Subsidiaries
The
    VIEs
and VIEs'
Subsidiaries
Eliminating
adjustments
Consolidated
total
(RMB in thousands)
Assets
Cash
    and cash equivalents
38,823
11,321
8,901
—
59,045
Trade
    receivables
—
743
110,361
—
111,104
Prepayments,
    other receivables and other assets
545
67
33,489
—
34,101
Net
    investments in subleases
—
—
355
—
355
Due
    from related parties
—
—
306
—
306
Due
    from shareholders
—
—
100
—
100
Inventories
—
—
7,307
—
7,307
Total
    current assets
39,368
12,131
160,819
—
212,318
Property,
    plant and equipment
—
159
60,284
—
60,443
Intangible assets(1)
—
4
492,737
(441
)
492,300
Right-of-use
    assets
—
—
3,060
—
3,060
Goodwill
—
—
237,225
—
237,225
Investment
    in subsidiaries(2)
284,000
—
—
(284,000
)
—
Prepayments,
    other receivables and other assets(3)
—
37,178
95,217
(37,178
)
95,217
Deferred
    tax assets
—
2
7,734
—
7,736
Equity
    investment at FVTPL
—
—
1,000
—
1,000
Total
    non-current assets
284,000
37,343
897,257
(321,619
)
896,981
Due
    from intercompanies(4)
343,416
290,468
1,594
(635,478
)
—
Total
    assets
666,784
339,942
1,059,670
(957,097
)
1,109,299
Liabilities
Trade
    payables
—
5,468
25,046
—
30,514
Other
    payables and accruals
1,850
2,757
53,571
—
58,178
Contract
    liabilities
—
939
22,567
—
23,506
Due
    to a shareholder
—
—
325
—
325
Interest-bearing
    loans and borrowings
—
—
41,493
—
41,493
Lease
    liabilities
—
—
2,486
—
2,486
Income
    tax payable
—
481
2,035
—
2,516
Total
    current liabilities
1,850
9,645
147,523
—
159,018
Contract
    liabilities
—
—
366
—
366
Interest-bearing
    loans and borrowings
—
—
6,046
—
6,046
Lease
    liabilities
—
—
793
—
793
Deferred
    tax liabilities
—
—
1,417
—
1,417
Other
    payable(3)
—
—
36,000
(36,000
)
—
Total
    non-current liabilities
—
—
44,622
(36,000
)
8,622
Due
    to intercompanies(4)
607
330,488
304,383
(635,478
)
—
Total
    liabilities
2,457
340,133
496,528
(671,478
)
167,640
Total
    net assets/(liabilities)
664,327
(191
)
563,142
(285,619
)
941,659
10
As
    of December 31, 2020
Our
Company
Other
Subsidiaries
The
    VIEs
and VIEs' Subsidiaries
Eliminating
adjustments
Consolidated
total
(RMB in thousands)
Assets
Cash
    and cash equivalents
1,716
16,173
7,830
—
25,719
Trade
    receivables
—
5,329
176,393
—
181,722
Prepayments,
    other receivables and other assets
7,621
21
20,881
—
28,523
Net
    investments in subleases
—
—
211
—
211
Due
    from related parties
358
—
1,405
—
1,763
Due
    from shareholders
—
—
100
—
100
Inventories
—
—
950
—
950
Total
    current assets
9,695
21,523
207,770
—
238,988
Property,
    plant and equipment
—
186
17,949
—
18,135
Intangible assets(1)
—
8
263,754
(661
)
263,101
Right-of-use
    assets
—
—
14,918
—
14,918
Goodwill
—
—
237,225
—
237,225
Investment
    in subsidiaries(2)
284,000
—
—
(284,000
)
—
Prepayments,
    other receivables and other assets(3)
—
37,178
95,376
(37,178
)
95,376
Net
    investments in subleases
—
—
202
—
202
Deferred
    tax assets
—
—
8,917
—
8,917
Investment
    in a joint venture
—
—
491
—
491
Total
    non-current assets
284,000
37,372
638,832
(321,839
)
638,365
Due
    from intercompanies(4)
127,363
75,030
1,200
(203,593
)
—
Total
    assets
421,058
133,925
847,802
(525,432
)
877,353
Liabilities
Trade
    payables
—
7,068
20,242
—
27,310
Other
    payables and accruals
9,196
3,613
54,312
—
67,121
Contract
    liabilities
—
226
24,088
—
24,314
Due
    to a shareholder
—
—
325
—
325
Interest-bearing
    loans and borrowings
—
—
60,000
—
60,000
Lease
    liabilities
—
—
7,660
—
7,660
Income
    tax payable
—
732
9,681
—
10,413
Due
    to related parties
7,177
—
—
—
7,177
Total
    current liabilities
16,373
11,639
176,308
—
204,320
Contract
    liabilities
—
11
576
—
587
Lease
    liabilities
—
—
9,830
—
9,830
Deferred
    tax liabilities
—
—
1,447
—
1,447
Other
    payable(3)
—
—
36,000
(36,000
)
—
Total
    non-current liabilities
—
11
47,853
(36,000
)
11,864
Due
    to intercompanies(4)
607
116,693
86,293
(203,593
)
—
Total
    liabilities
16,980
128,343
310,454
(239,593
)
216,184
Total
    net assets/(liabilities)
404,078
5,582
537,348
(285,839
)
661,169
Note:
(1)
It
                                            represents the elimination of the trade among our Company, other subsidiaries, VIEs and their
                                            subsidiaries.
(2)
It
                                            represents the elimination of the investment in other subsidiaries, VIEs and their subsidiaries.
(3)
Loans
                                            between non-related companies.
(4)
It
                                            represents the elimination of intercompany balances among our Company, other subsidiaries,
                                            VIEs and their subsidiaries.
11
Selected
Condensed Consolidated Cash Flows Information
For
    the year ended December 31, 2022
Our
Company
Other
Subsidiaries
The
    VIEs
and VIEs'
Subsidiaries
Eliminating
adjustments
Consolidated
total
(RMB in thousands)
Net
    cash flows from/(used in) operating activities
(36,243
)
(8,349
)
17,893
220
(26,479
)
Net
    cash flows from/(used in) investing activities
(3,846
)
(266
)
(34,144
)
(220
)
(38,476
)
Net
    cash flows from/(used in) financing activities
1,316
—
10,019
—
11,335
For
    the year ended December 31, 2021
Our
Company
Other
Subsidiaries
The
    VIEs
and VIEs'
Subsidiaries
Eliminating
adjustments
Consolidated
total
(RMB in thousands)
Net cash flows from/(used in) operating
    activities
(247,400
)
(4,816
)
316,686
220
64,690
Net cash flows from/(used in) investing activities
—
(36
)
(290,949
)
(220
)
(291,205
)
Net cash flows from/(used in) financing activities
284,507
—
(24,666
)
—
259,841
For
    the year ended December 31, 2020
Our
Company
Other
Subsidiaries
The
    VIEs
and VIEs'
Subsidiaries
Eliminating
adjustments
Consolidated
total
(RMB in thousands)
Net cash flows from/(used in) operating
    activities
(95,986
)
4,814
118,120
(661
)
26,287
Net cash flows from/(used in) investing activities
—
386
(122,384
)
(661
)
(121,337
)
Net cash flows from/(used in) financing activities
97,688
—
71
—
97,759
A
[Reserved]
B
Capitalization
and Indebtedness
Not applicable.
C
Reasons
for the Offer and Use of Proceeds
Not applicable.
D
Risk
Factors
Risks
Related to Our Business and Industry
We
may not be able to maintain or expand our content offerings.
Our ability
to maintain diverse and appealing content offerings hinges primarily on our relationships with content providers and our understanding
of the changing tastes and preferences of existing and perspective customers. If we fail to maintain the attractiveness of our content
offerings or continue to expand the breadth and diversity of our content offerings, we may lose customers and our business, operating
results and financial condition may be materially and adversely affected.
12
We rely on Naxos and its representing labels, for the vast majority
of our content offerings, over whom we have no or limited control. In particular, music tracks licensed from Naxos, our largest content
provider, accounted for over 99% of our audio albums as of December 31, 2022. We have maintained a long-standing business relationship
with Naxos. However, such relationship is subject to any change or uncertainty between Naxos and its representing labels, which may further
affect the renewal or termination of our license agreements with Naxos. The lack of renewal, or early termination, of one or more of these
license agreements, or the renewal of a license agreement on less favorable terms, could adversely affect the breadth or quality of our
content offerings and may cause our content acquisition costs to increase. Any adverse changes to, or loss of, our relationships with
one or more of our main content providers could materially and adversely affect our business, operating results and financial condition.
There is no guarantee that the licenses available to us now will continue to be available in the future at rates and on terms that are
favorable or commercially reasonable, or at all. The terms of our license agreements with these rights holders, including the royalty
rates that we are required to pay, may change as a result of various reasons beyond our control, such as changes in our bargaining power,
industry landscape, regulatory environment and overall economic conditions.
Furthermore,
our ability to predict and adapt to changing consumer tastes in music, adjust our content offerings accordingly and provide our customers
with customized content offerings could significantly affect our subscription revenue, licensing revenue, ticket sales and corporate
sponsorship. In addition, any decline in consumers' interest in, and spending on, classical music in general could lower the demand
for our products and services, which may materially and adversely affect our business, operating results and financial condition.
We
may not be able to effectively execute our growth strategies and manage the increasing complexity of our business, which could negatively
impact our business, financial performance and prospects.
There are
significant risks associated with our ability to continue to grow and our growth rates may decline for reasons that are beyond our control,
such as changing consumer needs and preferences, evolving industry standards and competitive landscape, emergence of alternative business
models, the continued effects of COVID-19, actions taken by governments, businesses and individuals in response to COVID-19 or other
pandemics, or adverse changes in laws, regulations, government policies and general economic conditions. Therefore, there is no assurance
that we will be able to maintain our historical growth rates in future periods, and our historical operating and financial results may
not be indicative of our future performance.
In addition,
the complexity of our business model requires us to be highly adaptive to the changing market conditions with respect to classical music
licensing and subscription, smart music learning and live classical music events. As we continue to grow rapidly, the complexity of our
operations may further increase and we may encounter greater challenges in implementing our managerial, operating and financial strategies
in order to keep up with our growth. The major challenges in managing our business growth include, among other things:
●
attracting
                                            and retaining customers with high-quality services that cater to their evolving needs and
                                            preferences;
●
growing
                                            our content library while controlling content costs;
●
increasing
                                            our brand awareness;
●
maintaining
                                            and upgrading our technology systems in a cost-effective manner;
●
attracting,
                                            training and retaining a growing workforce to support our operations;
●
implementing
                                            a variety of new and upgraded internal systems and procedures as our business continues to
                                            grow; and
●
adapting
                                            to changing regulatory and economic environments.
All efforts
to address the challenges of our growth require significant managerial, financial and human resources. Our current and planned personnel,
systems, procedures and controls may not be adequate to support our future operations. If we cannot manage our growth or execute our
strategies effectively, we may not continue to achieve the growth we expect and our business prospects and financial conditions may be
materially and adversely affected.
If
we fail to control our content costs, our business, operating results and profitability will be materially and adversely affected.
Quality content
is the foundation of our business. Content costs, including (i) license fees, either on a fixed amount or revenue-sharing basis, and
(ii) amortization of copyrights we acquired or licensed with one-off payments, have historically accounted for a significant portion
of our cost of sales, and increases in content costs may directly affect our financial condition and profitability. For example, as the
competition for high-quality content intensifies and rights holders experience greater financial pressure due to COVID-19, some of our
content providers may ask for higher license fees for the content they provide. In addition, our license agreement with Naxos requires
us to pay Naxos a minimum license fee that increases annually over the term of the license period. In addition, as some of our content
providers are located or incorporated in the United States, the increasing tension between the United States and China surrounding trade
policies, as well as the potential further escalation of such tension, also create significant uncertainties on our ability to control
our content costs. If any new tariffs, legislation or regulations are implemented, or if existing trade agreements are renegotiated,
such changes could significantly increase our content costs. Any failure to control our content costs could materially and adversely
affect our business, financial condition, and results of operations.
13
If
our efforts to attract and retain licensees and subscribers are not successful, our business, operating results and financial condition
may be materially and adversely affected.
Our ability
to attract and retain licensees and subscribers and increase their spending is critical to the continued success and growth of our business.
We compete with other classical music licensing and subscription service providers in China for customers primarily based on our content
offerings, service quality and pricing. If we are unable to offer attractive content offerings, continue to expand our content offerings
or provide satisfactory services to our licensees and subscribers at competitive pricing, the number of our licensees and subscribers
may decrease and our music licensing and subscription revenue may suffer.
For our music
licensing business, substantially all of our license agreements are nonexclusive and therefore our licensees are free to enter into similar
agreements with third parties, including our competitors. There can be no assurance that we will be able to renew license agreements
with existing licensees or enter into license agreements with any new licensees, and failure to do so may materially and adversely affect
our business, operating results and financial condition. For our music subscription business, public universities, music conservatories
and public libraries make up most of our music subscription venue and these entities typically reply on government funding to support
their discretionary spending. As such, our music subscription revenue also hinges on the level of government funding available to these
entities and the amount of discretion they have in allocating such funding, both of which may have become more limited due to the continuing
negative effect of COVID-19 on the Chinese economy. Any deterioration of the Chinese economy, employment levels, disposable income and
consumer confidence could also have a negative impact on the demand of our licensees and individual subscribers for, and their spending
on, our services.
If
we fail to attract and retain customers of our smart music learning business or increase their spending, our business, operating results
and financial condition may be materially and adversely affected.
The smart
music learning market in China is rapidly evolving and highly competitive. We compete with other smart music learning service providers
for sales of our Kuke smart pianos, Kuke smart music teaching systems and Kukey courses based on a variety of factors, including user
experience, the perceived effectiveness of our smart music learning solutions and our educational content offerings, technology infrastructure,
data analytics capabilities, brand recognition and pricing. If we are unable to adequately and promptly address the needs of music students
and educators, the sales of our smart music learning solutions may decline and we may not be able to maintain or increase the price of
these products and services.
Kukey students
may decide not to continue taking our courses after the subscription period, or choose to withdraw and receive full refunds within two
weeks of the payment date, due to a perceived lack of improvement in their performance, general dissatisfaction with our courses, how
our Kukey courses are delivered at their kindergartens or public safety concerns. Because we do not recruit instructors on our own but
instead rely on employees of collaborating kindergartens, with whom we do not have any contractual relationship, to instruct students
through our Kukey courses, we do not have control over these instructors. While we offer extensive training to these instructors and
provide them with detailed instructions, we cannot assure you that the instructors at these kindergartens will be able to utilize our
Kuke smart pianos and smart music teaching systems correctly so as to provide satisfactory instructions for our students. In addition,
while we recommend kindergartens to schedule two piano lessons per week, kindergartens have full discretion with lesson scheduling. As
such, students may not be able to take as many piano lessons as they wish during the subscription period and may decide not to renew
their subscriptions as a result. Failure to retain students may adversely affect our business, operating results and financial condition.
Furthermore, any adverse changes in the financial conditions and spending power of the schools that purchase our Kuke smart pianos and
Kuke smart music teaching systems or the parents of our enrolled or perspective students may also have a material adverse effect on our
revenue growth and operating results.
Our
business, results of operations and financial condition have been and may continue to be affected by the COVID-19 pandemic.
On March
11, 2020, the World Health Organization declared the COVID-19 outbreak a global pandemic. In order to contain the spread of COVID-19,
the Chinese government took a number of actions, including mandatory quarantine requirements, travel restrictions, postponed school and
kindergarten reopenings and resumption of business operations and prohibition of public gatherings. As a result of these measures and
other precautionary actions taken by our and the VIEs' existing and perspective customers in response, our and the VIEs'
business operations have been significantly disrupted. For example, as many government-affiliated entities, such as public schools, universities
and libraries, are required to hold a public bidding process in order to purchase music subscription services, Kuke smart pianos or Kuke
smart music teaching systems, they were not able to make such purchase from us, the VIEs, or our and the VIEs' distributors during
shutdowns, resulting in decreased sales of institutional music subscription services, Kuke smart pianos and Kuke smart music teaching
systems. The closure of kindergartens also made it more difficult for us and the VIEs to establish new collaboration and recruit new
students to enroll in the Kukey courses, which caused the sales of Kukey courses to decline significantly. While sales of Kukey courses,
Kuke smart pianos or Kuke smart music teaching systems and institutional music subscription services have recovered since September 2020
as kindergartens and schools re-opened, there are significant uncertainties as to the impact of the ongoing COVID-19 pandemic on our
and the VIEs' collaborating kindergartens. In addition, due to restrictions on public gatherings, travel bans and the general population's
fears regarding contracting COVID-19, we and the VIEs had to cancel the production of many on-ground, live classical music events and
were not able to organize as many live classical music performances or invite as many performing artists as we and the VIEs had been
able to during the 2020 Beijing Music Festival, which led to decreased ticket sales and related sponsorship fees. In an effort to reach
a broader audience and attract more sponsors, we and the VIEs have started streaming more live classical music performances, which requires
additional investments in our and the VIEs' IT infrastructure and has subjected us and the VIEs to higher content costs. Furthermore,
the COVID-19 pandemic has also had a severe negative impact on many of our and the VIEs' content providers, resulting in the cancellation
of music recording activities and live classical music performances, which has created significant uncertainties for our and the VIEs'
ability to cost-effectively maintain and expand content offerings.
14
In 2021,
our and the VIEs' business operation substantially returned to the normal level. Many of the restrictive measures previously adopted
by the PRC governments at various levels to control the spread of the COVID-19 virus have been revoked or replaced with more flexible
measures since December 2022, and there has recently been and may continue to be an increase in COVID-19 cases in China, and as a result,
we and the VIEs experienced temporary disruption to business operations where many employees were infected with COVID-19 in December
2022. To the extent that future waves of COVID-19 disrupt normal business operations in China, we and the VIEs may face operational challenges
with our services, and we and the VIEs likely will have to adopt similar remote work arrangements and other measures to minimize such
impact.
Whether the
COVID-19 pandemic will lead to a prolonged downturn in the economy is still unknown. The economic disruption caused by COVID-19 has adversely
affected, and could continue to adversely affect, the level of consumer spending on discretionary items, as well as the advertising budgets
of our and the VIEs' sponsors, especially those who encounter operational or financial difficulties due to, or are located in countries
and regions severely affected by, COVID-19. Students' willingness to spend on our and the VIEs' courses may also decline
due to a worsening economic performance and outlook as a result of the COVID-19 pandemic. For example, some of our and the VIEs'
subscribers, licensees and sponsors adversely affected by COVID-19 have not renewed their agreements with us. In addition, subscribers,
licensees and smart music learning service customers adversely affected by COVID-19 may require additional time to pay us and the VIEs,
which could temporarily increase the amount of trade receivables and negatively affect our cash flows. Additionally, the volatilities
in and damage to the global financial markets caused by COVID-19 could adversely affect our ability to access capital markets, if and
when required. Substantial uncertainties exist with respect to the potential downturn brought by, and the duration of, the COVID-19 outbreak.
All of the above could have a material adverse effect on our and the VIEs' results of operations and financial condition in the
near term. If the outbreak persists or escalates, our and the VIEs' business operations and financial condition may be subject
to further negative impact. There remain significant uncertainties surrounding COVID-19, including the existing and new variants of COVID-19,
and its further development as a global pandemic, including the effectiveness of vaccine programs against existing and any new variants
of COVID-19.
We
may not be successful in introducing new products or services or adopting new technologies, or enhancing our existing products and services.
We plan to
introduce new products and services and continue to enhance our existing products and services in order to attract more customers and
further grow our revenue. For example, we plan to update our course offerings, introduce new versions of the Kuke smart music teaching
system, offer additional value-added services to Kukey students, launch new products featuring other types of musical instruments, stream
more live classical music events and offer more classical music educational programs. If these new products and services fail to gain
market acceptance or meet our profitability expectations, either as a result of our lack of experience and expertise or for any other
reason, we may fail to generate sufficient revenue and profit to justify our investments. If we are unable to achieve the expected results
with respect to offering new products and services and optimizing our existing products and services, our business, operating results
and financial condition could be materially and adversely affected.
Our
recent or future acquisitions or strategic investments may fail, which may materially and adversely affect our business.
As part of
our business growth strategy, we have in the past acquired and may in the future invest in, merge with or acquire business that we believe
can expand or complement our business. For instance, we acquired BMF in February 2020, through which we operate our live classical music
events business. Our ability to implement our acquisition strategy will depend on our ability to identify suitable targets, correctly
value the targets, reach agreements with them on commercially reasonable terms, secure financing and obtain any required shareholder
or government approvals. Our future strategic investments or mergers and acquisitions could subject us to uncertainties and risks, including:
●
high
                                            acquisition and financing costs;
●
potential
                                            ongoing financial obligations and unforeseen or hidden liabilities;
●
failure
                                            to achieve our intended objectives or benefits;
●
uncertainty
                                            of entering into markets in which we have limited or no experience and in which our competitors
                                            have stronger market positions;
●
costs
                                            and difficulties associated with integrating acquired businesses and assets with our own;
●
potentially
                                            significant goodwill impairment charges;
●
amortization
                                            expenses of other intangible assets;
●
potential
                                            claims or litigation regarding our board of directors' exercise of its duty of care
                                            and other duties required under applicable laws; and
●
diversion
                                            of our resources and management attention.
15
We also face
challenges regarding the integration of BMF with our existing business, including, among others, limited operating experience with respect
to organizing on-ground, live classical music events, and we cannot assure you that the operations of BMF can be smoothly or successfully
integrated into our existing operations in a cost-effective manner or that they will effectively generate synergies with our classical
music licensing and subscription business and smart music learning business.
As a result,
our recent or future acquisitions or strategic investments as well as post-acquisition management may have a material adverse effect
on our business prospects, operating results and financial condition.
Our
business is dependent on the strengths and market perception of our brands, and any failure to maintain, protect and strengthen our brand
would hurt our business and prospects.
We have developed
strong brands that are essential to the success of our business. Maintaining, protecting and enhancing our brands, including but not
limited to Kuke, Kukey, BMF and Beijing Music Festival, is critical to expanding our customer base and market share. Our brands may be
impaired by a number of factors, including, among others, failure to maintain customer satisfaction or keep pace with technological advances,
decline in the quality or quantity of our content offerings, alleged misconduct or other improper activities by our employees, customers,
users, sponsors, distributors and other business partners, negative publicity about us and the industries in which we operate, rumors
relating to our business, management and employees, our shareholders and affiliates, our competitors and peers, failure to protect our
intellectual property rights, or any alleged rights infringement or violations of laws, regulations, public policies or contractual obligations.
We have not historically been required to expend considerable resources to establish and maintain our brands. However, we may be required
to expend greater resources on advertising, marketing and other brand-building efforts to preserve and enhance our brand awareness, which
could adversely affect our operating results and may not be effective. If we are unable to maintain strong brands or further enhance
our brand recognition, our business prospects, operational results and financial conditions may be materially and adversely affected.
We
compete with other classical music licensing and subscription service providers, smart music learning service providers and live classical
music event organizers for customers.
We face competition
from other classical music licensing service providers for licensees, other online classical music subscription service providers for
subscribers, other smart music learning service providers for student enrollment and the sale of our Kuke smart pianos and Kuke smart
music teaching systems, and other live classical music event organizers for audience and sponsorship. We compete primarily on the basis
of service quality, user experience, content offerings, brand recognition and pricing. Some of our competitors may have greater financial,
technical and other resources, stronger brand awareness, or more experience than we do. It is also possible that new competitors may
emerge and rapidly acquire significant market share. These competitors may engage in more extensive development efforts, undertake more
far-reaching marketing campaigns, adopt more aggressive pricing policies, introduce more appealing products or services and respond more
quickly to market needs or new technologies. These competitors may also compete with us for key employees and relationships with key
industry stakeholders. If we are unable to compete successfully against our current or future competitors, we may be required to lower
our tuition fees and the price of our other products and services in order to retain or attract customers. If we lose market share or
fail to effectively respond to competitive pressure, our business, operating results and financial condition may be materially and adversely
affected.
We
may not have obtained complete licenses with respect to certain content we offer.
There is
no guarantee that we have all of the licenses for the content available on our platform, as accurate and comprehensive information necessary
to identify or verify the copyright ownership of the music content offered on our platform is not always available and may be difficult
or even impossible for us to obtain. For example, such information may be withheld by the owners or administrators of such rights. Failure
to obtain accurate and comprehensive information necessary to identify the copyright ownership of the content we offer may adversely
affect our ability to identify the appropriate copyright owners from which to obtain necessary or commercially viable licenses or to
whom to pay royalties. Moreover, while we only enter into license agreements with licensors who are able to provide documents evidencing
their right to license the content and whose right to license the content is, to the best of our knowledge, not subject to any dispute,
there is no guarantee that our licensors have the rights to license the copyright underlying all the music content covered by our license
agreements. If we do not obtain necessary and commercially viable licenses from copyright owners, whether due to the inability to identify
or verify the appropriate copyright owners or for any other reason, we may be found to have infringed on the copyrights of others, be
subject to claims for monetary damages, government fines and penalties, or be required to remove certain content from our platform, all
of which could adversely affect our business, operating results and financial condition.
Failure
to maintain, protect or enforce our intellectual property could substantially harm our business, operating results and financial condition.
The success
of our business depends on our ability to maintain, protect and enforce our copyrights, trademarks and other intellectual property rights.
We rely upon a combination of copyright, software copyright, patent, trademark and other intellectual property laws, trade secrets, confidentiality
policies, nondisclosure and other contractual arrangements to protect our intellectual property rights. Despite our efforts, the measures
that we take to maintain, protect and enforce our intellectual property rights, including, if necessary, litigation or proceedings before
governmental authorities and administrative bodies, may not be adequate to prevent or deter the infringement or other misappropriation
of our intellectual property by our customers, users, competitors, former employees or other third parties. For example, while we typically
require our employees and business partners who are involved in the development of intellectual property to execute agreements assigning
such intellectual property to us, we may be unsuccessful in executing or enforcing such agreements. In addition, the measures that we
take to maintain, protect and enforce our intellectual property rights could result in substantial costs and diversion of resources and
management time, which could substantially harm our operating results. Furthermore, changes in laws or their interpretation, as well
as technological developments that facilitate the piracy of our music and programming, such as Internet peer-to-peer file sharing, may
also adversely affect our ability to maintain, protect and enforce our intellectual property rights. Failure to maintain, protect or
enforce our intellectual property rights could materially and adversely affect our business, financial condition and results of operations.
16
Assertions
by third parties of infringement or other violation by us of their intellectual property rights could harm our business, operating results
and financial condition.
From time
to time, assertions by third parties that we have infringed, misappropriated or otherwise violated their copyright or other intellectual
property rights may arise. Given the volume of content available on our platform, it is nearly impossible to identify and promptly remove
all alleged infringing content that may exist. In addition, location-based controls and technology we use to prevent all or a portion
of our services and content from being accessed outside of the PRC may be breached, causing our content to be accessed from geographic
locations beyond the scope of our license agreements with certain rights holders, regardless of whether there is any fault and/or negligence
involved on our part. Moreover, while we require our licensees and subscribers to comply with the terms of our agreements with them and
applicable copyright laws and regulations, there is no guarantee that our licensees, subscribers or their users will comply with the
terms of these arrangements or all the applicable copyright laws and regulations.
Third parties
may take action against us if they believe that certain content available on our platform violates their copyright or other intellectual
property rights. As our business expands and we continue to introduce new products and services, the likelihood of intellectual property
rights claims against us also increases. If we are forced to defend against any infringement or misappropriation claims, whether they
are with or without merit, are settled out of court, or are determined in our favor, we may be required to expend significant time and
financial resources on the defense of such claims. As a public company listed in the U.S., we and our directors and officers have also
been, and may continue to be, involved in claims or lawsuits in the U.S. or other jurisdictions relating to alleged IP infringement or
misappropriation. If any of these claims is successfully made against us, we may be required to (i) pay substantial statutory or other
damages and fines, (ii) remove relevant content from our platform, or (iii) enter into royalty or license agreements which may not be
available on commercially reasonable terms or at all. We anticipate that we will continue to be subject to legal, regulatory and/or administrative
proceedings in the future incidental to our ordinary course of business. There can be no assurance that we will be able to prevail in
our defense or reverse any unfavorable judgment, ruling or decision against us. In addition, we may decide to enter into settlements
that may adversely affect our results of operations and financial condition.
Furthermore,
an adverse outcome of a dispute may damage our reputation, force us to adjust our business practices, or require us to pay significant
damages, government fines and penalties, cease providing content that we were previously providing, and/or take other actions that may
have a material adverse effect on our business, operating results and financial condition.
Our
license agreements are complex and impose numerous obligations on us. Any breach or perceived breach of such agreements could adversely
affect our business, operating results and financial condition.
Many of our
license agreements with licensors are complex and impose numerous obligations on us, including obligations to, among other things, pay
minimum license fees, calculate and make payments based on complex revenue sharing structures, deny user access from outside mainland
China, comply with certain marketing restrictions, obtain license from relevant authorities, and defend, indemnify or hold harmless the
licensors from and against certain third-party claims and actions. Some of our license agreements also grant the licensor the right to
audit our compliance with the terms and conditions of such agreements. Failure to accurately pay royalties may also adversely affect
our business, operating results and financial condition. Underpayment could result in unexpected payment of additional royalties in material
amounts and damage our business relationships with licensors. If we overpay royalties, we may be unable to reclaim such overpayments
and our profits will suffer. If we materially breach any of the obligations set forth in any of our license agreements, or if we use
content in ways that are found to exceed the scope of such agreements, we could be subject to monetary penalties and our rights under
such license agreements could be terminated, either of which could have a material adverse effect on our business, operating results
and financial condition.
Minimum
guarantees required under certain of our license agreements may limit our operating flexibility and may materially and adversely affect
our business, operating results and financial condition.
Approximately
8% of our license agreements as of the date of this annual report require that we make minimum guarantee payments to the licensors. The
amount of minimum guarantee payments required varies under different license agreements, ranging from nil to US$1,674,000 per year depending
on the market position of the licensor and the nature of licensed content. We rely on assumptions of the competitiveness of our service
offerings and the extent to which we can monetize our content to estimate whether such minimum guarantees could be recouped against the
content acquisition costs we incur over the duration of the license agreement. To the extent our revenues do not meet our expectations,
our business, operating results and financial condition could be adversely affected as a result of such minimum guarantees. In addition,
the fixed cost nature of these minimum guarantees may limit our flexibility in planning for, or reacting to, changes in our business
and the markets in which we operate.
Failure
to be paid sufficiently for the content we license may have a material adverse effect on our business.
We charge
licensing fees either on a fixed-payment basis where we grant licensees the perpetual right to use the licensed content or a minimum
guarantee plus revenue-sharing basis where we grant licensees the right to use the licensed content for a certain period. Royalties that
we are entitled to receive under the minimum guarantee plus revenue-sharing model are based on complex structures that require tracking
the usage of our content on the platforms of our licensees. We may not have access to accurate or complete metadata necessary for such
calculation, despite our inspection rights under the license agreements and our licensees' contractual undertaking to provide us
such data. Moreover, if our licensees fail to include our music in their curated playlists or algorithm-based recommendations or give
us less favorable marketing space, our royalty income could also decline, which could adversely affect our business, operating results
and financial condition.
17
We
face risks, such as unforeseen costs and potential liability, in connection with content we produce.
We contract
with third parties to develop and produce original music recordings and other original content. As we have limited control over these
third parties, we may not be able to complete these projects on time and the end product may not measure up to our expectations in terms
of quality and popularity.
We may also
incur costs greater than what we had expected and may not be able to cover the expenses required to produce such content, which could
materially and adversely affect our business, operating results and financial condition. In addition, we may face potential liability
or suffer losses in connection with these arrangements, including, but not limited to, if such third parties breach their contractual
obligations to us, violate applicable laws, engage in fraudulent behavior or become insolvent. To the extent we do not accurately anticipate
such costs or mitigate such risks, our business may suffer.
Certain of our and the VIEs' content offerings may be
found objectionable by the PRC government, which may subject us to penalties and other regulatory or administrative actions.
As an internet
content provider, we and the VIEs are subject to PRC laws and regulations governing internet access and the distribution of music, music
videos and other forms of content over the internet. See "Item 4. Information on the Company—B. Business Overview—Regulations—Regulations
on Internet information services, Internet culture services, Internet publication services, online audio-visual products and other related
value-added telecommunications services." These laws and regulations prohibit internet content providers and internet publishers
from posting on the internet any content that, among other things, violates PRC laws and regulations, impairs the national dignity of
China or public interest, or is obscene, superstitious, frightening, gruesome, offensive, fraudulent or defamatory. We and the VIEs have
employed content reviewers who are licensed by relevant government agencies to review online content to ensure that the content we and
the VIEs offer on our and the VIEs' platform and license to third parties is compliant with relevant PRC laws and regulations.
However, PRC government has wide discretion in interpreting these laws and regulations and may find certain content on our and the VIEs'
platform to be objectionable. In that case, the PRC regulatory authorities may require us and the VIEs to remove or limit the dissemination
of such content on our platform. Failure to comply with these requirements may also result in legal and administrative liabilities, government
sanctions, monetary penalties, loss of licenses and/or permits or reputational harm, which could materially and adversely affect our
business, operating results and financial condition.
We
face risks in relation to the package bidding process required by certain government-affiliated institutional subscribers.
We are occasionally
required by government-affiliated institutional subscribers to include certain education-related products offered by other companies
in our bids to them. After winning the bid, we will then purchase these products or services and resell them to these government-affiliated
institutional subscribers. We cannot assure you that we will be able to identify third-party suppliers that meet the requirements of
these government-affiliated institutional subscribers or procure such products or services in a timely manner or on commercially acceptable
terms, or at all. Failure to do so may cause us to lose revenue, subject us to contractual liabilities and damages and harm our customer
relationships, which could materially and adversely affect our business, operating results and financial condition.
We
rely on distributors to sell and market our institutional music subscription services, Kuke smart pianos and Kuke smart music teaching
systems and to establish collaboration with kindergartens.
We rely on
third-party distributors in various aspects of our business lines. For the sale of our institutional music subscription services, Kuke
smart pianos and Kuke smart music teaching systems, we largely rely on distributors help us identify potential end customers and promote
our products and services. For the offering of our Kukey courses, we do not contract with kindergartens directly but rely on distributors
to establish collaboration with kindergartens, promote our Kukey courses and assist us in providing training and operational support
to collaborating kindergartens. The sales performance of these distributors directly affects our business prospects, operating results
and financial condition. However, we do not have day-to-day control over the activities of these distributors. If our distributors fail
to identify or establish relationships with kindergartens that have a large student body or strong demand for our smart music learning
solutions, or fail to maintain relationships with their end customers or collaborating kindergartens, our ability to grow our customer
base and expand our kindergarten network may be materially and adversely affected.
In line with
industry practice, we generally do not enter into long-term agreements with distributors. We cannot assure you that all of our distributors
will renew their agreements with us on terms acceptable or favorable to us or otherwise continue their business relationships with us.
Distributors with strong sales performance may request for more favorable contract terms in cooperating with us. If we fail to establish
and maintain satisfactory relationships with our existing distributors or effectively expand our distributor network, or if our distributors
fail to meet our sales quotas or other terms in our distribution agreements, we may not be able to find suitable replacements on a timely
basis and our selling and distribution expenses may increase, which could materially and adversely affect our business prospects, operating
results and financial condition.
18
We
are dependent on a limited number of third-party suppliers and contract manufacturers for the manufacturing of Kuke smart pianos and
other smart music devices
We depend
on a limited number of third-party suppliers and contract manufacturers for the manufacturing of Kuke smart pianos and other smart music
devices, and we have limited control over them. If any of these parties fails to perform its obligations to us, we may be unable to deliver
these products to customers or place Kuke smart pianos at collaborating kindergartens in a timely manner. We are also subject to the
risk of industry-wide shortages, price fluctuations and long lead times in components supply and manufacturing. Further, we do not have
long-term contracts with these suppliers and manufacturers, and there can be no assurance that they will continue to take purchase orders
from us on favorable terms, or at all. If one or more of our suppliers and contract manufacturers were to go out of business or discontinue
their service to us, we may not be able to find a suitable replacement in time. In the event we are unable to obtain components in sufficient
quantities on a timely basis and on commercially reasonable terms, or if our contract manufacturer is unable to manufacture these products
in the quantities required on time or to our specifications, our reputation, business prospects and operating results could be materially
and adversely affected.
If
we are unable to accurately anticipate the market demand for our smart music learning solutions, we may have difficulty managing our
production and inventory and our operating results could be harmed.
We source
the main components of Kuke smart pianos from several suppliers and engage selected contract manufacturers to manufacture Kuke smart
pianos. We place orders with our suppliers and contract manufacturers based on our forecasts of the demand for our smart music learning
services. Our ability to accurately forecast production and inventory needs in advance could be affected by many factors, including changes
in customer demand, expansion of our distribution network, new product introductions, sales promotions and general economic conditions.
If demand exceeds our forecast and we do not have sufficient inventory to meet this demand on a timely basis, we would have to rapidly
increase production, which may result in reduced manufacturing quality and customer satisfaction, as well as higher supply and manufacturing
costs that would lower our gross margin. We may also have to forego revenue opportunities, lose market share and damage our customer
relationships if we underestimate customer demand. Conversely, if we overestimate customer demand, excess product inventory could force
us to write down or write off inventory, which could cause our gross margin to suffer and impair the strength of our brand. Any of these
scenarios could adversely impact our operating results and financial condition.
Accidents,
injuries or other harm suffered in relation to our Kuke smart pianos may adversely affect our reputation, subject us to liability and
cause us to incur substantial expenses.
We could
be held liable for accidents that occur in relation to our Kuke smart pianos, such as electricity leakage, fire and injuries caused by
product malfunctions, defects or improper installation. In the event of personal injuries or other accidents suffered by students or
instructors using our Kuke smart pianos or other people working at or visiting the premises, we could face claims alleging that we should
be liable for the accidents or injuries. A material liability claim against us could adversely affect our reputation, enrollment and
revenues. Even if unsuccessful, such a claim could create unfavorable publicity, cause us to incur substantial expenses and divert the
time and attention of our management.
We
may be subject to product liability or warranty claims that could harm our business, reputation and operating results.
We provide
a one-year warranty to purchasers of Kuke smart pianos. We may face product liability or warranty claims in the event that the use of
our Kuke smart pianos results in injuries, whether by product malfunctions, defects, improper installation or other causes. These claims,
regardless of merit or eventual outcome, could result in significant legal defense costs, high monetary damage payments and negative
publicity. We currently do not have product liability insurance and cannot assure you that we will be able to obtain sufficient product
liability insurance in the future at an acceptable cost to protect against potential product liability claims. As a result, any imposition
of product liability could materially harm our business, financial condition and results of operations.
There
is the risk of personal injuries and accidents in connection with our live music events, which could subject us to personal injury or
other claims, increase our expenses and reduce attendance at our live music events, causing a decrease in our revenue.
There are
inherent risks in live music events, particularly those that involve complex staging and special effects. Injuries and accidents occurring
in connection with our live music events could subject us to claims and liabilities, harm our reputation with artists and fans and make
it more difficult for us to attract sponsors. News of any such incident or accident could also reduce attendance at our events, or lead
to the cancellation of all or part of an event or festival, in each case leading to a decrease in our revenue. There can be no assurance
that we will be able to obtain adequate levels of insurance to protect against lawsuits and judgments in connection with accidents or
other disasters that may occur. We would be responsible for any liabilities not covered by our insurance policies, which would negatively
impact our cash flows and operating results.
If
we are unable to lease venues on acceptable terms, our operating results could be adversely affected.
We lease
venues from third parties to host our live music events. Our long-term success in the live classical music events business will depend
in part on the availability of venues at commercially reasonable terms. Our ability to lease venues on favorable terms depends on a number
of factors, such as national and local business conditions and competition from other event organizers. As we have little or no control
over venue operators, we may be unable to lease desirable venues from them on acceptable terms, or at all, which could have a material
adverse effect on our operating results.
19
Failure
to obtain or renew licenses, permits or approvals or respond to any changes in government policies, laws or regulations may affect our
ability to conduct or expand our business.
China's
Internet, private education and music licensing industries are highly regulated. We are required under PRC laws and regulations to obtain
various government approvals, licenses and permits in connection with the provision of our services. Applicable laws and regulations
may be tightened and new laws or regulations may be introduced to impose additional government approval, license and permit requirements.
In particular, uncertainties exist in relation to regulatory requirements regarding private education and music licensing. For example,
under certain policies, we may be required to lower the tuition of our Kukey courses in order to offer Kukey courses to the students
of our collaborating kindergartens. If we fail to obtain and maintain approvals, licenses or permits required for our business or respond
to changes in the regulatory environment, we could be subject to liabilities, penalties and operational disruption, which may materially
and adversely affect our business, operating results and financial condition.
We
may not be able to achieve the benefits we expect from our strategic investment in KOLO.
In February
2022, we entered into an agreement for a strategic investment in KOLO, a classical music-focused and decentralized NFT platform driven
by blockchain technology. In March 2023, we announced an agreement to acquire a 49% equity interest in KOLO, with an option to acquire
the remaining 51%. We intend to utilize blockchain technology and NFT applications to drive innovation in the classical music industry,
increase the monetization of classical music digital assets, build a digital economy for musicians, provide value to users, and foster
mutually-beneficial partnerships among industry participants. However, such benefits we expect from the strategic investment in KOLO
are subject to uncertainties.
The technology
underlying blockchain technology is affected by a number of industry-wide challenges and risks relating to consumer acceptance of blockchain
technology, including but not limited to government and quasi-government regulation of NFTs and their use, or restrictions on or regulation
of access to and operation of blockchain networks or similar systems, the maintenance and development of the open-source software protocol
of blockchain networks, changes in consumer demographics and public tastes and preferences, the extent to which current interest in NFTs
represents a speculative "bubble." The slowing or stopping of the development or acceptance of blockchain networks and blockchain
assets, may deter or delay the acceptance and adoption of NFTs and adversely impact the value of NFTs.
There are
other risks related to our efforts on our future plan, including the risk that the execution of these efforts may not provide the expected
benefits, such as the observable business growth, in our anticipated time frame. Our intentions and expectations with regard to the execution
of our business plan, and the timing of any related initiatives, are subject to change at any time based on management's subjective
evaluation of our overall business needs. If we are unable to successfully execute our business plan, whether due to failure to realize
the anticipated benefits from our business initiatives in the anticipated time frame or otherwise, we may be unable to achieve our financial
targets.
Misconduct,
non-compliance or other improper activities by our employees, customers, users, sponsors, collaborating kindergartens, distributors and
other business partners could disrupt our business, damage our reputation and adversely affect our business, operating results and financial
condition.
We are exposed
to various operational risks related to misconduct, non-compliance or other improper activities by our employees, customers, sponsors,
collaborating kindergartens, distributors and other business partners. It is not always possible to identify and deter such misconduct,
non-compliance or improper activities, and the precautions we take to detect and prevent these activities may not be effective in controlling
unknown or unmanaged risks or losses. For our music licensing and subscription business, our licensees and subscribers may violate their
contractual obligations to us or otherwise infringe on our intellectual property rights or the intellectual property rights of our content
providers. For our smart music learning business, we enter into user agreements with the parents of enrolled students and do not contract
directly with kindergartens, their employees, schools that purchased our Kuke smart pianos and/or Kuke smart music teaching systems from
our distributors, or users of our Kuke smart music teaching systems at these schools. Since we have limited or, in some cases, no control
over these parties, we cannot assure you that these parties will not violate our intellectual property rights or the intellectual property
rights of our content providers, damage our reputation, engage in acts of deception or otherwise act in bad faith. For example, enrolled
students may share their user accounts with other students who did not pay for our courses, and kindergartens may allow students who
have not paid for our courses to use our Kuke smart pianos. For our live classical music events business, any misconduct or improper
activities by or any regulatory investigation into our sponsors, performers, co-production partners or any other party associated with
our live music events may result in negative publicity. Any of these occurrences could harm our ability to attract customers, damage
our reputation and the public perception of our brand, or subject us to civil liabilities and regulatory actions and penalties. As a
result, our business, operating results and financial condition may be materially and adversely affected.
Inability
to collect our trade receivables on a timely basis, if at all, could materially and adversely affect our financial condition, liquidity
and operating results.
We are subject to risks of not collecting our trade receivables on
a timely basis, if at all. As of December 31, 2022, our trade receivables amounted to RMB9.3 million (US$1.3 million). In addition,
trade receivables due from our largest customer accounted for 52 % of our total trade receivables as of December 31, 2022. There can be
no assurance that we will be able to collect our trade receivables on a timely basis, and our trade receivable turnover days may increase,
especially those involving customers that have been severely affected by the outbreak of COVID-19. Our liquidity and cash flows from operations
may be materially and adversely affected if our receivable cycles or collection periods lengthen further or if we encounter a material
increase in defaults of payment or an increase in provisions for impairment of our receivables from customers. Should these events occur,
we may be required to obtain working capital from other sources, such as third-party financing, in order to maintain our daily operations,
and such financing may not be available on commercially acceptable terms, or at all.
20
The
discontinuation of any of the preferential tax treatments currently available to us could adversely affect our overall operating results.
Under PRC
tax laws and regulations, Beijing Kuke Music, one of the VIEs, is qualified to enjoy a reduced enterprise income tax rate of 15% and
certain other preferential tax benefits available to "high and new technology enterprises," or HNTE. According to the relevant
administrative measures, in order to qualify as an HNTE, Beijing Kuke Music must meet certain financial and non-financial criteria and
complete verification procedures with the administrative authorities. Continued qualification as an HNTE is subject to a three-year review
by the relevant government authorities in China, and in practice certain local tax authorities also require annual evaluation of the
qualification. We cannot assure you that Beijing Kuke Music will continue to qualify for preferential tax treatments in the future. In
the event the preferential tax treatments for Beijing Kuke Music are discontinued, it will become subject to the standard enterprise
income tax rate of 25% and lose other preferential tax benefits it currently enjoys, which could adversely affect our overall operating
results.
We
may be exposed to liabilities under the United States Foreign Corrupt Practices Act, or FCPA, and Chinese anti-corruption laws, and any
determination that we have violated these laws could have a material adverse effect on our business or our reputation.
Our customers
include many state-owned or state-affiliated enterprises, and we may be required to engage with Chinese officials or persons of equivalent
status during the ordinary course of our business. As such, we face risks with respect to the FCPA, which generally prohibits us from
making improper payments to non-U.S. officials for the purpose of obtaining or retaining business, and anti-bribery laws of China. We
do not fully control over the interactions that our employees and distributors have with those officials or persons, and they may try
to increase our sales through means that constitute violations of the FCPA, the PRC anti-bribery laws or other related laws. If we, due
to either our own deliberate or inadvertent acts or those of others, fail to comply with applicable anti-bribery laws, our reputation
could be harmed and we could incur criminal or civil penalties, other sanctions and/or significant expenses, which could have a material
adverse effect on our business, operating results and financial condition.
We
may require additional capital to support business growth and objectives, which might not be available in a timely manner or on commercially
acceptable terms, if at all.
Historically,
we have financed our operations primarily with operating cash flows and shareholder contributions. As part of our growth strategies,
we plan to continue to require substantial capital through additional debt or equity financing in the future to cover our costs and expenses.
However, we may be unable to obtain additional capital in a timely manner or on commercially acceptable terms, or at all. Our ability
to obtain additional financing in the future is subject to a number of uncertainties, including those relating to:
●
our
                                            market position and competitiveness in the industries in which we operate;
●
our
                                            future profitability, overall financial condition, operating results and cash flows;
●
the
                                            general market conditions for financing activities; and
●
the
                                            macro-economic and other conditions in China and elsewhere.
In particular,
recent global financial market turbulences caused by the outbreak of COVID-19 may adversely affect our ability to access the capital
markets to meet our liquidity needs.
To the extent
we engage in debt financing, the incurrence of indebtedness would result in increased debt servicing obligations and could result in
operating and financing covenants that may, among other things, restrict our operational flexibility or our ability to pay dividends
to our shareholders. If we fail to service the debt obligations or are unable to comply with such debt covenants, we could be in default
under the relevant debt obligations and our liquidity and financial condition may be materially and adversely affected. To the extent
that we raise additional financing by issuance of additional equity or equity-linked securities, our shareholders may experience dilution.
In the event that financing is not available or is not available on terms commercially acceptable to us, our business, operating results
and growth prospects may be adversely affected.
We
depend on our senior management and highly skilled personnel. If we are unable to attract, retain and motivate a sufficient number of
them, our ability to grow our business could be harmed.
We believe
that our future success depends significantly on our continued ability to attract, retain and motivate our senior management and a sufficient
number of experienced and skilled employees. Qualified individuals in the industries in which we operate are in high demand, and we may
have to incur significant costs to attract and retain them. In particular, we cannot ensure that we will be able to retain the services
of our senior management and key executive officers. The loss of any key management or executive could be highly disruptive and adversely
affect our business operations and future growth. Moreover, if any of these individuals joins a competitor or forms a competing business,
we may lose crucial business secrets, technological know-how and other valuable resources. Although our senior management and executive
officers have non-competition agreements with us, we cannot assure you that they will comply with such agreements or that we will be
able to effectively enforce such agreements.
21
Our
principal shareholders have substantial influence over our company and their interests may not be aligned with the interests of our other
shareholders.
Our executive
officers, directors and principal shareholders together beneficially own a significant percentage of the aggregate voting power of our
total issued and outstanding ordinary shares. The interests of our directors, officers and principal shareholders could differ from the
interests of our other shareholders, and they may take actions that are not in the best interest of us or our other shareholders, even
if these actions are opposed by our other shareholders. As a result of the concentration of ownership, our executive officers, directors
and principal shareholders could have significant influence in determining the outcome of any corporate transaction or other matter submitted
to our shareholders for approval, such as mergers, consolidations and election of directors, and would also have the power to discourage,
delay or prevent a change in control of our company, which could have the effect of depriving our other shareholders of the opportunity
to receive a premium for their shares as part of a sale of our company. This significant concentration of share ownership and voting
power may also adversely affect or reduce the trading price of our ADSs because investors often perceive a disadvantage in owning shares
in a company with a small number of controlling shareholders. For more information regarding our principal shareholders and their affiliated
entities, see "Item 6. Directors, Senior Management and Employees-E. Share Ownership."
If
we are unable to improve or maintain our sales and marketing efficiency, our business and operating results may be materially and adversely
affected.
We incurred
RMB25.8 million, RMB73.3 million and RMB32.0 million (US$ 4.6 million) in selling and distribution expenses in 2020, 2021 and 2022 respectively.
We believe that we have been able to promote our products and services and strengthen our brand recognition cost-effectively. However,
our sales and marketing activities may not be well received by the market and may not result in the levels of sales that we anticipate.
We also may not be able to retain or recruit a sufficient number of experienced sales and marketing personnel, or to train newly hired
sales and marketing personnel. Further, we must continually enhance our sales and marketing approaches and experiment with new methods
to keep pace with industry developments and customer preferences. Failure to engage in sales and marketing activities in a cost-effective
manner may reduce our market share, cause our profitability to decline and materially harm our business, operating results and financial
condition.
We
may from time to time become a party to litigation, legal disputes, claims or administrative proceedings that may materially and adversely
affect us.
From time
to time, we may be subject to lawsuits brought by our competitors or other individuals and entities against us or administrative proceedings.
The outcomes of these actions may not be successful or favorable to us. We may need to pay damages or settle these actions with a substantial
amount of cash. In addition to the related costs, such actions can significantly divert our management's attention from operating
our business and generate negative publicity that significantly harms our reputation and customer relationships. While we do not believe
that there are currently any pending proceedings that are likely to have a material adverse effect on us, if there were adverse determinations
in legal proceedings against us, we could be required to pay substantial monetary damages or adjust our business practices, which could
have an adverse effect on our business, operating results and financial condition.
We
use open source software in our products, which could negatively affect our ability to offer our products and subject us to litigation
or other actions.
We use open
source software in connection with our products. From time to time, companies that incorporate open source software into their products
have faced claims challenging the ownership of open source software and/or compliance with open source license terms. Therefore, we could
be subject to lawsuits by parties claiming ownership of what we believe to be open source software or non-compliance with open source
licensing terms. Some open source software licenses require users who distribute or make available open source software as part of their
software to publicly disclose all or part of the source code to such software and/or make available any derivative works of the open
source code on unfavorable terms or at no cost. While we monitor our use of open source software and try to ensure that none is used
in a manner that would require us to disclose the source code or that would otherwise breach the terms of an open source agreement, such
use could nevertheless occur and we may be required to release our proprietary source code, pay damages for breach of contract, re-engineer
our applications, discontinue sales in the event re-engineering cannot be accomplished on a timely basis or take other remedial action
that may divert resources away from our development efforts. As a result, our business, operating results and financial condition could
be materially and adversely affected.
Any
significant disruption to or failure of our information technology systems, including events beyond our control, could materially and
adversely affect our business, operating results and financial condition.
The performance
and reliability of our information technology system is critical to our operations and reputation. Our operations depend on our information
technology service providers' ability to protect their and our system in their facilities against damage or interruption from events
beyond our control, such as natural disasters, power or telecommunications failures, air quality issues, environmental conditions, computer
viruses, attempts to harm our systems, criminal acts and similar events. If our arrangement with these service providers is terminated
or if there is a lapse of service or damage to their facilities, we could experience interruptions in our services. Any interruptions
in the accessibility of or deterioration in the quality of access to our system could reduce customer satisfaction and the attractiveness
of our service offerings, which could have an adverse effect on our business, operating results and financial condition.
22
We
are subject to changing laws and regulations regarding regulatory matters, corporate governance and public disclosure that have increased
both our costs and the risk of non-compliance.
We are subject
to rules and regulations by various governing bodies, including, for example, the Securities and Exchange Commission, which is charged
with the protection of investors and the oversight of companies whose securities are publicly traded, and the various regulatory authorities
in China and the Cayman Islands, and to new and evolving regulatory measures under applicable law. Our efforts to comply with new and
changing laws and regulations have resulted in and are likely to continue to result in, increased general and administrative expenses
and a diversion of management time and attention from revenue-generating activities to compliance activities.
Moreover,
because these laws, regulations and standards are subject to varying interpretations, their application in practice may evolve over time
as new guidance becomes available. This evolution may result in continuing uncertainty regarding compliance matters and additional costs
necessitated by ongoing revisions to our disclosure and governance practices. If we fail to address and comply with these regulations
and any subsequent changes, we may be subject to penalty and our business may be harmed.
Privacy
concerns or security breaches relating to our platform could result in economic loss, damage our reputation and expose us to civil liability.
As part of
our operations, we collect data from our licensees, subscribers, enrolled students, their parents and our business partners, such as
practice data, usage data, personally identifiable information and other confidential information. Unauthorized parties may attempt to
gain access to our systems or facilities by, among other things, hacking into our systems or facilities or through fraud or other means
of deception. In addition, hardware, software or applications we develop or obtain from third parties may contain defects in design or
manufacture or other problems that could unexpectedly compromise information security. The techniques used to gain such access to our
information technology systems, our data or our customers' data, disable or degrade our service or sabotage our systems are constantly
evolving, may be difficult to detect quickly and often are not recognized until launched against a target. We have implemented systems
and processes intended to secure our information technology systems and prevent unauthorized access to or loss of sensitive data, but
these security measures may not be sufficient for all eventualities and there is no guarantee that they will be adequate to safeguard
against all data security breaches, system compromises or misuses of data. Any failure, or perceived failure, by us to maintain the security
of our customer data or to comply with privacy or data security laws, regulations, policies, legal obligations or industry standards
may result in governmental enforcement actions and investigations, litigation or adverse publicity. This may expose us to potential administrative
inquiries, penalties and legal liability and may require us to expend significant resources in responding to and defending allegations
and claims.
In addition,
evolving laws and regulations concerning data privacy may result in increased regulation and different industry standards, which could
increase the costs of operations or limit our activities. Regulatory requirements on cyber-security and data privacy are constantly evolving
and can be subject to varying interpretations or significant changes, resulting in uncertainties about the scope of our responsibilities
in that regard. For example, on June 10, 2021, the Standing Committee of the National People's Congress promulgated the PRC Data
Security Law (the "Data Security Law"), which took effect on September 1, 2021. The Data Security Law applies to data processing
activities, including the collection, storage, use, processing, transmission, availability and disclosure of data, and security supervision
of such activities within the territory of the PRC. According to the Data Security Law, whoever carries out data processing activities
shall establish a sound data security management system throughout the whole process, organize data security education and training,
and take corresponding technical measures and other necessary measures to ensure data security. The Data Security Law provides a national
data security review system, under which data processing activities that affect or may affect national security shall be reviewed, and
prohibits any individual or entity in China from providing data stored in PRC to foreign judicial or law enforcement departments without
the approval of competent PRC authorities. In Addition, the Personal Information Protection Law of the PRC (the "Personal Information
Protection Law"), issued on August 20, 2021 by the SCNPC, further details the general rules and principles on personal information
processing and further increases the potential liability of personal information processor. Even though we have already taken necessary
organizational and technical measures in accordance with applicable legal requirements to protect the safety of our network facilities
and the data processed by us, we may still face risks inherent in handling and protecting large volumes of data, including protecting
the data temporarily hosted in our system, detecting and prohibiting unauthorized data sharing and transfers, preventing attacks on our
system by outside parties, foiling any fraudulent behavior or improper use by our employees, and maintaining and updating our database.
Any system failure, security breach or attempts by third parties to illegally obtain the data that results in any actual or perceived
release of client data could damage our reputation and brand, deter current and potential clients from using our services, affect our
business and results of operations, and expose us to potential legal liability.
Moreover,
claims or allegations that we have violated laws and regulations relating to privacy and data security, or have failed to adequately
protect data, may result in damage to our reputation and a loss of confidence in us by our customers or business partners, which could
have a material adverse effect on our business, operating results and financial condition. If the third parties we work with violate
applicable laws or contractual obligations or suffer a security breach, such circumstances also may put us in breach of our obligations
under privacy laws and regulations and could in turn have a material adverse effect on our business.
Substantial uncertainties exist with respect to the interpretation
and implementation of cybersecurity related regulations and cybersecurity review as well as any impact these may have on our business
operations.
The cybersecurity
legal regime in China is relatively new and evolving rapidly, and their interpretation and enforcement involve significant uncertainties.
As a result, it may be difficult to determine what actions or omissions may be deemed to be in violations of applicable laws and regulations
in certain circumstances.
Network operators
in China are subject to numerous laws and regulations, and have the obligations to, among others, (i) establish internal security management
systems that meet the requirements of the classified protection system for cybersecurity, (ii) implement technical measures to monitor
and record network operation status and cybersecurity incidents, (iii) implement data security measures such as data classification,
backups and encryption, and (iv) submit for cybersecurity review under certain circumstances.
23
On November
7, 2016, the Standing Committee of the National People's Congress issued the Cyber Security Law, which imposes more stringent requirements
on operators of "critical information infrastructure," especially in data storage and cross-border data transfer.
On December
28, 2021, the CAC, the NDRC, the MIIT, and several other administrations jointly published the Measures for Cybersecurity Review, effective
on February 15, 2022, which provides that certain operators of critical information infrastructure purchasing network products and services
or network platform operators carrying out data processing activities, which affect or may affect national security, must apply with
the Cybersecurity Review Office for a cybersecurity review. However, the scope of operators of "critical information infrastructure"
under the current regulatory regime remains unclear and is subject to the decisions of competent PRC regulatory authorities. As advised
by our PRC counsel, Commerce & Finance Law Offices, the exact scope of operators of "critical information infrastructure"
under the Measures for Cybersecurity Review and current PRC regulatory regime remains unclear, and is subject to the decisions of the
relevant PRC government authorities that have been delegated the authority to identify operators of "critical information infrastructure"
in their respective jurisdictions (including regions and industries). PRC government authorities have wide discretion in the interpretation
and enforcement of these laws, including the identification of operators of "critical information infrastructure" and the
interpretation and enforcement of requirements potentially applicable to such operators of "critical information infrastructure."
As a major internet platform, we are at risk of being deemed to be an operator of "critical information infrastructure" or
a network platform operator meeting the above criteria under PRC cybersecurity laws. If we are identified as an operator of "critical
information infrastructure," we would be required to fulfill various obligations as required under PRC cybersecurity laws and other
applicable laws for such operators of "critical information infrastructure" thus currently not applicable to us, including,
among others, setting up a special security management organization, organizing regular cybersecurity education and training, formulating
emergency plans for cyber security incidents and conducting regular emergency drills, and although the internet products and services
we purchase are primarily bandwidth, copyright content and marketing services, we may need to follow cybersecurity review procedure and
apply with Cybersecurity Review Office before making certain purchases of network products and services. During cybersecurity review,
we may be required to suspend the provision of any existing or new services to our users, and we may experience other disruptions of
our operations, which could cause us to lose users and customers therefore leading to adverse impacts on our business. The cybersecurity
review could also lead to negative publicity and a diversion of time and attention of our management and our other resources. It could
be costly and time-consuming for us to prepare application materials and make the applications. Furthermore, there can be no assurance
that we will obtain the clearance or approval for these applications from the Cybersecurity Review Office and the relevant regulatory
authorities in a timely manner, or at all. If we are found to be in violation of cybersecurity requirements in China, the relevant governmental
authorities may, at their discretion, conduct investigations, levy fines, request app stores to take down our apps and cease to provide
viewing and downloading services related to our apps, prohibit the registration of new users on our platform, or require us to change
our business practices in a manner materially adverse to our business. Any of these actions may disrupt our operations and adversely
affect our business, results of operations and financial condition.
On November
14, 2021, the CAC published a discussion draft of the Administrative Measures for Internet Data Security, or the Draft Measures for Internet
Data Security, which provides that data processors conducting the following activities shall apply for cybersecurity review: (i) merger,
reorganization or division of Internet platform operators that have acquired a large number of data resources related to national security,
economic development or public interests affects or may affect national security; (ii) listing abroad of data processors processing over
one million users' personal information; (iii) listing in Hong Kong which affects or may affect national security; or (iv) other
data processing activities that affect or may affect national security. There have been no clarifications from the authorities as of
the date of this annual report as to the standards for determining such activities that "affects or may affect national security."
The CAC has solicited comments on this draft until December 13, 2021, but there is no timetable as to when it will be enacted. As such,
substantial uncertainties exist with respect to the enactment timetable, final content, interpretation and implementation. The Draft
Measures for Internet Data Security, if enacted as proposed, may materially impact our capital raising activities. Any failure to obtain
such approval or clearance from the regulatory authorities could materially constrain our liquidity and have a material adverse impact
on our business operations and financial results, especially if we need additional capital or financing.
On July 7,
2022, the CAC promulgated the Measures for the Security Assessment of Cross-Border Transfer of Data, which took effect on September 1,
2022. These measures aim to regulate cross-border transfers of data, requiring among other things, that data processors that provide
data to overseas apply to CAC for security assessments if: (1) data processors provide important data to overseas; (2) critical information
infrastructure operators or data processors process personal information of more than a million people provide personal information to
overseas; (3) data processors that have cumulatively provided personal information of 100,000 people or sensitive personal information
of 10,000 people to overseas since January 1 of the previous year, provide personal information to overseas; or (4) other scenarios required
by the CAC to apply for security assessments occur. In addition, these measures require data processors to carry out self-assessments
of risks of providing data to overseas before applying to the CAC for security assessments.
The interpretation
and application of these cybersecurity laws, regulations and standards are still uncertain and evolving, especially the Draft Measures
for Internet Data Security. We cannot assure you that relevant governmental authorities will not interpret or implement these and other
laws or regulations in ways that may negatively affect us.
We
rely on certain third-party mobile app distribution channels, payment solution providers, streaming service providers, bandwidth providers
and a cloud data storage service to conduct our business.
We rely on
third-party mobile application distribution channels such as Apple's App Store, various Android App Stores and other channels to
distribute our Kuke Music and BMF Club mobile Apps. We expect a substantial number of downloads of our mobile Apps will continue to be
derived from these distribution channels. As such, the promotion, distribution and operation of our mobile Apps are subject to such distribution
platforms' standard terms and policies for application developers, which are subject to the interpretation of, and frequent changes
by, these distribution channels. If Apple's App Store or any other major distribution channels interpret or change their standard
terms and conditions in a manner that is detrimental to us, or terminate their existing relationship with us, our business, operating
results and financial condition may be materially and adversely affected.
24
Our customers
pay for our service through a variety of third-party payment channels. Acceptance and processing of these payment methods are subject
to certain rules and regulations and require payment of interchange and other fees. To the extent there are increases in payment processing
fees, material changes in the payment network, such as delays in receiving payments from processors, and/or changes in the rules or regulations
concerning payment processing, our ability to provide convenient payment options to our customers may be undermined, and our revenue,
operating expenses and results of operations could be adversely impacted.
We also rely
upon third-party streaming services, bandwidth providers and a cloud data storage service in China to operate certain aspects of our
business and to transmit or store our content and data. Any disruption of or interference with our use of these service providers could
have a material adverse effect on our business, operating results and financial condition. We cannot assure you that these service providers
and the underlying Internet infrastructure and telecommunications networks in China will be able to support increased demand arising
from our continued business expansion.
Our
operating results and cash flows may fluctuate significantly from period to period.
We have experienced,
and expect to continue to experience, seasonal fluctuations in our operating results. We often receive orders from digital music service
providers, institutional subscribers and distributors of our Kuke smart pianos and Kuke smart music teaching systems in the second half
of the year, and we generate ticket sales for the Beijing Music Festival every October. In addition, we expect to have higher student
enrollment around the beginning of every semester and to recognize a substantial portion of our licensing revenue when we deliver the
licensed content at our licensees' request, the timing of which is not within our control. As a result, we believe that the comparison
of our operating results over any interim periods in the past may not be an accurate indicator of our future performance. Overall, the
historical seasonality of our business has been relatively mild but seasonality may increase in the future along with the expansion of
our business. In addition, the seasonal trends that we have experienced in the past may not apply to, or be indicative of, our future
operating results.
Recognition
of share-based compensation expense may result in increased share-based compensation expenses.
We believe
the granting of share-based compensation is of significant importance to our ability to attract and retain key employees, directors and
consultants. In October 2020, we adopted a share incentive plan, or the 2020 Plan, to provide incentives to our employees, directors
and consultants, which went into effect upon the completion of our initial public offering. The maximum aggregate number of Class A ordinary
shares that may be issued under the 2020 Plan is 1,227,000. As of the date of this annual report, 1,125,334 share options and 101,666
restricted shares have been granted and outstanding.
We are required
to account for share-based compensation in accordance with IFRS 2-Share-based Payment, which generally requires a company to recognize,
as an expense, the fair value of share options and other equity incentives to employees based on the fair value of the equity awards
on the date of the grant, with the compensation expense recognized over the period in which the recipient is required to provide service
in exchange for the equity award. See "Note 29-Share-based payments" of our consolidated financial statements included elsewhere
in annual report for additional information. We recognized share-based payment expense of RMB19.4 million, RMB53.9 million and RMB15.2
million (US$2.2 million) for the years ended December 31, 2020, 2021 and 2022, respectively. If we grant additional share options or
other equity incentives in the future, our expenses associated with share-based compensation may further increase, which may have an
adverse effect on our financial condition and results of operations.
Our
strategies focusing on rapid innovation and long-term goals over short-term financial results may yield results of operations that do
not align with investors' expectations.
Our business
is growing and increasingly complex, and our success depends on our ability to quickly develop and launch new and innovative products
and services. This business strategy could result in unintended outcomes or decisions that are poorly received by our customers or business
partners. Our culture also prioritizes long-term strategic goals over short-term financial condition or operating results. We may make
decisions that may reduce our short-term revenue or profitability if we believe that the decisions will improve our long-term financial
performance. These decisions may not produce the long-term benefits that we expect, in which case our customer base, our relationships
with our business partners, and our business, financial condition and results of operations could be materially and adversely affected.
Our
management team has limited experience managing a public company.
Our management
team has limited experience managing a public company, interacting with public company investors or complying with the increasingly complex
laws pertaining to public companies. Our management team may not successfully or efficiently manage our transition to becoming a public
company that is subject to significant regulatory oversight and reporting obligations under federal securities laws and the continuous
scrutiny of securities analysts and investors. These new obligations and constituents will require significant attention from our senior
management, particularly from our executive officers, and could divert their attention away from the day-to-day management of our business,
which could adversely affect our business, operating results and financial condition.
25
International
expansion of our business could expose us to business, regulatory, political, operational, financial and economic risks associated with
doing business outside of China.
We currently
do not have international operations, but our long-term business strategy incorporates potential international expansion. Doing business
internationally involves a number of risks, including:
●
limits
                                            in our ability to penetrate international markets;
●
complexities
                                            and difficulties in obtaining intellectual property protection and enforcing our intellectual
                                            property;
●
multiple
                                            conflicting and changing laws and regulations, such as privacy regulations, tax laws, economic
                                            sanctions and embargoes, employment laws and regulatory requirements, and other governmental
                                            approvals, permits and licenses;
●
additional
                                            withholding taxes or other taxes on our foreign income, and tariffs or other restrictions
                                            on foreign trade or investment;
●
difficulties
                                            in staffing and managing foreign operations;
●
increased
                                            travel, infrastructure and legal and compliance costs associated with multiple international
                                            locations;
●
increased
                                            exposure to foreign currency exchange rate risk;
●
longer
                                            payment cycles for sales in some foreign countries and potential difficulties in enforcing
                                            contracts and collecting trade receivables; and
●
general
                                            economic conditions in the countries in which we may operate.
Any of these
factors could significantly harm our future international expansion and operations and, consequently, our revenue and operating results.
We
may face risks related to natural disasters, health epidemics and other outbreaks, which could significantly disrupt our operations.
In addition
to COVID-19, our business could be materially and adversely affected by natural disasters, such as snowstorms, earthquakes, fires or
floods, the outbreak of other widespread health epidemics, such as swine flu, avian influenza, severe acute respiratory syndrome, SARS,
Ebola, Zika, or other events, such as wars, acts of terrorism, environmental accidents, power shortages or communication interruptions.
Any of these natural disasters, health epidemics and events and their effect on the Chinese or global economy in general could have a
material adverse effect on our business, financial condition and results of operations. In addition, our revenue and profitability could
be materially reduced due to the effect of such events on our customers, suppliers or other business partners. For example, our contract
manufacturers may be required by the local or national government to shut down production under any of the aforementioned circumstances,
which could have a material and adverse effect on our ability to fulfill our contractual obligations, increase sales or expand our network
of collaborating kindergartens.
We
have limited insurance coverage with respect to our business and operations, which could expose us to significant costs and business
disruption.
We do not
maintain business interruption insurance or general third-party liability insurance, nor do we maintain property insurance, product liability
insurance or key-man insurance. We consider this practice to be reasonable in light of the nature of our business and consistent with
the practices of other companies of similar sizes in the same industries in China. Any uninsured risks may result in substantial costs
and the diversion of our resources, which could adversely affect our operating results and financial condition.
We
have not independently verified the accuracy or completeness of the data, estimates and projections in this annual report that we obtained
from third-party sources, and such information involves assumptions and limitations.
Certain facts,
forecasts and other statistics relating to the industries in which we operate contained in this annual report have been derived from
various public data sources and a commissioned third-party industry report. Industry data and projections involve a number of assumptions
and limitations. Any discrepancy in the interpretation of such data could lead to measurements and projections that are different from
the actual results. While we generally believe such data sources to be reliable, we have not independently verified the accuracy or completeness
of such information. The report may have not been prepared on a comparable basis or may not be consistent with other sources.
26
If our internal control and procedures over financial reporting
are not effective, we may be unable to accurately report our operating results, meet our reporting obligations or prevent fraud.
In connection
with the audit of our consolidated financial statements as of and for the year ended December 31, 2022, we and our independent registered
public accounting firm identified two material weaknesses in accordance with the standards established by the PCAOB, which relates to
the lack of sufficient accounting and financial reporting personnel with the requisite knowledge and experience in the application of
IFRS and SEC rules and the lack of sufficient controls in calculating the expected credit loss on financial assets. As defined in standards
established by the PCAOB, a "material weakness" is a deficiency, or combination of deficiencies, in internal control over
financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements
will not be prevented or detected on a timely basis. The material weaknesses, if not remediated timely, may lead to material misstatements
in our consolidated financial statements in the future. To remedy our identified material weaknesses, we are in the process of adopting
several measures that are expected to improve our internal control over financial reporting. See "Item 15. Disclosure Controls
and Procedures-Changes In Internal Control Over Financial Reporting." However, the implementation of these measures may not fully
address these deficiencies in our internal control over financial reporting.
We are now
a public company in the United States subject to the Sarbanes-Oxley Act of 2002. Section 404 of the Sarbanes-Oxley Act of 2002, or Section
404, requires that we include a management report on our internal control over financial reporting in our annual report on Form 20-F
beginning with this annual report for the fiscal year ended December 31, 2022. See "Item 15. Disclosure Controls and Procedures-Management's
Annual Report on Internal Control over Financial Reporting." In addition, once we cease to be an "emerging growth company,"
as such term is defined in the JOBS Act, our independent registered public accounting firm must attest to and report on the effectiveness
of our internal control over financial reporting. Moreover, even if our management concludes that our internal control over financial
reporting is effective, our independent registered public accounting firm, after conducting its own independent testing, may issue a
report that is qualified if it is not satisfied with our internal controls or the level at which our controls are documented, designed,
operated or reviewed. We may be unable to timely complete our evaluation testing and make required remediation. In addition, as the applicable
standards are modified, supplemented or amended from time to time, we may not be able to conclude on an ongoing basis that we have effective
internal control over financial reporting in accordance with Section 404.
If we fail
to achieve and maintain an effective internal control environment, we could suffer material misstatements in our financial statements
and fail to meet our reporting obligations, which would likely cause investors to lose confidence in our reported financial information.
This could in turn limit our access to capital markets, harm our operating results and lead to a decline in the trading price of our
ADSs. Additionally, ineffective internal control over financial reporting could expose us to increased risk of fraud or misuse of corporate
assets and subject us to potential delisting, regulatory investigations and civil or criminal sanctions. We may also be required to restate
our financial statements for prior periods.
Our ADSs may be prohibited from trading in the United States
under the HFCAA in the future if it is later determined that the PCAOB is unable to inspect or investigate completely our auditor. The
delisting of our ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment.
As part of
a continued regulatory focus in the United States on access to audit and other information currently protected by national law, in particular
China's, the Holding Foreign Companies Accountable Act, or the HFCAA, has been signed into law on December 18, 2020. The HFCAA
states if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been subject
to inspection for the PCAOB for three consecutive years beginning in 2021, the SEC shall prohibit our shares or ADSs from being traded
on a national securities exchange or in the over-the-counter trading market in the U.S.
On December
2, 2021, the SEC adopted final amendments to its rules implementing the HFCAA (the "Final Amendments"). The Final Amendments
include requirements to disclose information, including the auditor name and location, the percentage of shares of the issuer owned by
governmental entities, whether governmental entities in the applicable foreign jurisdiction with respect to the auditor has a controlling
financial interest with respect to the issuer, the name of each official of the Chinese Communist Party who is a member of the board
of the issuer, and whether the articles of incorporation of the issuer contains any charter of the Chinese Communist Party. The Final
Amendments also establish procedures the SEC will follow in identifying issuers and prohibiting trading by certain issuers under the
HFCAA.
On December
16, 2021, the PCAOB issued a report to notify the SEC its determinations that it is unable to inspect or investigate completely PCAOB-registered
public accounting firms headquartered in mainland China and Hong Kong, and identifies the registered public accounting firms in mainland
China and Hong Kong that are subject to such determinations.
Our financial
statements as of December 31, 2020 and 2021 and for the years then ended were audited by Ernst & Young, who are located in Hong Kong
and are subject to the determinations announced by the PCAOB in December 2021 ("PCAOB Determination Report"). Consequently,
we were identified as a "Commission-Identified Issuer" on June 1, 2022.
Our financial
statements as of December 31, 2022 and for the year ended December 31, 2022 were audited by Yu Certified Public Accountant, an independent
registered public accounting firm that is headquartered in New York, the United State. Yu Certified Public Accountant is not on such
list of the PCAOB Determination Report.
27
On December
15, 2022, the PCAOB announced that it has secured complete access to inspect and investigate completely PCAOB-registered public accounting
firms headquartered in mainland China and Hong Kong. The PCAOB also vacated its previous determinations issued in December 2021. Accordingly,
until such time as the PCAOB issues any new determination, we are at no risk of having our securities subject to a trading prohibition
under the HFCAA.
On December
29, 2022, the Accelerating Holding Foreign Companies Accountable Act was signed into law as part of the Consolidated Appropriations Act,
which amended the HFCAA by reducing the number of consecutive non-inspection years required for triggering the prohibitions under the
HFCAA from three years to two. Therefore, once an issuer is identified as a Commission-Identified Issuer for two consecutive years, the
SEC is required under the HCFAA to prohibit the trading of the issuer's securities on a national securities exchange and in the
over-the-counter market.
Each year,
the PCAOB will determine whether it can inspect and investigate completely audit firms in mainland China and Hong Kong, among other jurisdictions.
If the PCAOB determines in the future that it no longer has full access to inspect and investigate completely accounting firms in mainland
China and Hong Kong and we use an accounting firm headquartered in one of these jurisdictions to issue an audit report on our financial
statements filed with the SEC, we would be identified as a Commission-Identified Issuer following the filing of the annual report on
Form 20-F for the relevant fiscal year. In accordance with the HFCAA, our securities would be prohibited from being traded on a national
securities exchange or in the over-the-counter trading market in the United States if we are identified as a Commission-Identified Issuer
for two consecutive years in the future. The delisting of our ADSs, or the threat of their being delisted, may materially and adversely
affect the value of your investment. If our ADSs are prohibited from trading in the United States, there is no certainty that we will
be able to list on a non-U.S. exchange or that a market for our ADSs will develop outside of the United States. A prohibition of being
able to trade in the United States would substantially impair your ability to sell or purchase our ADSs when you wish to do so, and the
risk and uncertainty associated with delisting would have a negative impact on the price of our ADSs. Also, such a prohibition would
significantly affect our ability to raise capital on terms acceptable to us, or at all, which would have a material adverse impact on
our business, financial condition, and prospects.
Risks
Related to Our Corporate Structure
If
the PRC government finds that the agreements that establish the structure for operating our businesses in China do not comply with applicable
PRC laws and regulations, or if these laws and regulations or their interpretations change in the future, we could be subject to severe
penalties or be forced to relinquish our interests in those operations.
PRC laws
and regulations impose certain restrictions and prohibitions on foreign ownership of companies that engage in Internet and other related
businesses. The Special Administrative Measures (Negative List) for Foreign Investment Access (2021 Version) (the "Negative List
(2021 version)") provides that foreign investors are generally not allowed to own more than 50% of the equity interests in a value-added
telecommunications service provider other than a provider for e-commerce services, domestic multi-party communications services,
store-and-forward services and call center services, among others, and the Provisions on the Administration of Foreign-Invested Telecommunications
Enterprises (2016 Revision, which was recently amended in 2022 by the State Council, and the amended version became effective on May
1, 2022) requires that the major foreign investor in a value-added telecommunications service provider in China obtain permissions and
approvals from MIIT, which retain considerable discretion in granting permissions and approvals. The Negative List (2021 version) also
prohibits foreign investment in internet news and information services, internet publishing services, internet audio-visual program services,
internet culture operations (except for music), internet information services to the public (except for the contents allowed pursuant
to China's WTO commitments).
To ensure
compliance with the PRC laws and regulations, our WFOEs, conduct business in China mainly through the VIEs based on a series of contractual
arrangements by and among our WFOEs, the VIEs and the respective shareholders of the VIEs, which enable us to (i) receive substantially
all of the economic benefits of the VIEs, and (ii) have an exclusive option to purchase all or part of the equity interests and assets
in the VIEs when and to the extent permitted by PRC law. As a result of our direct ownership in the WFOEs and the contractual arrangements
with the VIEs, we are able to receive the economic benefits of the VIEs, be the primary beneficiary of the VIEs for accounting purposes
and consolidate the financial results of the VIEs in our consolidated financial statements, to the extent that we have satisfied the
conditions for consolidation of the VIEs under the IFRS. In the opinion of our PRC counsel, Commerce & Finance Law Offices, each
of these contractual arrangements is currently valid, binding and enforceable in accordance with its terms
.
However, we have been
further advised by our PRC counsel that there are substantial uncertainties regarding the interpretation and application of current or
future PRC laws and regulations and that the PRC government may ultimately take a view contrary to the opinion of our PRC counsel.
If the contractual
arrangements among our WFOEs, the VIEs and their respective shareholders are determined to be illegal or invalid, or if we or the VIEs
fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have broad discretion
in dealing with such violations or failures, including:
●
revoking
                                            the business license and/or operating license of such entities;
●
placing
                                            restrictions on our operations or our right to collect revenues;
●
imposing
                                            fines, confiscating the income from our WFOEs or VIEs, or imposing other requirements with
                                            which we or the VIEs may not be able to comply;
28
●
requiring
                                            us to restructure our ownership structure or operations, including terminating the contractual
                                            arrangements and deregistering equity pledges made by the shareholders of the VIEs, which
                                            in turn would affect our ability to consolidate or derive economic interests from, or effectively
                                            exercise our contractual rights over the VIEs;
●
restricting
                                            or prohibiting our use of the proceeds of future public offering to finance our and the VIEs'
                                            business and operations in China; or
●
taking
                                            other regulatory or enforcement actions that could be harmful to our and the VIEs'
                                            business.
The imposition
of any of these penalties could cause us to lose our right to receive the economic benefits from the VIEs and result in a material adverse
effect on our ability to conduct our business. In addition, it is unclear what impact these actions would have on us and on our ability
to consolidate the financial results of the VIEs in our consolidated financial statements, if the PRC government authorities were to
find our legal structure and contractual arrangements to be in violation of PRC laws and regulations. If we are not able to restructure
our ownership structure and operations in a manner satisfactory to relevant PRC regulatory authorities, our results of operations and
financial condition could be materially and adversely affected. If, due to any of the above circumstances or any other events, we become
unable to exercise the contractual rights over the assets and operations of our subsidiaries or the VIEs that conduct substantially all
of our operations, our securities may decline in value or become worthless.
We
rely on contractual arrangements with the VIEs and their shareholders for our operations in the PRC, which may not be as effective as
direct ownership in providing operational control.
We have relied
and expect to continue to rely on contractual arrangements with the VIEs and their shareholders to conduct certain of our key businesses.
These contractual arrangements may not be as effective as direct ownership in providing us with substantial influence over the VIEs. If we had direct
ownership of the VIEs, we would be able to exercise our rights as a shareholder to effect changes in the board of directors of the VIEs,
which in turn could implement changes at the management and operational level. Under the current contractual arrangements, however, we
rely on the performance by the VIEs and their respective shareholders of their contractual obligations to exercise substantial influence over the VIEs.
The VIEs and their shareholders could breach their contractual arrangements with us by, among other things, failing to conduct their
operations in an acceptable manner, taking other actions that are detrimental to our interests or refusing to renew their existing contractual
arrangements with us. Such risks exist throughout the period in which we intend to operate certain portions of our business through the
contractual arrangements with the VIEs and their shareholders. Therefore, our contractual arrangements with the VIEs and their shareholders
may not be as effective in ensuring our substantial influence over the relevant portion of our business operations as direct ownership would be. If
the VIEs or their shareholders fail to perform their respective obligations under the contractual arrangements, we may have to incur
substantial costs and expend additional resources to enforce such arrangements. We may also have to rely on legal remedies, including
seeking specific performance or injunctive relief and claiming damages. All the agreements we have with the VIEs and their shareholders
are governed by PRC law. The legal system in the PRC is not as developed as in jurisdictions such as the United States and there are
very few precedents and little formal guidance as to how contractual arrangements in the context of a variable interest entity should
be interpreted or enforced under PRC law. In addition, under PRC law, arbitral rulings are final as parties cannot appeal the arbitration
results in courts, and if the losing party fails to carry out the arbitration awards within a prescribed time period, the prevailing
party may only enforce the arbitration awards in PRC courts through arbitration award recognition proceedings, which would require additional
expenses and delay. In the event that we are unable to enforce these contractual arrangements, or if we suffer significant delays or
other obstacles in the process of enforcing these contractual arrangements, we may not be able to exert substantial influence over the
VIEs, and our ability to conduct our business may be negatively affected.
The
shareholders of the VIEs may have potential conflicts of interest with us, which may materially and adversely affect our business and
financial condition.
The shareholders
of the VIEs may have potential conflicts of interest with us. These shareholders may, or cause the VIEs to, breach or refuse to renew
our contractual arrangements with them, which would have a material adverse effect on our ability to effectively control the VIEs and
receive substantially all of the economic benefits from the VIEs. For example, these shareholders may be able to cause our agreements
with the VIEs to be performed in a manner adverse to us by, among other things, failing to make payments that are due to us under the
contractual arrangements on a timely basis. We cannot assure you that, when conflicts of interest arise, any or all of these shareholders
will act in the best interests of our company or such conflicts will be resolved in our favor. Currently, we do not have arrangements
in place to address the potential conflicts of interest that these shareholders may have. If we cannot resolve any conflicts of interest
or disputes between us and these shareholders, we would have to rely on legal proceedings to enforce our rights, which involve substantial
uncertainty and may materially disrupt our business.
Failure
to obtain or renew permissions or approvals or respond to any changes in government policies, laws or regulations may affect our and
the VIEs' ability to conduct or expand business.
China's
internet, private education and music licensing industries are highly regulated. We, our subsidiaries and the VIEs are required under
PRC laws and regulations to obtain various government permissions or approvals in connection with the provision of our and the VIEs'
services. Applicable laws and regulations may be tightened and new laws or regulations may be introduced to impose additional government
permission or approval requirements. In particular, uncertainties exist in relation to regulatory requirements regarding private education
and music licensing. For example, under certain policies, we and the VIEs may be required to lower the tuition of Kukey courses in order
to offer Kukey courses to the students of our collaborating kindergartens. If we, our subsidiaries and the VIEs fail to obtain and maintain
permissions or approvals required for our business or respond to changes in the regulatory environment, we, our subsidiaries and the
VIEs could be subject to liabilities, penalties and operational disruption, which may materially and adversely affect our business, operating
results and financial condition.
29
We
may lose the ability to use, or otherwise benefit from, the licenses, permits and assets held by the VIEs that are material to the operation
of our business.
As part of
our contractual arrangements with the VIEs, the VIEs hold certain assets, licenses and permits that are material to our business operations.
The contractual arrangements contain terms that specifically obligate the VIEs' shareholders to ensure the valid existence of the
VIEs and restrict the disposal of material assets of the VIEs. However, if the VIEs' shareholders breach the terms of these contractual
arrangements, or if any of the VIEs undergoes a voluntary or involuntary liquidation proceeding and all or part of its assets become
subject to liens or rights of third-party creditors or are otherwise disposed of or encumbered without our consent, we may be unable
to conduct certain of our business operations or otherwise benefit from the assets held by the VIEs, which could have a material adverse
effect on our business, financial condition and results of operations.
Uncertainties
exist with respect to the interpretation and implementation of the PRC Foreign Investment Law and how it may impact the viability of
our current corporate structure, corporate governance and business operations.
On March
15, 2019, the National People's Congress of the PRC approved the Foreign Investment Law, which came into effect on January 1, 2020
and replaced the trio of existing laws regulating foreign investment in China, i.e., the Sino-foreign Equity Joint Venture Enterprise
Law, the Sino-foreign Cooperative Joint Venture Enterprise Law and the Wholly Foreign-invested Enterprise Law, together with their implementation
rules and ancillary regulations. In December 2019, the State Council promulgated the Implementation Regulation on the Foreign Investment
Law to further clarify relevant provisions of the Foreign Investment Law, which came into effect on January 1, 2020. The Foreign Investment
Law and its implementation regulation embody an expected PRC regulatory trend to rationalize its foreign investment regulatory regime
in line with prevailing international practice and the legislative efforts to unify the corporate legal requirements for both foreign
and domestic investments.
However,
since the Foreign Investment Law and its implementation regulation are relatively new, uncertainties still exist in relation to their
interpretation and implementation. For instance, under the Foreign Investment Law, "foreign investment" refers to the investment
activities directly or indirectly conducted by foreign individuals, enterprises or other entities in mainland China. Though it does not
explicitly classify contractual arrangements as a form of foreign investment, there is no assurance that foreign investment via contractual
arrangements would not be deemed as a type of indirect foreign investment activities under the definition in the future. In addition,
the definition has a catch-all provision which includes investments made by foreign investors through means stipulated in laws or administrative
regulations or other methods prescribed by the State Council. The Negative List (2021 version) stipulates that any domestic enterprise
in mainland China engaging in prohibited business under the Negative List shall be subject to review by and shall obtain the consent
of the relevant competent PRC authorities for overseas listing, and the foreign investors shall not participate in the operation and
management of such enterprise, and the shareholding percentage of the foreign investors in such enterprise shall be subject, mutatis
mutandis, to the relevant administrative provisions of the PRC domestic securities investment by foreign investors. The Negative List
does not further elaborate whether existing overseas listed enterprises, like us, will be subject to such requirements. Further, pursuant
to the press conference held by the National Development and Reform Commission of the PRC (the "NDRC") on January 18, 2022,
the foresaid requirements shall not be applicable to domestic enterprises that seek to offer and list securities in overseas markets
indirectly. Although it does not explicitly classify contractual arrangements as a form of foreign investment, there is no assurance
that foreign investment via contractual arrangement would not be interpreted as a type of indirect foreign investment activities in the
future.
According to CSRC's Questions and Answers with respect to Trial Administrative Measures of Overseas Securities Offering
and Listing by Domestic Companies on February 17, 2023, for the filing of overseas listing of enterprises with VIE structure, the filing
procedure will adhere to the principles of market-oriented principle, rule of law, and strengthened regulatory synergy. The CSRC will consult
the relevant competent authorities, and the overseas listing of VIE structured enterprises that meet the compliance requirements will
be filed. For details, see "— The permission and approval from the CSRC or other PRC government authorities may be required
in connection with an offshore offering under PRC law, and, if required, we cannot predict whether or for how long we will be able to
obtain such permission or approval."
In any of these cases, it will be
uncertain whether our contractual arrangements will be deemed to be in violation of the market access requirements for foreign investment
under the PRC laws and regulations. Furthermore, if future laws, administrative regulations or provisions prescribed by the State Council
mandate further actions to be taken by companies with respect to existing contractual arrangements, we may face substantial uncertainties
as to whether we can complete such actions in a timely manner, or at all.
In addition,
the Foreign Investment Law provides that foreign-invested enterprises established before the Foreign Investment Law came into effect
may maintain their structure and corporate governance within a five-year transition period, which means that we may be required to adjust
the structure and corporate governance of certain of our subsidiaries in China when such transition period ends. Failure to take timely
and appropriate measures to cope with any of these or similar regulatory compliance challenges could materially and adversely affect
our current corporate structure, corporate governance and business operations.
We
may rely on dividends and other distributions on equity paid by our subsidiaries in mainland China and Hong Kong to fund any cash and
financing requirements we may have. To the extent cash or assets in the business is in mainland China or Hong Kong or an entity domiciled
in mainland China or Hong Kong, and may need to be used to fund operations outside of mainland China or Hong Kong, the funds and assets
may not be available to fund operations or for other uses outside of mainland China or Hong Kong due to interventions in or the imposition
of restrictions and limitations by the government on our, our subsidiaries' or the VIEs' ability to transfer cash and assets,
which could have a material and adverse effect on our ability to conduct business.
Under our
current corporate structure, our ability to pay dividends depends upon dividends paid by our British Virgin Islands and Hong Kong subsidiaries,
which in turn depends on dividends paid by our subsidiaries in China, which further depends on payments from the VIEs under the
contractual arrangements. To the extent cash or assets in the business is in mainland China or Hong Kong or an entity domiciled in mainland
China or Hong Kong, and may need to be used to fund operations outside of mainland China or Hong Kong, the funds and assets may not be
available to fund operations or for other uses outside of mainland China or Hong Kong due to interventions in or the imposition of restrictions
and limitations by the government on our, our subsidiaries' or the VIEs' ability to transfer cash and assets.
Although
we consolidate the results of the VIEs and their subsidiaries, we only have access to the assets or earnings of the VIEs and their subsidiaries
through the contractual arrangements. If the PRC authorities determine that the contractual arrangements constituting part of the VIE
structure do not comply with PRC regulations, or if current regulations change or are interpreted differently in the future, our ability
to settle amount owed by the VIEs under the contractual arrangements may be seriously hindered. In addition, if our existing subsidiaries
in China or any newly formed ones incur debt on their own behalf in the future, the instruments governing their debt may restrict their
ability to pay dividends to us.
30
Our WFOEs
are permitted to pay dividends to us only out of its retained earnings, if any, as determined in accordance with PRC accounting standards
and regulations. Under PRC laws, each of our subsidiary, the VIEs and their subsidiaries in China is required to set aside at least 10%
of its after-tax profits each year, if any, to fund certain statutory reserve funds until such reserve funds reach 50% of its registered
capital. In addition, after making an allocation to the statutory reserve funds from their after-tax profits, our WFOEs, the VIEs and
their subsidiaries may allocate a portion of their after-tax profits based on PRC accounting standards to a discretionary surplus fund
at their discretion. The statutory reserve funds and the discretionary funds are not distributable as cash dividends.
There are
limitations on our ability to transfer cash between us, our subsidiaries and the VIEs, and there is no assurance that the PRC government
will not intervene or impose restrictions on cash transfer between us, our subsidiaries and the VIEs. We may encounter difficulties in
our ability to transfer cash between subsidiaries in China and other subsidiaries largely due to various PRC laws and regulations
imposed on foreign exchange. The majority of our income is denominated in Renminbi, and shortage in foreign currencies may restrict our
ability to pay dividends or other payment to satisfy our foreign currency denominated obligations, if any. Under existing PRC foreign
exchange regulations, payments of current account items, including profit distributions, interest payments and expenditures from trade-related
transactions can be made in foreign currencies without prior approval from the State Administration of the Foreign Exchange in the PRC
as long as certain procedural requirements are met. Approval from appropriate government authorities is required if Renminbi is converted
into foreign currency and remitted out of the PRC to pay capital expenses such as the repayment of loans denominated in foreign currencies.
The PRC government may, at its discretion, impose restrictions on access to foreign currencies for current account transactions and if
this occurs in the future, we may not be able to pay dividends in foreign currencies to our shareholders. The PRC government has implemented
a series of capital control measures, including stricter vetting procedures for China-based companies to remit foreign currency for overseas
acquisitions, dividend payments and shareholder loan repayments. It may continue to strengthen its capital controls and dividends and
other distributions of our subsidiaries in China may be subjected to tighter scrutiny and may limit the ability of our Cayman Islands
holding company, to use capital from our subsidiaries in China, which may restrict our ability to satisfy our liquidity requirements.
Our Hong
Kong subsidiary may be considered a non-resident enterprise for tax purposes, so that any dividends our subsidiary in China pays to our
Hong Kong subsidiary may be regarded as China-sourced income and, as a result, may be subject to PRC withholding tax at a rate of up
to 10% unless a tax treaty or similar arrangement provides otherwise. If we are required under the PRC Enterprise Income Tax Law to pay
income tax for any dividends we receive from our subsidiaries in China, or if our Hong Kong subsidiary is determined by PRC government
authority as receiving benefits from reduced income tax rate due to a structure or arrangement that is primarily tax-driven, it would
materially and adversely affect the amount of dividends, if any, we may pay to our shareholders.
If the PRC
tax authorities determine that our Cayman Islands holding company is a PRC resident enterprise for enterprise income tax purposes and
unless a tax treaty or similar arrangement provides otherwise, we may be required to withhold a 10% tax from dividends we pay to our
shareholders that are non-resident enterprises, including the holders of the ADSs. In addition, non-resident enterprise shareholders,
including the ADS holders, may be subject to PRC tax at a rate of 10% on gains realized on the sale or other disposition of ADSs or ordinary
shares if such income is treated as sourced from within the PRC. Furthermore, if we are deemed a PRC resident enterprise, dividends paid
to our non-PRC individual shareholders, including the ADS holders, and any gain realized on the transfer of ADSs or ordinary shares by
such shareholders may be subject to PRC tax at a rate of 20% which in the case of dividends may be withheld at source. Any such tax may
reduce the returns on your investment in the ADSs.
Cayman
Islands economic substance requirements may adversely affect our business and operations.
Pursuant
to the International Tax Cooperation (Economic Substance) Act (2021 Revision) of the Cayman Islands, or the ES Act, that first came into
force on January 1, 2019, a "relevant entity" is required to satisfy the economic substance test set out in the ES Act. A
"relevant entity" includes an exempted company incorporated in the Cayman Islands as is our company. Based on the current
interpretation of the ES Act, we have submitted filings as required under the ES Act as a pure equity holding company since it only holds
equity participation in other entities and only earns dividends and capital gains. Accordingly, for so long as our company is regarded
as a "pure equity holding company," it is only subject to reduced substance requirements, which require us to (i) comply
with all applicable filing requirements under the Companies Act, Cap. 22 (Act 3 of 1961, as consolidated and revised) of the Cayman Islands
(the "Companies Act"); and (ii) have adequate human resources and adequate premises in the Cayman Islands for holding and
managing equity participations in other entities. However, there can be no assurance that we will not be subject to more requirements
under the ES Act in the future. Uncertainties over the interpretation and implementation of the ES Act may have an adverse impact on
our business and operations.
Our
contractual arrangements with the VIEs may result in adverse tax consequences to us.
Under applicable
PRC laws and regulations, arrangements and transactions among related parties may be subject to audit or challenge by PRC tax authorities.
We could face material adverse tax consequences if PRC tax authorities determine that the contractual arrangements between us and the
VIEs were not entered into on an arm's-length basis in such a way as to result in an impermissible reduction in taxes under applicable
PRC laws, rules and regulations, and adjust the income of the VIEs in the form of a transfer pricing adjustment. A transfer pricing adjustment
could, among other things, result in a reduction of expense deductions recorded by the VIEs for PRC tax purposes, which could in turn
increase their tax liabilities. In addition, PRC tax authorities may impose late payment fees and other penalties on the VIEs for the
adjusted but unpaid taxes according to the applicable regulations. Our financial position could be materially and adversely affected
if the VIEs' tax liabilities increase or if any of the VIEs is required to pay late payment fees and other penalties.
31
PRC
laws and regulations over direct investment in and loans to PRC entities by offshore companies and governmental control of currency conversion
may delay or prevent us from using the proceeds of our initial public offering to make loans to our PRC subsidiaries and VIEs or make
additional capital contributions to our PRC subsidiaries, which could materially and adversely affect our liquidity and our ability to
fund and expand our business.
Under PRC
laws and regulations, any transfer of funds by us to our PRC subsidiaries, either as a shareholder loan or through injection of registered
capital, are subject to approval by or registration or filing with relevant governmental authorities in China. Currently, there is no
statutory limit to the amount of funding that we can provide to our PRC subsidiaries through capital contributions, because there is
no statutory limit on the amount of registered capital for our PRC subsidiaries and we are allowed to make capital contributions to our
PRC subsidiaries by subscribing for their registered capital, provided that the PRC subsidiaries complete the relevant filing and registration
procedures. According to relevant PRC regulations on foreign-invested enterprises, or FIEs, capital contributions to our PRC subsidiaries
are subject to filing with the PRC Ministry of Commerce, or the MOC, in its foreign investment comprehensive management information system
and registration with other governmental authorities in China. Based on the current registered capital of our PRC subsidiaries and the
amount of funding we have contributed, without increasing the registered capital of our PRC subsidiaries, the amount of funding we can
provide to our PRC subsidiaries through injection of registered capital is US$1,840 million. In addition, under the Circular on Reforming
the Management Approach Regarding the Foreign Exchange Capital Settlement of Foreign-Invested Enterprises, or SAFE Circular 19, and the
Notice of the State Administration of Foreign Exchange on Reforming and Standardizing the Foreign Exchange Settlement Management Policy
of Capital Account, or SAFE Circular 16, FIEs are prohibited from using Renminbi fund converted from their foreign exchange capitals
for expenditures beyond their business scopes or using such Renminbi fund to provide loans to persons other than their affiliates, unless
that is within their business scope.
Any foreign
loan procured by our PRC subsidiaries and VIEs is also required to be registered with the SAFE or its local branches or be filed with
the SAFE in its information system, and each of our PRC subsidiaries and VIEs may not procure loans which exceed either (i) the amount
of the difference between their respective registered total investment amount and registered capital, or the Total Investment and Registered
Capital Balance, or (ii) two times, or the then-applicable statutory multiple, the amount of their respective audited net assets, calculated
in accordance with PRC GAAP, or the Net Assets Limit, at our election. Increasing the Total Investment and Registered Capital Balance
of our PRC subsidiaries is subject to governmental approval and may require a PRC subsidiary to increase its registered capital at the
same time. If we choose to make a loan to a PRC entity based on its Net Assets Limit, the maximum amount that we would be able to loan
to the relevant PRC entity would depend on the relevant entity's net assets and the applicable statutory multiple at the time of
the calculation. Any medium-or long-term loan to be provided by us to the VIEs must also be approved by the National Development and
Reform Commission, or NDRC. Please see "Item 4. Information on the Company-B. Business Overview-Regulations-Regulations on Foreign
Exchange Registration of Offshore Investment by PRC Residents."
These PRC
laws and regulations may significantly limit our ability to use Renminbi converted from the net proceeds of our initial public offering
to fund the establishment of new entities in China by our PRC subsidiaries, to invest in or acquire any other PRC companies through our
PRC subsidiaries, to fund our existing VIEs or to establish and fund new variable interest entities in China. Moreover, we cannot assure
you that we will be able to complete the necessary registrations or obtain the necessary government approvals on a timely basis, if at
all, with respect to future loans to our PRC subsidiaries or VIEs, or future capital contributions by us to our PRC subsidiaries. If
we fail to complete such registrations or obtain such approvals or if we are found to be in violation of any applicable laws with respect
to foreign currency exchange, our ability to use the proceeds we received or expect to receive from our offshore offerings may be negatively
affected and we may be subject to penalties, which could materially and adversely affect our liquidity and our ability to fund and expand
our business.
Risks
Related to Doing Business in China
A severe
or prolonged downturn in the Chinese and global economy could materially and adversely affect our business, financial condition and operating
results.
Our revenues
are all sourced from China. Therefore, our business, financial condition, results of operations and prospects are affected significantly
by the economic, political and legal developments in China. The Chinese economy differs from the economies of most developed countries
in many respects, such as the level of government involvement, growth rate and control of foreign exchange. The PRC government has significant
authority to exert influence on the ability of a China-based company, such as us, to conduct its business. Therefore, investors of our
company and our business face potential uncertainties from the PRC government. While the Chinese economy has experienced significant
growth in the past 30 years, the growth has been uneven across different periods, regions and among various economic sectors of China,
and the rate of growth has slowed down since 2012. In addition, economic conditions in China are also sensitive to global economic conditions.
There is considerable uncertainty over the long-term effects of the expansionary monetary and fiscal policies that had been adopted by
the central banks and financial authorities of some of the world's leading economies, including the United States and China. There
is also significant uncertainty about the future relationship between the United States and China with respect to trade policies, treaties,
government regulations and tariffs. Moreover, there have been the increasing tension between the United States and China, and concerns
over unrest, terrorist threats and the potential for war in the Middle East, Europe and elsewhere, as well as over the conflicts involving
Ukraine, Syria and North Korea, all creating significant uncertainty for the Chinese and global economy. For example, the military conflict
between Russia and Ukraine has resulted in an escalated regional instability, amplified the existing geopolitical tension among Russia
and other countries in the region and in the west, as well as adversely affected commodity and other financial markets or economic conditions.
The United States, European Union, the United Kingdom, Switzerland and other countries have imposed, and may further impose, financial
and economic sanctions and export controls targeting certain Russian entities and/or individuals, which could adversely affect the global
economy and financial markets. The duration of such military conflict and the related sanctions, as well as their impact on the global
financial markets, cannot be predicted. There have also been concerns on the relationship between China and other countries, including
the surrounding Asian countries, which may potentially have economic effects. In particular, there is significant uncertainty about the
future relationship between the United States and China with respect to trade policies, treaties, government regulations and tariffs.
Furthermore, there is considerable uncertainty over the long-term effects of the expansionary monetary and fiscal policies adopted by
central banks and financial authorities in some of the world's leading economies, including the United States and China. Any prolonged
slowdown in the Chinese or global economy may materially and adversely affect our business, results of operations and financial condition.
32
Uncertainties
with respect to the PRC legal system and changes in laws and regulations in China could adversely affect us.
The PRC legal
system is a civil law system based on written statutes. Unlike the common law system, prior court decisions may be cited for reference
but have limited precedential value. Furthermore, the PRC legal system is based in part on government policies and internal rules, some
of which are not published on a timely basis or at all and may have retroactive effect. As a result, we may not be aware of our violation
of any of these policies and rules until sometime after the violation. Such unpredictability towards our contractual, property and procedural
rights could adversely affect our business and impede our ability to continue our operations. Uncertainties also exist in relation to
new legislation or proposed changes in the PRC regulatory requirements.
From time
to time, we may have to resort to administrative and court proceedings to enforce our legal rights. Administrative and court proceedings
in China may be protracted, resulting in substantial costs and diversion of management attention. Since PRC administrative and court
authorities have significant discretion in interpreting and implementing statutory provisions and contractual terms, it may be more difficult
to evaluate the outcome of administrative and court proceedings and the level of legal protection we enjoy than in more developed legal
systems. These uncertainties may impede our ability to enforce the contracts we have entered into and could materially and adversely
affect our business and results of operations.
The
PRC government may exert, at any time, substantial intervention and influence over the manner of our and the VIEs' operations,
and the rules and regulations to which we and the VIEs are subject, including the ways they are enforced, may change rapidly and with
little advance notice to us, the VIEs or our shareholders. Any such actions by the Chinese government, including any decision to intervene
or influence the operations of our subsidiaries in China or the VIEs or to exert control over any offering of securities conducted overseas
and/or foreign investment in China-based issuers, may cause us to make material changes to the operations of our subsidiaries in China
or the VIEs, may limit or completely hinder our ability to offer or continue to offer securities to investors, and may cause the value
of such securities to significantly decline or be worthless.
The ability
of our subsidiaries and the VIEs to operate in China may be impaired by changes in its laws and regulations, including those relating
to value-added telecommunications services, internet audio-video program services, taxation, foreign investment limitations, and other
matters.
The PRC
government may exert, at any time, substantial intervention and influence over the manner of our and the VIEs' operations, and
the rules and regulations to which we and the VIEs are subject, including the ways they are enforced, may change rapidly and with
little advance notice to us, the VIEs or our shareholders. The PRC government have recently initiated a series of regulatory actions
and statements to regulate business operations in China with little advance notice, including cracking down on illegal activities in
the securities market, enhancing supervision over China-based companies listed overseas, and adopting new measures to extend the
scope of cybersecurity reviews and new laws and regulations relating to data security. The PRC government may impose new, stricter
regulations or interpretations of existing regulations that would require additional expenditures and efforts on our part to ensure
our subsidiaries in China and the VIEs' compliance with such regulations or interpretations. As such, our subsidiaries in
China and the VIEs may be subject to various government actions and regulatory interference in the provinces in which they operate.
They could be subject to regulation by various political and regulatory entities, including various local and municipal agencies and
government sub-divisions. They may incur increased costs necessary to comply with existing and newly adopted laws and regulations or
penalties for any failure to comply. Furthermore, it is uncertain when and whether we will be required to obtain permissions or
approvals from the PRC government to maintain our listing status on U.S. exchanges in the future, and even when such permission or
approval is obtained, whether it will be subsequently revoked or rescinded. According to CSRC's Questions and Answers with
respect to Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies on February 17, 2023, for 
the filing of overseas listing of enterprises with VIE structure, the filing procedure will adhere to the principles of
market-oriented principle, rule of law, and strengthened regulatory synergy. The CSRC will consult the relevant competent authorities,
and the overseas listing of VIE structured enterprises that meet the compliance requirements will be filed. For details, see
"— The permission and approval from the CSRC or other PRC government authorities may be required in connection with an
offshore offering under PRC law, and, if required, we cannot predict whether or for how long we will be able to obtain such
permission or approval."
Accordingly,
government actions in the future, including any decision to intervene or influence the operations of our subsidiaries in China or the
VIEs at any time, or to exert control over an offering of securities conducted overseas and/or foreign investment in China-based issuers,
may cause us to make material changes to the operations of our subsidiaries in China or the VIEs, may limit or completely hinder our
ability to offer or continue to offer securities to investors, and/or may cause the value of such securities to significantly decline
or be worthless. We or the VIEs have not received any inquiry, notice, warning, or sanctions regarding our corporate structure, contractual
arrangements, the VIEs' operations and the offering of securities that we may make under this annual report and the applicable annual report
supplement from the CSRC, the CAC or any other PRC government authorities.
33
The
permission and approval from the CSRC or other PRC government authorities may be required in connection with an offshore offering under
PRC law, and, if required, we cannot predict whether or for how long we will be able to obtain such permission or approval.
On February 17, 2023, the CSRC issued the Trial Administrative Measures
of Overseas Securities Offering and Listing by Domestic Enterprises, or the Trial Measures, which became effective on March 31,
2023. On the same date of the issuance of the Trial Measures, the CSRC circulated No.1 to No.5 Supporting Guidance Rules, the Notes on
the Trial Measures, the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises and the relevant
CSRC Answers to Reporter Questions on the official website of the CSRC, or collectively, the Guidance Rules and Notice. Under the Trial
Measures and the Guidance Rules and Notice, domestic companies conducting overseas securities offering and listing activities, either
in direct or indirect form, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within
three working days following its submission of initial public offering or listing application. The companies that have already been
listed on overseas stock exchanges
are not required to make
immediate filings for its listing yet need to make filings for subsequent offerings in accordance with the Trial Measures. In view of
the fact that the Trial Measures have come into effect on 31 March 2023, we shall fulfill the filing procedures with the CSRC for our
future offshore offering as per requirements of the Trial Measures. According to CSRC's Questions and Answers with respect to Trial
Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies on February 17, 2023, for the filing of overseas
listing of enterprises with VIE structure, the filing procedure will adhere to the principles of market-oriented principle, rule of law,
and strengthened regulatory synergy. The CSRC will consult the relevant competent authorities, and the overseas listing of VIE structured
enterprises that meet the compliance requirements will be filed. We may not be able to complete the filing if the filing materials
are incomplete or do not meet the requirements of the CSRC.
Any failure to obtain or delay in obtaining the CSRC permission and
approval for any of our offshore offerings, or a rescission of such permission and approval if obtained, may subject us to sanctions
imposed by the CSRC or other PRC regulatory authorities, which may materially and adversely affect our business, financial condition,
and results of operations.
Our
operations depend on the performance of the Internet infrastructure and telecommunications networks in China, which are in large part
operated and maintained by state-owned operators.
The successful
operation of our business depends on the performance of the Internet infrastructure and telecommunications networks in China. Almost
all access to the Internet is maintained through state-owned telecommunications operators under the administrative control and regulatory
supervision of the Ministry of Industry and Information Technology. We have limited access to alternative networks or services in the
event of disruptions, failures or other problems with China's Internet infrastructure or the telecommunications networks provided
by telecommunications service providers. Internet traffic in China has experienced significant growth during the past few years. Effective
bandwidth and server storage at Internet data centers in large cities such as Beijing are scarce. With the expansion of our business,
we may be required to upgrade our technology and infrastructure to keep up with our growing customer base. We had not experienced material
disruptions to our business operations as a result of service capacity constraints for the years ended December 31, 2020, 2021 and 2022.
However, we cannot assure you that the Internet infrastructure and telecommunications networks in China will be able to support the demands
associated with the continued growth in Internet usage. If we were unable to increase our online content and service delivering capacity
accordingly, we may not be able to continuously grow our Internet traffic and the adoption of our products and services may be hindered,
which could adversely impact our business and our share price.
In addition,
we generally have no control over the costs of the services provided by telecommunications service providers. If the prices we pay for
telecommunications and Internet services rise significantly, our results of operations may be materially and adversely affected.
The
M&A Rules and certain other PRC regulations could make it more difficult for us to pursue growth through acquisitions in China.
The Regulations
on Mergers and Acquisitions of Domestic Companies by Foreign Investors, or the M&A Rules, adopted by six PRC regulatory agencies
in 2006 and amended in 2009, and some other regulations and rules concerning mergers and acquisitions established additional procedures
and requirements that could make merger and acquisition activities by foreign investors more time-consuming and complex, including requirements
in some instances that the in-charge government authority be notified in advance of any change-of-control transaction in which a foreign
investor takes control of a PRC domestic enterprise. Moreover, the Anti-Monopoly Law of the PRC requires that the in-charge government
authority be notified in advance of any concentration of undertaking if certain thresholds are triggered. In light of the uncertainties
relating to the interpretation, implementation and enforcement of the Anti-Monopoly Law, we cannot assure you that the in-charge anti-monopoly
law enforcement agency will not deem our past acquisition or investments to have triggered the filing requirement for anti-trust review.
If we are found to implement concentration in violation of the present Law, and the concentration has or may have the effect of eliminating
or restricting competition, the Anti-monopoly Law Enforcement Agency of the State Council shall order it to cease the implementation
of concentration, dispose of the shares or assets within a time limit, transfer the business within a time limit and take other necessary
measures to restore to the status before the concentration, and impose on it a fine of not more than 10% of its sales amount in the previous
year; or impose on it a fine of not more than 5 million yuan if the concentration has no effect of eliminating or restricting competition.
It may materially and adversely affect our business, financial condition and results of operations. In addition, under applicable laws,
mergers and acquisitions by foreign investors that raise "national defense and security" concerns and mergers and acquisitions
through which foreign investors may acquire de facto control over domestic enterprises that raise "national security" concerns
are subject to strict review by the MOC, and any activities attempting to bypass a security review, including by structuring the transaction
through a proxy or contractual control arrangement, are prohibited.
In the future,
we may grow our business by acquiring complementary businesses. Complying with the requirements of the above-mentioned regulations and
other relevant rules to complete such transactions could be time-consuming, and any required approval processes, including obtaining
approval from the MOC or its local counterparts, may delay or inhibit our ability to complete such transactions, which could affect our
ability to expand our business or maintain our market share.
34
Any
failure to comply with PRC regulations regarding the registration requirements for employee stock incentive plans may subject our share
incentive plan participants or us to fines and other legal or administrative sanctions.
In February
2012, the SAFE promulgated the Notice of the State Administration of Foreign Exchange on Issues Relating to the Foreign Exchange Administration
for Domestic Individuals Participating in Stock Incentive Plan of Overseas Listed Company, replacing earlier rules promulgated in 2007.
Pursuant to these rules, PRC citizens and non-PRC citizens who reside in China for a continuous period of not less than one year and
participate in any stock incentive plan of an overseas listed company, subject to a few exceptions, are required to register with the
SAFE through a domestic qualified agent, which could be a PRC subsidiary of the overseas listed company, and complete certain other procedures.
In addition, an overseas-entrusted institution must be retained to handle matters in connection with the exercise or sale of stock options
and the purchase or sale of shares and interests. Failure to meet these requirements may result in fines and legal sanctions and may
also limit our ability to contribute additional capital into our PRC subsidiaries and our PRC subsidiaries' ability to distribute
dividends to us. See "Item 4. Information on the Company-B. Business Overview-Regulations-Regulations on Stock Incentive Plans."
PRC
regulations relating to offshore investment activities by PRC residents may subject our PRC resident shareholders, beneficial owners
and PRC subsidiaries to liability or penalties, limit our ability to inject capital into our PRC subsidiaries, limit our PRC subsidiaries'
ability to increase their registered capital or distribute profits to us or otherwise adversely affect us.
In July 2014,
the SAFE promulgated the Circular on Relevant Issues Concerning Foreign Exchange Control on Domestic Residents' Offshore Investment
and Financing and Roundtrip Investment Through Special Purpose Vehicles, or SAFE Circular 37. SAFE Circular 37 requires PRC residents
(including PRC individuals and PRC corporate entities, as well as foreign individuals that are deemed PRC residents for foreign exchange
administration purposes) to register with the SAFE or its local branches in connection with their direct or indirect offshore investment
activities. SAFE Circular 37 further requires the SAFE registrations be updated in the event of any changes with respect to the basic
information of the offshore special purpose vehicle, such as change in its name, operation term and PRC resident shareholder, increase
or decrease of capital contribution, share transfer or exchange, or mergers or divisions.
We have requested
that all of our current shareholders and beneficial owners who are known to us as being PRC residents complete the foreign exchange registrations.
However, we may not be informed of the identities of all the PRC residents holding direct or indirect interest in our company, and we
cannot provide any assurance that these PRC residents will comply with our request to make or obtain the applicable registrations or
continuously comply with all the requirements under SAFE Circular 37 or other related rules. Failure by such shareholders or beneficial
owners to comply with SAFE regulations, or failure by us to amend the foreign exchange registrations of our PRC subsidiaries, could subject
us to fines or legal sanctions, restrict our overseas or cross-border investment activities, limit our PRC subsidiaries' ability
to make distributions or pay dividends to us or affect our ownership structure, which could adversely affect our business and prospects.
In addition, if we decide to acquire a PRC domestic company, we cannot assure you that we or the owners of such company, as the case
may be, will be able to obtain the necessary approvals or complete the necessary filings and registrations required by the foreign exchange
regulations. This may restrict our ability to implement our acquisition strategy and could adversely affect our business and prospects.
Failure
to comply with PRC regulations regarding the registration requirements for employee stock ownership plans or share option plans may subject
the PRC plan participants or us to fines and other legal or administrative sanctions.
Pursuant
to SAFE Circular 37, PRC residents who participate in share incentive plans in overseas private special purpose companies shall submit
applications to the SAFE or its local branches for the foreign exchange registration. Pursuant to the Circular on Issues Concerning the
Foreign Exchange Administration for Domestic Individuals Participating in Stock Incentive Plan of Overseas Publicly Listed Company, or
the SAFE Circular 7, promulgated by the SAFE in 2012, grantees of our incentive share awards who are PRC citizens or who are non-PRC
residents continuously residing in the PRC for a continuous period of no less than a year shall, subject to limited exceptions, be required
to register with the SAFE and complete certain other procedures through a domestic qualified agent and collectively retain an overseas
entrusted institution to handle matters related to the exercise of stock options and the purchase and disposition of related equity interests
after our company becomes an overseas listed company upon the completion of the offering. Failure to comply with these SAFE requirements
may subject these individuals to fines, and legal sanctions and may also limit our ability to contribute additional capital into our
PRC subsidiaries and limit our PRC subsidiaries' ability to distribute dividends to us.
35
The PRC State
Administration of Taxation, or SAT, has also issued certain circulars concerning equity incentive awards. Under these circulars, our
employees working in China who exercise share options or are granted restricted shares will be subject to PRC individual income tax.
Each of our PRC subsidiaries has obligations to file documents related to employee share options or restricted shares with relevant tax
authorities and to withhold individual income taxes of those employees. If our employees fail to pay or if we fail to withhold their
income taxes according to relevant laws and regulations, we may face sanctions imposed by the tax authorities or other PRC governmental
authorities.
If
the custodians or authorized users of our corporate chops and seals fail to fulfill their responsibilities, or misappropriate or misuse
these assets, our business and operations could be materially and adversely affected.
Our legal
documents for corporate transactions are executed using the chops or seal of the signing entity or with the signature of a legal representative
whose designation is registered and filed with the relevant branch of the PRC State Administration for Market Regulation.
In order
to maintain the physical security of our chops and chops of our PRC entities, we generally store these items in secured locations accessible
only by authorized personnel. Although we monitor the activities of such authorized personnel, there is no assurance that such procedures
will prevent all instances of abuse or negligence. Accordingly, if any of our authorized personnel misuse or misappropriate our corporate
chops or seals, we could encounter difficulties in maintaining control over the relevant entities, experience significant disruption
to our operations and incur significant losses. If a designated legal representative obtains control of the chops in an effort to obtain
substantial influence over any of our PRC subsidiaries and VIEs, we or our PRC subsidiaries and VIEs would need to pass a new shareholders or board
resolution to designate a new legal representative and we would need to take legal action to seek the return of the chops, apply for
new chops with the relevant authorities, or otherwise seek legal redress for the violation of the representative's fiduciary duties
to us, which could have a material and adverse effect on our business and operations.
We
face certain risks related to the real properties that we lease and sublease.
We lease
our office space from a third party in China and sublease parts of the properties to our WFOEs, VIEs and the Beijing Music Festival Arts
Foundation. Our lease agreements for these properties have not been registered with the PRC governmental authorities as required by PRC
law due to the property owner's refusal to cooperate with the registration process, despite our efforts. Although the failure to
do so does not in itself invalidate the leases, we may be ordered by the PRC government authorities to rectify such noncompliance and,
if such non-compliance is not rectified within a given period of time, we may be subject to fines imposed by PRC government authorities
ranging from RMB1,000 and RMB10,000 for each unregistered lease agreement. While we intend to continue to seek the property owner's
cooperation with the registration process, we cannot assure you that we will be able to successfully obtain such cooperation. If the
lessor is not entitled to lease the real properties to us and the owner of such real properties declines to ratify the lease agreement
between us and the respective lessor, we may not be able to enforce our rights to lease such properties under the respective lease agreement
against the owner. As of the date of this annual report, we are not aware of any claim or challenge brought by any third parties concerning
the use of our leased properties without proper ownership proof. If a lease agreement is claimed as null and void by third parties who
is the real owner of such leased real properties, we could be required to vacate the properties, in the event of which we could only
initiate the claim against the lessor under the relevant lease agreement for indemnities for their breach of the agreement. We cannot
assure you that suitable alternative locations will be readily available on commercially reasonable terms, or at all. If we are unable
to relocate our office in a timely manner, our operations may be interrupted.
If
we are classified as a PRC resident enterprise for PRC income tax purposes, such classification could result in unfavorable tax consequences
to us and our non-PRC shareholders or ADS holders.
Under the
PRC EIT Law and its implementation rules, an enterprise established outside of the PRC with the "de facto management body"
within China is considered a "resident enterprise" and will be subject to PRC enterprise income tax on its global income
at the rate of 25%. Under relevant implementation rules, the "de facto management body" means the body that exercises full
and substantial control and overall management over the business, productions, personnel, accounts and properties of an enterprise. According
to a circular issued by the SAT in April 2009, or Circular 82, an enterprise incorporated offshore that is controlled by a PRC enterprise
or a PRC enterprise group may be regarded as a PRC tax resident by virtue of having its "de facto management body" in China
if all of the following conditions are met: (i) the primary location of its day-to-day operational management is in China; (ii) decisions
relating to its financial and human resource matters are made or are subject to approval by organizations or personnel in China; (iii)
its primary assets, accounting books and records, company seals, and board and shareholder resolutions are located or maintained in China;
and (iv) at least 50% of its voting board members or senior executives habitually reside in China.
We believe
that we are not a PRC resident enterprise for PRC tax purposes. However, the tax resident status of an enterprise is subject to determination
by PRC tax authorities and uncertainties remain with respect to the interpretation of the term "de facto management body."
If PRC tax authorities determine that we are a PRC resident enterprise for enterprise income tax purposes, we could be subject to PRC
tax at a rate of 25% on our worldwide income, which could materially reduce our net income, and we may be required to withhold a 10%
withholding tax from dividends we pay to our shareholders that are non-resident enterprises, including the holders of our ADSs. In addition,
non-resident enterprise shareholders (including our ADS holders) may be subject to PRC tax on gains realized on the sale or other disposition
of the ADSs or Class A ordinary shares, if such income is treated as sourced from China. Furthermore, if we are deemed a PRC resident
enterprise, dividends payable to our non-PRC individual shareholders (including our ADS holders) and any gain realized on the transfer
of the ADSs or Class A ordinary shares by such shareholders may be subject to PRC tax at a rate of 20%, unless a reduced rate is available
under an applicable tax treaty between their country of tax residence and the PRC. Any such tax may reduce the returns on your investment
in the ADSs or Class A ordinary shares.
36
We
face uncertainty with respect to indirect transfers of equity interests in PRC resident enterprises by their non-PRC holding companies.
In February
2015, the SAT issued the Public Notice Regarding Certain Enterprise Income Tax Matters on Indirect Transfer of Properties by Non-Resident
Enterprises, or SAT Public Notice 7. Under SAT Public Notice 7 and amended it on December 29, 2017, pursuant to which a non-resident
enterprise conducts an "indirect transfer" by transferring the taxable assets indirectly by disposing of the equity interests
of an overseas holding company, the non-resident enterprise or the PRC entity which directly owns the taxable assets may report to the
relevant tax authority such indirect transfer. Using a "substance over form" principle, PRC tax authorities may disregard
the existence of the overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose of reducing,
avoiding or deferring PRC tax. As a result, gains derived from such an indirect transfer may be subject to PRC enterprise income tax,
and the transferee or other person who is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently
at a tax rate of 10% for the transfer. Both the transferor and the transferee may be subject to penalties under PRC tax laws if the transferee
fails to withhold the taxes and the transferor fails to pay the taxes. However, PRC tax would not be applicable to the transfer by any
non-resident enterprise of our ADSs acquired and sold on public securities markets.
On October
17, 2017, the SAT issued the Public Notice on Issues Relating to Withholding at Source of Income Tax of Non-resident Enterprises, or
SAT Public Notice 37, which came into effect on December 1, 2017 and was amended on June 15,2018. According to SAT Public Notice 37,
where the non-resident enterprise fails to declare its tax payable pursuant to the PRC EIT Law, the tax authority may order it to pay
the tax due within a required period, and the non-resident enterprise shall declare and pay the tax within the time specified by the
tax authority. If the non-resident enterprise voluntarily declares and pays tax before the tax authority orders it to do so, it shall
be deemed that such enterprise has paid its tax payable in time.
We face uncertainties
on the reporting and tax consequences of future private equity financing transactions, share exchanges or other transactions involving
the transfer of shares in our company by investors that are non-PRC resident enterprises. The PRC tax authorities may pursue such non-resident
enterprises with respect to their filing obligations or the transferees with respect to their withholding obligations, and request our
PRC subsidiaries to assist in the filing. As a result, we and the non-resident enterprises in such transactions may be subject to filing
obligations or tax under SAT Public Notice 7 and SAT Public Notice 37. We may also be required to expend extensive resources to comply
with these requirements or to establish that we and the non-resident enterprises should not be taxed under these regulations, which may
have a material adverse effect on our financial condition and results of operations.
Increases
in labor costs and enforcement of stricter labor laws and regulations in China may adversely affect our business and our profitability.
The average
wage in China and the average wage level for our employees have increased in recent years and are expected to grow. We expect that our
labor costs, including wages and employee benefits, will increase. Unless we are able to pass on these increased labor costs to our customers,
our results of operations may be materially and adversely affected. In addition, we have been subject to stricter regulatory requirements
in terms of entering into labor contracts with our employees and paying various statutory employee benefits, including pensions, housing
funds, medical insurance, work-related injury insurance, unemployment insurance and maternity insurance to designated government agencies
for the benefit of our employees. Pursuant to the PRC Labor Contract Law and its implementation rules, employers are subject to strict
requirements in terms of signing labor contracts, paying minimum wages, paying remuneration, determining the term of employee's
probation and unilaterally terminating labor contracts. In the event that we decide to terminate some of our employees or otherwise change
our employment or labor practices, the PRC Labor Contract Law and its implementation rules may limit our ability to effect those changes
in a desirable or cost-efficient manner, which could adversely affect our business and results of operations.
As the interpretation
and implementation of labor-related laws and regulations are still evolving, our employment practices may violate labor-related laws
and regulations in China, which may subject us to labor disputes or government investigations. We cannot assure you that we have complied
or will be able to comply with all labor-related laws and regulations. If we are deemed to have violated relevant labor laws and regulations,
we could be required to provide additional compensation to our employees, pay penalties or incur significant legal fees in connection
with such disputes or investigations, and our business, financial condition and results of operations will be adversely affected.
37
Our
business may be negatively affected by the potential obligations to make additional social insurance and housing fund contributions.
We are required by PRC laws and regulations to pay various statutory
employee benefits, including pensions, housing fund, medical insurance, work-related injury insurance, unemployment insurance and maternity
insurance to designated government agencies for the benefit of our employees. The relevant government agencies may examine whether an
employer has made adequate payments of the requisite statutory employee benefits, and employers who fail to make adequate payments may
be subject to late payment fees, fines and/or other penalties. Certain of the VIEs have historically failed to promptly make social insurance
and housing fund contributions in full for their employees. With respect to the outstanding social insurance contribution, we may also
be subject to a late charge at the rate of 0.05% per day from the day of default and a fine of up to three times of the outstanding contribution
if we are unable to make the full payments as requested by the in-charge government authority. We have not received any inquiry from relevant
government authorities in this regard but if the relevant PRC authorities determine that we shall make supplemental social insurance and
housing fund contributions, we may be subject to fines and legal sanctions and our business, financial condition and results of operations
may be adversely affected. In 2020 and 2022, we did not make additional provisions. In 2021, we made provisions of RMB34,815.6 for the
outstanding social insurance and housing fund contribution.
You
may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in China against us
or our management named in this annual report based on foreign laws.
We are a
company incorporated under the laws of the Cayman Islands. We conduct substantially all of our operations in China and substantially
all of our assets are located in China. In addition, all of our directors and officers are PRC nationals who reside in China for a significant
portion of the year. As a result, it may be difficult for you to effect service of process upon us or those persons inside mainland China.
It may also be difficult for you to enforce in judgments obtained in U.S. courts based on the civil liability provisions of the U.S.
federal securities laws against us and our officers and directors as none of them currently resides in the United States or has substantial
assets located in the United States. In addition, there is uncertainty as to whether the courts of the Cayman Islands or the PRC would
(i) recognize or enforce judgments of U.S. courts against us or such persons predicated upon the civil liability provisions of U.S. federal
or state securities laws, or (ii) entertain original actions brought in the Cayman Islands or the PRC
against us or
our directors or officers that are predicated upon U.S. federal or state securities laws.
The courts
of the Cayman Islands would recognize a final and conclusive judgment in the federal or state courts of the United States under which
a sum of money is payable (other than a sum of money payable in respect of multiple damages, taxes or other charges of a like nature
or in respect of a fine or other penalty) or, in certain circumstances, an in personam judgment for non-monetary relief, and would give
a judgment based thereon provided that (i) such courts had proper jurisdiction over the parties subject to such judgment; (ii) such courts
did not contravene the rules of natural justice of the Cayman Islands; (iii) such judgment was not obtained by fraud; (iv) the enforcement
of the judgment would not be contrary to the public policy of the Cayman Islands; (v) no new admissible evidence relevant to the action
is submitted prior to the rendering of the judgment by the courts of the Cayman Islands; and (vi) there is due compliance with the correct
procedures under the laws of the Cayman Islands.
The recognition
and enforcement of foreign judgments in mainland China are provided for under the PRC Civil Procedures Law. PRC courts may recognize
and enforce foreign judgments in accordance with the requirements of the PRC Civil Procedures Law based either on the treaties between
China and the country where the judgment is made or on principles of reciprocity between jurisdictions. China does not have any treaties
or other forms of written arrangement with the United States that provide for the reciprocal recognition and enforcement of foreign judgments.
In addition, according to the PRC Civil Procedures Law, PRC courts will not enforce a foreign judgment against us or our directors and
officers if they decide that the judgment violates the basic principles of PRC laws or national sovereignty, security or public interest.
As a result, it is uncertain whether and on what basis a PRC court would enforce a judgment rendered by a court in the United States.
Our
Hong Kong subsidiaries could become subject to more influence and/or control of the PRC government if the Hong Kong legal system becomes
more integrated into the PRC legal system.
Certain national
laws and regulations of the PRC, including but not limited to the Measures for Cybersecurity Review and other PRC regulations, are not
applicable in Hong Kong, except for those listed in the Basic Law of the Hong Kong Special Administrative Region of the PRC (the "Basic
Law"). However, such list of national laws and regulations that are applicable in Hong Kong can be expanded by amendment to the
Basic Law. There is no assurance that (1) the Basic Law will not be further amended to apply more PRC laws and regulations in Hong Kong,
or (2) the PRC and/or Hong Kong government will not take other actions to promote the integration of Hong Kong legal system into the
PRC legal system. Although we do not have substantive business operations in Hong Kong, we cannot assure you that our Hong Kong subsidiaries
will not be subject to more influence and/or control of the PRC government or even direct oversight or intervention from them if we expand
our business in Hong Kong or the Hong Kong legal system becomes more integrated into the PRC legal system. We also cannot assure you
that our Hong Kong subsidiaries will not be exposed to the similar regulatory and/or policy risks and uncertainties faced by our subsidiaries
in mainland China in the future.
38
Fluctuations
in exchange rates could have a material adverse effect on our results of operations and the value of your investment.
The value
of the Renminbi against the U.S. dollar and other currencies may fluctuate and is affected by, among other things, changes in the political
and economic conditions in China and China's foreign exchange policies. On July 21, 2005, the PRC government changed its decade-old
policy of pegging the value of the Renminbi to the U.S. dollar. On November 30, 2015, the Executive Board of the International Monetary
Fund (IMF) completed the regular five-year review of the basket of currencies that make up the Special Drawing Right, or the SDR, and
decided that starting from October 1, 2016, Renminbi is determined to be a freely usable currency and will be included in the SDR basket.
Since June 2010, the Renminbi has fluctuated significantly against the U.S. dollar. It is difficult to predict how market forces or policies
by the PRC or U.S. government may impact the exchange rate between the Renminbi and the U.S. dollar in the future. With the development
of the foreign exchange market and progress towards interest rate liberalization and Renminbi internationalization, the PRC government
may in the future announce further changes to the exchange rate system and we cannot assure you that the Renminbi will not appreciate
or depreciate significantly in value against the U.S. dollar in the future.
Significant
revaluation of the Renminbi may materially and adversely affect our revenues, earnings and financial position, and the value of, and
any dividends payable on, our ADSs in U.S. dollars. The appreciation of the Renminbi against the U.S. dollar would have an adverse effect
on the Renminbi amount we would receive from the conversion to the extent that we need to convert U.S. dollars into Renminbi for capital
expenditures and working capital and other business purposes. Conversely, a significant depreciation of the Renminbi against the U.S.
dollar may significantly reduce the U.S. dollar equivalent of our earnings, which in turn could adversely affect the price of our ADSs
and have a negative effect on the U.S. dollar amount available to us for the purpose of making payments for dividends on our Class A
ordinary shares or ADSs, royalties, strategic acquisitions or investments or for other business purposes.
Very limited
hedging options are available in China to reduce our exposure to exchange rate fluctuations. To date, we have not entered into any hedging
transactions in an effort to reduce our exposure to foreign currency exchange risk. While we may decide to enter into hedging transactions
in the future, the availability and effectiveness of these transactions may be limited and we may not be able to adequately hedge our
exposure, or at all. In addition, our currency exchange losses may be magnified by PRC exchange control regulations that restrict our
ability to convert Renminbi into foreign currency.
Foreign
exchange controls may limit our ability to utilize our revenues effectively and affect the value of your investment.
The PRC government
imposes foreign exchange controls on the convertibility of the Renminbi and, in certain cases, the remittance of currency out of China.
We receive all of our revenues in Renminbi. Under our current corporate structure, our Cayman Islands holding company primarily relies
on dividend payments from our PRC subsidiaries to fund any cash and financing requirements we may have. Under existing PRC foreign exchange
regulations, payments of current account items, including profit distributions, interest payments and trade and service-related foreign
exchange transactions, can be made in foreign currencies without prior approval of the SAFE provided that certain procedural requirements
are met. Specifically, under the existing exchange restrictions, without prior approval of the SAFE, cash generated from the operations
of our PRC subsidiaries in China may be used to pay dividends to our company. However, approval from or registration with appropriate
government authorities is required where Renminbi is to be converted into foreign currency and remitted out of China to pay capital expenses,
such as the repayment of loans denominated in foreign currencies. As a result, we need to obtain SAFE approval or registration to use
cash generated from the operations of our PRC subsidiaries and VIEs to pay off their respective debt in a currency other than Renminbi
owed to entities outside China, or to make other capital expenditure payments outside China in a currency other than Renminbi. The PRC
government may also at its discretion restrict access to foreign currencies for current account transactions in the future. If the foreign
exchange control system prevents us from obtaining sufficient foreign currencies to satisfy our foreign currency demands, we may not
be able to pay dividends in foreign currencies to our shareholders and holders of the ADSs.
39
Our
PRC subsidiaries are subject to restrictions on paying dividends or making other payments to us, which may restrict our ability to satisfy
our liquidity requirements.
We are a
holding company incorporated in the Cayman Islands. Payment of dividends by our PRC subsidiaries is an important source of income for
us to meet our financing need, and such payment is subject to various restrictions. Current PRC regulations permit our PRC subsidiaries
to pay dividends to us only out of their accumulated after-tax profits upon satisfaction of relevant statutory condition and procedures,
if any, determined in accordance with Chinese accounting standards and regulations. In addition, each of our PRC subsidiaries is required
to set aside at least 10% of its accumulated profits each year, if any, to fund certain reserve funds until the total amount set aside
reaches 50% of its registered capital. In addition, the EIT Law and its implementation rules provide that withholding tax at the rate
of 10% will be applicable to dividends payable by Chinese companies to non-PRC-resident enterprises, unless otherwise exempted or reduced
according to treaties or arrangements between the PRC central government and governments of other countries or regions where the non-PRC-resident
enterprises are incorporated. Furthermore, if our PRC subsidiaries incur debt on their own behalf in the future, the instruments governing
the debt may restrict their ability to pay dividends or make other payments to us, which may restrict our ability to satisfy our liquidity
requirements.
If
we become directly subject to the scrutiny, criticism and negative publicity involving U.S.-listed Chinese companies, we may have to
expend significant resources to investigate and resolve the matter, which could harm our business operations, stock price and reputation.
U.S.-listed
companies with substantially all of their operations in China have been the subject of intense scrutiny, criticism and negative publicity
by investors, financial commentators and regulatory agencies, such as the SEC. Much of the scrutiny, criticism and negative publicity
has centered on financial and accounting irregularities and mistakes, lack of effective internal controls over financial accounting,
inadequate corporate governance policies and practice, and, in many cases, allegations of fraud. As a result of the scrutiny, criticism
and negative publicity, the publicly traded stock of many U.S.-listed Chinese companies sharply decreased in value and, in some cases,
has become virtually worthless. Many of these companies are now subject to shareholder lawsuits and SEC enforcement actions and are conducting
internal and external investigations into the allegations. It is not clear what effect this sector-wide scrutiny, criticism and negative
publicity will have on us, our business and our stock price. If we become the subject of any unfavorable allegations, with or without
merit, we will have to expend significant resources to engage in the costly and time-consuming exercise of investigating such allegations
and defending our company, which could distract our management from growing our business. If we fail to prevail on these matters, our
business operations could be severely affected and you could sustain a significant decline in the value of our stock.
Risks
Related to Our ADSs
The
trading price of our ADSs is likely to be volatile, which could result in substantial losses to investors.
The trading
price of our ADSs have been, and may be volatile and could fluctuate widely due to factors beyond our control. This may happen because
of broad market and industry factors, including the performance and fluctuation of the market prices or the underperformance or deteriorating
financial results of other companies with business operations located mainly in China that have listed their securities in the United
States. The securities of some of these companies have experienced significant volatility since their initial public offerings, including,
in some cases, substantial decline in the trading prices of their securities. The trading performances of other PRC companies'
securities after their offerings may affect investors' attitude toward PRC companies listed in the United States, which consequently
may impact the trading performance of our ADSs, regardless of our actual operating performance. In addition, any negative news or perception
about inadequate corporate governance practices or fraudulent accounting, corporate structure or matters of other PRC companies may also
negatively affect investors' attitude towards PRC companies in general, including us, regardless of whether we have conducted any
inappropriate activities. Furthermore, securities markets may from time to time experience significant price and volume fluctuations
that are not related to our operating performance, resulting in a material adverse effect on the trading price of our ADSs.
In addition
to market and industry factors, the price and trading volume for our ADSs may be volatile for factors specific to our own operations,
including the following:
●
variations
                                            in our revenues, earnings and cash flow;
●
our
                                            or our competitors' announcements of new investments, acquisitions, strategic partnerships
                                            or joint ventures;
40
●
our
                                            or our competitors' announcements of new services and expansions;
●
changes
                                            in financial estimates by securities analysts;
●
failure
                                            on our part to realize monetization opportunities as expected;
●
additions
                                            or departures of key personnel;
●
release
                                            of lock-up or other transfer restrictions on our outstanding equity securities or sales of
                                            additional equity securities;
●
detrimental
                                            negative publicity about us, our management or our competitors;
●
regulatory
                                            developments; and
●
actual
                                            or potential litigation or regulatory investigations.
Any of these
factors may result in large and sudden changes in the trading volume and price of the ADSs.
In the past,
shareholders of public companies have often brought securities class action suits against those companies following periods of instability
in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount of our management's
attention and other resources from our business and operations and require us to incur significant expenses to defend the suit, which
could harm our results of operations. Any such class action suit, whether or not successful, could harm our reputation and restrict our
ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant
damages, which could have a material adverse effect on our financial condition and results of operations.
Our
dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change
of control transactions that holders of our Class A ordinary shares and ADSs may view as beneficial.
Our authorized
and issued ordinary shares are divided into Class A ordinary shares and Class B ordinary shares. In respect of matters requiring the
votes of shareholders, holders of Class A ordinary shares and Class B ordinary shares vote together as a single class except as may otherwise
be required by law, and holders of Class A ordinary shares will be entitled to one vote per share while holders of Class B ordinary shares
will be entitled to ten votes per share. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the
holder thereof, while Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Upon any transfer
of Class B ordinary shares by a holder thereof to any person or entity that is not an affiliate of the holder, such Class B ordinary
shares are automatically and immediately converted into an equal number of Class A ordinary shares.
As of the date of this annual report, Mr. He Yu, our Chief Executive
Officer and Chairman of the Board, and Mr. Lung Yu, our Director, beneficially own all of our issued and outstanding Class B ordinary
shares, representing 79.1% of the aggregate voting power of our total issued and outstanding ordinary shares due to the disparate voting
powers associated with our dual-class voting structure. See "Item 6. Directors, Senior Management and Employees-E. Share Ownership."
Holders of our Class B ordinary shares have considerable influence over matters requiring shareholder approval, such as electing directors
and approving material mergers, acquisitions or other business combination transactions. This concentration of ownership will limit your
ability to influence corporate matters and may discourage, delay or prevent a change of control of our company that holders of Class A
ordinary shares and ADSs may view as beneficial, which could have the effect of depriving our other shareholders of the opportunity to
receive a premium for their shares as part of a sale of our company and may reduce the price of our ADSs.
41
Our
dual-class voting structure may render the ADSs representing our Class A ordinary shares ineligible for inclusion in certain stock market
indices, and thus adversely affect the trading price and liquidity of the ADSs.
Certain index
providers have announced restrictions on including companies with multi-class share structures in certain of their indices. For example,
S&P Dow Jones and FTSE Russell have changed their eligibility criteria for inclusion of shares of public companies on certain indices,
including the S&P 500, to exclude companies with multiple classes of shares and companies whose public shareholders hold no more
than 5% of total voting power from being added to such indices. As a result, our dual-class voting structure may prevent the inclusion
of the ADSs representing our Class A ordinary shares in such indices, which could adversely affect the trading price and liquidity of
the ADSs representing our Class A ordinary shares.
If
securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, or if they
adversely change their recommendations regarding our ADSs, the market price for our ADSs and trading volume could decline.
The trading
market for our ADSs will depend in part on the research and reports that securities or industry analysts publish about us or our business.
If research analysts do not establish and maintain adequate research coverage or if one or more of the analysts who cover us downgrade
our ADSs or publish inaccurate or unfavorable research about our business, the market price for our ADSs would likely decline. If one
or more of these analysts cease coverage of our company or fails to publish reports on us regularly, we could lose visibility in the
financial markets, which, in turn, could cause the market price or trading volume for our ADSs to decline.
The
voting rights of holders of ADSs are limited by the terms of the deposit agreement, and you may not be able to exercise your right to
direct how the Class A ordinary shares which are represented by your ADSs are voted.
As a Cayman
Islands exempted company, we are not obliged by the Companies Act to call shareholders' annual general meetings. Our second amended
and restated memorandum of association provides that we may (but are not obliged to) hold each year a general meeting as our annual general
meeting. Holders of ADSs do not have the same rights as our registered shareholders. As a holder of the ADSs, you will not have any direct
right to attend general meetings of our shareholders or to cast any votes at such meetings. You will only be able to exercise the voting
rights attached to the Class A ordinary shares underlying by your ADSs indirectly by giving voting instructions to the depositary in
accordance with the provisions of the deposit agreement. Under the deposit agreement, you may vote only by giving voting instructions
to the depositary, as the holder of the Class A ordinary shares underlying your ADSs. Where any matter is to be put to a vote at a general
meeting, then upon receipt of your voting instructions, the depositary will try, as far as is practicable, to vote the underlying Class
A ordinary shares which are represented by your ADSs in accordance with your instructions. You will not be able to directly exercise
your right to vote with respect to the underlying Class A ordinary shares represented by your ADSs, unless you withdraw the shares and
become the registered holder of such shares prior to the record date for the general meeting. Under our second amended and restated memorandum
of association, the minimum notice period required to be given by our company to our registered shareholders to convene a general meeting
will be ten days. When a general meeting is convened, you may not receive sufficient advance notice of the meeting to withdraw the Class
A ordinary shares underlying your ADSs and become the registered holder of such shares to allow you to attend the general meeting and
to vote directly with respect to any specific matter or resolution to be considered and voted upon at the general meeting. In addition,
under our second amended and restated memorandum of association, for the purposes of determining those shareholders who are entitled
to attend and vote at any general meeting, our directors may close our register of members and/or fix in advance a record date for such
meeting, and such closure of our register of members or the setting of such a record date may prevent you from withdrawing the Class
A ordinary shares underlying your ADSs and becoming the registered holder of such shares prior to the record date, so that you would
not be able to attend the general meeting or to vote directly. If we ask for your instruction, the depositary will notify you of the
upcoming vote and will arrange to deliver our voting materials to you. We have agreed to give the depositary at least 30 business days'
prior notice of shareholder meetings. Nevertheless, we cannot assure you that you will receive the voting materials in time to ensure
that you can instruct the depositary to vote the underlying Class A ordinary shares represented by your ADSs. In addition, the depositary
and its agents are not responsible for failing to carry out voting instructions or for their manner of carrying out your voting instructions.
This means that you may not be able to exercise your right to direct how the Class A ordinary shares underlying your ADSs are voted and
you may have no legal remedy if the ordinary shares underlying your ADSs are not voted as you requested.
42
The
sale or availability for sale of substantial amounts of our ADSs could adversely affect their market price.
Sales of
substantial amounts of our ADSs in the public market, or the perception that these sales could occur, could adversely affect the market
price of our ADSs and could materially impair our ability to raise capital through equity offerings in the future. The ADSs sold in our
initial public offering are freely tradable without restriction or further registration under the Securities Act of 1933, as amended,
or the Securities Act, and shares held by our existing shareholders may also be sold in the public market in the future subject to the
restrictions in Rule 144 and Rule 701 under the Securities Act. Any or all of these ordinary shares may be released prior to the expiration
of the applicable lock-up period at the discretion of the designated representatives. To the extent shares are released before the expiration
of the applicable lock-up period and sold into the market, the market price of our ADSs could decline significantly.
Certain major
holders of our ordinary shares have the right to cause us to register the sale of their shares under the Securities Act, subject to the
applicable lock-up periods in connection with our initial public offering. Registration of these shares under the Securities Act would
result in ADSs representing these shares becoming freely tradable without restriction under the Securities Act immediately upon the effectiveness
of the registration. Sales of these registered shares in the form of ADSs in the public market could cause the price of our ADSs to decline
significantly.
We have adopted
share incentive plans, under which we have the discretion to grant a broad range of equity-based awards to eligible participants. See
"Item 6. Directors, Senior Management and Employees-B. Compensation." We have registered all ordinary shares that we may
issue under these share incentive plans and they can be freely sold in the public market in the form of ADSs upon issuance, subject to
volume limitations applicable to affiliates and the lock-up agreements. If a large number of our ordinary shares or securities convertible
into our ordinary shares are sold in the public market in the form of ADSs after they become eligible for sale, the sales could reduce
the trading price of our ADSs and impede our ability to raise future capital. In addition, any ordinary shares that we issue under our
share incentive plans would dilute the percentage ownership held by the investors who purchase ADSs.
Because
we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our ADSs for return on your investment.
We currently
intend to retain most, if not all, of our available funds and any future earnings to fund the development and growth of our business.
As a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on investment in our
ADSs as a source for any future dividend income.
Our board
of directors has complete discretion as to whether to distribute dividends, subject to certain requirements of Cayman Islands law. Under
Cayman Islands law, a Cayman Islands company may pay a dividend out of either profit or share premium account, provided that in no circumstances
may a dividend be paid if this would result in the company being unable to pay its debts as they fall due in the ordinary course of business.
Even if our board of directors decides to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend
on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions,
if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by
our board of directors. Accordingly, the return on your investment in our ADSs will likely depend entirely upon any future price appreciation
of our ADSs. There is no guarantee that our ADSs will appreciate in value in the future or even maintain the price at which you purchased
the ADSs. You may not realize a return on your investment in our ADSs and you may even lose your entire investment in our ADSs.
43
Your
right to participate in any future rights offerings may be limited, which may cause dilution to your holdings and you may not receive
cash dividends if it is impractical to make them available to you.
We may from
time to time distribute rights to our shareholders, including rights to acquire our securities. However, we cannot make rights available
to you in the United States, unless we register both the rights and the securities to which the rights relate under the Securities Act
or an exemption from the registration requirements is available. Under the deposit agreement, the depositary will not make rights available
to you, unless both the rights and the underlying securities to be distributed to ADS holders are either registered under the Securities
Act or exempt from registration under the Securities Act. We are under no obligation to file a registration statement with respect to
any such rights or securities or to endeavor to cause such a registration statement to be declared effective and we may not be able to
establish a necessary exemption from registration under the Securities Act. Accordingly, you may be unable to participate in our rights
offerings and may experience dilution in your holdings.
You
may be subject to limitations on the transfer of your ADSs.
Your ADSs
are transferable on the books of the depositary. However, the depositary may close its transfer books at any time or from time to time
when it deems expedient in connection with the performance of its duties. The depositary may close its books from time to time for a
number of reasons, including in connection with corporate events such as a rights offering, during which time the depositary needs to
maintain an exact number of ADS holders on its books for a specified period. The depositary may also close its books in emergencies,
and on weekends and public holidays. In addition, the depositary may refuse to deliver, transfer or register transfers of ADSs generally
when our books or the books of the depositary are closed, or at any time if we or the depositary deems it advisable to do so because
of any requirement of law or of any government or governmental body, or under any provision of the deposit agreement, or for any other
reason.
Your
rights to pursue claims against the depositary as a holder of ADSs are limited by the terms of the deposit agreement.
Under the
deposit agreement, any action or proceeding against or involving the depositary arising out of or based upon the deposit agreement or
the transactions contemplated thereby or by virtue of owning the ADSs, including claims arising under the Securities Act and the Exchange
Act, may only be instituted in a state or federal court in New York, New York, and you, as a holder of our ADSs, will have irrevocably
waived any objection which you may have to the laying of venue of any such proceeding and irrevocably submitted to the exclusive jurisdiction
of such courts in any such action or proceeding.
The depositary
may, in its sole discretion, require that any dispute or difference arising from the relationship created by the deposit agreement be
referred to and finally settled by an arbitration conducted under the terms described in the deposit agreement, which may include claims
arising under the federal securities laws, although the arbitration provisions of the deposit agreement do not preclude you from pursuing
claims under the the Securities Act or the Exchange Act in state or federal courts. Purchasers of ADSs in secondary transactions will
be subject to the arbitration provision to the same extent as purchasers of the ADSs offered in our initial public offering. No condition,
stipulation or provision of the deposit agreement or ADSs serves as a waiver by any holder or beneficial owner of ADSs, by us or the
depositary of compliance with the U.S. federal securities laws and the rules and regulations promulgated thereunder. The state and federal
courts sitting in New York generally respect the contractual decision of the parties to submit their disputes to arbitration and such
arbitration provisions are generally enforceable under federal law and the laws of the State of New York, subject to certain exceptions,
such as corruption, fraud or undue means. Therefore, we believe that the arbitration provision in the deposit agreement is enforceable
under federal law and the laws of the State of New York. As a result of these exclusive jurisdiction provisions and arbitration provisions,
investors' ability to bring claims in a judicial forum that they find favorable or convenient may be limited, and investors may
have to incur increased costs in order to bring claims against the depositary, both of which could discourage claims against the depositary.
The
deposit agreement may be amended or terminated without your consent.
We and the
depositary may amend or terminate the deposit agreement without your consent. Such amendment or termination may be done in favor of our
company. Holders of our ADSs are entitled to prior notice in the event of a materially prejudicial amendment or termination thereof.
If you continue to hold your ADSs after an amendment to the deposit agreement, you agree to be bound by the deposit agreement as amended.
The deposit agreement may be terminated at any time upon a prior written notice. Upon the termination of the deposit agreement, our company
will be discharged from all obligations under the deposit agreement, except for our obligations to the depositary thereunder.
44
Holders
or beneficial owners of the ADSs have limited recourse if we or the depositary fail to meet our respective obligations under the deposit
agreement.
The deposit
agreement expressly limits the obligations and liability of us and the depositary. For example, the depositary is not liable if any of
us or our respective controlling persons or agents are prevented or forbidden from, or subjected to any civil or criminal penalty or
restraint on account of, or delayed in, doing or performing any act or thing required by the terms of the deposit agreement and any ADR,
by reason of any provision of any present or future law or regulation of the United States or any state thereof, the Cayman Islands or
any other country, or of any other governmental authority or regulatory authority or stock exchange, or on account of the possible criminal
or civil penalties or restraint, or by reason of any provision, present or future, of our memorandum and articles of association or any
provision of or governing any deposited securities, or by reason of any act of God or war or other circumstances beyond its control (including,
without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, revolutions, rebellions,
explosions and computer failure). In addition, the depositary and any of its agents also disclaim any liability for (i) any failure to
carry out any instructions to vote, the manner in which any vote is cast or the effect of any vote or failure to determine that any distribution
or action may be lawful or reasonably practicable or for allowing any rights to lapse in accordance with the provisions of the deposit
agreement, (ii) the failure or timeliness of any notice from us, the content of any information submitted to it by us for distribution
to you or for any inaccuracy of any translation thereof, (iii) any investment risk associated with the acquisition of an interest in
the deposited securities, the validity or worth of the deposited securities or the credit-worthiness of any third party, (iv) any tax
consequences that may result from ownership of ADSs, ordinary shares or deposited securities, or (v) any acts or omissions made by a
successor depositary whether in connection with a previous act or omission of the depositary or in connection with any matter arising
wholly after the removal or resignation of the depositary, provided that in connection with the issue out of which such potential liability
arises the depositary performed its obligations without gross negligence or willful misconduct while it acted as depositary. These provisions
of the deposit agreement will limit the ability of holders or beneficial owners of the ADSs to obtain recourse if we or the depositary
fail to meet our respective obligations under the deposit agreement.
ADS
holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could result in less favorable
outcomes to the plaintiff(s) in any such action.
The deposit
agreement governing the ADSs representing our Class A ordinary shares provides that, subject to the depositary's right to require
a claim to be submitted to arbitration, the federal or state courts in the City of New York have exclusive jurisdiction to hear and determine
claims arising under the deposit agreement and in that regard, to the fullest extent permitted by law, ADS holders, including purchasers
of ADSs in secondary transactions, waive the right to a jury trial of any claim they may have against us or the depositary arising out
of or relating to our Class A ordinary shares, the ADSs or the deposit agreement, including any claim under the U.S. federal securities
laws.
If we or
the depositary oppose a jury trial demand based on the waiver, the court would determine whether the waiver is enforceable based on the
facts and circumstances of that case in accordance with the applicable U.S. state and federal law. To our knowledge, the enforceability
of a contractual pre-dispute jury trial waiver in connection with claims arising under the federal securities laws has not been finally
adjudicated by the United States Supreme Court. However, we believe that a contractual pre-dispute jury trial waiver provision is generally
enforceable, including under the laws of the State of New York, which govern the deposit agreement. In determining whether to enforce
a contractual pre-dispute jury trial waiver provision, courts will generally consider whether a party knowingly, intelligently and voluntarily
waived the right to a jury trial. We believe that this is the case with respect to the deposit agreement and the ADSs. It is advisable
that you consult legal counsel regarding the jury waiver provision before investing in the ADSs.
If you or
any other holders or beneficial owners of ADSs bring a claim against us or the depositary in connection with matters arising under the
deposit agreement or the ADSs, including claims under U.S. federal securities laws, you or such other holder or beneficial owner may
not be entitled to a jury trial with respect to such claims, which may have the effect of limiting and discouraging lawsuits against
us and/or the depositary. If a lawsuit is brought against us and/or the depositary under the deposit agreement, it may be heard only
by a judge or justice of the applicable trial court, which would be conducted according to different civil procedures and may result
in different outcomes than a trial by jury would have had, including results that could be less favorable to the plaintiff(s) in any
such action. Nevertheless, if this jury trial waiver provision is not enforced, to the extent a court action proceeds, it would proceed
under the terms of the deposit agreement with a jury trial. No condition, stipulation or provision of the deposit agreement or ADSs shall
relieve us or the depositary from our respective obligations to comply with the Securities Act and the Exchange Act.
There can be no assurance that we will not be a passive foreign
investment company for United States federal income tax purposes, which generally will result in adverse United States federal income
tax consequences to United States Holders of our ADSs or Class A ordinary shares.
We will be
a passive foreign investment company, or PFIC, for United States federal income tax purposes for any taxable year if, applying the applicable
look-through rules, either (a) at least 75% of our gross income for such year is passive income or (b) at least 50% of the value of our
assets (generally determined based on an average of the quarterly values of the assets) during such year is attributable to assets that
produce or are held for the production of passive income. A determination must be made after the close of each taxable year as to whether we were
a PFIC for that year and involves extensive factual investigation, including ascertaining the fair market value of all of our assets
on a quarterly basis and the character of each item of income that we earn during the relevant taxable year. The determination of whether
we will be a PFIC for any taxable year may also depend in part upon the value of our goodwill and other unbooked intangibles not reflected
on our balance sheet (which may depend upon the market price of our ADSs from time to time, which may fluctuate significantly) and also
may be affected by how, and how quickly, we spend our liquid assets and the cash we generate from our operations and raise in any offering.
Moreover, the application of the PFIC rules is subject to uncertainty in several respects, and we cannot assure you that the United States
Internal Revenue Service, or IRS, will not take a position contrary to any position that we take. Accordingly, there can be no assurance
that we will not be a PFIC for our current or any future taxable year.
45
If we are a PFIC for any taxable year during which a United States
Holder (as defined in "Item 10. Additional Information-E. Taxation-United States Federal Income Tax Considerations") holds
our ADSs or Class A ordinary shares, certain adverse United States federal income tax consequences could apply to such United States Holder
with respect to any "excess distribution" received from us and any gain from a sale or other disposition of our ADSs or Class
A ordinary shares. See "Item 10. Additional Information-E. Taxation-United States Federal Income Tax Considerations-Passive Foreign
Investment Company."
You
may face difficulties in protecting your interests, and your ability to protect your rights through the U.S. federal courts may be limited,
because we are incorporated under Cayman Islands law.
We are an
exempted company incorporated under the laws of the Cayman Islands with limited liability. Our corporate affairs are governed by our
second amended and restated memorandum of association, the Companies Act and the common law of the Cayman Islands. The rights of shareholders
to take action against our directors, actions by our minority shareholders and the fiduciary duties of our directors to us under Cayman
Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in
part from comparatively limited judicial precedents in the Cayman Islands, as well as from the common law of England, the decisions of
whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders and the
fiduciary duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial
precedents in some jurisdictions in the United States. In particular, the Cayman Islands has a less developed body of securities laws
than the United States. Some U.S. states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate
law than the Cayman Islands. In addition, Cayman Islands companies may not have standing to initiate a shareholder derivative action
in a federal court of the United States.
Shareholders
of Cayman Islands exempted companies have no general rights under the Companies Act Cayman Islands law to inspect corporate records
or to obtain copies of lists of shareholders of these companies. Our second amended and restated memorandum of association allows
our shareholders to inspect our register of members but only for such times and on such days as our directors shall determine upon
such payment as specified therein. This may make it more difficult for you to obtain the information needed to establish any facts
necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.
As a result
of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken by management,
members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated in the
United States.
Certain
judgments obtained against us by our shareholders may not be enforceable.
We are a
company incorporated under the laws of the Cayman Islands. We conduct our operations outside the United States and all of our assets
are located outside the United States. In addition, all of our directors and executive officers and the experts named in this annual
report reside outside the United States. As a result, it may be difficult or impossible for you to bring an action against us or against
them in the United States in the event that you believe that your rights have been infringed under the U.S. federal securities laws or
otherwise. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands, China or other relevant jurisdiction
may render you unable to enforce a judgment against our assets or the assets of our directors and officers.
Shareholder
claims, including securities law class actions and fraud claims, are common in the United States and are generally difficult to pursue
as a matter of law or practicability in China. For example, in China, there are significant legal and other barriers to obtaining information
needed for shareholder investigations or litigation outside China or otherwise with respect to foreign entities. Although the local authorities
in China may establish a regulatory cooperation mechanism with the securities regulatory authorities of another country or region to
implement cross-border supervision and administration, such regulatory cooperation with the securities regulatory authorities in the
United States have not been efficient in the absence of a mutual and practical cooperation mechanism. According to Article 177 of the
PRC Securities Law, which became effective in March 2020, no overseas securities regulator is allowed to directly conduct investigation
or evidence collection activities within the territory of the PRC. Accordingly, without the consent of the competent PRC securities regulators
and other relevant authorities, no organization or individual may provide documents and materials relating to securities business activities
to overseas parties. See also "-You may face difficulties in protecting your interests, and your ability to protect your rights
through the U.S. federal courts may be limited, because we are incorporated under Cayman Islands law."
We
are a "controlled company" within the meaning of NYSE listing rules and, as a result, can rely on exemptions from certain
corporate governance requirements that provide protection to shareholders of other companies.
We are a
"controlled company" within the meaning of the NYSE listing rules because Mr. He Yu, our Chief Executive Officer and Chairman
of the Board, beneficially owns more than 50% of the total voting power of our outstanding ordinary shares. For so long as we remain
a controlled company under that definition, we are permitted to elect to rely, and intend to rely, on certain exemptions from corporate
governance rules, including an exemption from the rule that a majority of our board of directors must be independent directors or that
we have to establish a nominating committee and a compensation committee composed entirely of independent directors. As a result, you
will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.
46
We
are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions
applicable to United States domestic public companies.
Because we
are a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in
the United States that are applicable to U.S. domestic issuers, including:
●
the
                                            rules under the Exchange Act requiring the filing of quarterly reports on Form 10-Q or current
                                            reports on Form 8-K with the SEC;
●
the
                                            sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations
                                            in respect of a security registered under the Exchange Act;
●
the
                                            sections of the Exchange Act requiring insiders to file public reports of their stock ownership
                                            and trading activities and liability for insiders who profit from trades made in a short
                                            period of time; and
●
the
                                            selective disclosure rules by issuers of material nonpublic information under Regulation
                                            FD.
We are required
to file an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we intend to publish our results
on a quarterly basis through press releases, distributed pursuant to the rules and regulations of the New York Stock Exchange. Press
releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the information we
are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the
SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be made available to
you were you investing in a U.S. domestic issuer.
As
an exempted company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate
governance matters that differ significantly from New York Stock Exchange's corporate governance requirements.
As a Cayman
Islands exempted company listed on the New York Stock Exchange, we are subject to the New York Stock Exchange corporate governance listing
standards. However, the New York Stock Exchange rules permit a foreign private issuer like us to follow the corporate governance practices
of its home country. Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly
from the New York Stock Exchange corporate governance listing standards. For instance, we are not required to (i) have a majority of
the board be independent; (ii) have a compensation committee or a nominating committee consisting entirely of independent directors;
or (iii) have regularly scheduled executive sessions at which only independent directors are present. These practices may afford less
protection to shareholders than they would enjoy if we complied fully with New York Stock Exchange's corporate governance requirements.
Our
second amended and restated memorandum of association contains anti-takeover provisions that could discourage a third party from acquiring
us and adversely affect the rights of holders of our Class A ordinary shares and ADSs.
Our second
amended and restated memorandum of association contains certain provisions that could limit the ability of others to acquire control
of our company or cause us to engage in change-of-control transactions. These provisions could have the effect of depriving our shareholders
and ADS holders of the opportunity to sell their shares or ADSs at a premium over the prevailing market price by discouraging third parties
from seeking to obtain control of our company in a tender offer or similar transactions. Our board of directors has the authority, without
further action by our shareholders except as provided in the resolution or resolutions providing for the establishment of any class or
series of preferred shares, to issue preferred shares in one or more series and to fix their designations, powers, preferences, privileges,
relative participating, optional or special rights and qualifications, limitations or restrictions, including dividend rights, conversion
rights, voting rights, terms of redemption and liquidation preferences, any or all of which may be greater than the rights associated
with our Class A ordinary shares, in the form of ADS or otherwise. Preferred shares could be issued quickly with terms calculated to
delay or prevent a change in control of our company or make removal of management more difficult. If our board of directors decides to
issue preferred shares, the price of our ADSs may fall and the voting and other rights of the holders of our Class A ordinary shares
and ADSs may be materially and adversely affected.
We
are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.
We are an
"emerging growth company," as defined in the JOBS Act, and we may take advantage of certain exemptions from requirements
applicable to other public companies that are not emerging growth companies, including, most significantly, not being required to comply
with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 for so long as we remain an emerging growth
company. As a result, if we elect not to comply with such auditor attestation requirements, our investors may not have access to certain
information they may deem important.
47
The JOBS
Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards until
such date that a private company is otherwise required to comply with such new or revised accounting standards. We do not plan to "opt
out" of such exemptions afforded to an emerging growth company. As a result of this election, our financial statements may not
be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.
We
will incur increased costs and become subject to additional rules and regulations as a result of being a public company.
We are a
public company and expect to incur significant legal, accounting and other expenses. The Sarbanes-Oxley Act of 2002 and rules subsequently
implemented by the SEC and the New York Stock Exchange impose various requirements on the corporate governance practices of public companies.
Our executive officers have little experience in operating a U.S. public company, which makes our ability to comply with applicable laws,
rules and regulations uncertain. We expect these rules and regulations to increase our legal and financial compliance costs and to make
some corporate activities more time- consuming and costly. For example, as a result of becoming a public company, we need to increase
the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures. In addition,
we incur additional costs associated with our public company reporting requirements. After we are no longer an "emerging growth
company," we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the
requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the other rules and regulations of the SEC.
ITEM
4 INFORMATION ON THE COMPANY
A
History and Development of the Company
We are an
exempted company incorporated in the Cayman Islands on October 2, 2019, with limited liability under the laws of the Cayman Islands with
significant subsidiaries and VIEs in China. In January 2021, we were listed on the New York Stock Exchange.
We commenced
our operations in October 2002 when Mr. He Yu, our Chief Executive Officer and Chairman of the Board, acquired control of Beijing Cathay
Orient Information Technology Company Limited, a classical music licensing and subscription service provider and the predecessor of Beijing
Kuke Music.
In January
2016, Beijing Kuke Music and Naxos International established Naxos China, a PRC limited liability company. Naxos China was held by Beijing
Kuke Music and Naxos International as to 51% and 49%, respectively.
In September
2017, we established Kuke Music Holding Limited as our holding company in the Cayman Islands. In the same month, Kuke Music Holding Limited
established Rococo Holding Limited in the British Virgin Islands, as its wholly-owned subsidiary.
In October
2017, Rococo Holding Limited established Gauguin Limited in Hong Kong, as its wholly-owned subsidiary. In December 2017, Gauguin Limited
established Kuke International, as its wholly-owned subsidiary in the PRC.
In January
2018, Beijing Kuke Music transferred its equity interest in Naxos China to Kuke International.
Due to restrictions
imposed by PRC laws and regulations on foreign ownership of companies that engage in Internet and other related business, Kuke International
entered into a series of contractual arrangements with Beijing Kuke Music and its shareholders in February 2018, pursuant to which Kuke
International acquired substantial influence over Beijing Kuke Music.
48
In February
2020, through a share swap transaction, Kuke Music Holding Limited acquired 100% equity interest in Rosenkavalier Limited, a British
Virgin Islands company that indirectly owns 100% equity interest in Beijing Lecheng, which has substantial influence over BMF Culture
through a series of contractual arrangements with BMF Culture and its shareholders.
As a result
of our direct ownership in our WFOEs and the aforementioned contractual arrangements, we are regarded as the primary beneficiary of the
VIEs, and we treat them as our consolidated affiliated entities under IFRS. We have consolidated the financial results of the VIEs in
our consolidated financial statements in accordance with IFRS.
Our principal
executive offices are located at Building 96, 4 San Jian Fang South Block, Chaoyang District, Beijing, China. Our telephone number is
(86) 10 6561 0392. Our registered office in the Cayman Islands is located at Sertus Chambers, P.O. Box 905, Quastisky Building, Road
Town, Tortola, British Virgin Islands.
B
Business Overview
We are a
leading provider of classical music service platform. Our business includes classical music licensing, subscription and education services
in China. Leveraging our extensive content library and deep expertise in music education, we are also a leading smart music learning
service provider in China. In addition, following our acquisition of BMF in February 2020, we are one of the few companies in China with
the experience and scale to organize large-scale live classical music events. With nearly 23 years of experience in the music industry,
we have devoted ourselves to making classical music more accessible in China.
The classical music market in China has grown rapidly in recent years,
driven by the rising popularity of classical music, the digitization of classical music content and favorable government policies. We
identified this significant market opportunity early and we were one of the first classical music licensing and subscription service providers
in China. Leveraging our long-standing relationships with world-renowned music labels and publishers, especially Naxos and years of music
production and content acquisition efforts, we have built a library of classical music content, which consisted of approximately 2.95
million music tracks, including over 2 million tracks of traditional classical music and nearly 370,000 tracks of jazz, world, folk and
other genres of music that in aggregate covered over 100,000 musicians, over 2,000 musical instruments and over 260 countries and regions,
as well as nearly 3,000 video titles, nearly 500,000 spoken content tracks and over 5,000 volumes of sheet music as of December 31, 2022.
The vast majority of our content offerings have been licensed to us on an exclusive basis.
We license our music content primarily to online music entertainment
platforms, such as Tencent Music Entertainment Group and NetEase Cloud Music, as well as commercial enterprises, such as film and TV production
companies, airlines and smart hardware companies. Our music subscription service provides users with high-quality online and offline streaming
access to our content library. Users can access our platform from our website, mobile app and smart music devices. As our encyclopedic
catalog is especially suitable for educational and professional use, we have attracted a large number of universities, music conservatories,
public libraries and individuals to subscribe to our service over the years. As of December 31, 2022, we had over 840 institutional subscribers,
including over 500 universities and music conservatories and over 330 public libraries, spread across all provinces, autonomous regions
and municipalities in China, except Tibet.
Through our
licensing and subscription services, we have brought high-quality classical music into more people's lives, enabling them to enjoy
classical music in a more convenient, enriching and affordable way. However, our passion for classical music does not stop there. To
us, a more fundamental way to amplify the impact of classical music is through music learning. Towards that end and in an effort to address
the underserved needs in China's music education market, we launched our smart music learning business in October 2015, offering
students and schools innovative and efficient smart music learning solutions.
Our smart
music learning solutions primarily comprise the offering of our proprietary Kuke smart pianos, Kuke smart music teaching systems and
Kukey courses. Our Kuke smart music teaching system, which is pre-installed in our Kuke smart pianos, contains a comprehensive array
of classical music content and offers real-time, individualized feedback on student performance as they practice. Kukey courses are typically
small-group, beginner-level piano lessons offered through our Kuke smart pianos. Since 2022, we have started to focus more on selling
smart music hardware and content to primary and secondary schools and significantly reduced the offering of Kukey courses.
49
Finally,
as appreciation for classical music grows in China while the penetration rate of classical music learning is still very low in China
comparing to developed countries, there has been a growing interest in experiencing live classical music and learning classical music
for a very long time. To address this growing opportunity, we acquired BMF, which organizes the Beijing Music Festival and other influential
classical music events in China. With twenty-four years of history, the Beijing Music Festival has played an indispensable role in bringing
world-class classical musicians to China and offering Chinese audiences the opportunity to enjoy masterful performances in person. We
believe that our live classical music events business effectively creates synergetic effects with our music content and music learning
businesses, further positions us well to continuously offer differentiated value propositions to our customers through a thriving content-centric
ecosystem, encompassing the entire value chain from enriching content provision to intelligent music learning services.
Our Platform
Powered by our encyclopedic classical music content offerings, we operate
three music-related businesses through our platform, namely music licensing and subscription, smart music learning and live classical
music events, which accounted for 40.8%, 32.4% and 26.8%, respectively, of our total revenue for the year ended December 31, 2022.
Our
Content Offerings
Our rich and diverse content offerings are the foundation of our success.
We had a library of classical music content, which consisted of approximately 2.95 million music tracks, nearly 3,000 video titles, nearly
500,000 spoken content tracks and over 5,000 volumes of sheet music as of December 31, 2022.
The vast majority of our content offerings have been licensed to us
on an exclusive basis. In particular, we hold an exclusive and long-term license to the vast majority of content owned by Naxos within
the territory of mainland China. Music tracks licensed from Naxos, our largest content provider, accounted for over 99% of our content
offerings as of December 31, 2022. In addition to licensed content, we also help local artists to release albums and create educational
content and have licensed certain classical music videos from rights holders.
Music
recordings.
Our content library contains a wide range of standard and specialty
repertoires of classical, jazz, world, folk and traditional Chinese music recordings, spanning from medieval to contemporary music. As
of December 31, 2022, we had accumulated approximately 2.0 million tracks of traditional classical music and nearly 370,000 tracks of
other genres of music recordings, covering the works of approximately over 100,000 musicians and over 2,000 musical instruments from over
260 countries and regions. Over the years, we have also created many award-wining music recordings, including the Contemporary Chinese
Musicians collection, which features new, original symphony works created by Chinese composers, and the Sound of Nature collection, which
records the indigenous music of China's ethnic minorities. In addition, in order to meet the exacting standards of classical music
fans and attract more customers, we licensed from Naxos approximately 10,000 albums of high-resolution classical music recordings in July
2020.
Videos.
As of December
31, 2022, our content library contained over 2,901 video titles of concerts, operas, ballets, plays, documentaries, interviews and behind-the-scenes
footage, featuring works from the world's most renowned opera houses, ballet companies and concert halls. In addition, we have
been working with Countdown Media GmbH, one of our licensors, on children music videos.
50
Spoken
content.
As of December 31, 2022, our spoken content contained audio versions
of nearly 500,000 spoken content tracks, including best sellers and some of the world's greatest novels, plays and poems, as well
as various nonfiction history books and biographies.
Copyrighted
SaaS-based music teaching and appreciation content.
We also offer copyrighted SaaS-based music teaching and appreciation
content, which is available online to our subscribers, or embedded in our smart music hardware products. Such content and system included,
among others, is self-developed by the company.
As our business
grows and our collaboration with content providers and distribution channels deepens, we expect our content leadership to further strengthen.
Classical
Music Licensing and Subscription
We believe
that the size, diversity, quality and exclusivity of our content offerings, coupled with our classical music expertise and proprietary
data analytics capability, make us a preferred choice for customers seeking to diversify their content offerings and classical music
lovers with underserved needs.
Licensing
We license
our music content primarily to online music entertainment platforms, such as Tencent Music Entertainment Group and NetEase Cloud Music,
as well as commercial enterprises, such as film and TV production companies, airlines and smart hardware companies.
We enter
into license agreements with licensees to make our content available for our licensees to access in digital formats. Our licensees may
offer the licensed content on their online platforms for streaming and downloading or incorporate our licensed content into their products
or service offerings. The license agreements set out the license scope, royalty arrangements, content delivery arrangements, settlement
terms and the parties' respective rights and obligations. We charge licensing fees either on a per-track basis or a minimum guarantee
plus revenue-sharing basis. Under the per-track model, we typically grant licensees the perpetual right to use the licensed content in
manners prescribed by the license agreement in exchange for a one-off, fixed fee. Under the minimum guarantee plus revenue-sharing model,
we typically enter into nonexclusive license agreements with the licensees for a term ranging from one to two years. We typically require
a minimum guarantee payment from the licensee up front and revenue-sharing fees on a quarterly basis. Under both models, the licensee
shall not use the licensed content outside the license scope, revise or abridge the licensed content, or transfer the right to use the
licensed content to any third party. We have the right to terminate the license agreement and seek damages from the licensee should the
licensee breach its obligations under the license agreement.
In addition,
we also provide certain digital music service providers with a variety of value-added services aimed at enhancing their user experience
and engagement, including, among others, content recommendation and curation, playlist compilation, editorial support and content search
localization.
Subscription
Our music
subscription service provides users with high-quality online and offline streaming access to our content library, serving classical music
lovers' underserved needs in terms of catalog, discovery, information and audio quality. Users can access our platform anywhere
and anytime through our website
www.kuke.com
, the Kuke Music mobile app and smart music devices, and we provide our subscribers
with a wide range of ways to search, browse and discover classical music content.
As of December 31, 2022, we had over 840 institutional subscribers,
including over 500 universities and music conservatories and over 330 public libraries, spread across all provinces, autonomous regions
and municipalities in China, except Tibet.
51
Smart
Music Education
We launched
our smart music learning business in October 2015, offering our proprietary Kuke smart pianos, music learning content and teaching systems
to distributors for them to resell to end customers, such as primary and secondary schools. Our smart music education revenue is generated
primarily from (i) sales of smart music products, which include (a) integrated Kukey smart pianos, (b) a self-developed smart teaching
system installed on a network storage server, and (c) piano accessories such as professional, around ear headphones, and (ii) provision
of music education classes conducted through Kukey smart pianos.
Since 2022, we have started to focus more on selling smart music hardware
and content to primary and secondary schools and significantly reduced the offering of Kukey courses. In January 2022, to meet the growing
demand from public schools for smart music devices, teaching systems and copyrighted music content, we entered into an equity transfer
agreement to acquire a team of marketing and sales personnel experienced in promoting smart music learning solutions to primary and secondary
schools. As of December 31, 2022, we had sold over 16,790 Kuke smart pianos and over 2,422 Kuke smart music teaching systems.
Live
Classical Music Events
In February 2020, we acquired 100% equity interest in BMF, which organizes
the Beijing Music Festival and other influential classical music events in China. We are one of the few companies in China with the experience
and scale to organize large-scale classical music festivals.
BMF Culture,
one of the VIEs, first became involved with the organizing of the Beijing Music Festival in 2003. Since 2005, BMF Culture has been organizing
the Beijing Music Festival annually together with the Beijing Music Festival Arts Foundation. In 2019, BMF Culture and the Beijing Music
Festival Arts Foundation entered into a framework agreement, pursuant to which BMF Culture undertakes most of the organizing responsibilities
for the Beijing Music Festival.
Leveraging
our experience of hosting the Beijing Music Festival, we also organize other live classical music events throughout the year, such as
the Good Afternoon themed event and several embassy events.
Additionally,
as part of our effort to promote interest and education in classical music in China, we offer various online and offline opportunities
for people interested in classical music to learn more about, and participate in the creation of, classical music.
Due to the
impact of COVID-19, we have not been able to organize as many live classical music performances or invite as many overseas artists to
perform at our live classical music events as we had been able to. In 2022, due to COVID-related restrictions, we were not able to fully
host the 2022 Beijing Music Festival.
Our revenue
from live classical music events primarily consists of sponsorship fees, performance fees, service fees, ticket sales and royalties.
Over the years, BMF has built long-standing relationships with high-profile corporate sponsors, such as FAW-Volkswagen, Audi, CITIC Group,
Credit Suisse, UBS, Nestle and Swire Properties. We offer various types of sponsorship programs, including naming rights, exclusive partner
rights, on-site venue signage and advertisements, to sponsors across industry sectors, connecting their brands directly with a large
base of well-educated, affluent and experience-oriented customers.
Strategic
Investment in KOLO
In February
2022, we entered into an agreement for a strategic investment in KOLO, a classical music-focused and decentralized NFT platform driven
by blockchain technology. The strategic investment in KOLO will further enable the development of a consumer-oriented, classical music-focused
and global NFT application in the Metaverse. The NFT application will leverage the diversified classical music copyright resources of
us and Naxos, our strategic global business partner and the largest independent classical music content provider in the world, and further
enhance the transaction liquidity, platform interoperability and ease of sharing of digital music assets.
In March
2023, the Company announced an agreement to acquire a 49% equity interest of KOLO, with an option to acquire the remaining
51%.
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Research
and Development
We design
and develop substantially all of our course materials and the functions of our Kuke smart music teaching system in-house based on our
music expertise, user feedback, extensive research on market needs, content library, the requirements of various music proficiency tests,
as well as input from esteemed music professionals, industry experts and content licensed from Naxos. We regularly update our Kukey courses
and the functionalities of our Kuke smart music teaching system to further enhance the courses' depth and breadth.
For the years ended December
31, 2020, 2021 and 2022, we recorded research and development expenses of RMB12.6 million, RMB27.8 million and RMB18.7 million (US$2.7
million), respectively.
Technology
As of December 31, 2022, we had
a strong research and development team of 30 employees, which accounted for approximately 27.5% of our total headcount.
Principal
components of our technology infrastructure include:
Scalable,
cloud-based infrastructure.
We maintain
a capital-light infrastructure. By using a cloud services provider, we are able to ensure that our systems can scale with our growth
and meet fluctuating or unpredictable system demands.
Our Kuke
smart music teaching system is connected to our cloud server through a local area network ("LAN") server via wireless connection.
Each LAN server can accommodate up to 60 users at the same time. Through sensors attached to the keyboard of Kuke smart pianos, we capture
various aspects of students' practice data relevant for assessing their performance, such as finger pressure, pitch and tempo.
Such data and our machine-generated analysis of the data are transmitted between our Kuke smart music teaching system and cloud server
in real time, enabling us to provide students with instant, individualized feedback on their performance. Through cloud computing, we
generate an overall score for every student and their group automatically at the end of every piano lesson, which helps instructors stay
on top of students' progress over time and adjust the teaching pace accordingly. In addition, through Websocket technology, instructors
can monitor each student's interface at the same time, which enhances teaching efficiency without compromising the level of individualized
attention.
Big
data analytics.
We have invested
considerably in the research and development of big data analytics and machine learning.
We have invested
considerably in the research and development of big data analytics and machine learning. For our music subscription business, our musicologists
conduct exhaustive analysis of metadata, the searchable, textual information embedded into each work. Users can search for content using
up to 17 search criteria, including the composer, title, album, genre, period, featured instrument, duration, adaptor, lyricist, soloist,
conductor, choir, ensemble, orchestra, label, year of composition and release date. We also provide listeners with a personalized music
discovery experience by leveraging our proprietary content recommendation algorithms and data. For our smart music learning business,
we apply proprietary algorithms to analyze various types of students' practice data and to provide them with performance evaluations
that accurately reflect their skill level, strengths and weaknesses. Based on such analysis, our data analytics engine also generates
tailored practice suggestions that help students more effectively tackle areas in need of improvement.
Intellectual
Property
License
Agreements
We obtain
licenses from and pay royalties to rights holders or their agents. Below is a summary of certain provisions of our key license agreements
with Naxos, our largest content provider.
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Pursuant
to a license agreement between Beijing Kuke Music Co., Limited and Naxos Digital Services US, Inc., which expires on June 30, 2026 and
is automatically renewable for successive one-year periods, unless either party indicates otherwise in advance, we have the exclusive
right to sell a wide range of content owned or controlled by Naxos for subscription and downloading in China. We are obligated to pay
Naxos the higher of (i) an annual minimum licensing fee, which increases annually over the term of the license period, with a total of
approximately $9.3 million under the agreement, or (ii) 45% to 55% of the annual revenue generated from the licensed content. Naxos has
the right to terminate the agreement in certain circumstances, including, for example, our failure to timely pay royalties.
Naxos has
also licensed certain content it owns or controls to Naxos China, our joint venture with Naxos. Naxos China's license agreement
with Naxos International expires on December 31, 2022 and is automatically renewable for another three years, unless either party indicates
otherwise in advance. Naxos China shall pay Naxos International 30% of all payments, sales proceeds or other monies directly received
by or credited to Naxos China for the exploitation of the licensed content less any tax deducted (or 50% if Naxos China's agent
or affiliate is involved). Naxos China's license agreement with Naxos of America, Inc. expires on January 1, 2021 and is automatically
renewable for successive one-year periods unless either party indicates otherwise in advance. Pursuant to these license agreements, Naxos
China has the exclusive right to exploit or license third parties to use the licensed content in accordance with the terms of the agreement.
Naxos China shall pay Naxos of America, Inc. 65% of the income actually received by or credited to Naxos China that is derived from the
exploitation of the licensed content. The licensor has audit rights and may terminate the agreement in case of any material breach of
the agreement. There are no minimum guarantee payment obligations under the agreements.
Content
Production Arrangement
We engage
certain recording agencies to create music recordings to our specifications on a per-project basis. Under our agreements with these agencies,
we are the sole owner of all the copyrights related to the recorded work.
Other
Intellectual Properties
As of December
31, 2022, we owned 11 patents, 84 copyrights, 57 trademarks and 44 domain names in China. As of the same date, we have applied for the
registration of 81 trademarks.
Data Security
and Protection
We believe
that data security is critical to our business operations. We have internal rules and policies to govern how we use and share personal
information, as well as protocols, technologies and systems in place to ensure that such information will not be accessed or disclosed
improperly.
Sales
and Marketing
We primarily
rely on word-of-mouth referrals and benefit from our strong brand with respect to customer acquisition and retention. We also engage
in diverse marketing campaigns both online and offline to enhance our brand awareness, such as search engine optimization, social media
marketing and advertisement placement through events organized by us or third-party channels. In addition, we rely on distributors to
establish collaboration with kindergartens for the offering of our Kukey courses and to market and sell Kuke smart pianos, Kuke smart
music teaching systems and our institutional music subscription services.
For sales
made to public or government-affiliated entities, we are often required to go through a bidding process and are sometimes required to
include third-party products or services in our bids. After winning the bid, we will then purchase these third-party products or services
and resell them to these government-affiliated entities.
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Suppliers
Our content providers include renowned music labels, publishing houses
and artists. In particular, music tracks licensed from Naxos, our largest content provider, accounted for over 99% of our content offerings
as of December 31, 2022. We hold an exclusive and long-term license to the vast majority of content owned by Naxos within the territory
of mainland China.
Competition
We face competition
from other classical music licensing service providers for licensees, other online classical music subscription service providers for
subscribers, other smart music learning service providers for student enrollment and the sale of our Kuke smart pianos and Kuke smart
music teaching systems, and other live classical music event organizers for audience and sponsorship.
We compete
primarily on the basis of service quality, user experience, content offerings, brand recognition and pricing. Some of our competitors
may have greater financial, marketing or technology resources than we do, which could enable them to respond more quickly to technological
innovations or changes in market demand and build stronger relationships with rights holders.
Insurance
We provide
social security insurance, including pension insurance, unemployment insurance, work-related injury insurance and medical insurance for
our employees in compliance with applicable PRC laws. We do not maintain business interruption insurance.
Legal
Proceedings
We are currently
not involved in any material legal or administrative proceedings. We may from time to time be subject to various legal or administrative
claims and proceedings arising in the ordinary course of our business.
Regulations
We are subject
to a variety of PRC laws, rules and regulations across many aspects of our business. The following is a summary of the principal PRC
laws and regulations relating to our business and operations within the territory of the PRC.
Regulations
on Foreign Investment
The Foreign
Investment Law of the PRC was adopted by the 2nd session of the thirteenth National People's Congress on March 15, 2019 and became
effective on January 1, 2020. The Foreign Investment Law sets out the basic regulatory framework for foreign investments and proposes
to implement a system of pre-entry national treatment with a negative list for foreign investments, pursuant to which (i) foreign natural
persons, enterprises or other organizations, collectively the foreign investors, shall not invest in any sector forbidden by the negative
list for access of foreign investment, (ii) for any sector restricted by the negative list, foreign investors shall conform to the investment
conditions provided in the negative list, and (iii) sectors not included in the negative list shall be managed under the principle that
domestic investment and foreign investment shall be treated equally. The Foreign Investment Law also sets forth necessary mechanisms
to facilitate, protect and manage foreign investments and proposes to establish a foreign investment information report system in which
foreign investors or foreign-funded enterprises shall submit the investment information to competent departments of commerce through
the enterprise registration system and the enterprise credit information publicity system.
On December
30, 2019, the Ministry of Commerce and the State Administration for Market Regulation issued the Measures for the Reporting of Foreign
Investment Information, which came into effect on January 1, 2020 and replaced the Provisional Measures on Administration of Filing for
Establishment and Change of Foreign Investment Enterprises. Since January 1, 2020, for foreign investors carrying out investment activities
directly or indirectly in China, the foreign investors or foreign-invested enterprises shall submit investment information to the commerce
authorities pursuant to these measures.
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Special
Administrative Measures for Entrance of Foreign Investment (Negative List) (2021 Version)
The Special
Administrative Measures for Entrance of Foreign Investment (Negative List) (2021 Version), or the Negative List, which was promulgated
jointly by the Ministry of Commerce and the National Development and Reform Commission on December 27, 2021 and became effective on January
1, 2022, replaced and abolished the Special Administrative Measures for Entrance of Foreign Investment (Negative List) (2020 Version)
regulating the access of foreign investors to China. Pursuant to the Negative List, foreign investors should refrain from investing in
any of prohibited sectors specified in the Negative List, and foreign investors are required to obtain the permit for access to other
sectors that are listed in the Negative List but not classified as "prohibited." The Negative List covers 12 industries.
Fields not covered in the Negative List shall be administrated under the principle of equal treatment to domestic and foreign investments.
We are a
Cayman Islands company and our businesses by nature in China are mainly Internet information services, Internet culture services, Internet
publication services, online audio-visual products and other related value-added telecommunications services, which are restricted or
prohibited for foreign investors by the Negative List. We conduct business operations that are restricted or prohibited for foreign investment
through our variable interest entities, or VIEs.
Regulations
on Internet information services, Internet culture services, Internet publication services, online audio-visual products and other related
value-added telecommunications services
Licenses
for Value-Added Telecommunications Services
The Telecommunications
Regulations of the PRC (2016 Revision) ("The Telecom Regulations of the PRC"), promulgated in 2000 by the State Council and
most recently amended in 2016, provides a regulatory framework for telecommunications service providers in the PRC. As required by these
regulations, a commercial telecommunications service provider in the PRC shall obtain an operating license from the Ministry of Industry
and Information Technology or its counterparts at the provincial level prior to its commencement of operations.
The Telecom
Regulations of the PRC categorize all telecommunication businesses in the PRC as either basic or value-added. The Catalog of Telecommunications
Business, which was issued as an attachment to the Telecom Regulations of the PRC and most recently amended on June 6, 2019, further
categorizes value-added telecommunication services into two classes: class I value-added telecommunication services and class II value-added
telecommunication services. Information services provided via cable networks, mobile networks, or Internet fall within class II value-added
telecommunications services.
The Measures
on Telecommunications Business Operating Licenses (2017 Version) promulgated by MIIT replaced and abolished its 2009 version. According
to these measures, any approved telecommunications service provider shall conduct its business in accordance with the specifications
in its license for value-added telecommunications services, or VATS License. These measures further prescribe types of requisite licenses
for VATS Licenses together with qualifications and procedures for obtaining such VATS Licenses. Beijing Kuke Music has obtained the VATS
License.
Pursuant
to the Administrative Measures on Internet Information Services, promulgated in 2000 and amended in 2011 by the State Council, commercial
Internet information service providers, which mean providers of information or services to Internet users with charge, shall obtain the
VATS License with the business scope of Internet information services, namely the Internet Content Provider License, from competent telecommunication
authorities before providing any commercial Internet content services within the PRC. Beijing Kuke Music has obtained the Internet Content
Provider License.
Restrictions
on Foreign Direct Investment in Value-Added Telecommunications Services
Foreign direct
investment in telecommunications companies in China is governed by the Provisions on the Administration of Foreign-Invested Telecommunications
Enterprises, which was promulgated in 2001 and most recently amended in 2022 by the State Council, and will become effective on May 1,
2022. The regulations require foreign-invested value-added telecommunications enterprises in China to be established as Sino-foreign
equity joint ventures and, with a few exceptions, the foreign investors may acquire up to 50% of the equity interests in such joint ventures.
In addition, foreign investors that meet these requirements must obtain approvals from MIIT or their authorized local counterparts, which
retain considerable discretion in granting approvals.
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In 2006,
MIIT released the Circular on Strengthening the Administration of Foreign Investment in the Operation of Value-added Telecommunications
Business, or MIIT Circular. MIIT Circular prohibits domestic telecommunications enterprises from leasing, transferring or selling telecommunications
business operation licenses to foreign investors in any form, or providing any resources, sites or facilities to any foreign investor
for their illegal operation of telecommunications business in China. Furthermore, under MIIT Circular, the Internet domain names and
registered trademarks used by a foreign-invested value-added telecommunications services operator shall be legally owned by that operator
(or its shareholders). If a license holder fails to comply with the requirements in MIIT Circular and rectify such non-compliance, MIIT
or its local counterparts have the discretion to take measures against such license holders, including revoking their VATS Licenses.
Regulations
on Transmitting Audio-Visual Programs through the Internet
In 2007,
MIIT and the State Administration of Radio, Film and Television, or SARFT, jointly issued the Administrative Provisions on the Internet
Audio-Video Program Service, or the Audio-Video Program Provisions, which came into effect in 2008 and was amended in 2015 by the State
Administration of Press, Publication, Radio, Film and Television, or the SAPPRFT. The Audio-Video Program Provisions defines "Internet
audio-video program services" as producing, editing and integrating audio-video programs, supplying audio-video programs to the
public via the Internet, and providing audio-video programs uploading and transmission services to a third party. Entities providing
Internet audio-video program services must obtain an Audio and Video Service Permission, or the AVSP. Applicants for the AVSP shall be
state-owned or state-controlled entities unless an AVSP has been obtained prior to the effectiveness of the Audio-Video Program Provisions
in accordance with the then-in-effect laws and regulations. In addition, foreign-invested enterprises are not allowed to engage in the
above-mentioned services. According to the Audio-Video Program Provisions and other relevant laws and regulations, audio-video programs
provided by the entities supplying Internet audio-video program services shall not contain any illegal content or other content prohibited
by laws and regulations, such as any content against the basic principles in the PRC Constitution, any content that jeopardizes the sovereignty
of the country or national security, and any content that disturbs social order or undermines social stability. A full copy of any audio-video
program that has already been broadcasted shall be retained for at least 60 days. Movies, television programs and other media contents
used as Internet audio-video programs shall comply with applicable administrative regulations on programs transmitted through radio,
movie and television channels. Entities providing services related to Internet audio-video programs shall immediately remove the audio-video
programs violating laws and regulations, keep relevant records, report to relevant authorities, and implement other regulatory requirements.
The Categories
of the Internet Audio-Video Program Services, or the Audio-Video Program Categories, promulgated by SARFT in 2010 and amended in 2017,
classifies Internet audio-video programs into four categories: (I) Category I Internet audio-video program service, which is carried
out with a form of radio station or television station; (II) Category II Internet audio-video program service, including (a) re-broadcasting
service of current political news audio-video programs; (b) hosting, interviewing, reporting, and commenting service of arts, entertainment,
technology, finance and economics, sports, education, and other specialized audio-video programs; (c) producing (interviewing not included)
and broadcasting service of arts, entertainment, technology, finance and economics, sports, education, and other specialized audio-video
programs; (d) producing and broadcasting service of Internet films or dramas; (e) aggregating and broadcasting service of films, television
dramas and cartoons; (f) aggregating and broadcasting service of arts, entertainment, technology, finance and economics, sports, education
and other specialized audio-video programs; and (g) live audio-video broadcasting service of cultural activities of common social organizations,
sport events or other organization activities; and (III) Category III Internet audio-video program service, including (a) aggregating
service of online audio-video content, and (b) re-broadcasting service of audio-video programs uploaded by Internet users; and (IV) Category
IV Internet audio-video program service, including (a) re-broadcasting of radio or television program channels; (b) re-broadcasting of
Internet audio-video program channels; and (c) re-broadcasting of live Internet audio-video program.
In 2016,
the SAPPRFT issued the Circular on Relevant Issues Concerning Implementing the Approval Granting for Mobile Internet Audio-Video Program
Services, or the Mobile Audio-Video Program Circular. The Mobile Audio-Video Program Circular provides that mobile Internet audio-video
program services shall be deemed a type of Internet audio-video program services. Entities approved to provide mobile Internet audio-video
program services may use mobile WAP websites or mobile applications to provide audio-video program services, but the types of the programs
operated by such entities shall be within the permitted scope as provided in their AVSPs and the said mobile applications shall be filed
with the SAPPRFT.
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In 2016,
the State Internet Information Office issued the Administrative Regulations on Online Live Streaming Services, or the Online Live Streaming
Regulations. According to the Online Live Streaming Regulations, when providing Internet news information services, both online live
streaming service providers and online live streaming publishers must obtain relevant licenses for providing Internet news information
services and may only carry out Internet news information services within the scope of their AVSPs. All online live streaming service
providers (whether or not providing Internet news information) must take certain actions to operate their services, including establishing
platforms to monitor live streaming contents.
On November
18, 2019, Cyberspace Administration of China, the Ministry of Culture and Tourism of the PRC and the National Radio and Television Administration,
jointly issued the Administrative Provisions on Network Audio and Video Information Services, which came into effect on January 1, 2020.
According to the Administrative Provisions on Network Audio and Video Information Services, network audio and video information service
providers shall strengthen the management of audio and video information released by network audio and video information service users
to prevent the production and transmission of illegal content.
Regulations
on Production and Operation of Radio and Television Programs
In 2004,
the SAPPRFT promulgated the Regulations on the Administration of Production and Operation of Radio and Television Programs, which was
most recently amended in October 2020. Pursuant to these regulations, entities engaging in the production of radio and television programs
must obtain the License for Production and Operation of Radio and TV Programs from the SAPPRFT or its counterparts at the provincial
level. Holders of such licenses must conduct their business operations strictly in compliance with the approved scope as provided in
their licenses. Beijing Kuke Music has obtained the License for Production and Operation of Radio and TV Programs.
Regulations
on Online Publication
In 2016,
the SAPPRFT and MIIT jointly promulgated the Regulations on the Administration of Online Publishing Services. It defines "online
publications" as digital works that are edited, produced, or processed to be published and provided to the public through the Internet,
including (a) original digital works, such as pictures, maps, games and comics; (b) digital works with content that is consistent with
the type of content that, prior to being released online, typically was published in offline media such as books, newspapers, periodicals,
audio-visual products and electronic publications; (c) digital works in the form of online databases compiled by selecting, arranging
and compiling other types of digital works; and (d) other types of digital works identified by the SAPPRFT. In addition, foreign-invested
enterprises are not allowed to engage in the foregoing services. Under the Online Publishing Regulations, Internet operators distributing
online publications via the Internet are required to obtain an Online Publishing Service Permit from the SAPPRFT. Beijing Kuke Music
are in the process of renewing the Online Publishing Service Permit.
Regulations
on Internet Culture Activities
Pursuant
to the Interim Administrative Provisions on Internet Culture promulgated by the Ministry of Culture in 2011 and amended in 2017, Internet
culture activities include (i) production, reproduction, import, release or broadcasting of Internet culture products (such as online
music, online game, online performance and cultural products by certain technical means and copied to the Internet for spreading); (ii)
distribution or publication of cultural products on the Internet, or sending cultural products through Internet, mobile communication
network and other information networks to customer premise equipment such as computers, fixed telephones, mobile phones, radios, TV sets,
game players, etc. as well as Internet bar and other Internet online service operating premises available for users to browse, read,
appreciate, use or download such contents; and (iii) exhibitions, competitions and other similar activities concerning Internet culture
products. The Interim Administrative Provisions on Internet Culture further classifies Internet cultural activities into commercial Internet
cultural activities and non-commercial Internet cultural activities. Entities engaging in commercial Internet cultural activities must
apply to the relevant authorities for the Online Culture Operating Permit, while non-commercial cultural entities are only required to
report to related culture administration authorities within 60 days of the establishment of such entity. If any entity engages in commercial
Internet culture activities without approval, the cultural administration authorities or other relevant government may order such entity
to cease to operate Internet culture activities and levy penalties including administrative warnings and fines up to RMB30,000. In addition,
foreign-invested enterprises are not allowed to engage in the above-mentioned services except online music. Beijing Kuke Music has obtained
the Online Culture Operating Permit.
Regulations
on Online Music
In 2006,
the Ministry of Culture issued the Several Opinions of the Ministry of Culture on the Development and Administration of Online Music.
It provides that, among other things, an Internet music service provider must obtain an Online Culture Operating Permit. In 2015, the
Ministry of Culture promulgated the Circular on Further Strengthening and Improving the Content Administration of Online Music, effective
in 2016, which provides that Internet culture operating entities shall report the details of its self-monitoring activities to a nationwide
administrative platform on a quarterly basis.
58
In 2010 and
2011, the Ministry of Culture greatly intensified its regulations on online music products by issuing a series of circulars regarding
the online music industry, such as the Circular on Regulating the Market Order of Online Music Products and Renovating Illegal Conducts
of Online Music Websites and the Circular on Investigating Illegal Online Music Websites in 2010. In addition, the Ministry of Culture
issued the Circular on Clearing Illegal Online Music Products, which clarified that entities are subject to relevant penalties or sanctions
by engaging in any of the following conducts: (i) providing online music products or relevant services without obtaining corresponding
qualifications; (ii) importing online music products that have not been reviewed by the Ministry of Culture; or (iii) providing domestically
developed online music products that have not been filed with the Ministry of Culture.
In 2015,
the National Copyright Administration issued the Circular regarding Ceasing Transmitting Unauthorized Music Products by Online Music
Service Providers, which requires that (i) all unauthorized music products on the platforms of online music service providers shall be
removed prior to July 31, 2015, and (ii) the National Copyright Administration shall investigate and punish the online music service
providers who continue to transmit unauthorized music products following July 31, 2015.
Regulations
on Commercial Performances
The Administrative
Regulations on Commercial Performances (2020 Revision) was promulgated by the State Council. According to these regulations, to legally
engage in commercial performances, a culture and arts performance group shall have full-time performers and equipment in line with its
performing business, and file an application with the culture administrative department of the people's government at the county
level for approval. To legally engage in commercial performances, a performance brokerage agency shall have three or more full-time performance
brokers and funds for the relevant business, and file an application with the culture administrative department of the people's
government of a province, autonomous region or municipality directly under the central government. Such culture administrative department
shall make a decision, within 20 days from the receipt of the application, on whether to approve the application; upon approval, a performance
permit shall be issued to the applicant. Anyone or any entity engaging in commercial performance activities without approval may be imposed
a penalty, in addition to being ordered to cease its actions. Such penalty may include confiscation of performance equipment and illegal
proceeds, and a fine of eight to ten times of the illegal proceeds. Where there are no illegal proceeds or the illegal proceeds are less
than RMB10,000, a fine of RMB50,000 to RMB100,000 will be imposed. BMF Culture holds the requisite commercial performance approvals and
permits.
Regulations
on Internet Security
In 2000,
the Standing Committee of the National People's Congress enacted the Decision on the Protection of Internet Security, as amended
in 2009, which provides that the following activities conducted through the Internet are subject to criminal liabilities: (a) gaining
improper entry into any of the computer information networks relating to state affairs, national defensive affairs, or cutting-edge science
and technology; (b) spreading rumor, slander or other harmful information via the Internet for the purpose of inciting subversion of
the state political power; (c) stealing or divulging state secrets, intelligence or military secrets via the Internet; (d) spreading
false or inappropriate commercial information; or (e) infringing on intellectual property. The Ministry of Public Security issued the
Administrative Measures on Security Protection for International Connections to Computer Information Networks in 1997 and amended it
in 2011, which prohibits using the Internet to leak state secrets or to spread socially destabilizing contents.
In 2006,
the Ministry of Public Security issued the Provisions on the Technical Measures for the Protection of the Security of the Internet, which
requires that Internet service providers shall back up the records for at least 60 days. Also, Internet service providers shall (a) set
up technical measures to record and keep the information as registered by users; (b) record and keep the corresponding relation between
the Internet web addresses and intranet web addresses as applied by users; (c) record and follow up the net operation and have the functions
of security auditing.
In 2010,
MIIT promulgated the Administrative Measures for Communications Network Security Protection, which requires that all communication network
operators including telecommunications service providers and Internet domain name service providers divide their own communication networks
into units. The unit category shall be classified in accordance with the degree of damage to national security, economic operation, social
order and public interest. In addition, the communication network operators must file the divisions and ratings of their communication
network with MIIT or its local counterparts. If a communication network operator violates these measures, MIIT or its local counterparts
may order rectifications or impose a fine up to RMB30,000 in case such violation is not duly rectified.
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Regulations
on Privacy Protection
In 2011,
MIIT promulgated the Several Provisions on Regulation of Order of Internet Information Service Market, which prohibits Internet information
service providers from collecting personal information of any user without prior consent. Internet information service providers shall
explicitly inform users of the means of collecting and processing personal information, the scope of contents, and purposes. In addition,
Internet information service providers shall properly keep the personal information of users. If the preserved personal information of
users is divulged or may possibly be divulged, Internet information service providers shall immediately take remedial measures and report
any material leak to the telecommunications regulatory authority.
In 2012,
the Decision on Strengthening Network Information Protection was promulgated by the Standing Committee of the National People's
Congress. It emphasizes the need to protect electronic information that contains individual identification information and other private
data. The decision requires Internet service providers to establish and publish policies regarding the collection and use of electronic
personal information and to take necessary measures to ensure the security of the information and to prevent any leakage, damage or loss.
In 2013,
MIIT promulgated the Regulations on Protection of Personal Information of Telecommunications and Internet Users to enhance and enforce
legal protection over user information security and privacy on the Internet. It requires Internet operators to take various measures
to ensure the privacy and confidentiality of users' information.
Pursuant
to the Ninth Amendment to the Criminal Law of the PRC issued by the Standing Committee of the National People's Congress in 2015,
any Internet service provider that fails to fulfill the obligations related to Internet information security as required by applicable
laws and refuses to take corrective measures will be subject to criminal liability for (i) any large-scale dissemination of illegal information;
(ii) any severe effect due to the leakage of users' personal information; (iii) any serious loss of evidence of criminal activities;
or (iv) other severe situations, and any individual or entity that (a) sells or provides personal information to others unlawfully or
(b) steals or illegally obtains any personal information will be subject to criminal liability in severe situations.
In 2016,
the Standing Committee of the National People's Congress promulgated the Cybersecurity Law of the PRC, which came into effect in
2017. It requires that network operators shall follow their cybersecurity obligations according to the requirements of the classified
protection system for cybersecurity, including: (a) formulating internal security management systems and operating instructions, determining
the persons responsible for cybersecurity, and implementing the responsibility for cybersecurity protection; (b) taking technological
measures to prevent computer viruses, network attacks, network intrusions and other actions endangering cybersecurity; (c) taking technological
measures to monitor and record the network operation status and cybersecurity incidents and preserving relevant web logs for at least
6 months; (d) taking measures such as data classification, back-up and encryption of important data; and (e) other obligations stipulated
by laws and administrative regulations. In addition, network operators shall follow the principles of legitimacy to collect and use personal
information and disclose their rules of data collection and use, clearly express the purposes, means and scope of collecting and using
the information and obtain the consent of the persons whose data is gathered.
In 2021,
the Standing Committee of the National People's Congress promulgated the Personal Information Protection Law of the People's
Republic of China, which came into effect in 2021. It further details the general rules and principles on personal information processing
and increases the potential liability of personal information processor. Personal information processors shall, on the basis of the purposes
and methods of processing of personal information, categories of personal information, the impacts on individuals' rights and interests,
and potential security risks, take the following measures to ensure that personal information processing activities comply with the provisions
of laws and administrative regulations, and prevent unauthorized access to as well as the leakage, tampering or loss of personal information:
(a) developing internal management rules and operating procedures; (b) conducting classified management of personal information; (c)
taking corresponding security technical measures such as encryption and de-identification; (d) determining in a reasonable manner the
operation privileges relating to personal information processing, and providing security education and trainings for employees on a regular
basis; (e) developing and organizing the implementation of emergency plans for personal information security incidents; (f) other measures
as provided by laws and administrative regulations.
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Regulations
on Infringement upon Intellectual Property Rights via the Internet
The Civil
Code of the PRC, which was adopted by the National People's Congress in 2020 and became effective in 2021, provides that (i) an
online service provider should be held liable for its own tortious acts in providing online services; (ii) where an online user conducts
tortious acts by utilizing online services provided by the online service provider, the infringed party has the right to request such
online service provider to take necessary measures, including deleting, blocking and disconnecting the access to the infringing content
promptly. Upon receiving such request, the online service provider shall promptly inform the relevant online user and take necessary
measures based on the prima facie evidence and the online service provided. Failure to take necessary measures in a timely manner upon
receipt of notice of such infringement, such online service provider will be held jointly liable with the relevant online users for the
additional damages that would have not been incurred if the online service provider took proper actions; and (iii) where the online service
provider knows or ought to have known that online users are infringing upon the civil right or interest of a third party and fails to
take necessary measures, the online service provider should be jointly liable for such infringement with the online users.
Regulations
on Intellectual Property Rights
Copyright
China has
enacted various laws and regulations relating to the protection of copyright. China is also a signatory to some major international conventions
on the protection of copyright and became a member of the Berne Convention for the Protection of Literary and Artistic Works, the Universal
Copyright Convention in 1992, and the Agreement on Trade-Related Aspects of Intellectual Property Rights upon its accession to the World
Trade Organization in 2001.
The Copyright
Law of the PRC, adopted in 1990 and revised in 2001, 2010 and further amended on October 17, 2020 and will be effective on June 1, 2021,
and its implementing regulations adopted in 2002 and amended in 2011 and 2013, provide that Chinese citizens, legal persons, or other
organizations will, whether published or not, enjoy copyright in their works, which include music works. Copyright will be generally
conferred upon the authors, or in case of works made for hire, upon the employer of the author.
Copyright
holders enjoy personal and economic rights. The personal rights of a copyright holder include rights to publish works, right to be named
as the author of works, right to amend the works and right to keep the works intact; while economic rights of a copyright holder include,
but not limited to, reproduction right, distribution right, performance right and information network dissemination right, etc. In addition,
the rights of performers with respect to their performance, rights of publishers with respect to their design of publications, rights
of organizers with respect to their video or audio productions, and rights of broadcasting or TV stations with respect to their broadcasting
or TV programs are classified as copyright-related interest and protected by the Copyright Law of the PRC. For a piece of music works,
it may involve the copyright of lyricists and of composers and the copyright-related interests of recording organizers and of performers.
The copyright
holders may license others to exercise or assign all or part of their economic rights attaching to their works. The license can be made
on an exclusive or nonexclusive basis. With a few exceptions, an exclusive license or an assignment of copyright should be evidenced
in a written contract.
Pursuant
to the Copyright Law of the PRC and its implementing regulations, copyright infringers are subject to various civil liabilities, such
as stopping infringing activities, issuing apologies to the copyright owners and compensating the copyright owners for damages resulting
from such infringement. The damages should be calculated based on the actual loss or income made by an infringer.
The Provisional
Measures on Voluntary Registration of Works, promulgated by the National Copyright Administration in 1994 and effective in 1995, provides
for a voluntary registration system as administered by the National Copyright Administration and its local counterparts.
The Computer
Software Copyright Registration Measures, promulgated by the State Council in 2002, regulates registrations of software copyright, exclusive
licensing contracts for software copyright and assignment agreements. The National Copyright Administration administers software copyright
registration, and the Copyright Protection Center of China is designated as the software registration authority. The Copyright Protection
Center of China shall grant registration certificates to the computer software copyright applicants which meet the requirements of both
the Computer Software Copyright Registration Measures and the Computer Software Protection Regulations (2013 Revision).
The Measures
for Administrative Protection of Copyright Related to Internet, which was jointly promulgated by the National Copyright Administration
and MIIT in 2005, provides that upon receipt of an infringement notice from a legitimate copyright holder, an Internet content service
provider must take remedial actions immediately by removing or disabling access to the infringing content. If an Internet content service
provider knowingly transmits infringing content or fails to take remedial actions after receipt of a notice of infringement that harms
the public interest, the Internet content service provider could be subject to administrative penalties, including an order to cease
infringing activities, confiscation by the authorities of all income derived from the infringement activities, or payment of fines.
In 2006,
the State Council promulgated the Regulations on the Protection of the Right to Network Dissemination of Information, as amended in 2013.
Under these regulations, an owner of the network dissemination rights with respect to written works or audio or video recordings who
believes that information storage, search or link services provided by an Internet service provider infringe his or her rights may require
the Internet service provider to delete or disconnect the links to such works or recordings.
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National
Copyright Administration
The Copyright
Law of the PRC provides that holders of copyrights or copyright-related rights may authorize a collective copyright management organization
to exercise their copyrights or copyright-related rights. Upon authorization, the collective copyright administration organization is
entitled to exercise the copyright or copyright-related rights in its own name for the holders of copyrights or copyright-related rights,
and participate as a party in court or arbitration proceedings concerning the copyright or copyright-related rights. In 2013, the State
Council promulgated the Regulations on Collective Administration of Copyright (2013 Revision). This set of regulations clarified that
the collective copyright management organization is allowed to (i) enter into license agreement with users of copyright or copyright-related
rights, (ii) charge royalties from users, (iii) pay royalties to holders of copyright or copyright-related rights, and (iv) participate
in court or arbitration proceedings concerning the copyright or copyright-related rights. It is also provides that performance right,
filming right, broadcasting right, rental right, information network dissemination right, reproduction right and other rights stipulated
by the Copyright Law of the PRC, which are hard to be exercised effectively by the right holders, may be collectively administrated by
a collective copyright administration organization. Foreigners and stateless persons may, through an overseas collective copyright management
organization having a mutual representation contract with the collective copyright management organization in China, authorize the collective
copyright management organization in China to manage copyright or copyright-related rights in China. The aforesaid mutual representation
contract means a contract under which the collective copyright management organization in China and its overseas peers authorize each
other to conduct collective copyright administration within their respective home countries or regions. In 1992, the National Copyright
Administration and Chinese Musicians Association jointly established the Music Copyright Society of China.
Trademark
According
to the Trademark Law of the PRC, adopted by the Standing Committee of the National People's Congress in 1982 and subsequently amended
in 1993, 2001, 2013 and 2019, as well as the Implementation Regulation of the Trademark Law of the PRC adopted by the State Council in
2002 and subsequently amended in 2014, registered trademarks are granted a term of ten years from the date of registration, which may
be renewed for consecutive ten-year periods upon request by the trademark owner. Trademark license agreements must be filed with the
Trademark Office for the record. Conducts that shall constitute an infringement of the exclusive right to use a registered trademark
include but not limited to: using a trademark that is identical with or similar to a registered trademark on the same or similar goods
without the permission of the trademark registrant, and selling goods that violate the exclusive right to use a registered trademark,
etc. Pursuant to the Trademark Law of the PRC, in the event of any of the foregoing acts, the infringing party will be ordered to stop
the infringement immediately and may be fined, and the counterfeit goods will be confiscated. The infringing party may also be held liable
for the right holder's damages, which will be equal to gains obtained by the infringing party or the losses suffered by the right
holder as a result of the infringement, including reasonable expenses incurred by the right holder for stopping the infringement.
Patent
In China,
the Patent Administrative Department of the State Council is responsible for administering patents, uniformly receiving, examining and
approving patent applications. In 1984, the Standing Committee of the National People's Congress adopted the Patent Law of the
PRC, which was subsequently amended in 1992, 2000, 2008 and last amended on October 17, 2020 and will be effective on June 1, 2021. In
addition, the State Council promulgated the Implementing Rules of the Patent Law in 2001, as amended in 2002 and 2010 respectively, pursuant
to which a patentable invention and utility model must meet three conditions: novelty, inventiveness and practical applicability, and
designs must be obviously different from current designs or combinations thereof. Patents cannot be granted for scientific discoveries,
rules and methods for intellectual activities, methods used to diagnose or treat diseases, animal and plant breeds or substances obtained
by means of nuclear transformation. A patent is valid for a term of twenty years with respect to an invention and a term of ten years
with respect to a utility model or design, starting from the application date. Except under certain circumstances specifically provided
by law, any third party user must obtain consent or a proper license from the patent owner to use the patent, or else such use will constitute
an infringement of the rights of the patent holder.
Domain
Names
In China,
the administration of PRC Internet domain names is mainly regulated by MIIT, under the supervision of the China Internet Network Information
Center. In 2017, MIIT promulgated the Measures on Administration of Internet Domain Names, which replaced the Measures on Administration
of Domain Names for the Chinese Internet issued by MIIT in 2004. These measures adopt a "first to file' rule to allocate
domain names to applicants and provide that MIIT shall supervise the domain names services nationwide and publicize the PRC domain name
system. In 2012, the China Internet Network Information Center issued a circular to authorize a domain name dispute resolution institution
acknowledged by the China Internet Network Information Center to decide relevant disputes. On January 1, 2018, the Circular of the Ministry
of Industry and Information Technology on Regulating the Use of Domain Names in Providing Internet-based Information Services issued
by MIIT became effective. It stipulates that an Internet access service provider shall, pursuant to requirements stated in the Anti-Terrorism
Law of the PRC and the Cybersecurity Law of the PRC, verify the identities of Internet-based information service providers; and the Internet
access service providers shall not provide access services for those who fail to provide their real identity information.
62
Regulations
on Taxation
Enterprise
Income Tax
In 2007,
the National People's Congress promulgated the Enterprise Income Tax Law of the PRC, which was most recently amended in December
2018. In 2007, the State Council enacted the Implementation Regulations for the Enterprise Income Tax Law of the PRC, which was amended
on April 23, 2019. Under these laws and regulations, both resident enterprises and non-resident enterprises are subject to tax in the
PRC. Resident enterprises are defined as enterprises that are established in China in accordance with the PRC laws, or that are established
in accordance with the laws of foreign countries but are actually or in effect controlled from within the PRC. Non-resident enterprises
are defined as enterprises that are organized under the laws of foreign countries and whose actual management is conducted outside the
PRC, but have established institutions or premises in the PRC, or have no such established institutions or premises but have income generated
from inside the PRC. Under the Enterprise Income Tax Law of the PRC and relevant implementing regulations, a uniform enterprise income
tax rate of 25% is applied. However, if non-resident enterprises have not formed permanent establishments or premises in the PRC, or
if they have formed permanent establishment or premises in the PRC but there is no actual relationship between the relevant income derived
in the PRC and the established institutions or premises set up by them, enterprise income tax is set at the rate of 10% with respect
to their income sourced from inside the PRC.
Pursuant
to the Enterprise Income Tax Law of the PRC, the enterprise income tax rate of an HNTE is 15%. According to the Administrative Measures
for the Recognition of HNTEs, effective in 2008 and amended in 2016, for each entity accredited as an HNTE, its HNTE status is valid
for three years if it meets the qualifications for the HNTE on a continuing basis during such period. Beijing Kuke Music has been recognized
as an HNTE.
Value-added
Tax
The Provisional
Regulations of on Value-added Tax of the PRC were promulgated by the State Council in 1993, came into effect in 1994 and were most recently
amended in 2017. The Detailed Rules for the Implementation of Provisional Regulations of on Value-added Tax of the PRC were promulgated
by the Ministry of Finance in 1993 and subsequently amended in 2008 and 2011. In 2017, the State Council promulgated the Order on Abolishing
the Provisional Regulations of the PRC on Business Tax and Amending the Provisional Regulations of on Value-added Tax of the PRC, or
Order 691. According to the above, all enterprises and individuals engaged in the sale of goods, the provision of processing, repair
and replacement services, sales of services, intangible assets, real property and the importation of goods within the territory of the
PRC are the taxpayers of value-added tax. The value-added tax rates generally applicable are simplified as 17%, 11%, 6% and 0%, and the
value-added tax rate applicable to the small-scale taxpayers is 3%.
On April
4, 2018, the Ministry of Finance and the State Administration of Taxation issued the Circular on Adjustment of Value-added Tax Rates,
which became effective on May 1, 2018. According to the Circular on the Adjustment of Value-added Tax Rates, relevant value-added tax
rates have been reduced from May 1, 2018, such as (i) value-added tax rates of 17% and 11% applicable to the taxpayers who have value-added
tax taxable sales activities or imported goods are adjusted to 16% and 10%, respectively; (ii) value-added tax rate of 11% originally
applicable to the taxpayers who purchase agricultural products is adjusted to 10% and so on.
On March
20, 2019, the Ministry of Finance, the State Administration of Taxation and the General Administration of Customs issued the Announcement
on Deepening Value-added Tax Reform, which became effective on April 1, 2019. According to the Announcement on Deepening Value-added
Tax Reform, relevant value-added tax rates have been reduced from April 1, 2019, such as value-added tax rates of 16% and 10% applicable
to the taxpayers who have value-added tax taxable sales activities or imported goods are adjusted to 13% and 9%, respectively and so
on.
As of the
date of this annual report, our PRC subsidiaries and consolidated affiliated entities are generally subject to value-added tax rates
of 13%, 9% or 6%.
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Dividend
Withholding Tax
The PRC Enterprise
Income Tax Law provides that since 2008, an enterprise income tax rate of 10% will normally be applicable to dividends declared to non-PRC
resident investors which do not have an establishment or place of business in the PRC, or which have such establishment or place of business
but the relevant income is not effectively connected with the establishment or place of business, to the extent that such dividends are
derived from sources within the PRC.
Pursuant
to the Arrangement Between the Mainland of China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation
and the Prevention of Fiscal Evasion with Respect to Taxes on Incomes, and other applicable PRC laws, if a Hong Kong resident enterprise
is determined by the competent PRC tax authority to have satisfied the relevant conditions and requirements under such arrangement and
other applicable laws, the 10% withholding tax on the dividends the Hong Kong resident enterprise receives from a PRC resident enterprise
may be reduced to 5%. However, based on the Circular on Certain Issues with Respect to the Enforcement of Dividend Provisions in Tax
Treaties issued by the State Administration of Taxation in 2009, or SAT Circular 81, if the relevant PRC tax authorities determine, in
their discretion, that a company benefits from such reduced income tax rate due to a structure or arrangement that is primarily tax-driven,
such PRC tax authorities may adjust the preferential tax treatment. According to the Circular on Several Issues regarding the "Beneficial
Owner" in Tax Treaties, which was issued on February 3, 2018 by the State Administration of Taxation, effective on April 1, 2018,
when determining the applicant's status of the "beneficial owner" regarding tax treatments in connection with dividends,
interests or royalties in the tax treaties, several factors, including without limitation, whether the applicant is obligated to pay
more than 50% of its income in twelve months to residents in a third country or region, whether the business operated by the applicant
constitutes the actual business activities, and whether the counterparty country or region to the tax treaties does not levy any tax
or grant tax exemption on relevant incomes or levy tax at an extremely low rate, will be taken into account, and it will be analyzed
according to the actual circumstances of the specific cases. This circular further provides that applicants who intend to prove his or
her status of the "beneficial owner" shall submit the relevant documents to the relevant tax bureau according to the Announcement
on Issuing the Measures for the Administration of Non-Resident Taxpayers' Enjoyment of the Treatment under Tax Agreements.
Tax
on Indirect Transfer
In 2015,
the State Administration of Taxation issued the Circular on Issues of Enterprise Income Tax on Indirect Transfers of Assets by Non-PRC
Resident Enterprises, or SAT Circular 7. Pursuant to SAT Circular 7, an "indirect transfer" of assets, including equity interests
in a PRC resident enterprise, by non-PRC resident enterprises, may be re-characterized and treated as a direct transfer of PRC taxable
assets, if such arrangement does not have a reasonable commercial purpose and was established for the purpose of avoiding payment of
PRC enterprise income tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise income tax. When determining
whether there is a "reasonable commercial purpose" of the transaction arrangement, features to be taken into consideration
include, inter alia, whether the main value of the equity interest of the relevant offshore enterprise derives directly or indirectly
from PRC taxable assets; whether the assets of the relevant offshore enterprise mainly consist of direct or indirect investment in China
or if its income is mainly derived from China; and whether the offshore enterprise and its subsidiaries directly or indirectly holding
PRC taxable assets have real commercial nature which is evidenced by their actual function and risk exposure. According to SAT Circular
7, where the payer fails to withhold any or sufficient tax, the transferor shall declare and pay such tax to the tax authority by itself
within the statutory time limit. Late payment of applicable tax will subject the transferor to default interest. SAT Circular 7 does
not apply to transactions of sale of shares by investors through a public stock exchange where such shares were acquired on a public
stock exchange. In 2017, the State Administration of Taxation issued the Circular on Issues of Tax Withholding regarding Non-PRC Resident
Enterprise Income Tax, or SAT Circular 37, which further elaborates the relevant implemental rules regarding the calculation, reporting
and payment obligations of the withholding tax by the non-resident enterprises. Nonetheless, there remain uncertainties as to the interpretation
and application of SAT Circular 7. SAT Circular 7 may be determined by the tax authorities to be applicable to our offshore transactions
or sale of our shares or those of our offshore subsidiaries where non-resident enterprises, being the transferors, were involved.
64
Regulations
on Foreign Exchange Registration of Offshore Investment by PRC Residents
General
Rules
The core
regulations governing foreign currency exchange in China are the Foreign Exchange Administration Regulations of the PRC, promulgated
by the State Council in 1996 and most recently amended in 2008. Under the regulations, payments of current account items, such as profit
distributions and trade and service-related foreign exchange transactions, can be made in foreign currencies without prior approval from
the SAFE by complying with certain procedural requirements. By contrast, approval from or registration with appropriate regulatory authorities
is required where RMB is to be converted into foreign currency and remitted out of China to pay capital account items, such as direct
investment, repayment of foreign currency-denominated loans, repatriation of investment and investment in securities outside of China.
Pursuant
to the Circular of Further Improving and Adjusting Foreign Exchange Administration Policies on Foreign Direct Investment, or SAFE Circular
59, promulgated by the SAFE in 2012, which was further amended in 2015, 2018 and 2019, the opening of various special purpose foreign
exchange accounts, such as pre-establishment expenses accounts, foreign exchange capital accounts and guarantee accounts, the reinvestment
of Renminbi proceeds by foreign investors in the PRC, and remittance of foreign exchange profits and dividends by a foreign-invested
enterprise to its foreign shareholders no longer require the approval or verification of the SAFE, and multiple capital accounts for
the same entity may be opened in different provinces, which was not possible previously.
In 2015,
the SAFE promulgated the Circular of Further Simplifying and Improving the Policies of Foreign Exchange Administration Applicable to
Direct Investment, or SAFE Circular 13, which was further amended in 2019. SAFE Circular 13 has simplified the procedure of foreign exchange-related
registration by (i) canceling the administrative approval requirements of foreign exchange registration of foreign direct investment
and overseas direct investment and (ii) allowing foreign exchange registrations of foreign direct investment and overseas direct investment
to be handled by the banks designated by the foreign exchange authority instead of the SAFE and its branches.
The Circular
on the Reforming the Administration of Foreign Exchange Settlement of Capital of Foreign-invested Enterprises, or SAFE Circular 19, was
issued by the SAFE in 2015, and it was amended in 2019 and 2022. It allows foreign-invested enterprises, within the scope of business,
to settle their foreign exchange capital on a discretionary basis according to the actual needs of their business operation and provides
the procedures for foreign-invested enterprises to use Renminbi converted from foreign currency-denominated capital for equity investment.
In 2017,
the SAFE promulgated the Circular on Further Improving Reform of Foreign Exchange Administration and Optimizing Genuineness and Compliance
Verification, or SAFE Circular 3, which stipulates several capital control measures with respect to the outbound remittance of profit
from domestic entities to offshore entities, including (i) under the principle of genuine transaction, banks shall check board resolutions
regarding profit distribution, the original version of tax filing records and audited financial statements; and (ii) domestic entities
shall hold income to account for previous years' losses before remitting the profits. Further, according to SAFE Circular 3, domestic
entities shall make detailed explanations of the sources of capital and utilization arrangements, and provide board resolutions, contracts
and other proof when completing the registration procedures in connection with an outbound investment.
Offshore
Investment
The Circular
of SAFE on Issues Concerning the Foreign Exchange Administration over the Overseas Investment and Financing and Round-trip Investment
by Domestic Residents via Special Purpose Vehicles, or SAFE Circular 37, which became effective in 2014, regulates foreign exchange matters
in relation to the use of special purpose vehicles, or SPVs, by PRC residents or entities to seek offshore investment and financing or
conduct round-trip investment in China. Under SAFE Circular 37, an SPV refers to offshore enterprises directly established or indirectly
controlled by PRC residents for the purpose of seeking offshore equity financing or making offshore investments, using legitimate domestic
or offshore assets or interests, while "round-trip investment" refers to the direct investment in China by PRC residents
or entities through SPVs, namely, establishing foreign-invested enterprises to obtain the ownership, control rights and management rights.
SAFE Circular 37 requires that, before making contributions to an SPV, PRC residents or entities are required to register with the local
SAFE branch.
Pursuant
to SAFE Circular 13, PRC residents or entities can register with qualified banks instead of the SAFE or its local branch in connection
with their establishment of an SPV.
65
An amendment
to registration or subsequent filing with qualified banks by such PRC resident is also required if there is a material change with respect
to the capital of the offshore company, such as any change of basic information (including change of such PRC residents, change of name
and operation term of the SPV), increases or decreases in investment amount, transfers or exchanges of shares, or mergers or divisions.
Failure to comply with the registration procedures set forth in SAFE Circular 37 and SAFE Circular 13, misrepresentation on or failure
to disclose controllers of foreign-invested enterprise that is established through round-trip investment, may result in bans on the foreign
exchange activities of the relevant onshore company, including the payment of dividends and other distributions to its offshore parent
or affiliates, and may also subject relevant PRC residents to penalties under the Foreign Exchange Administration Regulations of the
PRC.
Regulations
on Stock Incentive Plans
According
to the Notice of the State Administration of Foreign Exchange on Issues Relating to the Foreign Exchange Administration for Domestic
Individuals Participating in Stock Incentive Plan of Overseas Listed Company, or the Share Incentive Rules, which was issued on February
15, 2012 and other regulations, directors, supervisors, senior management and other employees participating in any share incentive plan
of an overseas listed company who are PRC citizens or non-PRC citizens residing in China for a continuous period of not less than one
year, subject to certain exceptions, are required to register with the SAFE. All such participants need to authorize a qualified PRC
agent, such as a PRC subsidiary of the overseas listed company to register with the SAFE and handle foreign exchange matters such as
opening accounts, transferring and settlement of the relevant proceeds. The Share Incentive Rules further require an offshore agent to
be designated to handle matters in connection with the exercise of share options and sales of proceeds for the participants of the share
incentive plans. Failure to complete the said SAFE registrations may subject us and the participants to fines and legal sanctions.
In addition,
the SAT has issued certain circulars concerning employee stock options and restricted shares. Under these circulars, employees working
in the PRC who exercise stock options or are granted restricted shares will be subject to PRC individual income tax. The PRC subsidiaries
of an overseas listed company are required to file documents related to employee stock options and restricted shares with relevant tax
authorities and to withhold individual income taxes of employees who exercise their stock option or purchase restricted shares. If the
employees fail to pay or the PRC subsidiaries fail to withhold income tax in accordance with relevant laws and regulations, the PRC subsidiaries
may face sanctions imposed by the tax authorities or other PRC governmental authorities.
Regulations
on Employment and Social Welfare
Employment
The principal
regulations that govern employment and labor matters in the PRC include (i) the Labor Law of the PRC, which was promulgated by the Standing
Committee of the National People's Congress in 1994, effective in 1995 and amended in 2009 and 2018; (ii) the Labor Contract Law
of the PRC, which was promulgated by the Standing Committee of the National People's Congress in 2007 and amended in 2012; (iii)
the Implementing Regulations of the Labor Contract Law of the PRC, which was promulgated by the State Council on September 18, 2008.
Under the above regulations, labor relationships between employers and employees must be executed in written form, and wages shall not
be lower than local standards on minimum wages and shall be paid to employees timely. In addition, employers must establish a system
for labor safety and sanitation, strictly abide by state standards and provide relevant education to its employees. Employers are also
prohibited from forcing employees to work above a certain time limit and employers shall pay employees for overtime work in accordance
with national regulations.
66
Social
Insurance and Housing Fund
According
to the Social Insurance Law of the PRC, which was promulgated by the National People's Congress of the PRC in 2010, and most recently
amended in 2018 by the Standing Committee of the National People's Congress, and other relevant laws and regulations, the PRC establishes
a social insurance system including basic pension insurance, basic medical insurance, occupational injury insurance, unemployment insurance
and maternity insurance. Any employer shall register with the local social insurance agency within 30 days after its establishment and
shall register for the employee with the local social insurance agency within 30 days after the date of hire. An employer shall declare
and make social insurance contributions in full and on time. The occupational injury insurance and maternity insurance shall be only
paid by employers while the contributions of basic pension insurance, medical insurance and unemployment insurance shall be paid by both
employers and employees.
According
to the Regulation on the Administration of Housing Fund promulgated by the State Council in 1999 and amended in 2002 and 2019, employers
are required to register at the designated administrative centers, open bank accounts for depositing employees' housing fund and
make housing fund contributions for employees in the PRC. The employer who fails to make housing fund contributions may be ordered to
rectify the noncompliance and pay the required contributions within a stipulated deadline.
Regulations
on Anti-Monopoly
The Anti-Monopoly
Law of the PRC promulgated by the Standing Committee of the National People's Congress, which became effective in 2008 and was
amended in 2022, and the Guiding Opinions of the State Administration for Market Regulation on the Declaration of Concentration of Business
Operators (2018 Revision) require that the anti-monopoly agency under the State Council shall be notified in advance of any concentration
of undertaking if certain filing thresholds (i.e., during the previous fiscal year, (i) the total global turnover of all operators participating
in the transaction exceeded RMB10 billion in the preceding fiscal year and at least two of these operators each had a turnover of more
than RMB400 million within China in the preceding fiscal year, or (ii) the total turnover within China of all the operators participating
in the concentration exceeded RMB2 billion in the preceding fiscal year, and at least two of these operators each had a turnover of more
than RMB400 million within China in the preceding fiscal year) are triggered, and no concentration shall be implemented until the anti-monopoly
enforcement agency clears the anti-monopoly filing.
Pursuant
to the Provisions on the Review of Concentrations of Undertakings, which was promulgated by the the State Administration for Market on
March 10 2023 and became effective on 1 April 2023, the term "concentration of undertakings" refers to (i) the merger of undertakings;
(ii) acquiring control over other undertakings by virtue of acquiring their equities or assets; or (iii) acquiring control over other
undertakings or the ability to exert decisive influence on other undertakings by virtue of contract or any other means.
Where an
undertaking implements concentration in violation of Anti-Monopoly, and the concentration has or may have the effect of eliminating or
restricting competition, the Anti-monopoly Law Enforcement Agency of the State Council shall order it to cease the implementation of
concentration, dispose of the shares or assets within a time limit, transfer the business within a time limit and take other necessary
measures to restore to the status before the concentration, and impose on it a fine of not more than 10% of its sales amount in the previous
year; or impose on it a fine of not more than 5 million yuan if the concentration has no effect of eliminating or restricting competition.
Regulations
on M&A and Overseas Listings
In 2006,
six PRC regulatory agencies, including the China Securities Regulatory Commission, or the CSRC, jointly adopted the M&A Rules, amended
in 2009. The M&A Rules purport, among other things, to require an offshore special purpose vehicle controlled by PRC companies or
individuals and formed for overseas listing purposes through acquisitions of PRC domestic interest held by such PRC companies or individuals,
to obtain the approval from the CSRC prior to publicly listing their securities on an overseas stock exchange.
67
C
Organizational Structure
We are an
exempted company incorporated with limited liability under the laws of the Cayman Islands with significant subsidiaries and VIEs in China,
Hong Kong and other jurisdictions. The following diagram illustrates our corporate structure, including the names, places of incorporation
and the proportion of ownership interests in our significant subsidiaries and VIEs as of December 31, 2022.
Notes:
(1)
The
                                            remaining 49% equity interest in Naxos China is held by Naxos International, which is ultimately
                                            controlled by independent third parties.
(2)
He
                                            Yu, Xingping Zuo, Jianmin Jin and Kunshan Maidun Culture Industry Investment Enterprise (Limited
                                            Partnership) each holds 35.5%, 25.9%, 9.0% and 8.9% equity interests in Beijing Kuke Music,
                                            respectively. The remaining 20.7% equity interests in Beijing Kuke Music are held by other
                                            beneficial owners of our company.
68
(3)
Lung
                                            Yu, He Yu, Ningbo Huaqiang Ruizhe Investment Partnership (Limited Partnership), Tianjin Shengxin
                                            Enterprise Management Consulting Partnership (Limited Partnership) and Suzhou Fengqiao Jichu
                                            Chuangye Investment Partnership (Limited Partnership) and Zheng Tu each holds 38.5%, 23.1%,
                                            15.4%, 15.4%, 6.2% and 1.4% equity interests in BMF Culture, respectively.
Contractual
Arrangements with The VIEs and Their Respective Shareholders
Current PRC
laws and regulations impose certain restrictions or prohibitions on foreign ownership of companies that engage in value-added telecommunication
services, Internet audio-video program services and certain other businesses. We are a company incorporated in the Cayman Islands. Kuke
International and Beijing Lecheng, our PRC subsidiaries, are considered foreign-invested enterprises. To comply with the foregoing PRC
laws and regulations, we currently conduct our business in the PRC mainly through the VIEs based on a series of contractual arrangements.
These contractual arrangements enable us to (i) exercise substantial influence over the VIEs, (ii) receive substantially all of the economic
benefits of the VIEs, (iii) and have an exclusive option to purchase all or part of the equity interests and assets in the VIEs when
and to the extent permitted by PRC law. As a result of these contractual arrangements, we are the primary beneficiary of the VIEs and,
therefore, have consolidated the financial results of the VIEs in our consolidated financial statements in accordance with IFRS.
The following
is a summary of the currently effective contractual arrangements by and among each of our WFOEs, each of the VIEs and their respective
shareholders.
Agreements
That Provide Us with Substantial influence over The VIEs
Powers
of Attorney
. Pursuant to the power of attorney entered into among Kuke International, Beijing Kuke Music and its shareholders,
the shareholders of Beijing Kuke Music unconditionally and irrevocably appointed Kuke International or any person designated by Kuke
International to act as their attorney-in-fact to exercise all of their rights as shareholders of Beijing Kuke Music, including, but
not limited to, the right to propose to convene and attend shareholders' meetings, to execute meeting minutes and resolutions,
to exercise voting rights on all matters that need to be discussed and resolved in shareholders' meetings, to dispose of the assets
of Beijing Kuke Music, to resolve to dissolve and liquidate Beijing Kuke Music, to decide to transfer or otherwise dispose of the shares
held by the shareholders in Beijing Kuke Music and to exercise all other shareholders' rights stipulated by PRC laws and regulations
and the articles of association of Beijing Kuke Music. The shareholders' power of attorney will remain effective until terminated
by Kuke International in writing or the equity interest in or all the assets of Beijing Kuke Music have been transferred to Kuke International
or any person designated by Kuke International.
Beijing Lecheng,
BMF Culture and its shareholders have also entered into a power of attorney regarding the exercise of all the shareholders' rights
of the shareholders of BMF Culture, the terms of which are substantially similar to the power of attorney described above.
Equity
Interest Pledge Agreements
. Pursuant to the equity interest pledge agreement entered into among Kuke International, Beijing Kuke
Music and its shareholders, the shareholders of Beijing Kuke Music have pledged all of their respective equity interest in Beijing Kuke
Music to guarantee the performance of the obligations by, and the representations, undertakings, and warranties provided by, Beijing
Kuke Music and its shareholders under the exclusive consulting service agreement, exclusive intellectual property rights licensing agreement,
exclusive option agreement and power of attorney (together with the equity interest pledge agreement, the "Cooperation Agreements").
In the event of a breach by Beijing Kuke Music or any of its shareholders of contractual obligations under the Cooperation Agreements,
Kuke International, as pledgee, will have the right to dispose of the pledged equity interests in Beijing Kuke Music and will have priority
in receiving the proceeds from such disposal. Beijing Kuke Music and its shareholders also undertake that, without the prior written
consent of Kuke International, the shareholders of Beijing Kuke Music will not create or allow any encumbrance on the pledged equity
interests. As of the date of this annual report, the shareholders of the VIEs have completed the registration of their equity interest
pledge.
69
Beijing Lecheng,
BMF Culture and its shareholders have also entered into an equity interest pledge agreement, the terms of which are substantially similar
to the equity interest pledge agreement described above, except that the relevant Cooperation Agreements do not include an exclusive
intellectual property rights licensing agreement.
Agreements
That Allow Us to Receive Economic Benefits from The VIEs
Exclusive
Consulting Service Agreements
. Pursuant to the exclusive consulting service agreement entered into between Kuke International
and Beijing Kuke Music, Kuke International has the exclusive right to provide Beijing Kuke Music, its subsidiaries and investee companies
with comprehensive management consulting services. Kuke International has the right to adjust the service fee at any time based on the
services provided to Beijing Kuke Music. The exclusive consulting service agreement will remain irrevocable until both parties terminate
the agreement in writing or Kuke International acquires all equity interests in or if all the assets of Beijing Kuke Music have been
transferred to any person designated by Kuke International. Notwithstanding the above, Kuke International has the right to terminate
the agreement at any time by issuing a 30 days' notice in writing, and Kuke International shall not be liable for any defaults
for unilaterally terminating the agreement.
Beijing Lecheng
and BMF Culture have also entered into an exclusive consulting service agreement, the terms of which are substantially similar to the
exclusive consulting service agreement described above.
Exclusive
Intellectual Property Rights Licensing Agreement
. Pursuant to the exclusive intellectual property rights licensing agreement
entered into between Kuke International and Beijing Kuke Music, Kuke International agreed to license to Beijing Kuke Music certain intellectual
property rights owned by Kuke International or being transferred to Kuke International by Beijing Kuke Music. After completion of the
transfer of the relevant intellectual property rights, Kuke International shall license such intellectual property rights to Beijing
Kuke Music at nil consideration. In addition, Beijing Kuke Music agreed to license all of its intellectual property rights (other than
those already transferred to Kuke International) to Kuke International at nil consideration. The exclusive intellectual property rights
agreement will remain effective for a term of ten years and shall be automatically renewed for successive terms of five years unless
either party terminates the agreement by issuing a 30 days' notice in writing prior to the expiration of the term of the agreement.
Agreements
That Provide Us with the Option to Purchase the Equity Interest in The VIEs
Exclusive
Option Agreements.
Pursuant to the exclusive option agreement entered into among Kuke International, Beijing Kuke Music and its
shareholders, the shareholders of Beijing Kuke Music irrevocably granted Kuke International or any person designated by Kuke International
an exclusive right to purchase from the shareholders of Beijing Kuke Music all or any part of their equity interest in and the assets
of Beijing Kuke Music for a nominal price, or the lowest price permitted under applicable PRC laws. The exclusive option agreement will
remain irrevocable until all parties terminate the agreement in writing or Kuke International acquires all equity interests in or if
all the assets of Beijing Kuke Music have been transferred to any person designated by Kuke International. Notwithstanding the above,
Kuke International has the right to terminate the agreement at any time by issuing a 30 days' notice in writing, and Kuke International
shall not be liable for any defaults for unilaterally terminating the agreement.
Beijing Lecheng,
BMF Culture and its shareholders have also entered into an exclusive option agreement, the terms of which are substantially similar to
the exclusive option agreement agreement described above.
In addition,
the spouse of certain shareholders of each of the VIEs, where applicable, has signed an undertaking (collectively, the "Spouse
Undertakings") to the effect that, among others, (i) the shares of the relevant VIE held and to be held by each of the shareholders
do not fall within the scope of communal properties, and (ii) he or she waives any rights or interests that may be granted to him or
her under the applicable laws of any jurisdictions, and he or she undertakes not to claim such rights or interests. The spouse of certain
shareholders of each of the VIEs, where applicable, has also consented to the arrangement of any equity interest held by his or her spouse
under the Exclusive Option Agreement, the Exclusive Consulting Service Agreement, the Exclusive Intellectual Property Rights Agreement,
where applicable, the Equity Interest Pledge Agreement and the Power of Attorney. In the opinion of Commerce & Finance Law Offices,
our PRC counsel:
●
the
                                            ownership structures of the VIEs in the PRC and our WFOEs, are not in violation of applicable
                                            PRC laws and regulations currently in effect; and
●
the
                                            contractual arrangements among our WFOEs, the VIEs and their shareholders governed by PRC
                                            law are currently valid and binding in accordance with applicable PRC laws and regulations
                                            currently in effect and do not result in any violation of the applicable PRC laws or regulations
                                            currently in effect.
70
However,
our PRC counsel has also advised us that there are substantial uncertainties regarding the interpretation and application of current
and future PRC laws, regulations and rules. Accordingly, the PRC regulatory authorities may take a view that is contrary to the opinion
of our PRC counsel. It is uncertain whether any new PRC laws or regulations relating to variable interest entity structures will be adopted
or, if adopted, what they would provide. If we or any of the VIEs are found to be in violation of any existing or future PRC laws or
regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have
broad discretion to take action in dealing with such violations or failures. See "Item 3. Key Information-D. Risk Factors-Risks
Related to Our Corporate Structure-If the PRC government finds that the agreements that establish the structure for operating our businesses
in China do not comply with applicable PRC laws and regulations, or if these laws and regulations or their interpretations change in
the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations."
D
Property, Plants and Equipment
Our principal
executive offices are located in leased office space from a third party at Building 96, 4 San Jian Fang South Block, Chaoyang District,
Beijing, China, which occupy approximately a total of 3,016 square meters. We do not own any facilities of our own. We believe that these
facilities are generally adequate to meet our current needs.
ITEM
4A UNRESOLVED STAFF COMMENTS
None.
ITEM
5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS
A
Operating Results
Key
Factors Affecting Our Results of Operations
Our business
and results of operations are influenced by general factors affecting the industries and markets where we operate, which include:
●
the
                                            overall economic growth in China;
●
the
                                            growth of the classical music licensing and subscription market, smart music learning market
                                            and live classical music events market in China;
●
governmental
                                            policies and the regulatory environment for industries in which we operate; and
●
disease,
                                            global or localized health pandemic or epidemic or a similar public health threat, or the
                                            fear of such an event.
71
While our
business is influenced by general factors affecting the industries in which we operate, our results of operations are more directly affected
by company-specific factors, including the following major factors:
Ability
to maintain and enrich our content offerings
We believe
that our diverse and expansive library of classical music content is one of our core competitive advantages, enabling us to continuously
attract customers and increase their spending. Our ability to maintain diverse and appealing content offerings hinges on our relationships
with content providers, our in-house content production capabilities, our understanding of the changing tastes and preferences of existing
and perspective customers and our ability to adjust our content offerings accordingly. We expect to continue to strengthen our relationships
with content providers and invest in expanding and enriching our content offerings in order to sustain the growth of our content-centric
ecosystem.
Ability
to attract and retain customers and increase their spending
Our ability
to attract and retain customers and increase their spending is critical to the continued success and growth of our business. Our ability
to attract and retain licensing and subscription customers primarily depends on our ability to offer attractive content offerings and
provide satisfactory services at competitive pricing. Our ability to attract and retain customers of our smart music learning solutions
primarily depends on the perceived effectiveness of our smart music learning solutions, the attractiveness of our educational content
offerings and our ability to adequately and promptly address their needs and optimize their user experience. Our ability to attract and
retain sponsors for our live classical music events business primarily depends on the popularity of our events and the extent to which
we can serve their marketing needs. We expect to continue to attract new customers, retain our existing customers and increase the spending
of our customers through continuous efforts to offer them high-quality services and promptly adapt to their evolving needs.
Ability
to manage our costs and operating expenses effectively
Our ability
to manage and control our costs and expenses while continuing to grow our business is critical to the success of our business. Our cost
of sales decreased by 22.4% from RMB126.0 million in 2021 to RMB 97.8 million (US$14.2 million) in 2022, and our cost of sales as a percentage
of our revenue increased from 42.6% to 85.0% during the same period. Our ability to manage and control cost of sales depends on, to a
significant extent, content costs and hardware costs. Our total operating expenses increased by 297.1% from RMB 229.1 million in 2021
to RMB909.6 million (US$131.9 million) in 2022, and our total operating expenses as a percentage of our revenue increased from 77.4%
to 790.2% during the same period. We expect our operating expenses to increase due to the expansion of our business and the additional
costs and expenses associated with becoming a public company. As our business model is highly scalable, we expect that the growing scale
of our business will position us well to continue to improve our cost efficiency.
The
COVID-19 pandemic
Beginning
in January 2020, the COVID-19 pandemic and governmental measures imposed to contain its spread have disrupted and are expected to continue
to affect our business. For example, postponed school and kindergarten reopenings caused the sales of our Kukey courses, Kuke smart pianos,
Kuke smart music teaching systems and our institutional music subscription services to decline in 2020, 2021 and 2022. In addition, stay-at-home
orders and prohibition of public gatherings have caused us to cancel the production of many on-ground, live classical music events. The
general population's fears regarding contracting COVID-19 alslo resulted in decreased ticket sales and sponsorship fees. Through
online streaming of live classical music performances and additional pre-recorded performances, most of which are available to registered
users of the BMF Club app for free, we have attracted new sponsors; however, we have also incurred higher content costs and IT expenditures
associated with the streaming of these content. As COVID-19 has been gradually contained in China, sales of our Kukey courses, Kuke smart
pianos, Kuke smart music teaching systems, institutional music subscription services and licensing services have recovered, and we were
able to resume organizing live classical music events.
72
Furthermore,
as a result of the widespread and detrimental effect that COVID-19 has had on the Chinese and global economy, the financial conditions
of many of our subscribers and licensees, the government funding available to our live music events and government-affiliated customers,
as well as the marketing budget of many of our live music events sponsors, have also decreased, making it more challenging for us to
retain existing customers and attract new customers.
Moreover,
we have taken a series of measures in response to the outbreak of COVID-19 to protect our employees, including, among others, temporary
closure of our offices, remote working arrangements and procurement of masks, hand sanitizers and other protective equipment for our
employees, which reduced the capacity and efficiency of our operations and increased our operating expenses.
While COVID-related
restrictions have largely been lifted in China, the ultimate impact of the COVID-19 pandemic on our business and results of operations
is still unknown and will depend on its future developments, which are highly uncertain and cannot be predicted with confidence.
Key Components of Results of Operations
Revenue
Prior to
the Acquisition, we derived our revenue from: (i) licensing and subscription; and (ii) smart music learning. After the Acquisition, we
have also derived revenue from live classical music events.
The following
table sets forth the key components of our total revenue, in absolute amounts and as percentages of our total revenue, for the periods
presented.
For
    the Years Ended December 31,
2020
2021
2022
RMB
%
RMB
%
RMB
US$
%
(in
    thousands, except for percentages)
Licensing
    and subscription
76,583
47.0
%
100,454
33.9
%
46,966
6,809
40.8
%
Smart
    music learning
58,784
36.1
%
118,061
39.9
%
37,243
5,400
32.4
%
Live
    classical music events
27,514
16.9
%
77,382
26.2
%
30,906
4,481
26.8
%
Total
162,881
100.0
%
295,897
100.0
%
115,115
16,690
100.0
%
(i)
Licensing and Subscription Revenue
Our licensing
revenue is generated by licensing certain music copyrights to digital music service providers for digital streaming or downloading through
their online platforms. Our licensees also include, to a much lesser extent, film and TV production companies, airlines and smart hardware
companies. We generate licensing fees either on a fixed-payment basis or through a combination of minimum guarantee and periodic revenue
sharing.
Our subscription
revenue is generated from providing customers with the right to access music content databases through websites and mobile apps and from
the sale of smart music devices. Our customers for database subscription services consist primarily of universities, colleges and public
libraries that pay for the right of their respective students, faculty members or library patrons, as the case may be, to access the
databases and, to a lesser extent, individuals. We also offer various smart music devices to institutional customers, allowing offline
access to selected music content.
(ii)
Smart Music Learning Revenue
We generate
our smart music learning revenue primarily from the sale of Kukey courses to kindergarten students and the sale of Kuke smart pianos,
Kuke smart music teaching systems and piano accessories to distributors for them to resell to end customers. Students typically subscribe
to our Kukey courses on a monthly, semester or school-year basis. We typically collect tuition directly from enrolled students and share
part of the tuition fees with distributors who help us establish collaboration with kindergartens. All Kuke smart pianos are sold together
with the pre-installed Kuke smart music teaching systems. We sell Kuke smart music teaching systems primarily along with Kuke smart pianos
and also on a stand-alone basis.
(iii)
Live Classical Music Events
BMF generates
(i) music festival events revenue primarily through service fees, sponsorship fees and ticket sales associated with the Beijing Music
Festival; (ii) music performance revenue primarily through sponsorship fees and service fees for other events it organizes; and (iii)
licensing revenue through the licensing of acquired and original content.
73
Cost
of Sales
The following
table sets forth the components of our cost of sales in absolute amounts and as percentages of our total cost of sales, for the periods
presented.
For
    the Years Ended December 31,
2020
2021
2022
RMB
%
RMB
%
RMB
US$
%
(in thousands,
    except for percentages)
Licensing
    and subscription
(8,725
)
19.7
%
(18,195
)
14.4
%
(25,029
)
(3,629
)
25.6
%
Smart
    music learning
(17,319
)
39.1
%
(43,548
)
34.6
%
(45,010
)
(6,526
)
46.0
%
Live
    classical music events
(18,237
)
41.2
%
(64,283
)
51.0
%
(27,765
)
(4,025
)
28.4
%
Total
(44,281
)
100.0
%
(126,026
)
100.0
%
(97,804
)
(14,180
)
100.0
%
Cost of sales
related to licensing and subscription consists primarily of royalties, equipment costs, set-up costs and amortization costs.
Cost of sales
related to smart music learning consists primarily of hardware costs, tuition fees shared with collaborating kindergartens, and depreciation
costs.
Cost of sales
related to live classical music events consists primarily of fees paid to artists, venue rental fees and other event production costs.
Other
Income
Our other
income consists primarily of foreign exchange gains, government grants and additional deduction of VAT input tax.
Operating
Expenses
The following
table sets forth the components of our operating expenses in absolute amounts and as percentages of our total operating expenses, for
the periods presented.
For
    the Years Ended December 31,
2020
2021
2022
RMB
%
RMB
%
RMB
US$
%
(in thousands,
    except for percentages)
Selling
    and distribution expenses
(25,808
)
20.5
%
(73,263
)
32.0
%
(32,033
)
(4,644
)
3.4
%
Administrative
    expenses
(65,018
)
51.6
%
(132,237
)
57.7
%
(69,030
)
(10,008
)
7.6
%
Impairment
    losses on financial assets, Net
(35,240
)
27.9
%
(20,653
)
9.0
%
(99,634
)
(14,446
)
11.0
%
Other
    operating expenses
(18
)
—
%
(2,904
)
1.3
%
(1,661
)
(241
)
0.2
%
Other
    losses
—
—
—
—
(707,237
)
(102,540
)
77.8
%
Total
(126,084
)
100.0
%
(229,057
)
100.0
%
(909,595
)
(131,879
)
100.0
%
Selling
                                            and Distribution Expenses
Our selling
and distribution expenses consist primarily of sales and marketing personnel costs, travel expenses, expenses attributable to general
marketing and promotional activities, and tuition fees and institutional subscription fees shared with distributors.
Administrative
Expenses
Our administrative
expenses consist primarily of research and development costs, employee benefits expenses (including share-based payments), depreciation
for right-of-use assets and property, plant, and equipment, and professional service fees.
74
Impairment
Losses on Financial Assets
Our impairment
losses on financial assets primarily include provisions of impairment for trade receivables and other receivables.
Other losses
Our other losses primarily include impairment
of inventories, impairment of property, plant and equipment, impairment of intangible assets and impairment of goodwill
Finance
Costs
Our finance
costs consist primarily of loan interest and interest expense on lease liabilities.
Results
of Operations
The following table sets forth a summary of the combined statements
of profit or loss and other comprehensive income for the years indicated
For
    the Years Ended December 31
2020
2021
2022
Kuke
    Music
RMB
RMB
RMB
US$
(in thousands)
Revenue
162,881
295,897
115,115
16,690
Cost
    of sales
(44,281
)
(126,026
)
(97,804
)
(14,180
)
Gross
    profit
118,600
169,871
17,311
2,510
Other
    income, net
4,385
8,700
7,659
1,110
Selling
    and distribution expenses
(25,808
)
(73,263
)
(32,033
)
(4,644
)
Administrative
    expenses
(65,018
)
(132,237
)
(69,030
)
(10,008
)
Impairment
    losses on financial assets, net
(35,240
)
(20,653
)
(99,634
)
(14,446
)
Other
    losses
—
—
(707,237
)
(102,540
)
Other
    operating expenses
(18
)
(2,904
)
(1,661
)
(241
)
Operating
    loss
(3,099
)
(50,486
)
(884,625
)
(128,259
)
Share of loss of
    a joint venture
(9
)
(491
)
—
—
Change
    in fair value of equity investment at fair value through profit or loss
—
—
(1,000
)
(145
)
Finance
    costs
(10,105
)
(7,684
)
(4,848
)
(703
)
Finance
    income
1,621
79
34
5
Loss
    before tax
(11,592
)
(58,582
)
(890,439
)
(129,102
)
Income
    tax expense
(3,622
)
(1,035
)
(6,468
)
(938
)
Loss
                                            for the year and total comprehensive loss for the year
(15,214
)
(59,617
)
(896,907
)
(130,040
)
Year
Ended December 31, 2022 Compared to Year Ended December 31, 2021
Revenue
Our total revenue decreased by 61.1% from
RMB296.0 million in 2021 to RMB115.2 million (US$16.7 million) in 2022, primarily as a result of the negative impact of COVID-19.
Our licensing
and subscription revenue decreased by 53.2% from RMB100.5 million in 2021 to RMB47.0 million (US$6.8 million) in 2022, primarily due
to weaker demand from customers.
Our smart
music learning revenue decreased by 68.5% from RMB118.1 million in 2021 to RMB37.3 million (US$5.4 million) in 2022, as we began to
pivot from providing smart music education to students to sales of smart music products.
Our live
classical music events revenue decreased by 60.1% from RMB77.4 million in 2021 to RMB30.9 million (US$4.5 million) in 2022, primarily
due to the negative impact of COVID-19.
75
Cost
of sales
Our cost
of sales decreased by 22.4% from RMB126.0 million in 2021 to RMB97.8 million (US$14.2million) in 2022, primarily due to the decreased
cost incurred by BMF as a result of COVID-related restrictions.
Our cost
of sales for licensing and subscription increased by 37.6% from RMB18.2 million in 2021 to RMB25.0 million (US$3.6 million) in 2022,
primarily due to increased amortization from the newly purchased copyright resources in 2021.
Our cost
of sales related to smart music learning increased by 3.4% from RMB43.5 million in 2021 to RMB45.0 million (US$6.6 million) in 2022 in
connection with our recent pivot from providing smart music education to students to sales of smart music products,
Our cost
of sales for live classical music events significantly decreased by 56.8% from RMB64.3 million in 2021 to RMB27.8 million (US$4.0 million)
in 2022, as a result of COVID-related restrictions on music festivals.
Gross
profit
As a
result of the foregoing, our gross profit decreased by89.8% from RMB169.9 million in 2021 to RMB17.3 million (US$2.5 million) in
2022. In particular, our gross profit from licensing and subscription decreased by73.3% from RMB82.3 million in 2021 to RMB22.0
million (US$3.2 million) in 2022. Our gross profit from smart music learning decreased by 110.4% from RMB74.5 million in 2021 to
RMB7.8 million (US$1.1 million) in 2022. Our gross profit from live classical music events decreased by 76.0% from RMB13.1 million
in 2021 to RMB3.1 million (US$0.4 million) in 2022.
Other
income
Our other
income decreased by 12.0% from RMB8.7 million in 2021 to RMB7.7 million (US$1.1 million) in 2022, primarily due to the decrease of bad
debt recovery in 2022.
Selling
and distribution expenses
Our selling
and distribution expenses decreased by 56.3% from RMB73.3 million in 2021 to RMB32.0 million (US$4.6 million) in 2022, primarily attributable
to decreased promotion expenses due to the contraction of kindergarten business.
Administrative
expenses
Our administrative
expenses decreased by 47.8% from RMB132.2 million in 2021 to RMB69.0 million (US$10.0 million) in 2022, primarily attributable to decreased
share-based compensation expenses.
Impairment
losses on financial assets
Our impairment
losses on financial assets increased   from RMB20.7 million in 2021 to RMB99.6 million (US$14.4 million) in 2022, primarily due
to increased provision of bad debt.
Operating
(loss) profit
As a result
of the foregoing, we recorded operating loss of RMB884.6million (US$ 128.3 million) in 2022, compared to operating loss of RMB50.5 million
in 2021.
Finance
costs
Our finance
costs decreased by 36.9% from RMB7.7 million in 2021 to RMB4.8 million (US$0.7 million) in 2022, primarily due to a decrease in interest-bearing
loans.
76
Finance
income
Our finance
income decreased by 57.0% from RMB0.1 million in 2021 to RMB34 thousand (US$4.9 thousand) in 2022, primarily attributable to a decrease
in current deposit.
Income
tax expense
We recorded
income tax expenses of RMB1.0 million in 2021 and income tax benefit RMB6.5 million (US$0.9 million) in 2022, as a result of derecognizing deferred tax assets
due to increasing loss.
Loss
for the year
As a result
of the foregoing, we recorded loss of RMB896.9million (US$130.0 million) in 2022, compared to loss of RMB59.6 million in 2021.
Year
Ended December 31, 2021 Compared to Year Ended December 31, 2020
Revenue
Our
total revenue increased by 81.7% from RMB162.9 million in 2020 to RMB296.0 million in 2021, primarily as a result of strong growth of
our three music-related businesses.
Our licensing
and subscription revenue increased by 31.2% from RMB76.6 million in 2020 to RMB100.5 million in 2021, primarily due to the increased
customer portfolio and contract amount.
Our smart
music learning revenue increased by 100.8% from to RMB58.8 million in 2020 to RMB118.1 million in 2021, primarily due to the increases
in the number of collaborating kindergartens and subscribing students, and the increased sales of smart music learning products.
Our live
classical music events revenue increased by 181.2% from RMB27.5 million in 2020 to RMB77.4 million in 2021, primarily due to revenues
from the marketing, planning and execution services for live music events in China, and a newly-launched smart music learning hardware
product.
Cost
of sales
Our cost
of sales increased by 184.6% from RMB44.3 million in 2020 to RMB126.0 million in 2021.
Our cost
of sales for licensing and subscription increased by 108.5% from RMB8.7 million in 2020 to RMB18.2 million in 2021 primarily due to a
change in profit sharing policy with music content providers.
Our cost
of sales related to smart music learning increased by 151.4% from RMB17.3 million in 2020 to RMB43.5 million in 2021, primarily due to
the increased investment in our smart music learning business as a result of economic recovery under the COVID-19 pandemic alleviation.
Our cost
of sales for live classical music events increased by 252.5% from RMB18.2 million in 2020 to RMB64.3 million in 2021, which was in line
with increased revenues driven by the significant growth in our live classical music events business.
Gross
profit
As a result
of the foregoing, our gross profit increased by 43.2% from RMB118.6 million in 2020 to RMB169.9 million in 2021. In particular, our gross
profit from licensing and subscription increased by 21.2% from RMB67.9 million in 2020 to RMB82.3 million in 2021.Our gross profit from
smart music learning increased by 79.7% from RMB41.5 million in 2020 to RMB74.5 million in 2021. Our gross profit from live classical
music events increased by 41.2% from RMB9.3 million in 2020 to RMB13.1 million in 2021.
77
Other
income
Our other
income increased by 98.4% from RMB4.4 million in 2020 to RMB8.7 million in 2021, primarily due to the bad debt recovery and the increase
in our government grants during the period.
Selling
and distribution expenses
Our selling
and distribution expenses increased by 183.9% from RMB25.8 million in 2020 to RMB73.3 million in 2021, primarily attributable to increased
expenses to promote our brands and products, and increased tuition fees and institutional subscription fees shared with distributors.
Administrative
expenses
Our administrative
expenses increased by 103.4% from RMB65.0 million in 2020 to RMB132.2 million in 2021, primarily attributable to increased share-based
compensation expenses.
Impairment
losses on financial assets
Our impairment
losses on financial assets decreased by 41.4% from RMB35.2 million in 2020 to RMB20.7 million in 2021, primarily due to the settlement
of our trade receivables as a result of the improvement of our trade receivable management and the prudent credit policy.
Operating
(loss) profit
As a result
of the foregoing, we recorded operating loss of RMB50.5 million in 2021, compared to operating loss of RMB3.1 million in 2020.
Finance
costs
Our finance
costs decreased by 24.0% from RMB10.1 million in 2020 to RMB7.7 million in 2021, primarily due to the decrease in interest on loans and
borrowings, the interest on lease liabilities, resulting from the decreased interest
-
bearing loans and borrowings, and the decreased
lease liabilities.
Finance
income
Our finance
income decreased by 95.1% from RMB1.6 million in 2020 to RMB0.1 million in 2021, primarily attributable to the decrease in interest income
on loans receivable, as a result of the decreased loan receivable.
Income
tax expense
We recorded
income tax expenses of RMB3.6 million in 2020 and RMB1.0 million in 2021, as a result of the decrease in our profit before taxation during
the period.
Loss
for the year
As a result
of the foregoing, we recorded loss of RMB59.6 million in 2021, compared to loss of RMB15.2 million in 2020.
Taxation
We are subject
to various rates of income tax under different jurisdictions. The following summarizes major factors affecting our applicable tax rates
in the Cayman Islands, British Virgin Islands, Hong Kong and the PRC.
78
Cayman
Islands
The Cayman
Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation, and there is no taxation
in the nature of inheritance tax or estate duty.
There are
no other taxes likely to be material to us levied by the government of the Cayman Islands, except for stamp duties that may be applicable
on instruments executed in or, after execution, brought within the jurisdiction of the Cayman Islands. In addition, the Cayman Islands
does not impose withholding tax on dividend payments.
Pursuant
to section 6 of the Tax Concessions Act of the Cayman Islands, we have obtained an undertaking from the Governor-in-Cabinet:
(1)
that
                                            no law which is enacted in the Cayman Islands imposing any tax to be levied on profits or
                                            income or gains or appreciation shall apply to us or our operations; and
(2)
that
                                            no tax to be levied on profits, income, gains or appreciate or which is in the nature of
                                            estate duty or inheritance tax shall be payable (i) on or in respect of our shares debentures
                                            or other obligations; or (ii) by way of the withholding in whole or in part of any relevant
                                            payment as defined in the Tax Concession Act.
The undertaking
is for a period of 20 years from 22 November 2021.
British
Virgin Islands
Our subsidiaries
incorporated in the British Virgin Islands are not subject to income or capital gains tax under the current laws of the British Virgin
Islands. The British Virgin Islands does not impose withholding tax on dividend payments.
Hong
Kong
Under the
current Hong Kong Inland Revenue Ordinance, from the year of assessment 2018/2019 onwards, our HK subsidiaries are subject to profits
tax at the rate of 8.25% on assessable profits up to HK$2,000,000 and 16.5% on any part of assessable profits over HK$2,000,000. Prior
to April 1, 2018, our HK subsidiary Gauguin Limited was subject to profits tax at a rate of 16.5%.
PRC
Generally,
our PRC subsidiaries and VIEs are subject to enterprise income tax on their taxable income in China at a statutory rate of 25%. For the
three years ended December 31, 2022, Beijing Kuke Music is eligible for the preferential enterprise income tax rate of 15% available
to HNTEs. The enterprise income tax is calculated based on the entity's global income as determined under PRC tax laws and accounting
standards. We are also subject to VAT at the rates of 6%, 13%, 16% and 17% in accordance with PRC laws.
Dividends
paid by our wholly foreign-owned subsidiaries in China to our intermediary holding companies in Hong Kong will be subject to a withholding
tax of 10%, unless the Hong Kong entity satisfies all the requirements under the Arrangement between China and the Hong Kong Special
Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income and Capital.
If our Hong Kong subsidiaries satisfy all of these requirements and file an application with the relevant tax authority, then the dividends
paid to the Hong Kong subsidiaries would be subject to withholding tax at the rate of 5%. If the preferential 5% tax rate is subsequently
denied based on the review of the application by the relevant tax authority, our Hong Kong subsidiaries will be required to settle the
underpaid taxes.
If our holding
company in the Cayman Islands or any of our subsidiaries outside of China were deemed to be a "resident enterprise" under
the PRC Enterprise Income Tax Law, it would be subject to enterprise income tax on its worldwide income at a rate of 25%. See "Item
3. Key Information-D. Risk Factors-Risks Related to Doing Business in China-If we are classified as a PRC resident enterprise for PRC
income tax purposes, such classification could result in unfavorable tax consequences to us and our non-PRC shareholders or ADS holders."
79
Recent
Accounting Pronouncements
A list of
recently issued accounting pronouncements that are relevant to us is included in "Note 2.4 Changes in accounting policies and disclosures"
of our consolidated financial statements included elsewhere in this annual report.
B
Liquidity and Capital Resources
Cash
Flows and Working Capital
As of December
31, 2020, 2021 and 2022, our cash and cash equivalents were RMB25.7 million, RMB59.0 million and RMB5.4 million (US$0.8 million), respectively,
consisting of cash on hand and demand deposits.
We intend
to finance our future working capital requirements and capital expenditures from cash generated from operating activities and funds raised
from financing activities, including the net proceeds we received from our initial public offering. We believe that our current available
cash and cash equivalents will be sufficient to meet our working capital requirements and capital expenditures in the ordinary course
of business for the next 12 months.
The following
table sets forth a summary of our cash flows for the periods presented.
For
    the Years Ended December 31,
2020
2021
2022
RMB
RMB
RMB
US$
(in thousands)
Summary Consolidated Statement of Cash Flows:
Net
    cash flows from operating activities
26,287
64,690
(26,479
)
(3,838
)
Net
    cash flows (used in) investing activities
(121,337
)
(291,205
)
(38,476
)
(5,579
)
Net
    cash flows from financing activities
97,759
259,841
11,335
1,643
Net
    increase/(decrease) in cash and cash equivalents
(
2,709
)
33,326
(53,620
)
(7,774
)
Cash
    and cash equivalents at the beginning of the year/period
23,010
25,719
59,045
8,561
Cash
    and cash equivalents at the end of the year/period
25,719
59,045
5,425
787
Operating
Activities
Net cash flows generated from operating activities for the year ended
December 31, 2022 was RMB26.5 million (US$3.8 million). The difference between our loss before tax of RMB890.4 million (US$129.1 million)
and the net cash used in operating activities was primarily due to (i) an adjustment of RMB859.0 million (US$124.6 million) in non-cash
items, which primarily consists of impairment of trade receivables, impairment of property, plant and equipment, impairment of intangible
assets and impairment of inventories and impairment of goodwill and share-based payment expenses and depreciation and amortizations; and
(ii) an increase of RMB2.1 million (US$0.3 million) in working capital. Changes in working capital for the year ended December 31, 2022
primarily consist of a decrease of RMB4.5 million (US$0.7 million) in trade payables, which is primarily due to repayment of loans.
Net cash
flows generated from operating activities for the year ended December 31, 2021 was RMB64.7 million. The difference between our loss before
tax of RMB58.6 million and the net cash used in operating activities was primarily due to (i) an adjustment of RMB97.8 million in non-cash
items, which primarily consists of impairment of trade receivables, share-based payment expenses and depreciation and amortizations;
and (ii) an increase of RMB24.0 million in working capital. Changes in working capital for the year ended December 31, 2021 primarily
consist of an increase of RMB52.0 million in trade receivables, which is primarily due to an increase in collection of trade receivables.
Net cash
flows generated from operating activities for the year ended December 31, 2020 was RMB26.3 million. The difference between our loss before
tax of RMB11.6 million and the net cash used in operating activities was primarily due to (i) an adjustment of RMB74.5 million in non-cash
items, which primarily consists of impairment of trade receivables, share-based payment expenses and depreciation and amortizations;
and (ii) a decrease of RMB29.0 million in working capital. Changes in working capital for the year ended December 31, 2020 primarily
consist of an increase of RMB25.9 million in trade receivables, which is primarily due to the growth of our smart music learning business.
80
Investing
Activities
Net cash
flows used in investing activities was RMB38.5 million (US$5.6 million) for the year ended December 31, 2022, primarily due to the purchase
of intangible assets of RMB42.4 million (US$6.1 million).
Net cash
flows used in investing activities was RMB291.2 million for the year ended December 31, 2021, primarily due to the purchase of intangible
assets of RMB234.8 million and purchase of property, plant and equipment of RMB58.0 million.
Net cash
flows used in investing activities was RMB121.3 million for the year ended December 31, 2020, primarily due to the purchase of intangible
assets of RMB106.1 million, an advance to a related party of RMB18.5 million and purchase of property, plant and equipment of RMB10.1
million, partially offset by repayment from related parties of RMB17.4 million.
Financing
Activities
Net cash
flows generated from financing activities was RMB11.3 million (US$1.6 million) for the year ended December 31, 2022, primarily due to
proceeds from bank borrowings of RMB30.0 million (US$4.3 million).
Net cash
flows generated from financing activities was RMB259.8 million for the year ended December 31, 2021, primarily due to issuance of ordinary
shares of RMB293.0 million and proceeds from bank borrowings of RMB10.0 million.
Net cash
flows generated from financing activities was RMB97.8 million for the year ended December 31, 2020, primarily due to issuance of ordinary
shares of RMB90.4 million and proceeds from bank borrowings of RMB10.0 million.
Capital
Expenditures
Our capital expenditure consists of additions of property, plant and
equipment, intangible assets, right-of-use assets, deposits paid for purchase of non-current assets, including assets from the acquisition
of a subsidiary. Our capital expenditures were RMB159.5 million, RMB295.5 million and RMB46.4 million (US$6.7 million) in 2020, 2021 and
2022, respectively. We will continue to make capital expenditures to support the growth of our business.
Off
Balance Sheet Arrangements
We have not
entered into any material financial guarantees or other commitments to guarantee the payment obligations of any third parties. In addition,
we have not entered into any derivative contracts that are indexed to our shares and classified as shareholders' equity or that
are not reflected in our consolidated financial statements. Furthermore, we do not have any retained or contingent interest in assets
transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. We do not have any variable
interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing,
hedging or research and development services with us.
81
Contractual
Obligations
The following
table sets forth our contractual obligations and commercial commitments as of December 31, 2022:
Payment
    Due by December 31, 2022
On
    Demand
Less
    than
1 year
More
    than
1 year
Total
(RMB in thousands)
Interest-bearing
    loans and borrowings
30,000
42,680
—
72,680
Lease
    liabilities
—
4,194
5,032
9,226
Trade
    payables
—
35,012
—
35,012
Due to
    a shareholder
325
—
—
325
Due to
    a related party
—
488
—
488
Other
    payables and accruals
—
12,046
—
12,046
Other than
those shown above, we have certain capital and other commitments as of December 31, 2022. See "Note 30-Commitments" for our
commitments.
Holding
Company Structure
Kuke Music
Holding Limited is a holding company that conducts its operations primarily through the VIEs and their subsidiaries, all of which are
incorporated in China. As a result, our ability to pay dividends depends upon dividends paid to us by our PRC subsidiaries. If our PRC
subsidiaries or any newly formed subsidiaries of our company incur debt on their own behalf in the future, the instruments governing
their debt may restrict their ability to pay dividends to us. In addition, our PRC subsidiaries is permitted to pay dividends to us only
out of its retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Under the PRC law, each
of our PRC subsidiaries, the VIEs and their subsidiaries is required to set aside at least 10% of its after-tax profits each year, if
any, to fund certain statutory reserve funds until such reserve funds reach 50% of its registered capital. In addition, each of our PRC
subsidiaries, the VIEs and their subsidiaries may allocate a portion of its after-tax profits based on PRC accounting standards to staff
welfare and bonus funds, a discretionary surplus fund and an enterprise expansion fund at its discretion or in accordance with its articles
of association. These reserve funds and staff welfare and bonus funds are not distributable as cash dividends.
As a result
of these and other restrictions under the PRC laws and regulations, our WFOEs and the VIEs are restricted to transfer a portion of their
net assets to us either in the form of dividends, loans or advances. The amounts restricted include the paid-up capital and the statutory
reserve funds of our WFOEs and VIEs, totaling RMB3.2 million, RMB3.2 million and RMB3.2 million (US$0.5 million) as of December 31, 2020,
2021 and 2022, respectively. Even though we currently does not require any such dividends, loans or advances from our WFOEs and the VIEs
for working capital and other funding purposes, we may in the future require additional cash resources from our WFOEs and the VIEs due
to changes in business conditions, to fund future acquisitions and developments, or merely declare and pay dividends to or distributions
to our shareholders. See "Item 3. Key Information-Restrictions on Foreign Exchange and the Ability to Transfer Cash between Entities,
Across Borders and to U.S. Investors."
Furthermore,
cash transfers from our PRC subsidiaries to our subsidiaries outside of China are subject to PRC government control of currency conversion.
Restrictions on the availability of foreign currency may affect the ability of our PRC subsidiaries and VIEs to remit sufficient foreign
currency to pay dividends or other payments to us, or otherwise satisfy their foreign currency denominated obligations. See "Item
3. Key Information-D. Risk Factors-Risks Related to Doing Business in China-Foreign exchange controls may limit our ability to utilize
our revenues effectively and affect the value of your investment."
C
Research and Development, Patents and Licenses, etc.
See "Item
4. Information On the Company-B. Business Overview-Research and Development" and "-Intellectual Property".
D
Trend Information
Other than
as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events since January
1, 2022 that are reasonably likely to have a material adverse effect on our net revenues, income, profitability, liquidity or capital
resources, or that caused the disclosed financial information to be not necessarily indicative of future operating results or financial
conditions.
82
E
Critical Accounting Estimates
An accounting
policy is considered critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain
at the time such estimate is made, and if different accounting estimates that reasonably could have been used, or changes in the accounting
estimates that are reasonably likely to occur periodically, could materially impact the consolidated financial statements.
We prepare
our consolidated financial statements in accordance with the International Financial Reporting Standards, or IFRS, as issued by the International
Accounting Standards Board. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting
estimates. It also requires our management to exercise its judgment in the process of applying accounting policies. The areas involving
a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements,
are disclosed in Note 3 to our consolidated financial statements included elsewhere in this annual report. Since the use of estimates
is an integral component of the financial reporting process, actual results could differ from our expectations as a result of changes
in our estimates. Some of our accounting policies require a higher degree of judgment than others in their application and require us
to make significant accounting estimates. For a detailed discussion of our significant accounting policies and related judgments, see
"Notes to Consolidated Financial Statements-Note 2 Significant Accounting Policies".
The following
descriptions of critical accounting estimates should be read in conjunction with our consolidated financial statements and accompanying
notes and other disclosures included in this annual report.
Goodwill
On February
29, 2020, the Group acquired a 61.6% equity interest from Lung Yu and He Yu, shareholders of the Group, and a 38.4% equity interest from
a series of independent third parties in Rosenkavalier through a share swap transaction. Rosenkavalier Group was a related party of the
Group before the acquisition and provides music festival event services, music performance services and licensing of music catalogues.
The acquisition
was made as part of the Group's strategy to expand its market share in the industry. Upon completion of the transaction, the Company
obtained control over Rosenkavalier. Goodwill arising on this acquisition amounted to RMB237,225,000.
Annual
goodwill impairment assessment performed at Dec 31, 2022
Goodwill
is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination
is, from the acquisition date, allocated to each of the Group's cash-generating units ("CGUs") that are expected to
benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
Impairment
is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the
recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill
cannot be reversed in future periods.
At December 31, 2022, goodwill acquired through
the above business combinations is allocated to the three CGUs known as "Subscription and licensing business" "Smart
music learning business" and "Music events and performances business" for impairment testing. We performed quantitative
assessments for each of the three CGUs. These quantitative assessments resulted in impairment of RMB1,610 allocated to "Subscription
and licensing business" and impairment of RMB235,615 allocated to "Music events and performances business".
Determining
the fair value of a reporting unit involves the use of significant estimates and assumptions, which are more fully described below.
83
Methodologies
and significant estimates utilized in determining recoverable amount of the CGUs
The recoverable
amount of the CGU is determined based on a value-in-use calculation using cash flow projections based on financial budgets covering a
five-year period approved by senior management.
The cash
flow projection requires significant estimates, including projections of future operating results and cash flows of each CGU that are
based on internal budgets and strategic plans, terminal growth rate, weighted average cost of capital and the effects of external factors
and market conditions. Changes in these estimates and assumptions could materially affect the recoverable amount that could result in
an impairment charge to reduce the carrying value of goodwill, which could be material to the Group's financial position and results
of operations.
The sensitivity
analyses on the budgeted cash flows and discount rate assumptions are described below. These key assumptions utilized in the value-in-use
calculation require significant management judgment:
- Budgeted
cash flows - the basis used to determine the budgeted cash flows is based on management's expectation of the business development.
These projections are consistent with the Company's operating budget and strategic plan. Cash flows for the five years subsequent
to the date of the quantitative goodwill impairment test were utilized in the determination of the recoverable amount of each CGU.
The growth
rates assumed an increase in revenue because of new customer acquisition or growth in sales from existing customers. Beyond five years,
a terminal growth rate was determined based on management's expectation of the long-term forecast growth rate of the business.
A sensitivity analysis of the revenue growth rates was performed on both CGUs. Except for those already fully impaired, for
the CGU of "Smart music learning business", a rise in the pre-tax discount rate to 24.88% (i.e., +10.41%) in the smart music
learning business CGU would result in impairment.
Discount rate - the discount rate used is before tax and reflects specific
risks relating to the relevant unit. The discount rate is used to discount each CGU's estimated future cash flows. Except for those already fully impaired, a rise
in the pre-tax discount rate to 24.88% (i.e., +10.41%) in the smart music learning business CGU would result in impairment.
See Note
14 to the consolidated financial statements for further information on goodwill impairment testing.
Provision
for expected credit losses on trade receivables
The Group
recognizes an allowance for expected credit losses, or ECLs, for all debt instruments not held at fair value through profit or loss.
ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the
Group expects to receive, discounted at an approximation of the original effective interest rate as described in Note 3 to the consolidated
financial statements.
The Group
uses a provision matrix to calculate ECLs for trade receivables. The provision rates are based on days past due for groupings of various
customer segments that have similar loss patterns.
The provision
matrix is initially based on the Group's historical observed default rates. The Group will calibrate the matrix to adjust the historical
credit loss experience with forward-looking information. At every reporting date, the historical observed default rates are updated and
changes in the forward-looking estimates are analyzed. The assessment of the correlation between historical observed default rates, forecast
economic conditions and ECLs is a significant estimate. Changes in the estimate of ECL rate could materially affect the recoverable amount
that could result in an increase or decrease in the ECL provision, which could be material to the Group's financial position and
results of operations.
84
A sensitivity analysis of the overall ECL rate was performed on trade
receivables as of December 31, 2022. An increase of 10% in the expected loss rate for all categories of trade receivables except for those
already fully impaired would result in additional ECL provision of RMB0.98 million for the year ended December 31, 2022.
Income
Taxes
The Group
is mainly subject to income taxes in the PRC China. Current income tax assets and liabilities are measured at the amount expected to
be recovered from or paid to the taxation authorities. Deferred tax is provided using the liability method on temporary differences between
the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax
assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary
differences, and the carry forward of unused tax credits and unused tax losses can be utilized.
In assessing
the recoverability of deferred tax assets, the Group relies on the same forecast assumptions used elsewhere in the financial statements
and in other management reports. Significant management judgement is required to determine the amount of deferred tax assets that can
be recognized, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies. Changes
in these estimates and assumptions could materially affect the taxable profit that could result in increase or decrease in deferred tax
assets, which could be material to the Group's financial position and results of operations.
See Note
3 to the consolidated financial statements for further information on estimates on income taxes.
Other
Accounting Estimates
In addition
to the critical accounting estimates described above, there are other accounting estimates within consolidated financial statements.
Management believes the current assumptions and other considerations used to estimate amounts reflected in consolidated financial statements
are appropriate. However, if actual experience differs from the assumptions and other considerations used in estimating amounts reflected
in consolidated financial statements, the resulting changes could have a material adverse effect on consolidated results of operations
or financial condition.
ITEM
6 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A
Directors
and Senior Management
The following
table sets forth information regarding our directors and executive officers as of the date of this annual report.
Name
Age
Position/Title
He Yu
49
Chief Executive Officer
    and Chairman of the Board
Lung Yu
58
Director
Yu Chen
49
Director
Xingping Zuo
57
Director
Peixian Tan
40
Director
Bin Yu
52
Independent Director
Jia Li
54
Independent Director
Li Sun
46
President
Xiao Ruojun
51
Financial Vice President
Mr.
He Yu
is our founder and has served as our Chief Executive Officer since our inception and Chairman of the Board since January
2018. Mr. Yu currently serves as the deputy head of the Emerging Music Community Working Committee of the Chinese Musicians Association.
Mr. Yu received his musical training at the Duisburg Conservatory of Music and an executive MBA degree from the Montpellier Business
School in 2020.
85
Mr.
Lung Yu
has served as our Director since July 2020. Mr. Yu is the founder of the Beijing Music Festival and has served as the
director of Beijing Music Festival Culture Communications Co., Ltd. since November 2018. As one of the most preeminent Chinese conductors,
Mr. Yu has served as the Vice Chairman of the Chinese Musicians Association since 2019 and was recognized as "the most powerful
figure in China's Western classical music scene" by The New York Times. Mr. Yu is currently the Artistic Director & Chief
Conductor of the China Philharmonic Orchestra, the Music Director of the Shanghai Symphony Orchestra and the Music Director of the Guangzhou
Symphony Orchestra. Over the years, Mr. Yu has received numerous prestigious honors and distinctions for his musical and cross-cultural
contributions, including the Arts Patronage Award of the Montblanc Cultural Foundation in 2002, L'onorificenza di commendatore
awarded by the Italian President in 2005, France's highest honour of merit la Légion d'Honneur in 2014, the Global
Citizen Award by the Atlantic Council and the Sanford Medal by Yale University's College of Music in 2015, and the Order of Merit
of the Federal Republic of Germany in 2016. Mr. Yu was also elected a Foreign Honorary Member of the American Academy of Arts and Sciences
in 2016. Mr. Yu received his bachelor's degree from the Shanghai Conservatory of Music in 1987 and master's degree in conducting
from the Universität der Künste Berlin in 1992.
Mr.
Yu Chen
has served as our Director since January 2018. Mr. Chen has served as the general manager of Shanghai Huaqiang Equity
Investment Management Co., Ltd. since November 2015, responsible for managing its equity investment portfolio. Prior to that, Mr. Chen
held various other managerial positions specializing in finance, accounting and equity investments, including, among others, the deputy
general manager at Dahua (Group) Co., Ltd. and the deputy finance manager at Dahua Group Dalian Asset Management Co., Ltd. Mr. Chen received
his bachelor's degree from the Open University of China in 2005.
Mr.
Xingping Zuo
has served as our Director since January 2018. Mr. Zuo has served as the chairman of Anhui Huanbowan High Speed
Steel Mill Roll Co., Ltd. since February 2017 and the chairman and general manager of Beijing Zhengda Ziyuan Co., Ltd. since November
2016. Mr. Zuo's previous positions include, among others, vice president at Shanghai Zhengda Investment Development Co., Ltd.,
Huaan Securities Co., Ltd. and Xingye Securities Co., Ltd. Mr. Zuo received his bachelor's degree from Renmin University of China
in 1986 and master's degree from the Graduate School of the People's Bank of China in 1990.
Mr.
Peixian Tan
has served as our Director since January 2018. Mr. Tan joined us in 2005 and has served as a vice president of Beijing
Kuke Music since 2016 and the general manager of BMF Culture since 2020. Prior to joining us, Mr. Tan served as an operations manager
at Beijing Qingdian Wanwei Technology Co., Ltd., specializing in telecommunication products. Mr. Tan received an associate's degree
in computer science from Beijing Chaoyang Vocational University in 2003.
Ms.
Bin Yu
has served as our Director since January 2021. Ms. Yu served as the chief financial officer at LAIX Inc. (NYSE: LAIX)
from September 2017 to January 2020, InnoLight Technology Corporation from January 2015 to April 2017, Star China Media Limited from
May 2013 to January 2015 and Tudou Holdings Limited from January 2012 to April 2013, where she was the vice president of finance from
2010 to 2011. Ms. Yu also served as the senior vice president of Youku Tudou Inc. from August 2012 to April 2013 and worked at KPMG from
1999 to 2010. Currently, Ms. Yu also serves as an independent director of Baozun Inc. (Nasdaq: BZUN), GDS Holdings Ltd. (Nasdaq: GDS),
Zero2IPO Holdings Inc. (SEHK: 01945) and iDreamSky Technology Holdings Limited (SEHK: 1119). Ms. Yu holds a bachelor's degree from
Xi'an Foreign Language University, master's degrees in accounting and in education from the University of Toledo and an EMBA
degree from Tsinghua University and INSEAD. She is a Certified Public Accountant in the United States admitted by the Accountancy Board
of Ohio, a member of the American Institute of Certified Public Accountants and a member of Chartered Global Management Accountant.
Mr.
Jia Li
has served as our Director since September 2022. Mr. Li is an expert of media and communications in China. He has been
serving as the Chief Strategy Officer and executive director of Chuanglian Holdings Limited (2371.HK) since 2013, after he joined the
company as the head of marketing and operation in 2011. From 2009 to 2010, Mr. Li served as Deputy General Manager at Beijing CRI Glory
Advertising Co., Ltd. From 2004 to 2009, Mr. Li held various managerial positions at multiple advertisement companies in Beijing. Mr.
Li holds a bachelor's degree from Capital Medical University and master's degree from Nagasaki University.
86
Ms.
Li Sun
has served as our President since June 2020 and the chief executive officer of Naxos China since May 2016. From August
2008 to May 2016, Ms. Sun held various positions at Sony Music Entertainment (China), including deputy general manager and digital business
director, and was responsible for managing digital distribution, physical sales, marketing and classical Artists and Repertoire. Prior
to that, Ms. Sun worked for the International Affairs Bureau of the Ministry of Culture of China, serving as a supervisor from 1999 to
2004 and senior project manager from 2004 to 2008. Ms. Sun received her bachelor's degree from Beijing Foreign Studies University
in 1999.
Mr.
Xiao Ruojun
has served as our Financial Vice President since February 2023. Prior to joining us, Mr. Xiao is a Chartered Professional
Accountant (CPA) and has over 20 years of financial management working experience. Mr. Xiao has worked in financial management roles
at various companies, such as MCCS Group Shanghai, Glorious Property and Sichuan Tianfu Bank, etc. Mr. Xiao received an associate's
degree in accounting from University of Shanghai for Science and Technology in 1996.
Employment
Agreements and Indemnification Agreements
We have entered
into employment agreements with our executive officers. Each of our executive officers is employed for a continuous term, or a specified
time period that will be automatically extended unless either we or the executive officer gives prior notice to terminate such employment.
We may terminate the employment for cause, at any time, without notice or remuneration, for certain acts of the executive officer, including,
but not limited to, the committing of any serious or persistent breach or nonobservance of the terms and conditions of the employment,
conviction of a criminal offense other than one which in the opinion of the board does not affect the executive's position, willful
disobedience of a lawful and reasonable order, misconduct being inconsistent with the due and faithful discharge of the executive officer's
material duties, fraud or dishonesty, or habitual neglect of his or her duties. An executive officer may terminate his or her employment
at any time with written notice three to six months prior.
Each executive
officer has agreed to hold, both during and after the employment agreement expires or is earlier terminated, in strict confidence and
not to use or disclose to any person, corporation or other entity without written consent, any confidential information or trade secrets.
Each executive officer has also agreed to disclose in confidence to us all inventions, intellectual and industry property rights and
trade secrets that they made, discovered, conceived, developed or reduced to practice during the executive officer's employment
with us and to assign to our company all of his or her associated titles, interests, patents, patent rights, copyrights, trade secret
rights, trademarks, trademark rights, mask work rights and other intellectual property and rights anywhere in the world that the executive
officer may solely or jointly conceive, invent, discover, reduce to practice, create, drive, develop or make, or cause to be conceived,
invented, discovered, reduced to practice, created, driven, developed or made, during the period of the executive officer's employment
with us that either are related to our business, actual or demonstrably anticipated research or development or any of our services being
developed, manufactured, marketed or sold, or are related to the scope of the employment or make use of our resources. In addition, all
executive officers have agreed to be bound by non-competition and non-solicitation restrictions set forth in their agreements. Each executive
officer has agreed to devote all his or her working time and attention to our business and use best efforts to develop our business and
interests. Moreover, each executive officer has agreed not to, for a certain period following the termination of his or her employment
or the expiration of the employment agreement, (i) carry on or be engaged, concerned or interested in, directly or indirectly, whether
as shareholder, director, employee, partner or agent, or otherwise carry on, any business in direct competition with us, (ii) solicit
or entice away any of our business partners, representatives or agents, or (iii) employ, solicit or entice away or attempt to employ,
solicit or entice away any of our officers, managers, consultants or employees.
We have entered
into indemnification agreements with our directors and executive officers, pursuant to which we will agree to indemnify our directors
and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of
their being such a director or executive officer.
87
B
Compensation
For the year ended December 31, 2022, we paid an aggregate of RMB4.8
million (US$0.7 million) in cash and benefits to our executive officers. We have not set aside or accrued any amount to provide pension,
retirement or other similar benefits to our executive officers and directors. Our PRC subsidiaries and VIEs are required by law to make
contributions equal to certain percentages of each employee's salary for his or her pension insurance, medical insurance, unemployment
insurance and other statutory benefits and a housing provident fund.
2020
Share Incentive Plan
In October 2020, our board of directors approved the 2020 Share Incentive
Plan to attract and retain key employees, directors and consultants. The maximum aggregate number of Class A ordinary shares that may
be issued under the 2020 Plan is 1,227,000. As of the date of this annual report, 1,125,334 share options and 101,666 restricted shares
have been granted and outstanding. As of the date of this report, the underlying Class A ordinary shares issuable under the Share Incentive
Plan were held by Nomadic Hunters Limited and Renaissance Gold Limited.
The following
paragraphs describe the principal terms of the 2020 Plan.
Plan administration.
Our board of directors or a committee of one or more members of the board of directors will administer the 2020 Plan. The plan administrator
has discretionary authority, subject only to the express provisions of plan, to interpret the plan, to adopt such rules for the administration,
interpretation and application of the plan as are not inconsistent therewith, to interpret, amend or revoke any such rules and to amend
any award agreement to the extent that the holder's rights are not adversely affected.
Types
of awards.
The 2020 Plan permits the award of share options, restricted shares, restricted share units or any other type of awards
approved by the plan administrator.
Award
agreements.
Awards granted under the 2020 Plan are evidenced by an award agreement entered into between the Company and the grantee
that sets forth the terms and conditions for each award, which may include the term of the award, the provisions applicable in the event
that the grantee's employment or service terminates, and our authority to amend, modify, suspend, cancel or rescind the award.
Eligibility.
The plan administrator will select participants under the 2020 Plan from key employees, consultants and non-employee directors.
Vesting
Schedule.
In general, the plan administrator determines the vesting schedule, which is specified in the relevant award agreement.
Exercise
of Awards.
The plan administrator determines the exercise or purchase price, as applicable, for each award, which is stated in the
relevant award agreement. Options that are vested and exercisable will terminate if they are not exercised prior to the time as the plan
administrator determines at the time of grant. However, the maximum exercisable term is ten years from the date of grant.
Transfer
Restrictions.
Awards may not be transferred in any manner by the participant other than in accordance with the exceptions provided
in the plan or the relevant award agreement or otherwise determined by the plan administrator, such as transfers by will or the laws
of descent and distribution.
Termination
and Amendment.
Unless terminated earlier, the plan has a term of ten years from its date of effectiveness. The administrator may
amend, suspend or terminate the plan at any time and from time to time. Except as provided in the plan or any award agreement, no amendment,
suspension or termination of the plan shall, without the consent of the holder, impair any rights or obligations under any award theretofore
granted or awarded.
88
The following table summarizes, as of the date of this annual report,
the number of Class A ordinary shares under outstanding options that we have granted to our directors and executive officers under the
2020 Share Incentive Plan.
Name
Class
    A
Ordinary
Shares
Underlying
Options
Exercise
Price
(US$/
Share)
Date
    of
Grant
Date
    of
Expiration
He
    Yu
175,285
0.01
October 30, 2020
October 30, 2030
Lung
    Yu
175,285
0.01
October 30, 2020
October 30, 2030
Peixian
    Tan
133,217
0.01
October 30, 2020
October 30, 2030
All
    directors and executive officers as a group
483,787
0.01
October 30, 2020
October 30, 2030
On October
30, 2020, we also granted 101,666 restricted shares of our Class A ordinary shares to our President, Li Sun, with an exercise price of
$0.01 per share, which will expire on October 30, 2030.
As of the
date of this annual report, our employees other than our directors and executive officers as a group hold options to purchase 641,547
Class A ordinary shares, with an exercise price of US$0.01 per share, which will expire on October 30, 2030.
C
Board Practices
Committees
of the Board
Our board
of directors has established an audit committee, a compensation committee and a corporate governance and nominating committee under the
board of directors. Each committee's members and functions are described below.
Audit
Committee
Our audit
committee consists of Bin Yu and Jia Li, and is chaired by Bin Yu. Bin Yu and Jia Li satisfy the "independence" requirements
of Section 303A of the Corporate Governance Rules of the New York Stock Exchange and meet the independence standards under Rule 10A-3
under the Exchange Act. Our board of directors has also determined that Bin Yu qualifies as an "audit committee financial expert"
within the meaning of the SEC rules. The audit committee will oversee our accounting and financial reporting processes and the audits
of the financial statements of our company. The audit committee is responsible for, among other things:
●
selecting
                                            our independent registered public accounting firm and pre-approving all auditing and non-auditing
                                            services permitted to be performed by our independent registered public accounting firm;
●
reviewing
                                            with our independent registered public accounting firm any audit problems or difficulties
                                            and management's response and approving all proposed related party transactions, as
                                            defined in Item 404 of Regulation S-K;
●
discussing
                                            the annual audited financial statements with management and our independent registered public
                                            accounting firm;
●
periodically
                                            reviewing and reassessing the adequacy of our audit committee charter;
●
meeting
                                            periodically with the management, our internal auditor and our independent registered public
                                            accounting firm;
●
reporting
                                            regularly to the full board of directors;
89
●
reviewing
                                            the adequacy and effectiveness of our accounting and integral control policies and procedures
                                            and any steps taken to monitor and control major financial risk exposure; and
●
handling
                                            such other matters that are specifically delegated to our audit committee by our board of
                                            directors from time to time.
Compensation
Committee
Our compensation
committee consists of Jia Li and He Yu and is chaired by Jia Li. Jia Li satisfies the "independence" requirements of Section
303A of the Corporate Governance Rules of the New York Stock Exchange. Our compensation committee will assist the board in reviewing
and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our
Chief Executive Officer may not be present at any committee meeting during which his compensation is deliberated upon. The compensation
committee is responsible for, among other things:
●
reviewing
                                            and approving, or recommending to the board for its approval, the compensation for our Chief
                                            Executive Officer and other executive officers;
●
reviewing
                                            the total compensation package for our employees and recommending any proposed changes to
                                            our management;
●
reviewing
                                            and recommending to the board with respect to the compensation of our directors;
●
reviewing
                                            annually and administering all long-term incentive compensation or equity plans;
●
selecting
                                            and receiving advice from compensation consultants, legal counsel or other advisors after
                                            taking into consideration all factors relevant to that person's independence from management;
                                            and
●
reviewing
                                            programs or similar arrangements, annual bonuses, employee pension and welfare benefit plans.
Corporate
Governance and Nominating Committee
Our corporate
governance and nominating committee consists of Jia Li, Bin Yu and He Yu, and is chaired by Jia Li. Jia Li and Bin Yu satisfy the "independence"
requirements of Section 303A of the Corporate Governance Rules of the New York Stock Exchange. The corporate governance and nominating
committee will assist the board of directors in selecting individuals qualified to become our directors and in determining the composition
of the board of directors and its committees. The corporate governance and nominating committee will be responsible for, among other
things:
●
identifying
                                            and recommending nominees for election or re-election to our board of directors or for appointment
                                            to fill any vacancy;
●
reviewing
                                            annually with our board of directors its current composition in light of the characteristics
                                            of independence, age, skills, experience and availability of service to us;
●
advising
                                            the board periodically with respect to significant developments in the law and practice of
                                            corporate governance, as well as our compliance with applicable laws and regulations, and
                                            making recommendations to our board of directors on all matters of corporate governance and
                                            on any corrective action to be taken; and
●
monitoring
                                            compliance with our code of business conduct and ethics, including reviewing the adequacy
                                            and effectiveness of our procedures to ensure proper compliance.
90
Duties
of Directors
Under Cayman
Islands law, our directors owe fiduciary duties to our company, including a duty of loyalty, a duty to act honestly, and a duty to act
in what they consider in good faith to be in our best interests. Our directors must also exercise their powers only for a proper purpose.
Our directors also owe to our company a duty to act with skill and care. It was previously considered that a director need not exhibit
in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience.
However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care, and these
authorities are likely to be followed in the Cayman Islands. In fulfilling their duty of care to us, our directors must ensure compliance
with our memorandum and articles of association, as amended and restated from time to time, and the class rights vested thereunder in
the holders of the shares. Our company has the right to seek damages if a duty owed by our directors is breached. In limited exceptional
circumstances, a shareholder may have the right to seek damages in our name if a duty owed by our directors is breached.
The functions
and powers of our board of directors include, among others:
●
convening
                                            shareholders' annual general meetings and reporting its work to shareholders at such
                                            meetings;
●
declaring
                                            dividends and distributions;
●
appointing
                                            officers and determining the term of office of officers;
●
exercising
                                            the borrowing powers of our company and mortgaging the property of our company; and
●
approving
                                            the transfer of shares of our company, including the registering of such shares in our share
                                            register.
Terms
of Directors and Executive Officers
Each of our
directors holds office until the expiration of his or her term, as may be provided in a written agreement with our company, and his or
her successor has been elected and qualified, until his or her resignation or until his or her office is otherwise vacated in accordance
with our articles of association. A retiring director shall be eligible for re-election. All of our executive officers are appointed
by and serve at the discretion of our board of directors. Our directors may be appointed or removed from office by an ordinary resolution
of shareholders. A director will be removed from office automatically if, among other things, the director (i) becomes bankrupt or makes
any arrangement or composition with his creditors; (ii) dies or is found to be or becomes of unsound mind; (iii) resigns by notice in
writing to our company; (iv) without special leave of absence from our board of directors, is absent from three consecutive meetings
of the board and the board resolves that his office be vacated; (v) is prohibited by law from being a director; or (vi) is removed pursuant
to our second amended and restated memorandum of association. The compensation of our directors is determined by the board of directors.
There is no mandatory retirement age for directors.
D
Employees
As of December
31, 2020, 2021 and 2022, we had 132, 173 and 118 full-time employees, respectively. The following table sets forth the number of our
employees categorized by function as of December 31, 2022.
As
    of December 31, 2022
Number
%
    of Total
Operations
21
17.8
%
Sales
    and marketing
39
33.05
%
Research
    and development
33
27.97
%
Management
    and administration
25
21.19
%
Total
118
100.0
%
As
                                            required by laws and regulations in China, we participate in various employee social security
                                            plans that are organized by municipal and provincial governments, including, among other
                                            things, pension, medical insurance, unemployment insurance, maternity insurance, work-related
                                            injury insurance and housing fund plans through a PRC government-mandated benefit contribution
                                            plan. We are required under PRC laws to make contributions to employee benefit plans at specified
                                            percentages of the salaries, bonuses and certain allowances of our employees, up to a maximum
                                            amount specified by the local government from time to time.
91
We typically
enter into employment agreements with our full-time employees that contain standard confidentiality and non-competition provisions. In
addition to salaries and benefits, we provide performance-based bonuses for our employees. We believe that we maintain a good working
relationship with our employees, and we have not experienced any material labor disputes in the past. None of our employees are represented
by labor unions.
E
Share Ownership
The following
table sets forth information with respect to the beneficial ownership of our ordinary shares as of the date of this annual report, by:
●
each
                                            of our directors and executive officers; and
●
each
                                            person known to us to own beneficially 5% or more of our ordinary shares.
The calculations
in the table below are based on (i) 21,785,625 Class A ordinary shares and 8,281,098 Class B ordinary shares outstanding on an as-converted
basis outstanding as of the date of this annual report.
Beneficial
ownership is determined in accordance with the rules and regulations of the SEC. In computing the number of shares beneficially owned
by a person and the percentage ownership of that person, we have included shares that the person has the right to acquire within 60 days,
including through the exercise of any option, warrant, or other right or the conversion of any other security. These shares, however,
are not included in the computation of the percentage ownership of any other person.
Ordinary
    Shares Beneficially Owned
Class
    A
ordinary
shares
Class
    B
ordinary
shares
%
    of
Beneficial
Ownership*
%
of
Aggregate
Voting
Power***
Directors and Executive Officers†:
He Yu(1)
-
5,914,297
19.7
%
56.
5%
Lung Yu(2)
-
2,366,801
7.8
%
22.6
%
Yu Chen
-
-
-
-
Xingping Zuo(3)
4,201,335
-
13.97
%
4.0
%
Peixian Tan(4)
*
-
*
*
Li Sun
-
-
-
-
Xiao Ruojun
-
-
-
-
All Directors and Executive
    Officers as a Group
4,201,335
8,281,098
41.5
%
83.2
%
Principal Shareholders:
Lebon Holding Limited(5)
-
4,793,620
15.9
%
45.8
%
Musence Limited(6)
4,201,335
-
14.0
%
4.0
%
Jianmin Jin(7)
3,299,442
-
11.0
%
3.2
%
Supertonic Limited(8)
-
1,867,801
6.2
%
17.9
%
Eichent Limited(9)
1,643,511
-
5.5
%
1.6
%
Million Profit International Holdings Limited(10)
1,499,423
-
5.0
%
1.4
%
China Cultural and Entertainment Fund L.P(11)
1,359,651
-
4.5
%
1.3
%
Notes:
*
Less
                                            than 1%.
**
For
                                            each person and group included in this table, percentage ownership is calculated by dividing
                                            the number of shares beneficially owned by such person or group by the sum of (i) the total
                                            number of ordinary shares outstanding as of the date of this annual report and (ii) the number
                                            of ordinary shares such person or group has the right to acquire upon exercise of option,
                                            warrant or other right within 60 days after the date of this annual report.
***
For
                                            each person and group included in this column, percentage of voting power is calculated by
                                            dividing the voting power beneficially owned by such person or group by the voting power
                                            of all of our Class A and Class B ordinary shares as a single class. Each holder of Class
                                            B ordinary shares is entitled to ten votes per share and each holder of our Class A ordinary
                                            shares is entitled to one vote per share on all matters submitted to them for a vote. Our
                                            Class A ordinary shares and Class B ordinary shares vote together as a single class on all
                                            matters submitted to a vote of our shareholders, except as may otherwise be required by law.
                                            Our Class B ordinary shares are convertible at any time by the holder thereof into Class
                                            A ordinary shares on a one-for-one basis.
†
Except
                                            as indicated otherwise below, the business address of our directors and executive officers
                                            is Building 96, 4 San Jian Fang South Block, Chaoyang District, Beijing, 100024, People's
                                            Republic of China.
(1)
Represents
                                            4,793,620 Class B ordinary shares held by Lebon Holding Limited, a British Virgin Islands
                                            company wholly owned by Mr. He Yu, and 1,120,677 Class B ordinary shares held by FutureMuse
                                            Limited, a British Virgin Islands company wholly owned by Mr. He Yu. The registered address
                                            of Lebon Holding Limited and FutureMuse Limited is P.O. Box 905, Quastisky Building, Road
                                            Town, Tortola, British Virgin Islands.
92
(2)
Represents
                                            499,000 Class B ordinary shares directly held by Mr. Lung Yu and 1,867,801 Class B ordinary
                                            shares held by Supertonic Limited, a British Virgin Islands company wholly owned by Mr. Lung
                                            Yu. The registered address of Supertonic Limited is P.O. Box 905, Quastisky Building, Road
                                            Town, Tortola, British Virgin Islands.
(3)
Represents
                                            4,201,335 Class A ordinary shares held by Musence Limited, a British Virgin Islands company
                                            wholly owned by Mr. Xingping Zuo. The registered address of Musence Limited is P.O. Box 905,
                                            Quastisky Building, Road Town, Tortola, British Virgin Islands.
(4)
Represents
                                            98,548 Class A ordinary shares held by NBAMF HOLDING LIMITED, a British Virgin Islands company
                                            wholly owned by Mr. Peixian Tan. The registered address of NBAMF HOLDING LIMITED is P.O.
                                            Box 905, Quastisky Building, Road Town, Tortola, British Virgin Islands.
(5)
Represents
                                            4,793,620 Class B ordinary shares held by Lebon Holding Limited, a British Virgin Islands
                                            company wholly owned by Mr. He Yu. The registered address of Lebon Holding Limited is P.O.
                                            Box 905, Quastisky Building, Road Town, Tortola, British Virgin Islands.
(6)
Represents
                                            4,201,335 Class A ordinary shares held by Musence Limited, a British Virgin Islands company
                                            wholly owned by Mr. Xingping Zuo. The registered address of Musence Limited is Sertus Chambers,
                                            P.O. Box 905, Quastisky Building, Road Town, Tortola, British Virgin Islands.
(7)
Represents
                                            2,282,428 Class A ordinary shares held by Huaqiang Capital Limited, a British Virgin Islands
                                            company wholly owned by Mr. Jianmin Jin, 747,118 Class A ordinary shares held by Huayin Culture
                                            Limited, a British Virgin Islands company wholly owned by Mr. Jianmin Jin, and 269,896 Class
                                            A ordinary shares held by Million Profit International Holdings Limited through Rich International
                                            Development Limited, a Hong Kong company wholly owned by Mr. Jianmin Jin. The registered
                                            address of Huaqiang Capital Limited, Huayin Culture Limited and Rich International Development
                                            Limited is P.O. Box 905, Quastisky Building, Road Town, Tortola, British Virgin Islands.
                                            The registered address of Rich International Development Limited is 14/F, Chun Wo Commercial
                                            Centre, 25 Wing Wo Street, Central, Hong Kong.
(8)
Represents
                                            1,867,801 Class B ordinary shares held by Supertonic Limited, a British Virgin Islands company
                                            wholly owned by Mr. Lung Yu. The registered address of Supertonic Limited is P.O. Box 905,
                                            Quastisky Building, Road Town, Tortola, British Virgin Islands.
(9)
Represents
                                            1,643,511 Class A ordinary shares held by Eichent Limited, a British Virgin Islands company
                                            wholly owned by Mr. Liping Qiu. The registered address of Eichent Limited is P.O. Box 905,
                                            Quastisky Building, Road Town, Tortola, British Virgin Islands.
(10)
Represents
                                            1,499,423 Class A ordinary shares held by Million Profit International Holdings Limited,
                                            a Hong Kong company controlled by Mr. Huiming Jin. The registered address of Million Profit
                                            International Holdings Limited is Unit 1702B, 17/F, Fortress Tower, 250 King's Road,
                                            North Point Hong Kong.
(11)
Represents
                                            1,359,651 Class A ordinary shares held by China Cultural and Entertainment Fund L.P, a Cayman
                                            Islands exempted limited partnership controlled by Syzygy Partner (Cayman) Limited. The registered
                                            address of China Cultural and Entertainment Fund L.P is c/o Campbells Corporate Services
                                            Limited, Floor 4, Willow House, Cricket Square, Grand Cayman KY1-9010, Cayman Islands.
To our knowledge, as of April 30, 2023, a total of 7,193,889 Class
A ordinary shares were held by one record holder in the United States, which represents approximately 24.3% of our total issued and outstanding
shares. The holder is Deutsche Bank Trust Company Americas, the depositary of our ADS program. The number of beneficial owners of our
ADSs in the United States is much larger than the number of record holders of our Class A ordinary shares in the United States. We are
not aware of any of our shareholders being affiliated with a registered broker-dealer or being in the business of underwriting securities.
We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our company.
F
Disclosure of A Registrant's Action to Recover Erroneously Awarded Compensation
Not applicable.
ITEM
7 MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A
Major Shareholders
Please refer
to "Item 6. Directors, Senior Management and Employees-E. Share Ownership."
B
Related Party Transactions
Contractual
Arrangements with our Variable Interest Entity and its Shareholders
See "Item
4. Information on the Company-C. Organizational Structure.
Employment
Agreements
See "Item
6. Directors, Senior Management and Employees-C. Board Practices-Employment Agreements and Indemnification Agreements."
93
Share
Incentive Plan
See "Item
6. Directors, Senior Management and Employees-B. Compensation."
Transactions
with Other Related Parties
On June 1,
2019, Beijing Kuke Music and BMF Culture entered into a lease agreement, pursuant to which Beijing Kuke Music subleased parts of the
office space it leased from a third party to BMF Culture. The total rental expenses arising from the lease agreement in 2019 was RMB0.5
million, which was settled in December 2019. Beijing Kuke Music and BMF Culture entered into another lease agreement for calendar year
2020 for a consideration of RMB1.1 million, and of which RMB 0.6 million (US$91.0 thousand) has not been settled as of December 31, 2022.
On October
28, 2020, we entered into a loan agreement with a company controlled by our Chief Executive Officer and Chairman of the Board He Yu,
Shigoo Limited, pursuant which we borrowed a one-year loan of RMB7.2 million from Shigoo Limited on an interest-free basis. The loan
was repaid in January 2021.
On September
11, 2020, we entered into a loan agreement with Shanghai Xuanshi Culture Communication Co., Ltd. ("Shanghai Xuanshi"), a
company of which we hold 50% equity interests, pursuant to which we lent a one-year loan of RMB1.1 million to Shanghai Xuanshi on an
interest-free basis. In addition, on February 1, 2021, we lent another one-year loan of RMB0.9 million to Shanghai Xuanshi on an interest-free
basis. As of December 31, 2022, the loan of RMB2 million (US$0.3 million) in aggregate due from Shanghai Xuanshi has been recognized
as a bad debt following the annulment of Shanghai Xuanshi due to the impact of COVID-19.
C
Interests of Experts and Counsel
Not applicable.
ITEM
8 FINANCIAL INFORMATION
A
Consolidated Statements and Other Financial Information
We have appended
audited consolidated financial statements filed as part of this annual report.
Legal
Proceedings
We are currently
not involved in any material legal or administrative proceedings. We may from time to time be subject to various legal or administrative
claims and proceedings arising in the ordinary course of our business. Litigation or any other legal or administrative proceeding, regardless
of the outcome, is likely to result in substantial cost and diversion of our resources, including our management's time and attention.
Dividend
Policy
We do not
have any present plan to pay any cash dividends on our Class A ordinary shares in the foreseeable future after our initial public offering.
We currently intend to retain most, if not all, of our available funds and any future earnings to operate and expand our business.
Our board
of directors ("Board") has discretion as to whether to distribute dividends, subject to certain requirements of Cayman Islands
law. Under Cayman Islands law, a Cayman Islands company may pay a dividend out of either profit or share premium account, provided that
in no circumstances may a dividend be paid if this would result in the company being unable to pay its debts as they fall due in the
ordinary course of business. Even if our Board decides to pay dividends, the form, frequency and amount will depend upon our future operations
and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that the Board
may deem relevant. If we pay any dividends on our Class A ordinary shares, we will pay those dividends that are payable in respect of
the Class A ordinary shares underlying the ADSs to the depositary, as the registered holder of such ordinary shares, and the depositary
then will pay such amounts to the ADS holders in proportion to the Class A ordinary shares underlying the ADSs held by such ADS holders,
subject to the terms of the deposit agreement, including the fees and expenses payable thereunder. See "Item 12. Description of
Securities other than Equity Securities-D. American Depositary Shares." Cash dividends on our Class A ordinary shares, if any,
will be paid in U.S. Dollars.
94
We are a
holding company incorporated in the Cayman Islands. For our cash requirements, including any payment of dividends to our shareholders,
we rely upon payments from our operating entities. PRC regulations may restrict the ability of our PRC subsidiary to pay dividends to
us. See "Item 4. Information on the Company-B. Business Overview-Regulations-Regulations on Foreign Exchange Registration of Offshore
Investment by PRC Residents."
B
Significant Changes
We have not
experienced any significant changes since the date of our audited consolidated financial statements included in this annual report.
ITEM
9 THE OFFER AND LISTING
A
Offering and Listing Details
Our ADSs,
each representing one of our Class A ordinary shares, have been listed on the New York Stock Exchange since January 12, 2021 under the
symbol "KUKE."
B
Plan of Distribution
Not applicable.
C
Markets
Our ADSs
have been listed on the New York Stock Exchange since January 12, 2021 under the symbol "KUKE."
D
Selling Shareholders
Not applicable.
E
Dilution
Not applicable.
F
Expenses of the Issue
Not applicable.
ITEM
10 ADDITIONAL INFORMATION
A
Share Capital
Not applicable.
95
B
Memorandum and Articles of Association
The following
are summaries of material provisions of our second amended and restated memorandum and articles of association and of the Companies Act,
insofar as they relate to the material terms of our ordinary shares.
The following
are summaries of material provisions of our second amended and restated memorandum and articles of association and the Companies Act,
insofar as they relate to the material terms of our ordinary shares.
Objects
of Our Company.
Under our second amended and restated memorandum and articles of association, the objects of our company are unrestricted
and we have the full power and authority to carry out any object not prohibited by the law of the Cayman Islands.
Ordinary
Shares.
Our ordinary shares are divided into Class A ordinary shares and Class B ordinary shares. Holders of our Class A ordinary
shares and Class B ordinary shares will have the same rights except for voting and conversion rights. Our ordinary shares are issued
in registered form and are issued when registered in our register of members. We may not issue shares to bearer. Our shareholders who
are non-residents of the Cayman Islands may freely hold and vote their shares.
Conversion
Each Class
B ordinary share is convertible into an equal number of Class A ordinary shares at any time at the option of the holder thereof. The
right to convert shall be exercisable by the holder of the Class B Ordinary Share delivering a written notice to the Company that such
holder elects to convert a specified number of Class B Ordinary Shares into Class A Ordinary Shares. Class A ordinary shares are not
convertible into Class B ordinary shares under any circumstances.
Upon any
transfer of Class B ordinary shares by a holder thereof to any person or entity that is not an affiliate of the holder, such Class B
ordinary shares are automatically and immediately converted into an equal number of Class A ordinary shares.
Dividends.
The holders of our ordinary shares are entitled to such dividends as may be declared by our board of directors. Our second amended
and restated memorandum and articles of association provide that dividends may be declared and paid out of our profits, realized or unrealized,
or from any reserve set aside from profits that our board of directors determines is no longer needed. Under the laws of the Cayman Islands,
our company may pay a dividend out of either profit or share premium account, provided that in no circumstances may a dividend be paid
if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business.
Voting
Rights.
Each Class A Ordinary Share shall entitle the holder thereof to one vote on all matters subject to a poll vote at general
meetings of the Company, and each Class B Ordinary Share shall entitle the holder thereof to ten votes on all matters subject to a poll
vote at general meetings of the Company. Our Class A ordinary shares and Class B ordinary shares vote together as a single class on all
matters submitted to a vote of our shareholders, except as may otherwise be required by law, or otherwise agreed in the second amended
and restated memorandum and articles of association. Voting at any shareholders' meeting is by show of hands unless a poll is demanded,
and on a poll every shareholder shall have one vote for every Class A Ordinary Share and ten votes for each Class B Ordinary Share of
which he is the holder. A poll may be demanded by the chairman of such meeting or any shareholder present in person or proxy.
An
ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes
attaching to the ordinary shares cast at a meeting. A special resolution requires the affirmative vote of no less than two-thirds of
the votes cast attaching to the outstanding shares at a meeting. A special resolution will be required for important matters such as a change of name or making changes to our second amended
and restated memorandum and articles of association. Our shareholders may, among other things, divide or combine their shares by
ordinary resolution.
General
Meetings of Shareholders.
As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders'
annual general meetings. Our second amended and restated memorandum and articles of association provide that we may (but are not obliged
to) in each year hold a general meeting as our annual general meeting in which case we shall specify the meeting as such in the notices
calling it, and the annual general meeting shall be held at such time and place as may be determined by our directors.
96
Shareholders'
general meetings may be convened by a majority of our board of directors, the chairman of the board of directors or any director, where
required to give effect to a requisition validly received by the Company under our second amended and restated memorandum and articles
of association. Advance notice of at least ten days is required for the convening of our annual general shareholders' meeting (if
any) and any other general meeting of our shareholders. A quorum required for any general meeting of shareholders consists of one or
more shareholder(s) present or by proxy, representing not less than one-third of all votes attaching to the issued and outstanding shares
in our company entitled to vote at general meetings.
The Companies
Act provides shareholders with only limited rights to requisition a general meeting and does not provide shareholders with any right
to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Under
our second amended and restated memorandum and articles of association, shareholders may not propose any resolution or other business
for consideration and voted upon except by way of requisition of a general meeting of our company.
Transfer
of Ordinary Shares.
Subject to the restrictions and conditions set out in our second amended and restated memorandum and articles
of association, any of our shareholders may transfer all or any of his or her ordinary shares by an instrument of transfer in writing,
which shall be executed by or on behalf of the transferor and, if the directors so require, signed by the transferee.
Our board
of directors may, in its absolute discretion, decline to register any transfer of any ordinary share that is not fully paid up or on
which we have a lien. Our board of directors may also decline to register any transfer of any ordinary share unless:
●
the
                                            instrument of transfer is lodged with us, accompanied by the certificate for the ordinary
                                            shares to which it relates and such other evidence as our board of directors may reasonably
                                            require to show the right of the transferor to make the transfer;
●
the
                                            instrument of transfer is in respect of only one class of ordinary shares;
●
the
                                            instrument of transfer is properly stamped, if required;
●
in
                                            the case of a transfer to joint holders, the number of joint holders to whom the ordinary
                                            share is to be transferred does not exceed four; and
●
a
                                            fee of such maximum sum as the New York Stock Exchange may determine to be payable or such
                                            lesser sum as our directors may from time to time require is paid to us in respect thereof.
If our directors
refuse to register a transfer they shall, within three months after the date on which the instrument of transfer was lodged, send to
each of the transferor and the transferee notice of such refusal.
The registration
of transfers may, after compliance with any notice required of the New York Stock Exchange, be suspended and the register closed at such
times and for such periods as our board of directors may from time to time determine; provided, however, that the registration of transfers
shall not be suspended nor the register closed for more than 30 days in any year as our board may determine.
Liquidation.
On the winding up of our company, if the assets available for distribution amongst our shareholders shall be more than sufficient
to repay the whole of the share capital at the commencement of the winding up, the surplus shall be distributed amongst our shareholders
in proportion to the par value of the shares held by them at the commencement of the winding up, subject to a deduction from those shares
in respect of which there are monies due, of all monies payable to our company for unpaid calls or otherwise. If our assets available
for distribution are insufficient to repay all of the paid-up capital, the assets will be distributed so that the losses are borne by
our shareholders in proportion to the par value of the shares held by them.
97
Calls
on Shares and Forfeiture of Shares.
Our board of directors may from time to time make calls upon shareholders for any amounts unpaid
on their shares in a notice served to such shareholders at least 14 clear days prior to the specified time and place of payment. The
shares that have been called upon and remain unpaid are subject to forfeiture.
Redemption,
Repurchase and Surrender of Shares.
We may issue shares on terms that such shares are subject to redemption, at our option or at
the option of the holders of these shares, on such terms and in such manner as may be determined by our board of directors. Our Company
may also repurchase any of our shares on such terms and in such manner as have been approved by our board of directors. Under the Companies
Act, the redemption or repurchase of any share may be paid out of our company's profits, share premium account or out of the proceeds
of a new issue of shares made for the purpose of such redemption or repurchase. Any amount of premium payable on the purchase over the
par value of the shares to be repurchased must be paid out of profits or the share premium account. Subject to our second amended and
restated memorandum and articles of association and the Companies Act, our company may also repurchase shares out of capital, if our
company can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under
the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption or repurchase would
result in there being no shares outstanding or (c) if the company has commenced liquidation. In addition, our company may accept the
surrender of any fully paid share for no consideration.
Variations
of Rights of Shares.
If at any time, our share capital is divided into different classes of shares, the rights attached to any class
of shares (subject to any rights or restrictions for the time being attached to any class) shall only be materially adversely varied  with the sanction of a special resolution passed by a majority
of not less than two-thirds of the votes cast at a separate meeting of the holders of the shares of that class. The rights conferred
upon the holders of the shares of any class issued with preferred or other rights shall not, subject to any rights or restrictions for
the time being attached to the shares of that class, be deemed to be materially adversely varied by the creation, allotment or issue
of further shares ranking
pari passu
therewith.
Issuance
of Additional Shares.
Subject to the Companies Act, our second amended and restated memorandum and articles of association and the
application rules of the New York Stock Exchange, our board of directors is empowered to issue additional ordinary shares from time to
time as our board of directors shall determine, to the extent of available authorized but unissued shares.
Our second
amended and restated memorandum and articles of association also authorize our board of directors to establish from time to time one
or more series of preference shares and to determine, with respect to any series of preference shares, the terms and rights of that series,
including:
●
the
                                            designation of the series;
●
the
                                            number of shares of the series;
●
the
                                            dividend rights, conversion rights and voting rights; and
●
the
                                            rights and terms of redemption and liquidation preferences.
Except as
otherwise provided in the resolution or resolutions providing for the establishment of any class or series of preferred shares, our board
of directors may issue preference shares without action by our shareholders to the extent authorized but unissued. Issuance of these
shares may dilute the voting power of holders of ordinary shares.
Inspection
of Books and Records.
Holders of our ordinary shares may inspect our register of members for such times and on such days as our
board of directors shall determine. We will also  provide our shareholders with annual audited financial statements.
98
Anti-Takeover
Provisions.
Some provisions of our second amended and restated memorandum and articles of association may discourage, delay or prevent
a change of control of our company or management that shareholders may consider favorable, including provisions that:
●
authorize
                                            our board of directors to issue preference shares in one or more series and to designate
                                            the price, rights, preferences, privileges and restrictions of such preference shares without
                                            any further vote or action by our shareholders; and
●
limit
                                            the ability of shareholders to requisition and convene general meetings of shareholders.
However,
under Cayman Islands law, our directors may exercise the rights and powers granted to them under our second amended and restated memorandum
and articles of association only for a proper purpose and for what they believe in good faith to be in the best interests of our company.
Exempted
Company.
We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary
resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside
of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the
same as for an ordinary company, except that an exempted company:
●
does
                                            not have to file an annual return of its shareholders with the Registrar of Companies;
●
is
                                            not required to open its register of members for inspection;
●
does
                                            not have to hold an annual general meeting;
●
may
                                            issue negotiable or bearer shares or shares with no par value;
●
may
                                            obtain an undertaking against the imposition of any future taxation (such undertakings are
                                            usually given for 20 years in the first instance);
●
may
                                            register by way of continuation in another jurisdiction and be deregistered in the Cayman
                                            Islands;
●
may
                                            register as a limited duration company; and
●
may
                                            register as a segregated portfolio company.
"Limited
liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on that shareholder's
shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an
illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).
C
Material Contracts
We have not
entered into any material contracts other than in the ordinary course of business and other than those described in "Item 4. Information
on the Company" or elsewhere in this annual report on Form 20-F.
D
Exchange Controls
See "Item
4. Information on the Company-B. Business Overview-Regulations-Regulations on Foreign Exchange Registration of Offshore Investment by
PRC Residents."
E
Taxation
The following
summary of Cayman Islands, the PRC and United States federal income tax consequences of an investment in the ADSs or Class A ordinary
shares is based upon laws and relevant interpretations thereof in effect as of the date of this annual report, all of which are subject
to change. This summary does not deal with all possible tax consequences relating to an investment in the ADSs or Class A ordinary shares,
such as the tax consequences under state, local and other tax laws, or tax laws of jurisdictions other than the Cayman Islands, the PRC
and the United States. To the extent that the discussion relates to matters of Cayman Islands tax law, it represents the opinion of Conyers
Dill & Pearman, our Cayman Islands counsel. To the extent that the discussion relates to matters of the PRC tax law, it represents
the opinion of Commerce & Finance Law Offices, our PRC counsel.
99
Cayman
Islands Taxation
The Cayman
Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation
in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government of the
Cayman Islands except for stamp duties that may be applicable on instruments executed in, or brought within, the jurisdiction of the
Cayman Islands. The Cayman Islands is a party to a double tax treaty with the United Kingdom in 2010 but otherwise is not a party to
any double tax treaties that are applicable to any payments made by or to our company. There are no exchange control regulations or currency
restrictions in the Cayman Islands.
Payments
of dividends and capital in respect of the Shares will not be subject to taxation in the Cayman Islands and no withholding will be required
on the payment of a dividend or capital to any holder of the Shares, nor will gains derived from the disposal of the Shares be subject
to Cayman Islands income or corporation tax.
Pursuant
to section 6 of the Tax Concessions Act of the Cayman Islands, we have obtained an undertaking from the Governor-in-Cabinet:
(1)
that
                                            no law which is enacted in the Cayman Islands imposing any tax to be levied on profits or
                                            income or gains or appreciation shall apply to us or our operations; and
(2)
that
                                            no tax to be levied on profits, income, gains or appreciate or which is in the nature of
                                            estate duty or inheritance tax shall be payable (i) on or in respect of our shares debentures
                                            or other obligations; or (ii) by way of the withholding in whole or in part of any relevant
                                            payment as defined in the Tax Concession Act.
The undertaking
is for a period of 20 years from 22 November 2021.
PRC
Taxation
Under the
PRC EIT Law, which became effective on January 1, 2008 and was amended on December 29, 2018, an enterprise established outside the PRC
with "de facto management bodies" within the PRC is considered a "resident enterprise" for PRC enterprise income
tax purposes and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income. Under the implementation rules
to the PRC EIT Law, a "de facto management body" is defined as a body that has material and overall management and control
over the manufacturing and business operations, personnel and human resources, finances and properties of an enterprise.
In addition,
the SAT Circular 82 issued by the SAT in April 2009 specifies that certain offshore incorporated enterprises controlled by PRC enterprises
or PRC enterprise groups will be classified as PRC resident enterprises if the following are located or resident in the PRC: (a) senior
management personnel and core management departments that are responsible for daily production, operation and management; (b) financial
and human resources decisions are subject to determination or approval by persons or bodies in the PRC; (c) key properties, accounting
books, company seal, minutes of board meetings and shareholders' meetings; and (d) half or more of the senior management or directors
having voting rights.
100
Further to
SAT Circular 82, the SAT issued the SAT Bulletin 45, which took effect in September 2011, to provide more guidance on the implementation
of SAT Circular 82. SAT Bulletin 45 provides for procedures and administration details of determination on resident status and administration
on post-determination matters. Our company is incorporated outside the PRC. As a holding company, its key assets are its ownership interests
in its subsidiaries, and its key assets are located, and its records (including the resolutions of its board of directors and the resolutions
of its shareholders) are maintained, outside the PRC. As such, we do not believe that our company meets all of the conditions above or
is a PRC resident enterprise for PRC tax purposes. For the same reasons, we believe our other entities outside China are not PRC resident
enterprises either. However, the tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties
remain with respect to the interpretation of the term "de facto management body." There can be no assurance that the PRC
government will ultimately take a view that is consistent with our position. If the PRC tax authorities determine that our Cayman Islands
holding company is a PRC resident enterprise for PRC enterprise income tax purposes, a 10% withholding tax would be imposed on dividends
we pay to our non-PRC enterprise shareholders (including the ADS holders) if such dividends are deemed to be sourced within the PRC.
In addition, non-PRC resident enterprise shareholders (including the ADS holders) may be subject to PRC tax on gains realized on the
sale or other disposition of ADSs or Class A ordinary shares at a rate of 10%, if such income is treated as sourced from within the PRC.
Furthermore, if we are deemed a PRC resident enterprise, dividends paid to our non-PRC individual shareholders (including the ADS holders)
and any gain realized on the transfer of ADSs or Class A ordinary shares by such shareholders may be subject to PRC tax at a rate of
20% (which, in the case of dividends, may be withheld at source by us) if such dividends or gains are deemed to be sourced within the
PRC. These rates may be reduced by an applicable tax treaty, but it is unclear whether non-PRC shareholders of our company would be able
to claim the benefits of any tax treaties between their country of tax residence and the PRC in the event that we are treated as a PRC
resident enterprise. See "Item 3. Key Information-D. Risk Factors-Risks Related to Doing Business in China-If we are classified
as a PRC resident enterprise for PRC income tax purposes, such classification could result in unfavorable tax consequences to us and
our non-PRC shareholders or ADS holders."
United
States Federal Income Tax Considerations
The following
discussion is a summary of United States federal income tax considerations generally applicable to an investment in our ADSs or Class
A ordinary shares by a United States Holder (as defined below) that acquires our ADSs. This discussion is based on the federal income
tax laws of the United States as of the date of this annual report, including the United States Internal Revenue Code of 1986, as amended,
or the Code, existing and proposed Treasury regulations promulgated thereunder, judicial authority, published administrative positions
of the United States Internal Revenue Service, or IRS, and other applicable authorities, all as of the date of this annual report. All
of the foregoing authorities are subject to change, which change could apply retroactively and could significantly affect the tax consequences
described below. We have not sought any ruling from the IRS with respect to the United States federal income tax consequences described
below, and there can be no assurance that the IRS or a court will not take a contrary position. This discussion, moreover, does not address
the United States federal estate, gift, Medicare, and alternative minimum tax or other non-income tax considerations, or any state, local
or non-United States tax considerations, relating to an investment in our ADSs or Class A ordinary shares.
Except as
specifically described below, this discussion does not address any tax consequences or reporting obligations that may be applicable to
persons to the extent such tax consequences or reporting obligations arise from holding our ADSs or Class A ordinary shares through a
bank, financial institution or other entity, or a branch thereof, located, organized or resident outside the United States and does not
describe any tax considerations arising in respect of the Foreign Account Tax Compliance Act, or FATCA.
This discussion
applies only to a United States Holder (as defined below) that holds our ADSs or Class A ordinary shares as capital assets for United
States federal income tax purposes (generally, property held for investment). The discussion neither addresses the tax consequences to
any particular investor nor describes all of the tax consequences applicable to persons in special tax situations, such as:
●
Banks
                                            and certain other financial institutions;
●
insurance
                                            companies;
●
regulated
                                            investment companies;
101
●
real
                                            estate investment trusts;
●
brokers
                                            or dealers in stocks and securities, or currencies;
●
persons
                                            that use or are required to use a mark-to-market method of accounting;
●
certain
                                            former citizens or residents of the United States subject to Section 877 of the Code;
●
entities
                                            subject to the United States anti-inversion rules;
●
tax-exempt
                                            organizations and entities;
●
persons
                                            whose functional currency is other than the United States dollar;
●
persons
                                            holding ADSs or ordinary shares as part of a straddle, hedging, conversion or integrated
                                            transaction;
●
persons
                                            that actually or constructively own ADSs or ordinary shares representing 10% or more of our
                                            total voting power or value;
●
persons
                                            who acquired ADSs or ordinary shares pursuant to the exercise of an employee stock option
                                            or otherwise as compensation;
●
partnerships
                                            or other pass-through entities, or persons holding ADSs or ordinary shares through such entities;
●
persons
                                            required to accelerate the recognition of any item of gross income with respect to our ADSs
                                            or ordinary shares as a result of such income being recognized on an applicable financial
                                            statement; or
●
persons
                                            that held, directly, indirectly or by attribution, ADSs or ordinary shares or other ownership
                                            interests in us prior to our initial public offering that closed on January 14, 2021.
If a partnership
(including an entity or arrangement treated as a partnership for United States federal income tax purposes) holds our ADSs or ordinary
shares, the tax treatment of a partner in the partnership generally will depend upon the status of the partner and the activities of
the partnership. A partnership or partner in a partnership holding our ADSs or ordinary shares should consult its tax advisors regarding
the tax consequences of investing in and holding our ADSs or ordinary shares.
THE FOLLOWING
DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT A SUBSTITUTE FOR CAREFUL TAX PLANNING AND ADVICE. HOLDERS SHOULD CONSULT THEIR
TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE UNITED STATES FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS, AS WELL AS
ANY TAX CONSEQUENCES ARISING UNDER THE UNITED STATES FEDERAL ESTATE OR GIFT TAX LAWS OR THE LAWS OF ANY STATE, LOCAL OR NON-UNITED STATES
TAXING JURISDICTION OR UNDER ANY APPLICABLE TAX TREATY.
For purposes
of the discussion below, a "United States Holder" is a beneficial owner of our ADSs or Class A ordinary shares that is, for
United States federal income tax purposes:
●
an
                                            individual who is a citizen or resident of the United States;
●
a
                                            corporation created or organized in or under the laws of the United States, any state thereof
                                            or the District of Columbia;
●
an
                                            estate, the income of which is subject to United States federal income taxation regardless
                                            of its source; or
●
a
                                            trust, if (i) a court within the United States is able to exercise primary jurisdiction over
                                            its administration and one or more United States persons (as defined under the Code) have
                                            the authority to control all of its substantial decisions or (ii) in the case of a trust
                                            that was treated as a domestic trust under the law in effect before 1997, a valid election
                                            is in place under applicable Treasury regulations to treat such trust as a domestic trust.
102
The discussion
below assumes that the representations contained in the deposit agreement and any related agreement are true and that the obligations
in such agreements will be complied with in accordance with their terms.
ADSs
If you own
our ADSs, then you should be treated as the owner of the underlying Class A ordinary shares represented by those ADSs for United States
federal income tax purposes. Accordingly, deposits or withdrawals of Class A ordinary shares for ADSs should not be subject to United
States federal income tax.
Dividends
and Other Distributions on our ADSs or Class A Ordinary Shares
Subject to
the passive foreign investment company, or PFIC, rules discussed below, the gross amount of any distribution that we make to you with
respect to our ADSs or Class A ordinary shares (including any amounts withheld to reflect withholding taxes) will be taxable as a dividend,
to the extent paid out of our current or accumulated earnings and profits, as determined under United States federal income tax principles.
Such income (including any withheld taxes) will be includable in your gross income on the day actually or constructively received by
you, if you own our Class A ordinary shares, or by the depositary, if you own our ADSs.
Because we
do not intend to determine our earnings and profits on the basis of United States federal income tax principles, any distribution paid
generally will be reported as a "dividend" for United States federal income tax purposes. Such dividends will not be eligible
for the dividends-received deduction allowed to qualifying corporations under the Code.
Dividends
received by a non-corporate United States Holder may qualify for the lower rates of tax applicable to "qualified dividend income,"
if the dividends are paid by a "qualified foreign corporation" and other conditions discussed below are met. A non-United
States corporation is treated as a qualified foreign corporation (i) with respect to dividends paid by that corporation on shares (or
American depositary shares backed by such shares) that are readily tradable on an established securities market in the United States
or (ii) if such non-United States corporation is eligible for the benefits of a qualifying income tax treaty with the United States that
includes an exchange of information program.
Under a published
IRS Notice, common shares, or American depositary shares representing such shares (such as our ADSs), are considered to be readily tradable
on an established securities market in the United States if they are listed on the New York Stock Exchange, as are our ADSs (but not
our Class A ordinary shares). Based on existing guidance, it is unclear whether the Class A ordinary shares will be considered to be
readily tradable on an established securities market in the United States, because only our ADSs, and not the underlying Class A ordinary
shares, are listed on a securities market in the United States. We believe, but we cannot assure you, that dividends we pay on our Class
A ordinary shares that are represented by our ADSs, but not on our Class A ordinary shares that are not so represented, will be eligible
for the reduced rates of taxation, subject to applicable limitations (including ineligibility for reduced rates as a result of our being
a PFIC for the taxable year in which the dividend is paid or the preceding taxable year). In addition, if we are treated as a PRC resident
enterprise under the PRC tax law (see "-PRC Taxation"), then we may be eligible for the benefits of the income tax treaty
between the United States and the PRC or, the Treaty. If we are eligible for such benefits, then dividends that we pay on our Class A
ordinary shares, regardless of whether such shares are represented by our ADSs, would be eligible for the reduced rates of taxation,
subject to applicable limitations (including ineligibility for reduced rates as a result of our being a PFIC for the taxable year in
which the dividend is paid or the preceding taxable year).
103
Even if dividends
would be treated as paid by a qualified foreign corporation, a non-corporate United States Holder will not be eligible for reduced rates
of taxation if it does not hold our ADSs or ordinary shares for more than 60 days during the 121-day period beginning 60 days before
the ex-dividend date (disregarding certain periods of ownership while the United States Holder's risk of loss is diminished) Class
A or if such United States Holder elects to treat the dividend income as "investment income" pursuant to Section 163(d)(4)
of the Code. In addition, the rate reduction will not apply to dividends of a qualified foreign corporation if the non-corporate United
States Holder receiving the dividend is obligated to make related payments with respect to positions in substantially similar or related
property.
A non-United
States corporation will not be treated as a qualified foreign corporation if it is a PFIC in the taxable year in which the dividend is
paid or the preceding taxable year. As noted below, we believe that we were a PFIC for United States federal income tax purposes for
our taxable year ended December 31, 2021. You should consult your tax advisors regarding the availability of the lower tax rates applicable
to qualified dividend income for any dividends that we pay with respect to our ADSs or Class A ordinary shares.
Any PRC withholding
taxes imposed on dividends paid to you with respect to our ADSs or Class A ordinary shares (at a rate not exceeding the applicable rate
provided in the Treaty if you are eligible for Treaty benefits) generally will be treated as foreign taxes eligible for credit against
your United States federal income tax liability, subject to the various limitations and disallowance rules that apply to foreign tax
credits generally. For purposes of calculating the foreign tax credit limitation, dividends paid to you with respect to the ADSs or Class
A ordinary shares generally will be treated as income from sources outside the United States and generally will constitute passive category
income, or in certain cases, general category income. In lieu of claiming a credit, you may elect to deduct such PRC taxes in computing
your taxable income, subject to applicable limitations. An election to deduct foreign taxes instead of claiming foreign tax credits applies
to all foreign taxes paid or accrued in the relevant taxable year. The rules relating to the determination of the foreign tax credit
are complex, and you should consult your tax advisors regarding the availability of a foreign tax credit in your particular circumstances.
Disposition
of our ADSs or Class A Ordinary Shares
You will
recognize gain or loss on a sale or exchange of our ADSs or Class A ordinary shares in an amount equal to the difference between the
amount realized on the sale or exchange and your tax basis in our ADSs or Class A ordinary shares. Subject to the discussion under "-Passive
Foreign Investment Company" below, such gain or loss generally will be capital gain or loss. Capital gains of a non-corporate United
States Holder, including an individual, that has held our ADSs or Class A ordinary shares for more than one year currently are eligible
for reduced tax rates. The deductibility of capital losses is subject to limitations.
Any gain
or loss that you recognize on a disposition of our ADSs or Class A ordinary shares generally will be treated as United States-source
income or loss for foreign tax credit limitation purposes. However, if we are treated as a PRC resident enterprise for PRC tax purposes
and PRC tax is imposed on gain from the disposition of our ADSs or Class A ordinary shares (see "-PRC Taxation"), then a
United States Holder that is eligible for the benefits of the Treaty may elect to treat the gain as PRC-source income for foreign tax
credit purposes. If such an election is made, the gain so treated will be treated as a separate class or "basket" of income
for foreign tax credit purposes. You should consult your tax advisors regarding the proper treatment of gain or loss, as well as the
availability of a foreign tax credit, in your particular circumstances.
Passive
Foreign Investment Company
The determination
of PFIC status for a taxable year is based on an annual determination that cannot be made until the close of such taxable year, involves
extensive factual investigation, including ascertaining the fair market value of all of our assets on a quarterly basis and the character
of each item of income that we earn, and is subject to uncertainty in several respects. There can be no assurance that we will not be
a PFIC for our current or any future taxable year.
We will be
treated as a PFIC for United States federal income tax purposes for any taxable year if, applying applicable look-through rules, either:
●
at
                                            least 75% of our gross income for such year is passive income; or
●
at
                                            least 50% of the value of our assets (generally determined based on a quarterly average)
                                            during such year is attributable to assets that produce or are held for the production of
                                            passive income.
104
For this
purpose, (i) passive income generally includes dividends, interest, royalties and rents (other than certain royalties and rents derived
in the active conduct of a trade or business and not derived from a related person), (ii) cash is treated as a passive asset and (iii)
our goodwill is treated as an active asset to the extent its value is attributable to business activities that produce active income.
We will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation
in which we own, directly or indirectly, at least 25% by value of the stock. We hold a substantial amount of cash, licensed music content
and other assets treated as producing passive income. In addition, we earn a substantial amount of royalties (which for this purpose
are treated as passive income) from licensing music content to online music entertainment platforms and digital music service providers,
as well as film and TV production companies, airlines and smart hardware companies. If the percentage of our assets treated as producing
passive income or the amount of royalty income we earn from licensing music content increases, we may be more likely to be a PFIC for
one or more taxable years.
Although
the law in this regard is unclear, we treat the VIEs as being owned by us for United States federal income tax purposes, because we exercise
substantial influence over the operation of such entities and because we are entitled to substantially all of their economic benefits,
and, as a result, we consolidate their results of operations in our consolidated financial statements. If it were determined, however,
that we are not the owner of the VIEs for United States federal income tax purposes (for instance, because the relevant PRC authorities
do not respect these arrangements), the nature and composition of our income and assets would change and we may be more likely to be
treated as a PFIC for one or more taxable years.
Changes in
the value of our assets or the nature or composition of our income or assets may cause us to be or become a PFIC for one or more taxable
years. The determination of whether we will be a PFIC for any taxable year may also depend in part upon the value of our goodwill and
other unbooked intangibles not reflected on our balance sheet (which may depend upon the market price of our ADSs from time to time,
which may fluctuate significantly) and also may be affected by how, and how quickly, we spend our liquid assets and the cash we generate
from our operations and raise in any offering. In estimating the value of our goodwill and other unbooked intangibles, we will take into
account our market capitalization. Among other matters, if our market capitalization declines, we may be more likely to be treated as
a PFIC for one or more taxable years because our liquid assets and cash (which are for this purpose considered assets that produce passive
income) may then represent a greater percentage of the value of our overall assets. Further, while we believe our classification methodology
and valuation approach are reasonable, it is possible that the IRS may challenge our classification or valuation of our assets (including
our goodwill and other unbooked intangibles), which may make it more likely that we are a PFIC for one or more taxable years. In addition,
it is not entirely clear to what extent the value of our goodwill may be treated as active, because some of our business activities generate
passive royalty income whereas other of our business activities generate active income.
If we are
a PFIC for any taxable year during your holding period for our ADSs or Class A ordinary shares, we will continue to be treated as a PFIC
with respect to you for all succeeding years during which you hold our ADSs or Class A ordinary shares, unless we cease to be a PFIC
and you make a "deemed sale" election with respect to such ADSs or Class A ordinary shares. If such election is made, you
will be deemed to have sold such ADSs or Class A ordinary shares you hold at their fair market value and any gain from such deemed sale
would be subject to the rules described in the following two paragraphs. After the deemed sale election, so long as we do not become
a PFIC in a subsequent taxable year, such ADSs or Class A ordinary shares with respect to which such election was made will not be treated
as shares in a PFIC and, as a result, you will not be subject to the rules described below with respect to any "excess distribution"
you receive from us or any gain from a sale or other taxable disposition of our ADSs or Class A ordinary shares. You are strongly urged
to consult your tax advisors as to the possibility and consequences of making a deemed sale election if we are and then cease to be a
PFIC and such an election becomes available to you.
If we are
a PFIC for any taxable year during your holding period for our ADSs or Class A ordinary shares, then, unless you make a "mark-to-market"
election (as discussed below), you generally will be subject to special and adverse tax rules with respect to any "excess distribution"
that you receive from us and any gain that you recognize from a sale or other disposition (including a pledge) of the ADSs or Class A
ordinary shares. For this purpose, distributions that you receive in a taxable year that are greater than 125% of the average annual
distributions that you received during the shorter of the three preceding taxable years or your holding period for the ADSs or Class
A ordinary shares will be treated as an excess distribution. Under these rules:
●
the
                                            excess distribution or recognized gain will be allocated ratably over your holding period
                                            for the ADSs or Class A ordinary shares;
●
the
                                            amount of the excess distribution or recognized gain allocated to the taxable year of distribution
                                            or gain, and to any taxable years in your holding period prior to the first taxable year
                                            in which we were treated as a PFIC, will be treated as ordinary income; and
●
the
                                            amount of the excess distribution or recognized gain allocated to each other taxable year
                                            will be subject to the highest tax rate in effect for individuals or corporations, as applicable,
                                            for each such year and the resulting tax will be subject to the interest charge generally
                                            applicable to underpayments of tax.
The tax liability
for amounts allocated to years prior to the year of disposition or excess distribution cannot be offset by any net operating losses for
such years, and gains (but not losses) from a sale or other disposition of the ADSs or ordinary shares cannot be treated as capital,
even if you hold the ADSs or ordinary shares as capital assets.
105
If we are
a PFIC for any taxable year during your holding period for our ADSs or Class A ordinary shares and any of our non-United States subsidiaries
that are corporations for United States federal income tax purposes (or other corporations in which we directly or indirectly own equity
interests) is also a PFIC, you would be treated as owning a proportionate amount (by value) of the shares of each such non-United States
corporation classified as a PFIC (each such corporation, a lower tier PFIC) for purposes of the application of these rules. You are strongly
encouraged to consult your tax advisors regarding the application of the PFIC rules to any of our lower tier PFICs.
If we are
a PFIC for any taxable year during your holding period for our ADSs or Class A ordinary shares, then in lieu of being subject to the
tax and interest-charge rules discussed above, you may make an election to include gain on our ADSs or Class A ordinary shares as ordinary
income under a mark-to-market method, provided that such ADSs or Class A ordinary shares constitute "marketable stock." Marketable
stock is stock that is regularly traded on a qualified exchange or other market, as defined in applicable Treasury regulations. Our ADSs,
but not our Class A ordinary shares, are listed on the New York Stock Exchange, which is a qualified exchange or other market for these
purposes. Consequently, as long as our ADSs remain listed on the New York Stock Exchange and are regularly traded, and you are a holder
of such ADSs, we expect that the mark-to-market election would be available to you for each taxable year for which we are PFIC, but no
assurances are given in this regard.
If a mark-to-market
election is available to you and you make the election, you will include as ordinary income in each taxable year the excess of the fair
market value of your ADSs at the end of such taxable year over your adjusted tax basis in such ADSs. You will be entitled to deduct as
an ordinary loss in each taxable year the excess of your adjusted tax basis in your ADSs over their fair market value at the end of the
year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. If you make
a mark-to-market election and we cease to be a PFIC, you will not take into account the gain or loss described above during any period
in which we are not a PFIC. If you make a mark-to-market election, any gain you recognize upon the sale or other disposition of our ADSs
in a year in which we are a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss to the extent of the
net amount of previously included income as a result of the mark-to-market election. Your adjusted tax basis in our ADSs will be increased
by the amount of any income inclusion and decreased by the amount of any deductions under the mark-to-market rules. If you make a mark-to-market
election, it will be effective for the taxable year for which the election is made and all subsequent taxable years in which we are a
PFIC unless our ADSs are no longer regularly traded on a qualified exchange or other market, or the IRS consents to the revocation of
the election.
Because a
mark-to-market election cannot be made for any lower-tier PFICs that we may own, if we were a PFIC for any taxable year, a United States
Holder that makes a mark-to-market election with respect to our ADSs or ordinary shares may continue to be subject to the tax and interest
charges under the general PFIC rules with respect to such United States Holder's indirect interest in any investments held by us
that are treated as an equity interest in a PFIC for United States federal income tax purposes.
In certain
circumstances, a shareholder in a PFIC may avoid the adverse tax and interest-charge regime described above by making a "qualified
electing fund" election to include in income its share of the corporation's income on a current basis. As previously noted,
if we were a PFIC, you would be able to make a qualified electing fund election with respect to our ADSs or Class A ordinary shares only
if we agreed to furnish you annually with a PFIC annual information statement as specified in the applicable Treasury regulations. We
currently do not intend to prepare or provide the information that would enable you to make a qualified electing fund election if we
were a PFIC.
A United
States Holder that holds our ADSs or Class A ordinary shares in any year in which we are a PFIC will be required to file an annual report
containing such information as the United States Treasury Department may require. You should consult your tax advisors regarding the
application of the PFIC rules to an investment in our ADSs or Class A ordinary shares, the associated reporting requirements and the
availability, application and consequences of the elections described above.
106
Information
Reporting and Backup Withholding
Information
reporting to the IRS and backup withholding generally will apply to dividends in respect of our ADSs or Class A ordinary shares, and
the proceeds from the sale or exchange of our ADSs or Class A ordinary shares, that are paid to you within the United States (and in
certain cases, outside the United States), unless you furnish a correct taxpayer identification number and make any other required certification,
generally on IRS Form W-9 or you otherwise establish an exemption from information reporting and backup withholding. Backup withholding
is not an additional tax. Amounts withheld as backup withholding generally are allowed as a credit against your United States federal
income tax liability, and you may be entitled to obtain a refund of any excess amounts withheld under the backup withholding rules if
you file an appropriate claim for refund with the IRS and furnish any required information in a timely manner.
United States
Holders should consult their tax advisors regarding the application of the information reporting and backup withholding rules.
Information
with Respect to Foreign Financial Assets
United States
Holders who are individuals (and certain entities closely held by individuals) generally will be required to report our name, address
and such information relating to an interest in our ADSs or ordinary shares as is necessary to identify the class or issue of which our
ADSs or ordinary shares are a part. These requirements are subject to exceptions, including an exception for ADSs or ordinary shares
held in accounts maintained by certain financial institutions and an exception applicable if the aggregate value of all "specified
foreign financial assets" (as defined in the Code) does not exceed US$50,000.
United States
Holders should consult their tax advisors regarding the application of these information reporting rules.
F
Dividends and Paying Agents
Not applicable.
G
Statement by Experts
Not applicable.
H
Documents on Display
We previously
filed with the SEC a registration statement on Form F-1 (File Number 333-251461), including relevant exhibits, and a related registration
statement on Form F-6 (File Number 333-251918). We have filed this annual report on Form 20-F, including exhibits, with the SEC. As allowed
by the SEC, in Item 19 of this annual report, we incorporate by reference certain information we filed with the SEC. This means that
we can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated
by reference is considered to be part of this annual report.
You may read
and copy this annual report, including the exhibits incorporated by reference in this annual report, at the SEC's Public Reference
Room at 100 F Street, N.E., Washington, D.C. 20549 and at the SEC's regional offices in New York, New York and Chicago, Illinois.
You also can request copies of this annual report, including the exhibits incorporated by reference in this annual report, upon payment
of a duplicating fee, by writing information on the operation of the SEC's Public Reference Room.
The SEC also
maintains a website at
www.sec.gov
that contains reports, proxy statements and other information regarding registrants that file
electronically with the SEC. Our annual report and some of the other information submitted by us to the SEC may be accessed through this
web site.
107
As a foreign
private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of quarterly reports and proxy
statements, and officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions
contained in Section 16 of the Exchange Act.
Our financial
statements have been prepared in accordance with IFRS.
We will furnish
our shareholders with annual reports, which will include a review of operations and annual audited consolidated financial statements
prepared in conformity with IFRS.
I
Subsidiary Information
Not applicable.
J
Annual Report to Security Holders
Not applicable.
ITEM
11 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Foreign
Currency Risk
Our operating
transactions are mainly denominated in Renminbi. We are subject to foreign currency risks arising from a loan receivable from a Hong
Kong entity and from foreign suppliers with currencies other than our functional currency. In addition, the value of your investment
in our ADSs will be affected by the exchange rate between the U.S. dollar and Renminbi because our ADSs will be traded in U.S. dollars.
To the extent
that we need to convert U.S. dollars into Renminbi for our operations, appreciation of Renminbi against the U.S. dollar would reduce
the amount in Renminbi we receive from the conversion. Conversely, if we decide to convert Renminbi into U.S. dollars for the purpose
of making payments for dividends on our Class A ordinary shares or ADSs, servicing our outstanding debt or for other business purposes,
appreciation of the U.S. dollar against Renminbi would reduce the U.S. dollar amounts available to us.
Market
Risk
Market risk
is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Financial
instruments affected by market risk include loans, borrowings and deposits.
We may invest
the net proceeds we received from our initial public offering in interest-earning instruments. Investments in both fixed-rate and floating-rate
interest earning instruments carry a degree of interest rate risk. Fixed-rate securities may have their fair market value adversely impacted
due to a rise in interest rates, while floating-rate securities may produce less income than expected if interest rates fall.
Credit
Risk
Credit risk
is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial
loss. We are exposed to credit risk from our operating activities, deposits with banks and financial institutions, foreign exchange transactions
and other financial instruments.
108
ITEM
12 DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
A.
Debt Securities
Not applicable.
B.
Warrants and Rights
Not applicable.
C.
Other Securities
Not applicable.
D.
American Depositary Shares
Deutsche
Bank Trust Company Americas, as depositary, will register and deliver the ADSs. Each ADS represents ownership of one Class A ordinary
share, deposited with Deutsche Bank AG, Hong Kong Branch, as custodian for the depositary. Each ADS also represents ownership of any
other securities, cash or other property which may be held by the depositary. The depositary's corporate trust office at which
the ADSs will be administered is located at 60 Wall Street, New York, NY 10005, USA. The principal executive office of the depositary
is located at 60 Wall Street, New York, NY 10005, USA.
Fees and
Charges Our ADS Holders May Have to Pay
An ADS holder
will be required to pay the following service fees to the depositary bank and certain taxes and governmental charges (in addition to
any applicable fees, expenses, taxes and other governmental charges payable on the deposited securities represented by any of the ADSs):
Service
Fees
●
To any person
    to which ADSs are issued or to any person to which a distribution is made in respect of ADS distributions pursuant to stock dividends
    or other free distributions of stock, bonus distributions, stock splits or other distributions (except where converted to cash)
Up to US$0.05
    per ADS issued
●
Cancellation of ADSs, including
    the case of termination of the deposit agreement
Up to US$0.05 per ADS canceled
●
Distribution of cash dividends
Up to US$0.05 per ADS held
●
Distribution of cash entitlements
    (other than cash dividends) and/or cash proceeds from the sale of rights, securities and other entitlements
Up to US$0.05 per ADS held
●
Distribution of ADSs pursuant
    to exercise of rights
Up to US$0.05 per ADS held
●
Distribution of securities
    other than ADSs or rights to purchase additional ADSs
Up to US$0.05 per ADS held
●
Depositary services
Up to US$0.05 per ADS held
    on the applicable record date(s) established by the depositary bank
The depositary
collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the purpose of
withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those
fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect its annual
fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry system
accounts of participants acting for them. The depositary may collect any of its fees by deduction from any cash distribution payable
(or by selling a portion of securities or other property distributable) to ADS holders that are obligated to pay those fees. The depositary
may generally refuse to provide fee-attracting services until its fees for those services are paid.
Fees and
Other Payments Made by the Depositary to Us
Our depositary
anticipates to reimburse us for certain expenses we incur that are related to establishment and maintenance of the ADR program upon such
terms and conditions as we and the depositary may agree from time to time. The depositary may make available to us a set amount or a
portion of the depositary fees charged in respect of the ADR program or otherwise upon such terms and conditions as we and the depositary
may agree from time to time. For the year ended December 31, 2022, we did not receive such reimbursement from the depositary.
109
PART
II
ITEM
13 DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
None.
ITEM
14 MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
A-D
Material
Modifications to the Rights of Security Holders
See "Item
10. Additional Information-B. Memorandum and Articles of Association" for a description of the rights of shareholders, which remain
unchanged.
E
Use of Proceeds
The following
"Use of Proceeds" information relates to the registration statement on Form F-1, as amended (File No. 333-251461 ) (the "F-1
Registration Statement") in relation to our initial public offering of 5,000,000 ADSs representing 5,000,000 Class A ordinary shares,
at an initial offering price of US$10.00 per ADS. Our initial public offering closed in January 2021. Deutsche Bank Securities Inc.,
US Tiger Securities, Inc and AMTD Global Markets Limited were the representatives of the underwriters for our initial public offering.
The F-1 Registration
Statement was declared effective by the SEC on January 11, 2021. The total expenses incurred for our company's account in connection
with our initial public offering was approximately US$5.4 million. We received net proceeds of approximately US$46.5 million from our
initial public offering, after deduction of underwriting discounts and commissions of US$3.5 million. None of the transaction expenses
included payments to directors or officers of our company or their associates, persons owning more than 10% or more of our equity securities
or our affiliates. None of the net proceeds we received from the initial public offering were paid, directly or indirectly, to any of
our directors or officers or their associates, persons owning 10% or more of our equity securities or our affiliates.
We still
intend to use the proceeds from our initial public offering, as disclosed in our registration statements on Form F-1.
ITEM
15 CONTROLS AND PROCEDURES
Disclosure
Controls and Procedures
We maintain
disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed in reports filed
under the Exchange Act is recorded, processed, summarized and reported within the specified time periods and accumulated and communicated
to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding
required disclosure.
Our management,
under the supervision and with the participation of our principal executive officer and our principal financial officer, evaluated the
effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(e) or 15d-15(e) promulgated under the Exchange Act,
at December 31, 2022. Based on that evaluation, our principal executive officer and principal financial officer have concluded that,
as of December 31, 2022, our disclosure controls and procedures were not effective in ensuring that material information required to
be disclosed in this annual report is recorded, processed, summarized and reported to them for assessment, and required disclosure is
made within the time period specified in the rules and forms of the SEC, due to the lack of sufficient accounting and financial reporting
personnel with the requisite knowledge and experience in the application of IFRS and SEC rules and the lack of sufficient controls in
calculating the expected credit loss on financial assets.
Management's
Annual Report on Internal Control over Financial Reporting
Our management
is responsible for establishing and maintaining adequate internal control over financial reporting, as defined under Rule13(a)-15(f)
and 15(d)-15(f) of the Exchange Act. Our internal control over financial reporting is designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. Our
internal control over financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that,
in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS and that our receipts
and expenditures are being made only in accordance with authorizations of our management and directors; and (iii) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material
effect on the financial statements.
Because of
its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.
110
As required
by Section 404 of the Sarbanes-Oxley Act of 2002 and related rules as promulgated by the Securities and Exchange Commission, our management,
under the supervision and with the participation of our chief executive officer and chief financial officer, conducted an evaluation
of the effectiveness of our internal control over financial reporting as of December 31, 2022 using the criteria set forth in the report
"Internal Control-Integrated Framework (2013)" issued by the Committee on Sponsoring Organizations of the Treadway Commission.
Based on this evaluation, our management concluded that, as of December 31, 2022, our internal control over financial reporting was not
effective due to the material weaknesses in our internal control over financial reporting related to the lack of sufficient accounting
and financial reporting personnel with the requisite knowledge and experience in the application of IFRS and SEC rules and the lack of
sufficient controls in calculating the expected credit loss on financial assets.
Attestation
Report of the Registered Public Accounting Firm
As an "emerging
growth company," as defined in the JOBS Act, we may take advantage of certain temporary exemptions from various reporting requirements,
including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley
Act (and the SEC rules and regulations there under). When these exemptions cease to apply, we expect to incur additional expenses and
devote increased management effort toward ensuring compliance with them. This annual report on Form 20-F does not include an attestation
report of our independent registered public accounting firm.
Changes
In Internal Control Over Financial Reporting
In preparing our consolidated financial statements as of and for the
year ended December 31, 2021 included in our annual report on Form 20-F for the year ended December 31, 2021, we identified two material
weakness in our internal control over financial reporting, as defined in the standards established by the PCAOB. The identified material
weakness arose from the lack of sufficient accounting and financial reporting personnel with the requisite knowledge and experience in
the application of IFRS and SEC rules and lack of sufficient controls in calculating the expected credit
loss on financial assets.
We have
implemented measures in 2021 and 2022 to remediate the lack of sufficient accounting and financial reporting personnel with the
requisite knowledge and experience in the application of IFRS and SEC rules material weakness and lack of sufficient controls in
calculating the expected credit loss on financial assets, including (i) we plan to hire additional personnel with SEC reporting experience;
(ii) we improved the financial reporting and consolidation process by incorporating IFRS adjustments and disclosure requirements
into our quarterly financial reporting and consolidation process; (iii) providing internal and external trainings to finance
personnel through ongoing training and education in the accounting and reporting requirements under IFRS, and SEC rules and
regulations; and (iv) forming a working group comprising of senior management to review and improve internal control
procedures.
The
implementation of the foregoing measures has not remediated our material weaknesses relating to our lack of sufficient accounting
and financial reporting personnel with requisite knowledge of and experience in application of IFRS and SEC rules and lack of
sufficient controls in calculating the expected credit loss on financial assets. Therefore, our management concluded that the
above material weaknesses still existed as of December 31, 2022.
In order
to remediate the existing material weaknesses, we intend to implement a number of measures to address the material weaknesses
identified, including (i) recruiting additional experienced personnel with relevant experience working on IFRS and SEC reporting; (ii)
further improving and implementing our accounting policy manual for our accounting and financial reporting personnel for transactions
level and period-end closing processes; (iii) enhancing the management function to oversee the calculation of the expected credit loss;
and (iv) implementing additional monitoring control over the calculation of the expected credit loss. However, we cannot assure you that
these measures may fully address or remediate the material weaknesses and control deficiencies. See "Item 3. Key Information-D.
Risk Factors-Risks Related to Our Business and Industry-If our internal control and procedures over financial reporting are not effective,
we may be unable to accurately report our operating results, meet our reporting obligations or prevent fraud."
Other than
as described above, there were no changes in our internal controls over financial reporting that occurred during the period covered by
this annual report that have materially affected, or are reasonably likely to materially affect, our internal control over financial
reporting.
ITEM
16A AUDIT COMMITTEE FINANCIAL EXPERT
Our board
of directors has determined that Bin Yu, a member of our audit committee and independent director (under the standards set forth in Section
303A of the Corporate Governance Rules of the NYSE and Rule 10A-3 under the Securities Exchange Act of 1934), qualifies as an "audit
committee financial expert."
111
ITEM
16B CODE OF ETHICS
Our board
of directors has adopted a code of business conduct and ethics that applies to our directors, officers and employees. We have filed our
code of business conduct and ethics as an exhibit to our registration statement on Form F-1 (File No. 333-251461), as amended, initially
filed with the SEC on December 18, 2020.
ITEM
16C PRINCIPAL ACCOUNTANT FEES AND SERVICES
The following
table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered by Ernst
& Young and Yu Certified Public Accountant, our principal external auditors, for the periods indicated. We did not pay any other
fees to our auditors during the periods indicated below.
For
                                            the Year Ended
December 31,
2021
2022
Audit fees(1)
RMB
                                            5,447,000
RMB
                                            3,172,712
Audit-related fees(2)
-
RMB 413,832
(1)
"Audit
                                            fees" means the aggregate fees billed for professional services rendered by our principal
                                            auditors for the annual audit of our consolidated financial statements.
(2)
"Audit-related fees" means the aggregate fees billed in each of the fiscal years listed for the assurance and related services rendered by our principal auditors that are reasonably related to the performance of the audit or review of our financial statements and not reported under "Audit fees."
The
policy of our audit committee is to pre-approve all audit and non-audit services provided by Ernst & Young and Yu Certified
Public Accountant, including audit services, audit-related services, tax services and other services as described above, other than
those for de minimis services which are approved by the Audit Committee prior to the completion of the audit. We have a written
policy on the engagement of an external auditor.
ITEM 16D
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not applicable.
ITEM
16E PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
The following
table sets forth information about our purchases of outstanding ADSs from June 28, 2021 to December 31, 2021:
Period(1)
Total
Number of ADSs
Purchased
Average
Price Paid
for ADS(2)
Total
Number of ADSs
Purchased as
Part of Publicly
Announced
Plans or
Programs
Approximate
Dollar Value
of ADSs that
May Yet Be
Purchased
Under the
Program(1)
June 28,
    2021 through June 30, 2021
-
-
-
1,000,000
July 2021
-
-
-
1,000,000
August 2021
-
-
-
1,000,000
September 2021
6,735
$
5.96
6,735
959,800
October 2021
1,075
$
6.05
7,810
953,300
November 2021
9,155
$
4.30
16,965
913,900
December 2021
32,644
$
3.47
49,609
800,700
Notes:
(1)
On
                                            June 28, 2021, we announced a share repurchase plan (the "Share Repurchase Plan")
                                            approved by our board of directors, under which we may repurchase up to US$1 million of worth
                                            of our outstanding ADSs through December 31, 2021. Under the share repurchase program, we
                                            may repurchase our ADSs from time to time in the open market at prevailing market prices,
                                            in privately negotiated transactions, in block trades and/or through other legally permissible
                                            means, depending on market conditions and in accordance with applicable rules and regulations.
From
September to December 2021, we completed the Share Repurchase Plan from Tiger Brokers (NZ) Limited for an aggregate of 49,609 ordinary
shares with a consideration of US$199,300. The total amount paid for the buy-back of the shares has been debited to our capital reserve.
(2)
The
                                            average price per ADS is calculated using the execution price for each repurchase excluding
                                            commissions paid to brokers.
112
ITEM
16F CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
On November 17, 2022, we engaged Yu Certified Public Accountant as
our independent registered public accounting firm. Ernst & Young, which previously was our independent registered public accounting
firm, did not stand for re-appointment. The change of our independent registered public accounting firm had been approved by our board
and the audit committee of our board.
The reports of Ernst & Young on our consolidated financial statements
as of and for the years ended December 31, 2020 and 2021 did not contain an adverse opinion or a disclaimer of opinion and were not qualified
or modified as to uncertainty, audit scope or accounting principle. During the years ended December 31, 2020 and 2021 and the subsequent
interim period through November 17, 2022, there have been no (i) disagreements (as defined in Item 16F(a)(1)(iv) of Form 20-F and the
related instructions to Item 16F of Form 20-F) between us and Ernst & Young on any matter of accounting principles or practices, financial
statement disclosure, or audit scope or procedure, which disagreements if not resolved to the satisfaction of Ernst & Young would
have caused them to make reference thereto in their reports on the consolidated financial statements for such years, or (ii) reportable
events as defined in Item 16F(a)(1)(v) of the instructions to Form 20-F, other than the following material weaknesses reported in our
2020 and 2021 annual reports on Form 20-F filed with the U.S. Securities and Exchange of Commission: (a) the lack of sufficient accounting
and financial reporting personnel with the requisite knowledge and experience in the application of IFRS and SEC rules identified as of
December 31, 2020 and 2021, and (b) the lack of sufficient controls in calculating the expected credit loss on financial assets identified
as of December 31, 2021. The audit committee discussed the reportable events mentioned above with Ernst & Young. Ernst & Young
is authorized to fully respond to the inquiries of Yu Certified Public Accountant on the reportable event.
We have provided Ernst & Young with a copy of the disclosures here
under this Item 16F and required under Item 16F of Form 20-F and requested from Ernst & Young a letter addressed to the SEC indicating
whether it agrees with such disclosures. A copy of Ernst & Young's letter dated May 16, 2023 is attached as Exhibit 15.5.
During the years ended December 31, 2020 and 2021 and the subsequent
interim period through November 17, 2022, neither we nor anyone on behalf of us has consulted with Yu Certified Public Accountant regarding
(i) the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that
might be rendered on our consolidated financial statements, and neither a written report nor oral advice was provided to us that Yu Certified
Public Accountant concluded was an important factor considered by us in reaching a decision as to any accounting, audit, or financial
reporting issue, (ii) any matter that was the subject of a disagreement pursuant to Item 16F(a)(1)(iv) of the instructions to Form 20-F,
or (iii) any reportable event pursuant to Item 16F(a)(1)(v) of the instructions to Form 20-F.
ITEM
16G CORPORATE GOVERNANCE
As a Cayman
Islands company listed on the New York Stock Exchange, we are subject to the NYSE corporate governance listing standards. However, NYSE
rules permit a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance
practices in the Cayman Islands, which is our home country, may differ significantly from the NYSE corporate governance listing standards.
Currently, we do not plan to rely on home country exemption for corporate governance matters. However, if we choose to follow home country
practice in the future, our shareholders may be afforded less protection than they would otherwise enjoy under the NYSE corporate governance
listing standards applicable to U.S. domestic issuers.
See "Item
3. Key Information-D. Risk Factors-Risks Related to Our ADSs-As an exempted company incorporated in the Cayman Islands, we are permitted
to adopt certain home country practices in relation to corporate governance matters that differ significantly from New York Stock Exchange's
corporate governance requirements."
113
ITEM
16H MINE SAFETY DISCLOSURE
Not applicable.
ITEM
16I DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
As of the
date of the filing of this annual report and to our best knowledge:
(1)
For
                                            the fiscal year ended December 31, 2021, our former auditor, Ernst & Young, located in
                                            Hong Kong, issued an audit report for us. On December 16, 2021, the U.S. Public Company Accounting
                                            Oversight Board (the "PCAOB") determined that it was unable to inspect or investigate
                                            completely PCAOB-registered public accounting firms headquartered in China mainland and in
                                            Hong Kong (including Ernst & Young) because of positions taken by PRC authorities in
                                            the PRC and Hong Kong. In June 2022, the SEC conclusively listed us as a Commission-Identified
                                            Issuer under the HFCAA following the filing of our annual report on Form 20-F for the fiscal
                                            year ended December 31, 2021. On December 15, 2022, the PCAOB vacated its December 16, 2021
                                            determination and announced that it had secured complete access to inspect and investigate
                                            registered public accounting firms headquartered in China mainland and Hong Kong (including
                                            Ernst & Young).
(2)
Based
                                            on a review of the shareholder lists of our company and the related variable interest entities
                                            in China mainland, we are not aware of any governmental entities in China or the Cayman Islands
                                            (where we are incorporated) that hold any shares of our company or any of such variable interest
                                            entities. In addition, no such governmental entities have made any disclosures on Schedule
                                            13D or Schedule 13G indicating that they own any shares of our
                                            company or any such variable interest entity. Based on the above, we believe that none of
                                            our ordinary shares or ADSs are owned by the governmental entities in either China mainland,
                                            Hong Kong or the Cayman Islands. However, a significant portion of the shares of our company
                                            are publicly held, and the ultimate beneficial ownership of those publicly held shares may
                                            not be known to us. Nonetheless, none of these unknown beneficial owners has ever asserted
                                            any control or influence over us.
(3)
No
                                            governmental entities in China have a controlling financial interest in Kuke Music Holding
                                            Limited or any variable interest entity as of the date of filing of this Form 20-F.
(4)
No
                                            members of our board or any of our operating entities is an official of the Chinese Communist
                                            Party.
(5)
The
                                            currently effective memorandum and articles of association of Kuke Music Holding Limited
                                            and equivalent organizational documents of our operating entities, including the variable
                                            interest entities, do not contain any charter of the Chinese Communist Party.
ITEM
16J INSIDER TRADING POLICIES
Not applicable.
114
PART
III
ITEM
17 FINANCIAL STATEMENTS
We have elected
to provide financial statements pursuant to Item 18.
ITEM
18 FINANCIAL STATEMENTS
The consolidated
financial statements of Kuke Music Holding Limited are included at the end of this annual report.
ITEM
19 EXHIBITS
Exhibit
Number
Description
    of Document
1.1*
Second Amended and Restated Memorandum and Articles of Association of the Registrant
2.1
Specimen American Depositary Receipt (incorporated herein by reference to Exhibit 4.3 to the registration statement on Form F-1 (File No. 333-251461), as amended, initially filed with the SEC on December 18, 2020)
2.2
Registrant's
    Specimen Certificate for Ordinary Shares (incorporated herein by reference to Exhibit 4.2 to the registration statement on Form F-1
    (File No. 333-251461), as amended, initially filed with the SEC on December 18, 2020)
2.3
Form
    of Deposit Agreement among the Registrant, the depositary and the owners and holders of the American Depositary Shares issued thereunder
    (incorporated herein by reference to Exhibit (a) to the registration statement on Form F-6 (File No. 333-251918), as amended, initially
    filed with the SEC on January 6, 2021)
2.4*
Description of Registrant's Securities
4.1
Form of Indemnification Agreement between the Registrant and its directors and executive officers (incorporated
    herein by reference to Exhibit 10.1 to the registration statement on Form F-1 (File No. 333-251461), as amended, initially filed
    with the SEC on December 18, 2020)
4.2
Form
    of Employment Agreement between the Registrant and its executive officers (incorporated herein by reference to Exhibit 10.2 to the
    registration statement on Form F-1 (File No. 333-251461), as amended, initially filed with the SEC on December 18, 2020)
4.3
English
    translation of the executed form of the Power of Attorney granted by shareholders of the VIEs and a schedule of all executed Power
    of Attorney adopting the same form (incorporated herein by reference to Exhibit 10.3 to the registration statement on Form F-1 (File
    No. 333-251461), as amended, initially filed with the SEC on December 18, 2020)
4.4
English
    translation of the executed form of the Equity Interest Pledge Agreements among our WFOEs, the VIEs and shareholders of the VIEs
    dated February 26, 2018 and February 28, 2020. (incorporated herein by reference to Exhibit 10.4 to the registration statement on
    Form F-1 (File No. 333-251461), as amended, initially filed with the SEC on December 18, 2020)
4.5
English
    translation of the executed form of the Exclusive Consulting Service Agreements between our WFOEs and the VIEs dated February 26,
    2018 and February 28, 2020 (incorporated herein by reference to Exhibit 10.5 to the registration statement on Form F-1 (File No.
    333-251461), as amended, initially filed with the SEC on December 18, 2020)
4.6
English
    translation of the executed form of the Exclusive Intellectual Property Rights Licensing Agreement between Kuke Future and Beijing
    Kuke Music dated February 26, 2018 (incorporated herein by reference to Exhibit 10.6 to the registration statement on Form F-1 (File
    No. 333-251461), as amended, initially filed with the SEC on December 18, 2020)
115
4.7
English translation of the executed form of the Exclusive Option Agreements among our WFOEs, the VIEs
    and shareholders of the VIEs dated February 26, 2018 and February 28, 2020 (incorporated herein by reference to Exhibit 10.7 to the
    registration statement on Form F-1 (File No. 333-251461), as amended, initially filed with the SEC on December 18, 2020)
4.8
English translation of the executed form of the Spousal Consent Letter granted by the spouse of each
    individual shareholder of the VIEs, as currently in effect, and a schedule of all executed Spousal Consent Letters adopting the same
    form (incorporated herein by reference to Exhibit 10.8 to the registration statement on Form F-1 (File No. 333-251461), as amended,
    initially filed with the SEC on December 18, 2020)
4.9
English translation of the executed form of the Supplementary Agreement to the Contractual Arrangements
    among Kuke Future, Beijing Kuke Music and its shareholders dated February 13, 2020 (incorporated herein by reference to Exhibit 10.9
    to the registration statement on Form F-1 (File No. 333-251461), as amended, initially filed with the SEC on December 18, 2020)
4.10
Digital Distribution Agreement between Naxos Digital Services US, Inc. and Beijing Kuke Music Co.,
    Ltd. (incorporated herein by reference to Exhibit 10.10 to the registration statement on Form F-1 (File No. 333-251461), as amended,
    initially filed with the SEC on December 18, 2020)
4.11
Shareholders'
    Agreement among Naxos International (Far East) Limited, Beijing Cathay Orient Information Technology Company Limited (the predecessor
    of Beijing Kuke Music Co., Ltd.) and Naxos (Beijing) Culture & Communication Co., Ltd. (incorporated herein by reference to Exhibit
    10.11 to the registration statement on Form F-1 (File No. 333-251461), as amended, initially filed with the SEC on December 18, 2020)
4.12
License
    Agreement between Naxos international (Far East) Limited and Naxos (Beijing) Culture & Communication Co., Ltd. (incorporated
    herein by reference to Exhibit 10.12 to the registration statement on Form F-1 (File No. 333-251461), as amended, initially filed
    with the SEC on December 18, 2020)
4.13
Digital
    Distribution Agreement between Naxos of America, Inc. and Naxos (Beijing) Culture & Communication Co., Ltd. (incorporated herein
    by reference to Exhibit 10.13 to the registration statement on Form F-1 (File No. 333-251461), as amended, initially filed with the
    SEC on December 18, 2020)
4.14
2020
    Share Incentive Plan (incorporated herein by reference to Exhibit 10.14 to the registration statement on Form F-1 (File No. 333-251461),
    as amended, initially filed with the SEC on December 18, 2020)
4.15
Option
    Agreement (incorporated herein by reference to Exhibit 10.15 to the registration statement on Form F-1 (File No. 333-251461), as
    amended, initially filed with the SEC on December 18, 2020)
8.1*
Subsidiaries
    of the Registrant
1
1.1
Code
    of Business Conduct and Ethics of the Registrant (incorporated herein by reference to Exhibit 99.1 to the registration statement
    on Form F-1 (File No. 333-251461), as amended, initially filed with the SEC on December 18, 2020)
116
12.1*
Certification
    by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12.2*
Certification
    by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
13.1**
Certification
    by Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
13.2**
Certification
    by Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
15.1*
Consent
of Yu Certified Public Accountant
15.2*
Consent
of Commerce & Finance Law Offices
15.3*
Consent
of Conyers Dill & Pearman
15.4*
Consent
of Ernst & Young
15.5*
Letter from Ernst & Young to the Securities and Exchange Commission, dated May 16, 2023
15.6*
Submission under Item 16I(a) of Form 20-F in relation to the Holding Foreign Companies Accountable Act
101.INS*
Inline XBRL Instance
    Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline
    XBRL document
101.SCH*
Inline XBRL Taxonomy
    Extension Schema Document
101.CAL*
Inline XBRL Taxonomy
    Extension Calculation Linkbase Document
101.DEF*
Inline XBRL Taxonomy
    Extension Definition Linkbase Document
101.LAB*
Inline XBRL Taxonomy
    Extension Label Linkbase Document
101.PRE*
Inline XBRL Taxonomy
    Extension Presentation Linkbase Document
104
Cover Page Interactive
    Data File - the cover page XBRL tags are embedded within the Exhibit 101 Inline XBRL document set
*
Filed
                                            with this annual report on Form 20-F.
**
Furnished
                                            with this annual report on Form 20-F.
117
SIGNATURES
The registrant
hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned
to sign this annual report on its behalf.
Kuke Music Holding
    Limited
By:
/s/ He Yu
Name:
HE YU
Date: May 16, 2023
Title:
Chairman of the Board of Directors and Chief
Executive Officer
118
KUKE
MUSIC HOLDING LIMITED
INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS
Page
Report of Independent Registered Public Accounting Firm (Yu Certified Public Accountant, P.C., PCAOB ID Number: 5910)
F-2
Report of Independent Registered Public Accounting Firm (Ernst & Young, PCAOB ID:
1409
)
F-3
Consolidated Statements of Loss and Other Comprehensive L
oss
for the years ended December 31, 2022, 2021 and 2020
F-4
Consolidated Statements of Financial Position as at December 31, 2022 and 2021
F-5
Consolidated Statements of Changes in Equity for the years ended December 31, 2022, 2021 and 2020
F-6
Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021 and 2020
F-7
Notes to Consolidated Financial Statements
F-8
-
F-81
F-
1
Report
of independent registered public accounting firm
To the Shareholders and the Board of Directors
of
Kuke Music Holding Limited
Opinion on the Financial Statements
We have audited the accompanying consolidated
statement of financial position of Kuke Music Holding Limited (the "Company"), its subsidiaries and its variable interest
entities (collectively the "Group") as of December 31, 2022, the related consolidated statement of loss and comprehensive
loss, changes in equity, and cash flows, for the year ended December 31, 2022, and the related notes (collectively referred to as the
"consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material
respects, the financial position of the Group as of December 31, 2022, and the results of its operations and its cash flows, for the year
ended December 31, 2022, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards
Board.
Emphasis of Matter - Going Concern
The accompanying consolidated financial statements
have been prepared assuming the Group will continue as a going concern. As discussed in Note 1(b) to the consolidated financial statements,
the Group has continued to incur losses, and the Group has not yet generated favorable working capital; in addition, the Group's
operations were still adversely impacted by COVID-19 pandemic. These conditions raise substantial doubt about its ability to continue
as a going concern. Management's plan regarding these matters is also described in Note 1(b). The consolidated financial statements
do not include any adjustments that might result from the outcome of this uncertainty.
Basis for Opinion
These consolidated financial statements are the
responsibility of the Group's management. Our responsibility is to express an opinion on the Group's consolidated financial statements
based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB")
and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Group is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Group's internal
control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides
a reasonable basis for our opinion.
/s/ Yu Certified Public Accountant, P.C. (PCAOB ID Number: 5910)
We have served as the Group's auditor since 2022.
New York, New York
May 16, 2023
F-
2
Report
of Independent Registered Public Accounting Firm
To
the Shareholders and the Board of Directors of Kuke Music Holding Limited
Opinion
on the Financial Statements
We have audited the accompanying
consolidated statements of financial position of Kuke Music Holding Limited (the "Company") as of December 31, 2021,
the related consolidated statements of loss and other comprehensive loss, changes in equity and cash flows for each of the two years in
the period ended December 31, 2021, and the related notes (collectively referred to as the "consolidated financial statements").
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company
at December 31, 2021, and the results of its operations and its cash flows for each of the two years in the period ended December 31,
2021, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.
Basis for Opinion
These financial statements
are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and
the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in
accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to
have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required
to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness
of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing
procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for
our opinion.
/s/
Ernst & Young
We have served as the Company's auditor
from 2019 to 2022.
Hong Kong
, The People's Republic of China
May 2, 2022
F-
3
KUKE
MUSIC HOLDING LIMITED
CONSOLIDATED
STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS
Years
    ended December 31,
Notes
2022
2021
2020
RMB'000
RMB'000
RMB'000
Revenue
4
115,115
295,897
162,881
Cost
    of sales
(
97,804
)
(
126,026
)
(
44,281
)
Gross
    profit
17,311
169,871
118,600
Other
    income, net
9.1.1
7,659
8,700
4,385
Selling
    and distribution expenses
(
32,033
)
(
73,263
)
(
25,808
)
Administrative
    expenses
(
69,030
)
(
132,237
)
(
65,018
)
Impairment
    losses on financial assets, net
(
99,634
)
(
20,653
)
(
35,240
)
Other
    losses
9.2
(
707,237
)
—
—
Other
    operating expenses
9.1.2
(
1,661
)
(
2,904
)
(
18
)
Operating
    loss
(
884,625
)
(
50,486
)
(
3,099
)
Share of loss of
    a joint venture
—
(
491
)
(
9
)
Change
    in fair value of equity investment at fair value through profit or loss
(
1,000
)
—
—
Finance
    costs
9.3
(
4,848
)
(
7,684
)
(
10,105
)
Finance
    income
9.4
34
79
1,621
Loss
    before tax
(
890,439
)
(
58,582
)
(
11,592
)
Income
    tax expense
10
(
6,468
)
(
1,035
)
(
3,622
)
Loss
                                            for the year and total comprehensive loss for the year
(
896,907
)
(
59,617
)
(
15,214
)
Attributable
    to:
Equity
    holders of the parent
(
894,214
)
(
59,570
)
(
16,423
)
Non-controlling
    interests
(
2,693
)
(
47
)
1,209
(
896,907
)
(
59,617
)
(
15,214
)
LOSS
    PER SHARE FOR CLASS A AND CLASS B ORDINARY SHARES ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT
11
Basic
RMB
(
30.19
)
RMB
(
2.03
)
RMB
(
0.70
)
Diluted
RMB
(
30.19
)
RMB
(
2.03
)
RMB
(
0.70
)
LOSS
    PER ADS (1 ADS equals 1 Class A ordinary share)
Basic
RMB
(
30.19
)
RMB
(
2.03
)
RMB
(
0.70
)
Diluted
RMB
(
30.19
)
RMB
(
2.03
)
RMB
(
0.70
)
The
accompanying notes are an integral part of the consolidated financial statements.
F-
4
KUKE
MUSIC HOLDING LIMITED
CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
Notes
December 31,
2022
December 31,
2021
RMB'000
RMB'000
NON-CURRENT ASSETS
Property, plant and equipment
12
9,110
60,443
Intangible assets
13
66,212
492,300
Right
-
of
-
use
    assets
24
7,149
3,060
Goodwill
14
764
237,225
Prepayments, other receivables and other assets
17
110,236
95,217
Deferred tax assets
10
—
7,736
Equity investment at
    fair value through profit or loss
—
1,000
Total
    non-current assets
193,471
896,981
CURRENT ASSETS
Inventories, net
15
778
7,307
Trade receivables, net
16
9,279
111,104
Prepayments, other receivables and other assets,
    net
17
35,311
34,101
Net investments in subleases
24
—
355
Due from related parties, net
26
2,377
306
Due from shareholders, net
26
99
100
Cash and cash equivalents
19
5,425
59,045
Total
    current assets
53,269
212,318
Total
    assets
246,740
1,109,299
EQUITY
Issued capital
20
198
194
Reserves
20
58,262
936,444
Equity attributable to equity
    holders of the parent
58,460
936,638
Non-controlling interests
2,328
5,021
Total
    equity
60,788
941,659
NON-CURRENT LIABILITIES
Interest-bearing loans and borrowings
23
—
6,046
Contract liabilities
22
415
366
Deferred tax liabilities
10
—
1,417
Lease liabilities
24
4,650
793
Total
    non-current liabilities
5,065
8,622
CURRENT LIABILITIES
Trade payables
21
35,012
30,514
Other payables and accruals
25
50,163
58,178
Contract liabilities
22
20,688
23,506
Due to a shareholder
26
325
325
Due to a related party
26
488
—
Interest
-
bearing loans
    and borrowings
23
69,045
41,493
Lease liabilities
24
4,123
2,486
Income tax payable
1,043
2,516
Total
    current liabilities
180,887
159,018
Total
    liabilities
185,952
167,640
Total
    equity and liabilities
246,740
1,109,299
The
accompanying notes are an integral part of the consolidated financial statements.
F-
5
KUKE
MUSIC HOLDING LIMITED
CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY
Attributable
    to equity holders of the parent
Non-
Issued
Treasury
Capital
Retained
controlling
Total
capital
shares
reserve
earnings
Total
interests
equity
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
At
    January 1, 2020
118
—
161,477
117,107
278,702
3,859
282,561
Loss
    and total comprehensive loss for the year
—
—
—
(
16,423
)
(
16,423
)
1,209
(
15,214
)
Issuance of ordinary shares
    (Note 20)
11
—
90,395
—
90,406
—
90,406
Issuance
    of ordinary shares for the acquisition of a subsidiary
(Note 20)
33
—
283,967
—
284,000
—
284,000
Equity-settled
    share-based payments (Note 29)
—
—
19,416
—
19,416
—
19,416
At December
    31, 2020 and at January 1, 2021
162
—
555,255
100,684
656,101
5,068
661,169
Loss
    and total comprehensive loss for the year
—
—
—
(
59,570
)
(
59,570
)
(
47
)
(
59,617
)
Issuance
    of ordinary shares, net of issuance costs (Note 20)
32
—
287,416
—
287,448
—
287,448
Share repurchased (Note
    20)
—
(
1,274
)
—
—
(
1,274
)
—
(
1,274
)
Equity-settled
    share-based payments (Note 29)
—
—
53,933
—
53,933
—
53,933
At December
    31, 2021 and at January 1, 2022
194
(
1,274
)
896,604
41,114
936,638
5,021
941,659
Loss
    and total comprehensive loss for the year
—
—
—
(
894,214
)
(
894,214
)
(
2,693
)
(
896,907
)
Issuance of ordinary shares
    (Note 20)
4
—
824
—
828
—
828
Equity-settled
    share-based payments (Note 29)
—
—
15,208
—
15,208
—
15,208
At
    December 31, 2022
198
(
1,274
)
912,636
(
853,100
)
58,460
2,328
60,788
The
accompanying notes are an integral part of the consolidated financial statements.
F-
6
KUKE
MUSIC HOLDING LIMITED
CONSOLIDATED
STATEMENTS OF CASH FLOWS
Years
    ended December 31,
Notes
2022
2021
2020
RMB'000
RMB'000
RMB'000
Cash
    flows from operating activities
Loss
    before tax
(
890,439
)
(
58,582
)
(
11,592
)
Adjustments
    for:
Finance
    costs
9.3
4,848
7,684
10,105
Finance
    income
9.4
(
34
)
(
79
)
(
1,621
)
Depreciation
    of property, plant and equipment
9.5
14,966
10,709
2,257
Depreciation
    of right-of-use assets
9.5
3,433
4,139
4,480
Amortisation
    of intangible assets
9.5
18,626
8,422
5,366
Loss
    on disposal of property, plant and equipment
809
1,112
4
Covid-19-related
    rent concessions from a lessor
24
(
859
)
—
(
778
)
Recognition
    of equity-settled share-based payment expenses
29
15,208
53,933
19,416
Share
    of loss of a joint venture
—
491
9
Change
    in fair value of equity investment at fair value through profit or loss
1,000
—
—
Impairment
    of trade receivables, net
99,595
18,653
34,983
Impairment
    of other receivables and other assets, net
20
—
257
Impairment
    of amount due from related parties and directors
19
—
—
Impairment
    of an amount due from a related party
—
2,000
—
Impairment
    of Inventories
9.2
7,840
—
—
Impairment
    of property, plant and equipment
9.2
34,858
—
—
Impairment
    of Intangible assets
9.2
427,314
—
—
Impairment
    of Goodwill
9.2
237,225
—
—
(
25,571
)
48,482
62,886
Working
    capital adjustments:
(Increase)/decrease
    in inventories
(
1,117
)
(
6,357
)
859
Decrease/(increase)
    in trade receivables
2,487
51,965
(
25,909
)
Decrease/(increase)
    in prepayments, other receivables and other assets
2,064
(
17,312
)
(
6,050
)
Decrease/(increase)
    in amounts due from related parties
—
357
(
663
)
Increase/(decrease)
    in trade payables
4,496
3,204
(
7,655
)
(Decrease)/increase
    in other payables and accruals
(
2,450
)
(
6,838
)
2,011
(Decrease)/increase
    in contract liabilities
(
3,359
)
(
1,029
)
8,416
Cash
    (used in)/generated from operations
(
23,450
)
72,472
33,895
Income
    tax paid
(
3,029
)
(
7,782
)
(
7,608
)
Net
    cash flows (used in) from operating activities
(
26,479
)
64,690
26,287
Cash
    flows from investing activities
Interest
    received
33
63
45
Investment
    in a joint venture
—
—
(
500
)
Investment
    in an unlisted equity investment at fair value through profit or loss
—
(
1,000
)
—
Acquisition
    of a subsidiary
8
315
—
1,073
Purchase
    of intangible assets
(
19,852
)
(
20,333
)
(
10,145
)
Purchase
    of property, plant and equipment
(
158
)
(
16,382
)
(
948
)
Advance
    to a related party
(
2,089
)
(
900
)
(
18,498
)
Repayment
    of advance to a related party
—
—
17,398
Repayment
    from a loan receivable
—
3,000
6,000
Decrease/
    (increase) in deposits paid for property, plant and equipment
4,884
(
41,560
)
(
9,899
)
Increase
    in deposits paid for intangible assets
(
22,736
)
(
214,464
)
(
106,082
)
Proceeds
    from disposal of items of property, plant and equipment
866
298
—
Receipt
    of the principal portion of net investments in subleases
261
73
219
Net
    cash flows used in investing activities
(
38,476
)
(
291,205
)
(
121,337
)
Cash
    flows from financing activities
Proceeds
    from issuance of ordinary shares
828
292,958
90,406
Repurchase
    of shares
—
(
1,274
)
—
Proceeds
    from bank borrowings
30,000
10,000
10,000
Repayment
    of bank borrowings
(
10,000
)
(
10,000
)
(
5,000
)
Proceeds
    from other borrowings
37,880
23,000
—
Repayment
    of other borrowings
(
36,374
)
(
35,461
)
—
Advance
    from a related party
488
—
7,177
Repayment
    of amount due to a related party
—
(
7,177
)
—
Repayment
    from shareholders
—
—
105
Payment
    of the principal portion of lease liabilities
(
1,074
)
(
2,566
)
(
2,162
)
Interest
    paid
(
10,413
)
(
9,639
)
(
2,767
)
Net
    cash flows from financing activities
11,335
259,841
97,759
NET
    (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
(
53,620
)
33,326
2,709
Cash
    and cash equivalents at beginning of year
59,045
25,719
23,010
CASH
    AND CASH EQUIVALENTS AT END OF YEAR
5,425
59,045
25,719
The
accompanying notes are an integral part of the consolidated financial statements.
F-
7
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
1. Corporate
information
The
Company was incorporated in the Cayman Islands on September 13, 2017, as an exempted company with limited liability under the Companies
Law, Cap. 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands.
The
principal activity of the Company is investment holding while its subsidiaries are principally engaged in the distribution of commercial
copyrights, provision of music education solutions, sales of musical instruments and provision of services related to music events and
performances in the People's Republic of China (the "PRC").
In
February 2020, the Company acquired a
100
% equity interest in Rosenkavalier Limited ("Rosenkavalier"), Degas Limited ("Degas")
and Beijing Lecheng Future Culture Media Co., Ltd. ("Beijing Lecheng") (collectively, the "Rosenkavalier Group"),
which provides services related to music festival events, music performance services and the licensing of music catalogues through Beijing
Music Festival Culture Communication Co., Ltd ("BMF Culture").
Variable
interest entity agreements ("VIE agreements") were also entered into, conferring Beijing Lecheng the right to substantially influence
and to receive variable returns from BMF Culture. As a result of the VIE agreements, BMF Culture was consolidated as an indirect subsidiary
of the Group.
F-
8
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
1. Corporate
information (continued)
As
at the date of these consolidated financial statements, the Company had direct or indirect interests in the subsidiaries as set out below,
all of which are private entities with limited liabilities. All companies now comprising the Group have adopted December 31 as their
financial year-end date.
Place
    and date
of incorporation/
Percentage
    of
ownership/interest/
voting rights
Issued
    and fully paid ordinary share capital/
Principal
Name
establishment
Directly
Indirectly
registered
    capital
activities
Rococo
    Holding
Limited ("Rococo")
British Virgin Islands
("BVI"), limited liability
company
September 21, 2017
100
%
—
United States Dollar ("US$") 1
Investment holding
Rosenkavalier
    Limited
("Rosenkavalier")
BVI, limited liability
company
October 2, 2019
100
%
—
US$100
Investment holding
Gauguin
    Limited
("Gauguin")
Hong Kong
limited liability company
October 6, 2017
—
100
%
Hong Kong Dollars ("HK$") 60,000,000
Investment holding
Degas
    Limited
("Degas")
Hong Kong
limited liability company
November 1, 2019
—
100
%
HK$
60,000,000
Investment holding
Kuke
    Future International
Technology (Beijing)
Co., Ltd.*
("Kuke International")
PRC, limited liability
company
December 14, 2017
—
100
%
US$
10,000,000
Investment holding
Beijing
    Lecheng Future
Culture Media Co., Ltd.*
("Beijing Lecheng")
PRC, limited liability
company
November 28, 2019
—
100
%
US$
10,000,000
Investment holding
Beijing
    Kuke Music Co. Ltd.*
(formerly known as
Beijing Cathay Orient
Information Technology
Company Limited)
("Beijing
    Kuke Music")
PRC, June 7, 2000,
limited liability company,
changed to joint stock
limited liability
company on
February 16, 2016
—
100
%
RMB
16,213,275
Distribution of
commercial copyrights
and provision of music
education solutions
Beijing
    Naxos Cultural
Communication Co. Ltd.*
("Naxos China")
PRC, limited liability
company
January 25, 2016
—
51
%
RMB
2,000,000
Distribution of
commercial
copyrights
Beijing
    Music Festival
Culture Communication
Co., Ltd.* ("BMF Culture")
PRC, limited liability
company
August 26, 2003
—
100
%
RMB
19,500,000
Distribution of
commercial copyrights,
sale of musical instruments
and provision of
services related to music events and performances
F-
9
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
1. Corporate
information (continued)
Place
    and date
of incorporation/
Percentage
    of
ownership/interest/
voting rights
Issued and
    fully paid
ordinary share capital/
Principal
Name
establishment
Directly
Indirectly
registered capital
activities
Beijing
    Kuke Music
Education Technology
Co., Ltd.* ("Music Education")
PRC, limited liability
company
April 14, 2021
—
100
%
RMB
10,000,000
Investment holding
Beijing
    Kuke Music Culture Co., Ltd. (formly known as "Beijing Successor Educational Equipment Co., Ltd") *
("Music
    Culture")
PRC, limited liability
company
January 6, 2020
—
51
%
—
Provide music equipment sales
Shanghai
    Kuke Fangyue Education Technology Center LLP*
("Kuke Fangyue")
PRC, limited partnership
June 24, 2021
—
60
%
—
Dormant
Shanghai
    Kuke Xingkong Cultural Media Center LLP*
("Kuke Xingkong")
PRC, limited partnership
June 25, 2021
—
90
%
—
Dormant
Shanghai
    Kuke Linhui Education Technology Center LLP* ("Kuke Linhui")
PRC, limited partnership
July 6, 2021
—
90
%
—
Dormant
Fuzhou
    Kuke Education Technology Co.,Ltd.*
("Fuzhou Kuke")
PRC, limited liability
company
August 17, 2021
—
80
%
RMB
200,000
Dormant
Tianjin
    Kuke Xingkong Education Consulting., Ltd. *
("Tianjin Kuke")
PRC, limited liability
company
August 2, 2021
—
96
%
RMB
200,000
Dormant
Shijiazhuang
    Kuke Linhui Education Technology Co.,Ltd.*
("Shijiazhuang Kuke")
PRC, limited liability
company
July 22, 2021
—
96
%
RMB
400,000
Dormant
Beijing
    Hemule Cultural Co., Ltd. *
("Hemule Cultural")
PRC, limited liability
company
August 31, 2022
—
100
%
—
Dormant
*
The English names of these companies represent the best efforts made by the Company to translate their Chinese names as these companies do not have official English names.
(b)
Liquidity and going concern
The
Group's consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets
and liquidation of liabilities during the normal course of operations. As of December 31, 2022, the Group had cash and cash equivalents
of RMB
5,425
and has generated a net loss from continuing operations of RMB
896,907
and cash outflows for continuing operations of RMB
53,620
for the year then ended.
F-
10
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
1.
Corporate information (continued)
The
Group's largest institutional investor, Huaqiang Capital, has reached a verbal agreement with the Group
to provide approximately RMB
20,000,000
to supplement our working capital. By 2022, the epidemic has ended, and all our business operations are rapidly recovering, showing
positive trends that will also provide financial support for the company's development. Since the outbreak of the epidemic, the
company has reduced its operating costs through measures such as organizational restructuring, adjustments to the business structure,
and personnel optimization.
Management
believes that the Group's current working capital, anticipated cash flows from operations will sustain our operations and business
expansion. If the Group's business strategies are not successful in addressing its current financial concerns, additional capital
raise from issuing equity security or debt instrument may be needed to support the cash requirements. However, there is no assurance
that the Group will be able to raise adequate funds at acceptable terms to fund its operations going forward. These conditions raise
substantial doubt about the Group's ability to continue as a going concern. The consolidated financial statements have been prepared
assuming that the Group will continue as a going concern and, accordingly, do not include any adjustments that might result from the
outcome of this uncertainty.
(c)
Impact of the COVID-19 pandemic
The
Group has experienced reductions and cancellations of orders due to effects of the COVID-19 in 2022. Affected by the epidemic,
the number, amount and frequency of purchases of smart music education business customers have been reduced. The government cut budget
of subscribing music correspondingly. Arranged music events have been forced to be cancelled. As a result, the Group's sales have
been negatively impacted by the pandemic decreasing from RMB
295,897
in 2021 to RMB
115,115
in 2022.
2. Significant
accounting policies
2.1
Basis of preparation
The
consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS") issued
by the International Accounting Standards Board ("IASB").
The
consolidated financial statements of the Company were authorised for issue in accordance with a resolution of the directors on May 15,
2023.
The
consolidated financial statements are prepared on a going concern basis.
The
consolidated financial statements are prepared on a historical cost basis, except for equity investment at fair value through profit
or loss ("FVTPL") that has been measured at fair value.
The
consolidated financial statements are presented in Renminbi ("RMB") and all values are rounded to the nearest thousands,
except for the number of shares and loss per share data.
F-
11
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2. Significant
accounting policies (continued)
2.2
Basis of consolidation
The
consolidated financial statements comprise the financial statements of the Company, its subsidiaries and consolidated VIEs, (collectively
referred to as the "Group") as at December 31, 2022 and 2021. A subsidiary is an entity (including a structured entity),
directly or indirectly, controlled by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns
from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically,
the Group controls an investee if, and only if, the Group has:
●
Power
                                            over the investee (i.e., existing rights that give it the current ability to direct
                                            the relevant activities of the investee)
●
Exposure,
                                            or rights, to variable returns from its involvement with the investee
●
The
                                            ability to use its power over the investee to affect its returns
Generally,
there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than
a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether
it has power over an investee, including:
●
The
                                            contractual arrangement(s) with the other vote holders of the investee
●
Rights
                                            arising from other contractual arrangements
●
The
                                            Group's voting rights and potential voting rights
The
Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of
the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when
the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the
year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control
the subsidiary.
F-
12
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2. Significant
accounting policies (continued)
2.2
Basis of consolidation (continued)
Profit
or loss and each component of other comprehensive income ("OCI") are attributed to the equity holders of the parent of the
Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary,
adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group's accounting
policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of
the Group are eliminated in full on consolidation.
A
change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.
If
the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest
and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised
at fair value.
2.3
Summary of significant accounting policies
a)
Business combinations and goodwill
Business
combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration
transferred, which is measured at the acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For
each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the
proportionate share of the acquiree's identifiable net assets. Acquisition-related costs are expensed as incurred and included
in administrative expenses.
The
Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process
that together significantly contribute to the ability to create outputs.  The acquired process is considered substantive if it is
critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills,
knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is
considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs.
When
the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation
in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the
separation of embedded derivatives in host contracts by the acquiree.
Any
contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. Contingent consideration
classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified
as an asset or liability that is a financial instrument and within the scope of IFRS 9
Financial Instruments
is measured
at fair value with the changes in fair value recognised in profit or loss in accordance with IFRS 9. Other contingent consideration
that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognised in
profit or loss.
F-
13
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2. Significant
accounting policies (continued)
2.3
Summary of significant accounting policies (continued)
a)
Business
                                            combinations and goodwill (continued)
Goodwill
is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling
interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the
net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified
all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised
at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration
transferred, then the gain is recognised in profit or loss.
After
initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill
acquired in a business combination is, from the acquisition date, allocated to each of the Group's cash-generating units ("CGUs")
that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to
those units.
Where
goodwill is allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation
is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances
is measured based on the relative values of the operation disposed of and the portion of the CGU retained.
b)
Investment in a joint venture
A
joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets
of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions
about the relevant activities require the unanimous consent of the parties sharing control.
The
considerations made in determining joint control are similar to those necessary to determine control over subsidiaries. The Group's
investment in a joint venture is accounted for using the equity method.
Under
the equity method, the investment in a joint venture is initially recognised at cost. The carrying amount of the investment is adjusted
to recognise changes in the Group's share of net assets of joint venture since the acquisition date. Goodwill relating to the joint
venture is included in the carrying amount of the investment and is not tested for impairment separately.
The
consolidated statement of profit or loss and other comprehensive income reflects the Group's share of the results of operations
of the joint venture. Any change in OCI of those investees is presented as part of the Group's OCI. In addition, when there has
been a change recognised directly in the equity of the joint venture, the Group recognises its share of any changes, when applicable,
in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the joint venture
are eliminated to the extent of the interest in the joint venture.
F-
14
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2. Significant
accounting policies (continued)
2.3
Summary of significant accounting policies (continued)
b)
Investment
                                            in a joint venture (continued)
The
aggregate of the Group's share of profit or loss of a joint venture is shown on the face of the consolidated statements of profit
or loss and other comprehensive income outside operating profit and represents profit or loss after tax and non-controlling interests
in the subsidiaries of the joint venture.
The
financial statements of the joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made
to bring the accounting policies in line with those of the Group.
After
application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its
joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the joint venture
is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount
of the joint venture and its carrying value, and then recognises the loss within 'Share of profit/(loss) of a joint venture'
in the consolidated statement of profit or loss and other comprehensive income.
Upon
loss of joint control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference
between the carrying amount of the joint venture upon loss of joint control and the fair value of the retained investment and proceeds
from disposal is recognised in profit or loss.
c)
Current versus non-current classification
The
Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is
current when it is:
●
Expected
                                            to be realised or intended to be sold or consumed in the normal operating cycle
●
Held
                                            primarily for the purpose of trading
●
Expected
                                            to be realised within twelve months after the reporting period
or
●
Cash
                                            or cash equivalents unless restricted from being exchanged or used to settle a liability
                                            for at least twelve months after the reporting period
All
other assets are classified as non-current.
A
liability is current when:
●
It is
                                            expected to be settled in the normal operating cycle
●
It is
                                            held primarily for the purpose of trading
F-
15
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2. Significant
accounting policies (continued)
2.3
Summary of significant accounting policies (continued)
c)
Current
                                            versus non-current classification (continued)
●
It is
                                            due to be settled within twelve months after the reporting period
or
●
There
                                            is no unconditional right to defer the settlement of the liability for at least twelve months
                                            after the reporting period
The
terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do
not affect its classification.
The
Group classifies all other liabilities as non-current.
Deferred
tax assets and liabilities are classified as non-current assets and liabilities.
d)
Revenue from contracts with customers
Revenue
from contracts with customers is recognised when control of the services or goods are transferred to the customer at an amount that reflects
the consideration to which the Group expects to be entitled in exchange for those services or goods. Revenue is recognised net of value
added taxes ("VAT") as the VAT is levied on the customer and the Group is collecting VAT on behalf of third parties. The
Group does not adjust the transaction price for the effects of a significant financing component if the period between when the entity
transfers the promised good or service and when the customer pays for that good or service is within
one
year. The revenue arrangements
with a significant financing component are immaterial for the reporting periods.
The
disclosures of significant accounting judgements, estimates and assumptions relating to revenue from contracts with customers are provided
in Note 3.
The
Group is in the business of distributing commercial copyrights, providing music education solutions, selling musical instruments and
providing services related to music events and performances.
Subscription
revenue
Subscription
revenue is generated from the sale of smart music devices and providing customers with the right to access the Group's and third-party
databases through websites and mobile apps. Customers of database subscription services primarily consist of universities, colleges and
public libraries in the PRC, which pay for access by their respective students, faculty members or library patrons or, as the case may
be, and to a lesser extent, individuals. The Group also offers various smart music devices to institutional customers, allowing offline
access to selected music content.
F-
16
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2. Significant
accounting policies (continued)
2.3
Summary of significant accounting policies (continued)
d)
Revenue
                                            from contracts with customers (continued)
(i) Subscription
revenue - music content database services
The
Group provides web-based and mobile-based access to the music content database to its customers, mainly universities, colleges and public
libraries and is the principal of the arrangement. The performance obligation consists of providing music database access and related
services (e.g. 24-hour remote support services) that are not considered distinct in the context of the contract. The performance
obligation is satisfied over the subscription period. The payment is generally due in
7
to
365
days after the Group begins to provide
the customer access to the music content database. In some contracts, short-term advances are required before the database service is
provided.
(ii) Subscription
revenue - third-party database service
The
Group acts as an agent for database owners which provide database services to colleges and public libraries. The Group recognises revenue
at the net amount that is retained from these arrangements. The performance obligation is satisfied when the Group has sold the database
services and the payment is generally due in
7
to
365
days after the database owners begin to provide database access to the customers.
(iii)
Subscription revenue - sale of smart music devices
The
Group sells hardware with embedded content and revenue is recognised upon delivery of the devices. The payment is generally due within
1
year from delivery.
Licensing
Licensing
revenue is generated by licensing certain music copyrights to internet music service providers for digital streaming or downloading through
their online platforms. Licensing customers also include, to a much lesser extent, digital music service providers, smart hardware manufacturers
and game developers. The licensing business mainly includes
two
types of contracts: (i) licensing with fixed payment; and (ii) licensing
with a minimum guarantee and a revenue-sharing arrangement.
(i) Licensing
- with a fixed payment
The
Group licenses specific music content to the customers. Revenue is recognised when the licensed copyright is made available for the customer's
use and benefit, typically upon transfer of the licensed content to the customer. Payment is generally due within
90
to
365
days
from the transfer.
F-
17
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2. Significant
accounting policies (continued)
2.3
Summary of significant accounting policies (continued)
d)
Revenue
                                            from contracts with customers (continued)
(ii) Licensing
- with a minimum guarantee and a revenue-sharing arrangement
For
these arrangements, the Group typically: (i) licenses a specific listing of music content; and (ii) licenses future music content
on an if-and-when-available basis over a specified period of time. The performance obligation relating to the licensing of a specific
listing of music content is satisfied when the specified licensed copyright is made available for the customer's use and benefit,
typically, upon transfer of the licensed content to the customer. The performance obligation relating to the licensing of future music
content is satisfied over the specified licensing period. These arrangements typically include a minimum guarantee payment and a revenue-sharing
arrangement which requires additional payments if the usage of the music content exceeds specified thresholds. Royalties exceeding the
minimum guaranteed amount is recognised when the usage occurs.
No
royalties exceeding the minimum guaranteed amount were received during
the reporting period.
The
minimum guarantee is generally due in
7
to
365
days from delivery of the existing music content, and the royalties from the revenue-sharing
arrangement is calculated on a monthly or quarterly basis and are due within 30 days from the month or quarter end.
Smart
music education business
The
Group has two business models for its smart music education business: sale of smart music products and smart music education classes.
(i) Sale
of smart music products
Revenue
from the sale of smart music products includes the sale of: (i) integrated Kukey smart pianos; (ii) a self-developed smart
teaching system installed on a network storage server; and (iii) piano accessories such as professional around-ear headphones. Revenue
is recognised upon delivery of the specified smart music products. The payment is generally due within
1
year from delivery.
(ii) Smart
music education
The
Group provides music education classes conducted through Kukey smart pianos. The performance obligation is satisfied overtime as the
student attends the music education class and customers have generally prepaid for the smart music education services.
Music
events and performances
(i) Music
festival events services
The
Group executes music festival events for the organisers. The Group also provides related sponsorship services to the patrons who sponsor
these music festivals. The sponsorship services may include placement of advertisements in the music festivals and organising pre-concert
events such as cocktail parties, production of publicity materials, and arrangement of media interviews for sponsors.
The
Group recognises revenue from services related to music festival events over time as the music festival takes place and recognises sponsorship
service revenue over time when such services are provided to the patrons because the customer simultaneously receives and consumes the
benefits provided by the Group.
F-
18
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2. Significant
accounting policies (continued)
2.3
Summary of significant accounting policies (continued)
d)
Revenue
                                            from contracts with customers (continued)
(ii) Music
performance services
The
Group executes music performance activities for the organisers.
The
Group recognises revenue from music performance services over time as the music performance takes place because the customer simultaneously
receives and consumes the benefits provided by the Group.
(iii)
Sale of musical instruments
The
Group sells hardware with embedded content and revenue is recognised upon delivery of the instruments. The payment is generally due within
1
year from delivery.
Cost to
obtain a contract
The
Group applies the optional practical expedient to immediately expense costs to obtain a contract if the amortisation period of the asset
that would have been recognised is
one
year or less. As such, sales commissions are immediately recognised as an expense as incurred.
Contract
balances
Trade
receivables
A
receivable is recognised if an amount of consideration that is unconditional is due from the customer (i.e., only the passage of
time is required before payment of the consideration is due). Refer to accounting policies of financial assets in section (l) Financial
instruments—initial recognition and subsequent measurement.
Contract
liabilities
A
contract liability is recognised if a payment is received or a payment is due (whichever is earlier) from a customer before the Group
transfers the related services. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e., transfers
control of the related goods or services to the customer).
Variable
consideration
The
licensing with a minimum guarantee and revenue-sharing arrangement contracts include variable consideration for which if the revenue-sharing
outcome exceeds the minimum guarantee, the consideration should be the revenue-sharing outcome, and if not, the consideration is the
minimum guarantee.
The
revenue-sharing arrangement is a usage-based royalty promised in exchange for a licence of intellectual property which is only recognised
when the subsequent usage occurs.
F-
19
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2. Significant
accounting policies (continued)
2.3
Summary of significant accounting policies (continued)
e)
Government grants
Government
grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied
with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs,
for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognised as income in equal amounts
over the expected useful life of the related asset.
When
the Group receives grants of non-monetary assets, the asset and the grant are recorded at nominal amounts and released to profit or loss
over the expected useful life of the asset, based on the pattern of consumption of the benefits of the underlying asset by equal annual
instalments.
f)
Taxes
Current
income tax
Current
income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax
rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries
where the Group operates and generates taxable income.
Current
income tax relating to items recognised directly in equity is recognised in equity and not in profit or loss. Management periodically
evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation
and establishes provisions where appropriate.
Deferred
tax
Deferred
tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying
amounts for financial reporting purposes at the reporting date.
Deferred
tax liabilities are recognised for all taxable temporary differences, except:
●
When
                                            the deferred tax liability arises from the initial recognition of goodwill or an asset or
                                            liability in a transaction that is not a business combination and, at the time of the transaction,
                                            affects neither the accounting profit nor taxable profit or loss
●
In respect
                                            of taxable temporary differences associated with investments in subsidiaries and a joint
                                            venture, when the timing of the reversal of the temporary differences can be controlled and
                                            it is probable that the temporary differences will not reverse in the foreseeable future
Deferred
tax assets are recognised for all deductible temporary differences, and the carry forward of unused tax credits and any unused tax losses.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible
temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except:
F-
20
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2. Significant
accounting policies (continued)
2.3
Summary of significant accounting policies (continued)
f)
Taxes
                                            (continued)
Deferred
tax (continued)
●
When
                                            the deferred tax asset relating to the deductible temporary difference arises from the initial
                                            recognition of an asset or liability in a transaction that is not a business combination
                                            and, at the time of the transaction, affects neither the accounting profit nor taxable profit
                                            or loss
●
In respect
                                            of deductible temporary differences associated with investments in subsidiaries and a joint
                                            venture, deferred tax assets are recognised only to the extent that it is probable that the
                                            temporary differences will reverse in the foreseeable future and taxable profit will be available
                                            against which the temporary differences can be utilised
The
carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that
sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax
assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits
will allow the deferred tax asset to be recovered.
In
assessing the recoverability of deferred tax assets, the Group relies on the same forecast assumptions used elsewhere in the financial
statements and in other management reports.
Deferred
tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability
is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred
tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised in correlation
to the underlying transaction either in OCI or directly in equity.
Tax
benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, are recognised
subsequently if new information about facts and circumstances change. The adjustment is either treated as a reduction in goodwill (as
long as it does not exceed goodwill) if it was incurred during the measurement period or recognised in profit or loss.
The
Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax
assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same
taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities
and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant
amounts of deferred tax liabilities or assets are expected to be settled or recovered.
F-
21
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2. Significant
accounting policies (continued)
2.3
Summary of significant accounting policies (continued)
f)
Taxes
                                            (continued)
Sales
tax
Expenses
and assets are recognised net of the amount of sales tax, except:
●
When
                                            the sales tax incurred on a purchase of assets or services is not recoverable from the taxation
                                            authority, the sales tax is recognised as part of the cost of acquisition of the asset or
                                            as part of the expense item, as applicable.
●
When
                                            receivables and payables are stated with the amount of sales tax included, the net amount
                                            of sales tax recoverable from, or payable to, the taxation authority is included as part
                                            of receivables or payables in the statement of financial position.
g)
Foreign currencies
The
Group's consolidated financial statements are presented in RMB, which is also the parent company's functional currency. For
each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured
using that functional currency. The Group uses the direct method of consolidation and on disposal of a foreign operation and the gain
or loss that is reclassified to profit or loss reflects the amount that arises from using this method.
i)
Transactions
                                            and balances
Transactions
in foreign currencies are initially recorded by the Group's entities at their respective functional currency spot rates at the
date the transaction first qualifies for recognition.
Monetary
assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting
date.
Differences
arising on settlement or translation of monetary items are recognised in profit or loss with the exception of monetary items that are
designated as part of the hedge of the Group's net investment in a foreign operation. These are recognised in OCI until the net
investment is disposed of, at which time, the cumulative amount is reclassified to profit or loss. Tax charges and credits attributable
to exchange differences on those monetary items are also recognised in OCI.
Non-monetary
items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the
initial transactions.
In
determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the derecognition
of a non-monetary asset or non-monetary liability relating to advance consideration, the date of the transaction is the date on which
the Group initially recognises the non-monetary asset or non-monetary liability arising from the advance consideration. If there are
multiple payments or receipts in advance, the Group determines the transaction date for each payment or receipt of advance consideration.
F-
22
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2. Significant
accounting policies (continued)
2.3
Summary of significant accounting policies (continued)
g)
Foreign
                                            currencies (continued)
ii)
Group
                                            companies
On
consolidation, the assets and liabilities of foreign operations are translated into RMB at the rate of exchange prevailing at the reporting
date and their profit or loss is translated at exchange rates prevailing at the dates of the transactions. The exchange differences arising
on translation for consolidation are recognised in OCI. On disposal of a foreign operation, the component of OCI relating to that particular
foreign operation is reclassified to profit or loss.
Any
goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities
arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the spot rate of exchange
at the reporting date.
h)
Property, plant and equipment
Property,
plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes
the cost of replacing part of the plant and equipment. When significant parts of plant and equipment are required to be replaced at intervals,
the Group depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost
is recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other
repair and maintenance costs are recognised in profit or loss as incurred. The present value of the expected cost for the decommissioning
of an asset after its use is included in the cost of the respective asset if the recognition criteria for a provision are met.
Depreciation
is calculated on a straight-line basis over the estimated useful lives of the assets as follows:
●     Leasehold
    improvements
Over the lease terms
●     Music
    education equipment
5
years
●     Furniture
    and fixtures
3
to
4
years
●     Office
    equipment
3
to
5
years
An
item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal (i.e., at the
date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising
on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is
included in profit or loss when the asset is derecognised.
The
residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and
adjusted prospectively, if appropriate.
F-
23
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2. Significant
accounting policies (continued)
2.3
Summary of significant accounting policies (continued)
i)
Leases
The
Group assesses at contract inception whether a contract is, or contains, a lease, that is, whether the contract conveys the right to
control the use of an identified asset for a period of time in exchange for consideration.
Group
as a lessee
The
Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets.
The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.
i)
Right-of-use
                                            assets
The
Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for
use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement
of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred,
and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on
a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets.
If
ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option,
depreciation is calculated using the estimated useful life of the asset.
The
right-of-use assets are also subject to impairment. Refer to the accounting policies in section (n) Impairment of non-financial
assets.
ii)
Lease
                                            liabilities
At
the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made
over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable,
variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease
payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties
for terminating the lease, if the lease term reflects the Group exercising the option to terminate the lease. Variable lease payments
that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in
which the event or condition that triggers the payment occurs.
In
calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because
the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is the rate of interest that a lessee
would have to pay to borrow over a similar term, similar security, the funds necessary to obtain an asset of a similar value to the right-of-use
asset in a similar economic environment. After the commencement date, the amount of lease liabilities is increased to reflect the accretion
of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is
a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change
in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.
F-
24
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2. Significant
accounting policies (continued)
2.3
Summary of significant accounting policies (continued)
Group
as a lessee (continued)
iii)
Short-term
                                            leases and leases of low-value assets
The
Group applies the short-term lease recognition exemption to its short-term leases of warehouses (i.e., those leases that have a lease
term of
12
months or less from the commencement date and do not contain a purchase option).  It also applies the recognition
exemption for leases of low-value assets to leases of office equipment that are considered to be low value. Lease payments on short-term
leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.
Group
as a lessor
A
lease is classified as a finance lease if the Group transfers substantially all the risks and rewards incidental to ownership of an asset.
Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified
as operating leases. For subleases, the Group, as the intermediate lessor, classifies the sublease by reference to the right-of-use asset
arising from the head lease, rather than by reference to the underlying asset.
For
subleases classified as finance leases, the Group derecognises the right-of-use asset on the head lease and recognises net investments
in the sublease. Any difference between the right-of-use asset and the net investments in the sublease is recognised in profit or loss.
The Group continues to account for the original lease liability. Interest income on the sublease and interest expense on the head lease
is recognised during the term of the sublease.
j)
Borrowing costs
Borrowing
costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of
time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed
in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing
of funds.
k)
Intangible assets
Intangible
assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination
is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated
amortisation and accumulated impairment losses. Internally generated intangibles, excluding capitalised development costs, are not capitalised
and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred.
The
useful lives of intangible assets are assessed as either finite or indefinite.
F-
25
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2. Significant
accounting policies (continued)
2.3
Summary of significant accounting policies (continued)
k)
Intangible
                                            assets (continued)
Intangible
assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that
the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful
life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption
of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are
treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in profit or
loss in the expense category that is consistent with the function of the intangible assets.
An
intangible asset is derecognised upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits
are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between
the net disposal proceeds and the carrying amount of the asset) is included in profit or loss.
Research
and development costs
Research
costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset when the Group
can demonstrate:
●
The
                                            technical feasibility of completing the intangible asset so that the asset will be available
                                            for use or sale
●
Its
                                            intention to complete and its ability and intention to use or sell the asset
●
How
                                            the asset will generate future economic benefits
●
The
                                            availability of resources to complete the asset
●
The
                                            ability to measure reliably the expenditure during development
Following
initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated
impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised
over the period of expected future benefit. Amortisation is recorded in cost of sales. During the period of development, the asset is
tested for impairment annually.
Software
Software
is stated at cost less any impairment losses and is amortised on the straight-line basis over its estimated useful economic life of
3
years.
Copyrights
Copyrights
are stated at cost less any impairment losses and are amortised on the straight-line basis over their estimated useful economic lives
of
15
to
49
years.
F-
26
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2. Significant
accounting policies (continued)
2.3
Summary of significant accounting policies (continued)
l)
Financial instruments—initial recognition and subsequent measurement
A
financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument
of another entity.
i)
Financial
                                            assets
Initial
recognition and measurement
Financial
assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through OCI, and fair value through
profit or loss ("FVTPL").
The
classification of financial assets at initial recognition depends on the financial asset's contractual cash flow characteristics
and the Group's business model for managing them. With the exception of trade receivables that do not contain a significant financing
component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value
plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain
a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price as
disclosed in section (d) Revenue from contracts with customers.
In
order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash
flows that are "solely payments of principal and interest (SPPI)" on the principal amount outstanding. This assessment is
referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified
and measured at fair value through profit or loss, irrespective of the business model.
The
Group's business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows.
The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or
both. Financial assets classified and measured at amortised cost are held within a business model with the objective to hold financial
assets in order to collect contractual cash flows while financial assets classified and measured at fair value through OCI are held within
a business model with the objective of both holding to collect contractual cash flows and selling.
Purchases
or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace
(regular way trades) are recognised on the trade date, i.e., the date that the Group commits to purchase or sell the asset.
Subsequent
measurement
For
purposes of subsequent measurement, financial assets are classified in two categories:
●
Financial
                                            assets at amortised cost (debt instruments)
●
Financial
                                            assets at fair value through profit or loss
Financial
assets at amortised cost (debt instruments)
Financial
assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and
losses are recognised in profit or loss when the asset is derecognised, modified or impaired.
F-
27
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2. Significant
accounting policies (continued)
2.3
Summary of significant accounting policies (continued)
l)
Financial
                                            instruments—initial recognition and subsequent measurement (continued)
i)
Financial
                                            assets (continued)
Financial
assets at fair value through profit or loss
Financial
assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair
value recognised in profit or loss. This category includes an unlisted equity investment which the Group had not irrevocably elected
to classify at fair value through OCI. Dividends on the equity investment are credited to profit or loss when the right of payment has
been established.
Derecognition
A
financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised
(i.e., removed from the Group's consolidated statement of financial position) when:
●
The
                                            rights to receive cash flows from the asset have expired
or
●
The
                                            Group has transferred its rights to receive cash flows from the asset or has assumed an obligation
                                            to pay the received cash flows in full without material delay to a third party under a "pass-through"
                                            arrangement; and either (a) the Group has transferred substantially all the risks and
                                            rewards of the asset, or (b) the Group has neither transferred nor retained substantially
                                            all the risks and rewards of the asset, but has transferred control of the asset
When
the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates
if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially
all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset
to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and
the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.
Continuing
involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of
the asset and the maximum amount of consideration that the Group could be required to repay.
F-
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KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2. Significant
accounting policies (continued)
2.3
Summary of significant accounting policies (continued)
l)
Financial
                                            instruments—initial recognition and subsequent measurement (continued)
i)
Financial
                                            assets (continued)
Impairment
Further
disclosures relating to impairment of financial assets are also provided in the following notes:
●
Disclosures
    of significant estimates and assumptions
Note 3
●
Trade
    receivables, net
Note 16
●     Prepayments,
    other receivables and other assets, net
Note 17
●     Related
    party disclosure
Note
    26
The
Group recognises an allowance for expected credit losses ("ECLs") for all debt instruments not held at fair value through
profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash
flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows
will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
General
approach
ECLs
are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition,
ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For
those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
At
each reporting date, the Group assesses whether the credit risk on a financial instrument has increased significantly since initial recognition.
When making the assessment, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with
the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable and supportable
information that is available without undue cost or effort, including historical and forward-looking information.
The
Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group
may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive
the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is
written off when there is no reasonable expectation of recovering the contractual cash flows.
Financial
assets at amortised cost are subject to impairment under the general approach and they are classified within the following stages for
measurement of ECLs except for trade receivables which apply the simplified approach as detailed below.
Stage 1—Financial
instruments for which credit risk has not increased significantly since initial recognition and for which the loss allowance is measured
at an amount equal to 12-month ECLs
F-
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KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2. Significant
accounting policies (continued)
2.3
Summary of significant accounting policies (continued)
l)
Financial
                                            instruments—initial recognition and subsequent measurement (continued)
i)
Financial
                                            assets (continued)
Impairment
(continued)
Stage 2—Financial
instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired financial assets
and for which the loss allowance is measured at an amount equal to lifetime ECLs
Stage 3—Financial
assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired) and for which the loss
allowance is measured at an amount equal to lifetime ECLs
Simplified
approach
For
trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit
risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix
that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic
environment. The Group considers a financial asset in default when contractual payments are 1 year past due. However, in certain cases,
the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely
to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial
asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
ii)
Financial
                                            liabilities
Initial
recognition and measurement
Financial
liabilities are classified, at initial recognition, as loans and borrowings, payables, as appropriate.
All
financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable
transaction costs.
Subsequent
measurement
For
purposes of subsequent measurement, financial liabilities are classified in one category:
●
Financial
                                            liabilities at amortised cost (loans and borrowings)
Financial
liabilities at amortised cost (loans and borrowings)
After
initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and
losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.
Amortised
cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR.
The EIR amortisation is recognised in profit or loss.
This
category generally applies to interest-bearing loans and borrowings. For more information, refer to Note 18.
F-
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KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2. Significant
accounting policies (continued)
2.3
Summary of significant accounting policies (continued)
l)
Financial
                                            instruments—initial recognition and subsequent measurement (continued)
ii)
Financial
                                            liabilities (continued)
Derecognition
A
financial liability is derecognised when the obligation under the liability is discharged or cancelled, or expires. When an existing
financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability
are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition
of a new liability. The difference in the respective carrying amounts is recognised in profit or loss.
iii)
Offsetting
                                            of financial instruments
Financial
assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there
is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise
the assets and settle the liabilities simultaneously.
m)
Inventories
All
inventories are finished goods.
Inventories
are valued at the lower of cost (determined on a first-in, first-out method) and net realisable value. Net realisable value is the estimated
selling price in the ordinary course of business, less estimated costs necessary to make the sale. The Group identifies potentially slow-moving
and obsolete inventories through physical counts, monitoring of inventories on hand, and specific identification, and makes adjustments
to net realisable value as necessary.
n)
Impairment of non-financial assets
Further
disclosures relating to impairment of non-financial assets are also provided in the following notes:
●     Disclosures
    for significant estimates and assumptions
Note 3
●     Property,
    plant and equipment
Note 12
●     Intangible
    assets
Note 13
●     Goodwill
Note 14
The
Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when
annual impairment testing for an asset is required, the Group estimates the asset's recoverable amount. An asset's recoverable
amount is the higher of an asset's or CGU's fair value less costs of disposal and its value in use. The recoverable amount
is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other
assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired
and is written down to its recoverable amount.
In
assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal,
recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used.
These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair
value indicators.
F-
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KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2. Significant
accounting policies (continued)
2.3
Summary of significant accounting policies (continued)
n)
Impairment
                                            of non-financial assets (continued)
The
Group bases its impairment calculation on most recent budgets and forecast calculations, which are prepared separately for each of the
Group's CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of
five
years
. A long-term growth rate is calculated and applied to project future cash flows after the fifth year.
Impairment
losses are recognised in profit or loss in expense categories consistent with the function of the impaired asset.
For
assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognised
impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset's or CGU's
recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine
the asset's recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount
of the asset does not exceed its recoverable amount, nor does it exceed the carrying amount that would have been determined, net of depreciation,
had
no
impairment loss been recognised for the asset in prior years. Such reversal is recognised in profit or loss.
Goodwill
is tested for impairment annually and when circumstances indicate that the carrying value may be impaired.
Impairment
is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the
recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill
cannot be reversed in future periods.
o)
Cash and cash equivalents
Cash
and cash equivalents in the consolidated statement of financial position comprise cash at banks and on hand and short-term highly liquid
deposits with a maturity of
three
months or less, that are readily convertible to a known amount of cash and subject to an insignificant
risk of changes in value.
For
the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined
above, net of outstanding bank overdrafts as they are considered an integral part of the Group's cash management.
p)
Provisions
General
Provisions
are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow
of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount
of the obligation. When the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the
reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision
is presented in profit or loss net of any reimbursement.
If
the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate,
the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised
as a finance cost.
F-
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KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2. Significant
accounting policies (continued)
2.3
Summary of significant accounting policies (continued)
p)
Provisions
                                            (continued)
Warranty
provisions
The
Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. Provisions related to
these assurance-type warranties are recognised when the product is sold or the service is provided to the customer. Initial recognition
is based on historical experience. The estimate of warranty-related costs is revised annually.
Onerous
contracts
If
the Group has a contract that is onerous, the present obligation under the contract is recognised and measured as a provision. However,
before a separate provision for an onerous contract is established, the Group recognises any impairment loss that has occurred on assets
dedicated to that contract.
An
onerous contract is a contract under which the unavoidable costs (i.e., the costs that the Group cannot avoid because it has the
contract) of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable
costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any
compensation or penalties arising from failure to fulfil it. The cost of fulfilling a contract comprises the costs that relate directly
to the contract (i.e., both incremental costs and an allocation of costs directly related to contract activities).
q)
Pensions and other post-employment benefits
Full
time employees of the Group in the PRC participate in a government mandated multi-employer defined contribution plan pursuant to which
certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees.
Chinese labour regulations require that the Group make contributions to the government for these benefits based on a certain percentage
of the employee's salaries. The Group has no legal obligation for the benefits beyond the contributions.
r)
Share-based payments
Employees
(including senior executives) and consultants of the Group receive remuneration in the form of share-based payments, whereby employees
and consultants render services as consideration for equity instruments (equity-settled transactions).
Equity-settled
transactions
The
cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation
model, further details of which are given in Note 29.
That
cost is recognised in administrative expenses, together with a corresponding increase in equity (capital reserves), over the period in
which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognised
for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired
and the Group's best estimate of the number of equity instruments that will ultimately vest. The expense or credit in profit or
loss for a period represents the movement in cumulative expense recognised as at the beginning and end of that period.
F-
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KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2. Significant
accounting policies (continued)
2.3
Summary of significant accounting policies (continued)
r)
Share-based
                                            payments (continued)
Equity-settled
transactions (continued)
Service
and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood
of the conditions being met is assessed as part of the Group's best estimate of the number of equity instruments that will ultimately
vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without
an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value
of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions.
No
expense is recognised for awards that do not ultimately vest because non-market performance and/or service conditions have not been met.
Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or
non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied.
When
the terms of an equity-settled award are modified, the minimum expense recognised is the grant date fair value of the unmodified award,
provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognised
for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee.
Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately
through profit or loss.
The
dilutive effect of outstanding options is reflected as additional share dilution in the computation of loss per share.
s)
Related parties
A
party is considered to be related to the Group if:
(a)
the party
                                            is a person or a close member of that person's family and that person
(i)
has control
                                            or joint control over the Group;
(ii)
has significant
                                            influence over the Group; or
(iii)
is a member
                                            of the key management personnel of the Group or of a parent of the Group;
or
(b)
the party
                                            is an entity where any of the following conditions applies:
(i)
the entity
                                            and the Group are members of the same group;
(ii)
one entity
                                            is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow
                                            subsidiary of the other entity);
(iii)
the entity
                                            and the Group are joint ventures of the same third party;
F-
34
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2. Significant
accounting policies (continued)
2.3
Summary of significant accounting policies (continued)
s)
Related
                                            parties (continued)
(iv)
one entity
                                            is a joint venture of a third entity and the other entity is an associate of the third entity;
(v)
the entity
                                            is a post-employment benefit plan for the benefit of employees of either the Group or an
                                            entity related to the Group;
(vi)
the entity
                                            is controlled or jointly controlled by a person identified in (a);
(vii)
a person
                                            identified in (a)(i) has significant influence over the entity or is a member of the key
                                            management personnel of the entity (or of a parent of the entity); and
(viii)
the entity,
                                            or any member of a group of which it is a part, provides key management personnel services
                                            to the Group or to the parent of the Group.
t)
Fair value measurement
Fair
value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the
liability takes place either:
●
In the
                                            principal market for the asset or liability
or
●
In the
                                            absence of a principal market, in the most advantageous market for the asset or liability
The
principal or the most advantageous market must be accessible by the Group.
The
fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or
liability, assuming that market participants act in their economic best interest.
All
assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value
hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
●
Level 1—Quoted
                                            (unadjusted) market prices in active markets for identical assets or liabilities
●
Level 2—Valuation
                                            techniques for which the lowest level input that is significant to the fair value measurement
                                            is directly or indirectly observable
●
Level 3—Valuation
                                            techniques for which the lowest level input that is significant to the fair value measurement
                                            is unobservable
F-
35
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2. Significant
accounting policies (continued)
2.3
Summary of significant accounting policies (continued)
t)
Fair
                                            value measurement (continued)
For
assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group determines whether
transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant
to the fair value measurement as a whole) at the end of each reporting period.
For
the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics
and risks of the asset or liability and the level of the fair value hierarchy, as explained above.
u)
Share capital
Ordinary
shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as
a deduction, net of tax, from the proceeds.
v)
Treasury shares
Own
equity instruments which are reacquired and held by the Company or the Group (treasury shares) are recognised directly in equity at cost.
No gain or loss is recognised in the statement of profit or loss on the purchase, sale, issue or cancellation of the Group's own
equity instruments.
2.4
Changes in accounting policies and disclosures
The
Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after 1 January
2022. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
New
accounting standards and amendments adopted by the Group for the first time for the financial year beginning on 1 January 2022
Amendments
to IAS 16 Property, Plant and Equipment: Proceeds before intended use
In
May 2020, the Board issued Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) which prohibit a company
from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing
the asset for its intended use. Instead, a company will recognise such sales proceeds and related cost in profit or loss. The amendments
are effective for annual periods beginning on or after 1 January 2022.
Amendments
to IAS 37 Onerous Contracts—Cost of Fulfilling a Contract
In
May 2020, the Board issued Cost of Fulfilling a Contract. The amendments clarify that for the purpose of assessing whether a contract
is onerous, the cost of fulfilling the contract includes both the incremental costs of fulfilling that contract and an allocation of
other costs that relate directly to fulfilling contracts. The amendments are effective for annual periods beginning on or after 1 January
2022.
F-
36
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
2. Significant
accounting policies (continued)
2.4
Changes in accounting policies and disclosures (continued)
Amendments
to IFRS 3 Reference to the Conceptual Framework
In
May 2020, the Board issued Reference to the Conceptual Framework,amended paragraphs 11, 14, 21, 22 and 23 and added paragraphs 21A, 21B,
21C and 23A. The amendments are effective for annual periods beginning on or after 1 January 2022.
These
amendments had no impact on the interim condensed consolidated financial statements of the Group.
3. Significant
accounting judgements, estimates and assumptions
The
preparation of the Group's consolidated financial statements requires management to make judgements, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure
of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment
to the carrying amount of assets or liabilities affected in future periods.
Other
disclosures relating to the Group's exposure to risks and uncertainties includes:
●     Capital
    management
Note 6
●     Financial
    instruments risk management and policies
Note 18.4
●     Sensitivity
    analysis disclosures
Note 18.4
Judgements
In
the process of applying the Group's accounting policies, management has made the following judgements, which have the most significant
effect on the amounts recognised in the consolidated financial statements:
Contractual
arrangement
As
disclosed in Note 7, the Group exercises substantial influence over Beijing Kuke Music and BMF Culture (the "VIEs") and enjoys all
the economic benefits of the VIEs through VIE agreements.
The
Group considers that it controls the VIEs, notwithstanding the fact that it does not hold any direct equity interest in the VIEs, as
it has power over the financial and operating policies and receives substantially all of the economic benefits from the business activities
of the VIEs through the VIE agreements. Accordingly, the VIEs have been accounted for as subsidiaries during the reporting period.
Revenue
recognition - principal versus agent considerations
The
Group enters into contracts with database holders to provide, on their behalf, database services to colleges and libraries. The Group
determined that it does not control the database services before they are transferred to customers and it does not obtain benefits from
the database services.
F-
37
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3. Significant
accounting judgements, estimates and assumptions (continued)
Judgements
(continued)
Revenue
recognition - principal versus agent considerations (continued)
The
following factors indicate that the Group is an agent in these contracts:
●
The
                                            Group is not primarily responsible for fulfilling the promise to provide database services;
●
The
                                            Group has no discretion in establishing the pricing for such database services;
●
The
                                            Group's consideration is in the form of a commission
Determining
the lease term of a contract with a renewal option - Group as lessee
The
Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the
lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain
not to be exercised.
The
Group has a lease contract that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably
certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create
an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassess the lease
term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not
to exercise the option to renew or to terminate.
The
Group included the renewal period as part of the lease term for the lease of an office property. The Group typically exercises its option
to renew for the lease because there will be a significant negative effect from relocating the Group's operations.
Estimates
and assumptions
The
key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant
risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described
below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared.
Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising
that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur.
Provision
for expected credit losses on trade receivables and other financial assets at amortised cost
The
Group uses a provision matrix to calculate ECLs for trade receivables. The provision rates are based on days past due for groupings of
various customer segments that have similar loss patterns.
The
provision matrix is initially based on the Group's historical observed default rates. The Group will calibrate the matrix to adjust
the historical credit loss experience with forward-looking information. At every reporting date, the historical observed default rates
are updated and changes in the forward-looking estimates are analysed.
F-
38
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3. Significant
accounting judgements, estimates and assumptions (continued)
Estimates
and assumptions (continued)
Provision
for expected credit losses on trade receivables and other financial assets at amortised cost (continued)
The
assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate.
The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group's historical credit
loss experience and forecast of economic conditions may also not be representative of a customer's actual default in the future.
The information about the ECLs on the Group's trade receivables, other receivables and amounts due from related parties and shareholders
are disclosed in Notes 16, 17, 18.4 and 26.
The
loss allowances for financial assets included in prepayments, other receivables and other assets and amounts due from related parties
and shareholders are based on assumption about risk of default and expected loss rates. The Group makes adjustment in making these assumptions
and selecting the inputs to the ECL calculation, based on the Group's past history, existing market condition as well as forward-looking
estimates at the end of each of the reporting periods. A number of significant judgements and estimation are also required in applying
the accounting requirements for measuring ECLs, such as:
●
Determining
                                            criteria for a significant increase in credit risk;
●
Identifying
                                            economic indicators for forward-looking measurements; and
●
Estimating
                                            future cash flows.
Useful
life of intangible assets
The
Group's management determines the estimated useful lives and related amortisation for the Group's intangible assets with
reference to the estimated periods that the Group intends and is able to derive future economic benefits from the use of these assets.
Management will revise the amortisation where useful lives are different to that previously estimated, or it will writeoff or writedown
commercial obsolete or non-strategic assets that have been abandoned or sold. Actual economic lives may differ from estimated useful
lives. Periodic review could result in a change in depreciable lives and, therefore, amortisation in profit or loss in future periods.
Impairment
of non-financial assets (including goodwill)
The
Group assesses whether there are any indicators of impairment for all non-financial assets at the end of each reporting period or when
annual impairment testing for an asset is required. The non-financial assets are tested for impairment when there are indicators that
the carrying amounts may not be recoverable. An impairment exists when the carrying value of an asset or a CGU exceeds its recoverable
amount, which is the higher of its fair value less costs of disposal and its value in use. The calculation of the fair value less costs
of disposal is based on available data from binding sales transactions in an arm's length transaction of similar assets or observable
market prices less incremental costs for disposing of the asset. When value-in-use calculations are undertaken, management must estimate
the expected future cash flows from the asset or CGU and choose a suitable discount rate in order to calculate the present value of those
cash flows.
F-
39
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
3. Significant
accounting judgements, estimates and assumptions (continued)
Estimates
and assumptions (continued)
Taxes
Deferred
tax assets are recognised for unused tax losses and deductible temporary difference to the extent that it is probable that taxable profit
will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred
tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning
strategies. The Group recognised the consolidated deferred tax assets of
nil
(2021: RMB
7,736,000
) as at December 31, 2022, in relation
to ECLs on debt financial assets, leases and trade payables, Impairment of property, plant and equipment, Impairment of intangible assets
and Impairment of goodwill, accrual and provisions on profit-making subsidiaries, including Beijing Kuke Music, Naxos China, Music Culture
and BMF Culture.
The
Group had tax losses related to subsidiaries that have a history of losses, which may not be used to offset taxable income elsewhere
in the Group. The subsidiaries neither have taxable temporary differences nor tax planning opportunities available that could partly
support the recognition of these losses as deferred tax assets. On this basis, the Group has determined that it cannot recognise deferred
tax assets on the tax losses carried forward.
Share-based
payments
Estimating
fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the
terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including
the expected life of the share option, volatility and dividend yield and making assumptions about them. For the measurement of the fair
value of equity-settled transactions with employees at the grant date, the Group uses a binomial model for the Share Option Agreement
(as defined in Note 29) and the 2020 ESOP Plan.  The assumptions and models used for estimating fair value for share-based payment
transactions are disclosed in Note 29.
Incremental
borrowing rate
IFRS16
requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily
determined, its incremental borrowing rate. As most of the Group's leases do not provide an implicit rate, the Group uses its incremental
borrowing rate to measure lease liabilities. The Group's incremental borrowing rate is estimated to approximate the interest rate
on a collateralized basis with similar terms and payments, and with a similar security, the funds necessary to obtain an asset of a similar
value to the right-of-use asset in a similar economic environment. The Group estimates the incremental borrowing rate using observable
inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary's
stand-alone credit rating).
F-
40
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
4.
Revenue from contracts with customers
Disaggregated
revenue information
Set
out below is the disaggregation of the Group's revenue from contracts with customers
Subscription
and
licensing
Smart
music
education
business
Music
events
and performances
Total
RMB'000
RMB'000
RMB'000
RMB'000
Year ended December 31, 2022
Revenue from contracts with customers
46,966
37,243
30,906
115,115
Cost of sales
(
25,029
)
(
45,010
)
(
27,765
)
(
97,804
)
Gross
    profit
21,937
(
7,767
)
3,141
17,311
Year ended December 31, 2021
Revenue from contracts with customers
100,454
118,061
77,382
295,897
Cost of sales
(
18,195
)
(
43,548
)
(
64,283
)
(
126,026
)
Gross
    profit
82,259
74,513
13,099
169,871
Year ended December 31, 2020
Revenue from contracts with customers
76,583
58,784
27,514
162,881
Cost of sales
(
8,725
)
(
17,319
)
(
18,237
)
(
44,281
)
Gross
    profit
67,858
41,465
9,277
118,600
F-
41
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
4. Revenue
from contracts with customers (continued)
Disaggregated
revenue information (continued)
2022
2021
2020
RMB'000
RMB'000
RMB'000
Geographical markets
Southern China
57,777
160,354
82,481
Northern China
57,338
135,543
80,400
Total
    revenue from contracts with customers
115,115
295,897
162,881
Timing of revenue recognition
Revenue recognised at
    a point in time
83,976
218,885
119,998
Revenue recognised over
    time
31,139
77,012
42,883
Total
    revenue from contracts with customers
115,115
295,897
162,881
The
amounts of transaction prices allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at each reporting
dates are as follows:
2022
2021
RMB'000
RMB'000
Amounts expected to be recognized as revenue:
Within 1 year
4,347
1,778
After 1 year
415
1,163
4,762
2,941
The
amounts disclosed above do not include variable consideration which is constrained.
The
Group applied the practical expedient in IFRS 15 and did not disclose the aggregate amounts of transaction price allocated to the remaining
performance obligations that are unsatisfied or partially satisfied as of the end of the reporting period if the performance obligations
is part of a contract that has an original expected duration of one year or less. The comparative disclosures are amended to conform
with the current year's presentation.
5.
Segment information
IFRS
8 Operating Segments requires operating segments to be identified on the basis of internal reporting about components of the Group that
are regularly reviewed by the chief operating decision maker ("CODM") in order to allocate resources to segments and to assess
their performance.
During
the year ended December 31, 2020, the Group revised the presentation of reportable segments because of changes in resource allocation
and assessment of segment performance by the chief operation decision makers subsequent to the acquisition of Rosenkavalier. Prior to
the Rosenkavalier acquisition, the CODM reviewed the financial results of the Group as a whole. The Group now consists of two reportable
operating segments as follows:
(a)
Subscription,
                                            licensing and smart education business engages in the distribution of commercial copyrights
                                            and provision of music education solutions.
(b)
Music
                                            events and performances business engages in the provision of services related to music festival
                                            events and music performance and sale of Conch Smart Speakers.
Management
monitors the results of the Group's operating segments separately for the purpose of making decisions about resource allocation
and performance assessment. Segment performance is evaluated based on reportable operating segment's profit/(loss), which is a
measure of adjusted profit/(loss) before tax. The adjusted profit/(loss) before tax is measured consistently with the Group's profit/(loss)
before tax except that foreign exchange differences, net, finance income, non-lease-related finance costs, as well as head office and
corporate income/expenses are excluded from such measurement.
Segment
assets exclude amounts due from shareholders and related parties, cash and cash equivalents and other unallocated head office and corporate
assets as these assets are managed on a group basis.
Segment
liabilities exclude interest-bearing loans and borrowings, amounts due to a related party and a shareholder, income tax payable and other
unallocated head office and corporate liabilities as these liabilities are managed on a group basis.
F-
42
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
5.
Segment information (continued)
Subscription,
    licensing and smart education business
Music
events and performances business
Total
For the years
    ended
For the years
    ended
For the years
    ended
December
    31,
December
    31,
December
    31,
2022
2021
2020
2022
2021
2020
2022
2021
2020
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
Segment
    revenue:
Sales
    to external Customers
84,209
218,515
135,367
30,906
77,382
27,514
115,115
295,897
162,881
Segment
    results:
The
    Group
(
561,740
)
27,749
25,936
(
56,525
)
1,426
2,244
(
618,265
)
29,175
28,180
Share
    of loss of a joint venture^
—
—
—
—
(
491
)
(
9
)
—
(
491
)
(
9
)
(
561,740
)
27,749
25,936
(
56,525
)
935
2,235
(
618,265
)
28,684
28,171
Reconciliation:
Finance
    income
34
79
1,621
Foreign
    exchange differences, net
1,023
(
1,032
)
361
Change
    in fair value of equity investment at fair value through profit or loss
(
1,000
)
—
—
Other
    unallocated gains
—
—
8
Corporate
    and other unallocated expenses
(
267,618
)
(
79,711
)
(
34,209
)
Non-lease
    related finance costs
(
4,613
)
(
6,602
)
(
7,544
)
Loss
    before Tax
(
890,439
)
(
58,582
)
(
11,592
)
Other
    segment information
Depreciation
    of property, plant and equipment
14,723
10,385
2,001
243
324
256
14,966
10,709
2,257
Depreciation
    of right-of-use assets
2,935
3,143
3,383
498
996
1,097
3,433
4,139
4,480
Amortisation
    of intangible assets
18,626
8,422
5,366
—
—
—
18,626
8,422
5,366
Impairment
    losses on financial assets, net
82,978
18,498
34,177
16,656
2,155
1,063
99,634
20,653
35,240
Impairment of Inventories
7,840
—
—
—
—
—
7,840
—
—
Impairment
    of property, plant and equipment
34,858
—
—
—
—
—
34,858
—
—
Impairment
    of Intangible assets
427,314
—
—
—
—
—
427,314
—
—
Impairment
    of Goodwill
1,610
—
—
235,615
—
—
237,225
—
—
^
The Group has discontinued recognition of its share of loss of a joint venture and the unrecognised share of loss was
Nil
(2021:
997,000
; 2020:
Nil
) for the year ended December 31, 2022 and cumulatively RMB
997,000
(December 31, 2021:
997,000
) as at December 31, 2022. The joint venture was dissolved on February 18, 2022.
F-
43
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
5.
Segment information (continued)
Subscription,
    licensing
and smart education
business
Music events
    and
performances business
Total
As
    at December 31,
As
    at December 31,
As
    at December 31,
2022
2021
2022
2021
2022
2021
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
Segment assets
235,315
797,424
3,585
251,987
238,900
1,049,411
Reconciliation:
Corporate and other
    unallocated assets
7,840
59,888
246,740
1,109,299
Segment liabilities
99,852
102,110
15,669
12,680
115,521
114,790
Reconciliation:
Corporate and other
    unallocated liabilities
70,431
52,850
185,952
167,640
Other segment information
Capital expenditure*
46,440
295,473
—
—
46,440
295,473
*
Capital expenditure consists of additions of property, plant and equipment, intangible assets, right-of-use assets, deposits paid for purchase of non-current assets, including assets from the acquisition of a subsidiary.
Geographical
information
Geographical
information is not presented since over
90
% of the Group's revenue from external customers is generated in the PRC and over
90
%
of the non-current assets of the Group (other than financial instruments) are located in the PRC. Accordingly, in the opinion of the
directors, the presentation of geographical information would provide no additional useful information to the users of the consolidated
financial statements.
Information
about major customers
Revenue
from major customers of the Group which individually accounted for
10
% or more of the Group's revenue was derived from the subscription,
licensing and smart education business segment.  The respective revenue generated by these customers for each reporting period is
set out below:
2022
2021
2020
RMB'000
RMB'000
RMB'000
Customer 1
28,302
60,226
22,146
Customer 2
25,396
46,358
18,868
F-
44
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
6. Capital
management
For
the purpose of the Group's capital management, capital includes issued capital and all other equity reserves attributable to the
equity holders of the parent. The primary objective of the Group's capital management is to maximise shareholders' value.
The
Group manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics
of the underlying assets. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return
capital to shareholders or issue new shares. The Group is not subject to any externally imposed capital requirements. No changes were
made in the objectives, policies or processes to manage capital during the years ended December 31, 2022 and 2021. The Group monitors
capital using a gearing ratio, which is 'net debt' divided by equity attributable to equity holders of the parent plus net
debt. The Group's policy is to maintain the gearing ratio below
50
%. The Group includes within net debt, interest bearing loans
and borrowings, lease liabilities, trade payables, other payables and accruals, amount due to a related party and amount due to a shareholder,
less cash and cash equivalents.
December 31,
2022
December  31,
2021
RMB'000
RMB'000
Interest-bearing loans and borrowings
    (Note 23)
69,045
47,539
Lease liabilities (Note 24)
8,773
3,279
Trade payables (Note 21)
35,012
30,514
Other payables and accruals (Note 25)
50,163
58,178
Amount due to a related party (Note 26)
488
—
Amount due to a shareholder (Note 26)
325
325
Cash and cash equivalents
    (Note 19)
(
5,425
)
(
59,045
)
Net
    debt
158,381
80,790
Equity attributable
    to equity holders of the parent
58,460
936,638
Total
    equity attributable to equity holders of the parent and net debt
216,841
1,017,428
Gearing ratio
73
%
8
%
F-
45
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
7. Group
information
Subsidiaries
The
consolidated financial statements of the Group include:
% equity
    interest
Name
Principal
    activities
Place
    of incorporation/
registration
December 31,
2022
December 31,
2021
Rococo
Investment holding
BVI
100
%
100
%
Rosenkavalier
Investment holding
BVI
100
%
100
%
Gauguin
Investment holding
Hong Kong
100
%
100
%
Degas
Investment holding
Hong Kong
100
%
100
%
Kuke International
Investment holding
PRC
100
%
100
%
Beijing Lecheng
Investment holding
PRC
100
%
100
%
Naxos China
Distribution of commercial copyrights
PRC
51
%
51
%
Music Education
Investment holding
PRC
100
%
100
%
Kuke Fangyue
Dormant
PRC
60
%
60
%
Kuke Xingkong
Dormant
PRC
90
%
90
%
Kuke Linhui
Dormant
PRC
90
%
90
%
Fuzhou Kuke
Dormant
PRC
80
%
80
%
Tianjin Kuke
Dormant
PRC
96
%
96
%
Shijiazhuang Kuke
Dormant
PRC
96
%
96
%
Music Culture
Provide music equipment sales
PRC
51
%
—
Hemule Cultural
Dormant
PRC
100
%
—
VIE
of the Group include:
%
    beneficial interest
Name
Principal
    activities
Place
    of registration
December 31,
2022
December 31,
2021
Beijing Kuke
    Music
Distribution of commercial copyrights and provision of music education solutions
PRC
100
%
100
%
BMF Culture
Distribution of commercial copyrights, sale of musical instruments and provision of services related to music events and performances
PRC
100
%
100
%
As
PRC laws and regulations prohibit foreign ownership of companies that engage in online subscription, online educating business, internet
audio-video program services and certain other businesses, Kuke International and Beijing Lecheng, the Group's PRC subsidiaries,
are considered foreign-invested enterprises. To comply with the foregoing PRC laws and regulations, the Group conducts its business in
the PRC mainly through the VIEs based on a series of contractual arrangements. These contractual arrangements avoid such statements as
the contractual arrangements enable the registrant to exercise substantial influence over the consolidated affiliated entities,
(ii) receive substantially all of the economic benefits of the Group's VIEs, and (iii) exercise an exclusive option to purchase
all or part of the equity interests and assets in the Group's VIEs when and to the extent permitted by PRC law. Therefore, the
Group consolidates the VIEs as required by IFRS 10
Consolidated Financial Statements
.
F-
46
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
7. Group
information (continued)
The
principal terms of the VIE agreements are further described below:
(1)
Powers of
                                            attorney
Pursuant
to the powers of attorney signed by Beijing Kuke Music's nominee shareholders, each nominee shareholder irrevocably authorised
Kuke International to act on behalf of such shareholder as its exclusive agent and attorney to exercise all rights and power that such
shareholder has in respect of its equity interest in Beijing Kuke Music (including, but not limited to, all of such shareholders'
rights and voting rights to the sale, transfer, pledge or disposition of the equity interest in part or in whole, and the right to designate
and appoint the directors and the executive officers of Beijing Kuke Music). The powers of attorney will remain effective ever after,
until Kuke International terminates the powers of attorney in writing or the shares or all the assets of Beijing Kuke Music have been
legally and effectively transferred to Kuke International and/or its designees.
Beijing
Lecheng, BMF Culture and its nominee shareholders have also entered into a power of attorney regarding the exercise of all the shareholders'
rights of the shareholders of BMF Culture, the terms of which are substantially similar to the power of attorney described above.
(2)
Exclusive
                                            call option agreement
Pursuant
to the exclusive call option agreement entered into amongst Beijing Kuke Music's nominee shareholders, Beijing Kuke Music and Kuke
International, each nominee shareholder granted to Kuke International an irrevocable and exclusive right to purchase all or part of its
equity interests in Beijing Kuke Music. The purchase price of the equity interests in Beijing Kuke Music will be a nominal price, unless
the relevant government authorities or the PRC laws request another amount to be used as the purchase price, in which case the purchase
price will be the lowest amount under such request. Subject to relevant PRC laws and regulations, the registered shareholders will return
any amount of the purchase price they have received to Kuke International or its designees.
Beijing
Lecheng, BMF Culture and its nominee shareholders have also entered into an exclusive call option agreement, the terms of which are substantially
similar to the exclusive call option described above.
(3)
Exclusive
                                            service agreements
Pursuant
to the exclusive service agreement entered into between Beijing Kuke Music and Kuke International, Kuke International provides business
support and consulting services as the exclusive provider of such services to Beijing Kuke Music, in return for a fee which is equal
to
100
% of the profits before tax of Beijing Kuke Music and is adjustable at the sole discretion of Kuke International. This agreement
remains effective perpetually unless termination is required by Kuke International with one month's prior written notice.
Beijing
Lecheng and BMF Culture have also entered into an exclusive service agreement, the terms of which are substantially similar to the exclusive
service agreement described above.
F-
47
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
7. Group
information (continued)
(4)
Share Pledge
                                            contract
Pursuant
to the share pledge contract among Beijing Kuke Music's nominee shareholders, Beijing Kuke Music and Kuke International, the nominee
shareholders of Beijing Kuke Music pledged all of their respective equity interests in Beijing Kuke Music to Kuke International as a
continuing first priority security interest to guarantee the prompt and full performance of these nominee shareholders' and Beijing
Kuke Music's obligations under the powers of attorney, the exclusive call option agreement and the exclusive service agreement.
The nominee shareholders will not have the right to exercise the voting rights and rights to dividend distribution attaching to the equity
interests of Beijing Kuke Music. If Beijing Kuke Music or any of the nominee shareholders breaches its obligations, Beijing Kuke Music
is dissolved or the enforcement of the pledged equity interests of Beijing Kuke Music is permitted under PRC laws, Kuke International
will be entitled to exercise its rights to the pledged equity interests, including the right to sell the pledged equity interests of
Beijing Kuke Music through an auction or a private sale.
If
the pledged equity interests of Beijing Kuke Music are disposed of for whatever reasons, all proceeds received will be attributed to
Kuke International and the nominee shareholders must transfer all proceeds collected to Kuke International without consideration, to
the extent permitted by PRC laws. This contract remains effective until the earlier of: (i) the discharge in full of the nominee
shareholders' and Beijing Kuke Music's obligations under VIE agreements, or (ii) the completion of the disposal of the
pledged equity interests in Beijing Kuke Music.
Beijing
Lecheng and BMF Culture have also entered into a share pledge contract, the terms of which are substantively similar to those of the
share pledge contract described above.
In
the opinion of the Company's legal counsel, (i) the ownership structure of Kuke International, Beijing Lecheng and their VIEs
are in compliance with the PRC laws and regulations; and (ii) the contractual arrangements with the VIEs and their nominee shareholders
are valid and binding, and not in violation of the current PRC laws or regulations.
F-
48
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
8.
Business combinations
Beijing
Kuke Music Co. Ltd., the Company's subsidiary, made a cash acquisition of RMB
1
million for
51
% share of Beijing Kuke Music
Culture Co., Ltd. ("Music Culture"), on January 1st, 2022. The acquisition aims to enlarge the Company's market
share in the music education industry, by harnessing the Music Culture's established service in the said
segment.
The
fair values of the identifiable assets and liabilities of Beijing Successor Educational Equipment Co., Ltd acquired as at the date of
acquisition were as follows:
Fair
                                            value
recognised on
acquisition
RMB'000
Cash and cash equivalents
315
Property, plant and equipment (Note 12)
8
Trade receivables
257
Prepayments, other receivables and other assets
461
Inventories
194
Trade payables
(
2
)
Contract liabilities
(
590
)
Other payables and accruals
(
407
)
Total identifiable net
    assets at fair value
236
Goodwill arising on
    acquisition
764
Purchase consideration
1,000
Satisfied by:
Cash
    and cash equivalents
1,000
Analysis of cash flows on acquisition:
Net cash inflows and cash
    acquired (including in net cash flows used in investing activities)
315
Since
the acquisition, the Music Culture contributed RMB
15,275,000
revenue and RMB
3,351,000
loss to the Group for the year ended December 31,
2022.
F-
49
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
8. Business
combinations (continued)
On
February 29, 2020, the Group acquired a
61.6
% equity interest from Lung Yu and He Yu, shareholders of the Group, and a
38.4
% equity interest
from a series of independent third parties in Rosenkavalier through a share swap transaction. Rosenkavalier Group was a related party
of the Group before the acquisition and provides music festival event services, music performance services and licensing of music catalogues.
The
acquisition was made as part of the Group's strategy to expand its market share in the industry. Upon completion of the transaction,
the Company obtained control over Rosenkavalier.
The
Company issued
4,856,273
ordinary shares as non-cash consideration for the acquisition of Rosenkavalier. The shares issued had a total
estimated fair value of RMB
284,000,000
, based on the fair value of the Rosenkavalier Group as at the date of acquisition measured using
the income approach.
The
fair values of the identifiable assets and liabilities of Rosenkavalier Group acquired as at the date of acquisition were as follows:
Fair
                                            value
recognised on
acquisition
RMB'000
Cash and cash equivalents
1,073
Property, plant and equipment (Note 12)
769
Right-of-use assets (Note 24)
2,988
Trade receivables
9,671
Prepayments, other receivables and other assets
12,151
Inventories
2
Identifiable intangible assets (Note 13)
26,000
Deferred tax assets
537
Deferred tax liabilities
(
1,472
)
Trade payables
(
188
)
Due to related parties
(
1,261
)
Lease liabilities
(
2,988
)
Other payables and accruals
(
507
)
Total identifiable net
    assets at fair value
46,775
Goodwill arising on
    acquisition
237,225
Purchase consideration
284,000
Satisfied by:
Issuance of ordinary
    shares
284,000
Analysis of cash flows on acquisition:
Net cash inflows and cash
    acquired (including in net cash flows used in investing activities)
1,073
F-
50
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
8. Business
combinations (continued)
Since
the acquisition, the Rosenkavalier Group contributed RMB31,885,000 revenue and RMB3,362,000 profit to the Group for the year ended December
31, 2020, contributed RMB109,270,000 revenue and RMB3,543,000 profit to the Group for the year ended December 31, 2021, contributed RMB140,223,000
revenue and RMB55,121,000 loss to the Group for the year ended December 31, 2022.
Due
to the impact of the epidemic, Rosenkavalier Group's operating performance significantly declined in 2022, and the future business
outlook is also not positive. Based on this, an impairment provision is made for the goodwill generated from the acquisition of Rosenkavalier
Group, with an impairment amount of RMB
237,225,000
.
Had
the above combination taken place at the beginning of the year, the revenue of the Group and the loss of the Group for the year ended
December 31, 2020 would have been RMB
162,881,000
and RMB
16,572,000
, respectively.
Goodwill
of approximately RMB
237,225,000
was recognised as part of this acquisition, which results from the expected synergies from combining
the operations of the Rosenkavalier Group with the Group's operations. None of the goodwill recognised is expected to be deductible
for tax purposes.
The
aggregate fair values (and their respective gross contractual amounts) of the trade receivables and financial assets included in prepayments,
other receivables and other assets as at their respective date of acquisition amounted to RMB
9,671,000
and RMB
10,064,000
, respectively,
of which other receivables of RMB
218,000
are expected to be uncollectable.
Transaction
costs of RMB
320,000
and RMB
934,000
incurred for the acquisition were expensed and included in administrative expenses in the profit or
loss for the years ended December 31, 2019 and 2020, respectively.
The
Group measured the acquired lease liabilities using the present value of the remaining lease payments at the date of acquisition. The
right-of-use assets were measured at an amount equal to the lease liabilities and adjusted to reflect the favourable terms of the leases
relative to market terms.
9. Other
income and expenses
9.1.1
Other income, net
2022
2021
2020
RMB'000
RMB'000
RMB'000
Government grants
1,865
3,963
1,218
Covid-19 - related rent concessions from a
    lessor (Note 24)
—
—
778
Foreign exchange differences, net
1,023
(
1,032
)
361
Additional deduction of VAT
716
502
1,864
Bad debt recovery
849
5,201
—
Custody fees*
3,012
—
—
Others
194
66
164
Total
    other income, net
7,659
8,700
4,385
*
It's refunded ADR custody fees received from Deutsche Bank AG.
F-
51
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
9.
Other income and expenses (continued)
9.1.2
Other operating expenses
The
amounts recognised for the year ended December 31, 2022 mainly represented the compensation payables on contract terminations of RMB
425,000
(2021: RMB
1,622,000
; 2020:
Nil
) and loss on disposal of property, plant and equipment of RMB
809,000
(2021: RMB
1,112,000
; 2020: RMB
4,000
).
9.2
Other losses
2022
2021
2020
RMB'000
RMB'000
RMB'000
Impairment of inventories
7,840
—
—
Impairment of property, plant and equipment
34,858
—
—
Impairment of intangible assets
427,314
—
—
Impairment of goodwill
237,225
—
—
Total
    other losses
707,237
—
—
Due to the severe impact of COVID-19 pandemic
especially in 2022, the Group's performance has declined significantly, failing to achieve its operational targets,
leading to asset impairment. The Group accrued impairment on its assets based on its evaluation.
9.3
Finance costs
2022
2021
2020
RMB'000
RMB'000
RMB'000
Interest on loans and borrowings
4,613
6,602
7,544
Interest on lease liabilities
235
1,082
2,561
Total
    finance costs
4,848
7,684
10,105
9.4
Finance income
2022
2021
2020
RMB'000
RMB'000
RMB'000
Bank interest income
33
34
45
Interest income on loans receivable
—
—
1,527
Interest income on net
    investments in subleases
1
45
49
Total
    finance income
34
79
1,621
F-
52
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
9.
Other income and expenses (continued)
9.5
Depreciation, amortisation and costs of inventories
2022
2021
2020
RMB'000
RMB'000
RMB'000
Included in cost of sales:
Depreciation of property, plant
    and equipment
13,983
9,709
1,448
Depreciation of right-of-use assets
—
696
1,955
Amortisation of intangible assets
18,095
8,271
5,326
Costs of inventories recognised as an expense
21,231
18,782
11,489
Included in selling and
    distribution expenses:
Depreciation of right-of-use assets
1,315
821
516
Included in administrative
    expenses:
Depreciation of property, plant and equipment
983
1,000
809
Depreciation of right-of-use assets
2,118
2,622
2,009
Amortisation of intangible assets
531
151
40
9.6
Research and development costs
The
Group's research and development concentrates on the development of smart music education solutions, which include music education
system, musical software (e.g. Kuke music app, digital music cloud library), Kuke music online platform, audiobook, musical education
instruments and hardware (e.g. Kukey smart pianos).
Research
and development costs of RMB
18,661,000.00
, RMB
27,811,000
and RMB
12,598,000
that are not eligible for capitalisation were expensed and
included in administrative expenses for the years ended December 31, 2022, 2021 and 2020, respectively.
9.7
Wages and salaries and pension scheme contributions
2022
2021
2020
RMB'000
RMB'000
RMB'000
Wages and salaries
34,291
41,473
29,798
Equity-settled share-based payment expenses
15,208
53,933
19,416
Pension scheme contributions
3,933
3,485
129
At
December 31, 2022, 2021 and 2020, the Group had no forfeited contributions available to reduce its contributions to the pension
scheme in future years.
F-
53
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
10. Income
tax
The
major components of income tax expense for the years ended December 31, 2022, 2021 and 2020 are as follows:
Consolidated
profit or loss
2022
2021
2010
RMB'000
RMB'000
RMB'000
Current
    income tax:
Current income tax charge
149
1,783
10,143
Over provision in prior years
—
(
1,899
)
(
1,912
)
Deferred
    tax
6,319
1,151
(
4,609
)
Income
    tax expense reported in profit or loss
6,468
1,035
3,622
Reconciliation
of tax expense and the accounting profit multiplied by China's domestic tax rate of
25
% for 2022, 2021 and 2020:
2022
2021
2020
RMB'000
RMB'000
RMB'000
Accounting loss before tax
(
890,439
)
(
58,582
)
(
11,592
)
At China's statutory income tax rate
(
222,609
)
(
14,645
)
(
2,898
)
Effect of lower tax rate (Note)
58,444
16,922
8,691
Loss attributable to a joint venture
—
123
2
Non-deductible expenses for tax purposes
3,260
824
1,718
Super deductions
(
1,321
)
(
2,406
)
(
2,086
)
Adjustments in respect of current tax of previous
    periods
149
(
1,899
)
(
1,912
)
Unrecognised tax losses
168,545
2,116
107
At the effective income tax rate of -
1
% (2021: -
2
%; 2020: -
31
%)
6,468
1,035
3,622
Income tax expense reported
    in profit or loss
6,468
1,035
3,622
Note:
The amount represented (i) a reduced enterprise income tax rate of
15
% and certain other preferential tax benefits available to qualified High and New Technology Enterprise under PRC tax laws and regulations entitled by Bejing Kuke Music and (ii) effects of different tax rates in relation to other jurisdictions.
Uncertain
tax positions
The
tax authority of the PRC government conducts periodic and ad hoc tax filing reviews on business enterprises operating in the PRC after
those enterprises complete their relevant tax filings. Therefore, the Company's PRC entities' tax filings results are subject
to change. It is therefore uncertain as to whether the PRC tax authority may take different views about the Company's PRC entities'
tax filings, which may lead to additional tax liabilities. In general, the tax authorities have three to five years to conduct examinations
of the tax filings of the Group's subsidiaries. Accordingly, the subsidiaries' tax years of 2019 through 2022 remain open
to examination by the respective tax authorities.
As
of December 31, 2022 and 2021, the Group had accrued liabilities for uncertain tax positions of
Nil
and RMB
1,395,000
, respectively. The
Group does not anticipate any significant increases or decreases to its liability for unrecognised tax benefits within the next twelve
months. As of December 31, 2022 and 2021, the interest and penalties in connection with unrecognised tax benefits was assessed to be
minimal.
F-
54
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
10. Income
tax (continued)
Deferred
tax
Reconciliation
of deferred tax assets and liabilities:
December
    31,
2022
December
    31,
2021
RMB'000
RMB'000
Deferred tax assets
—
7,736
Deferred tax liabilities
—
(
1,417
)
Net
    deferred tax
—
6,319
January
    1,
2021
Credited/
(charged) to
profit or
loss
December 31,
2021
RMB'000
RMB'000
RMB'000
Leases
95
61
156
Expected credit losses on debt financial assets
6,382
(
1,314
)
5,068
Trade payables, accrual and provisions
2,440
72
2,512
Fair value adjustment
    arising from business combinations
(
1,447
)
30
(
1,417
)
Total
7,470
(
1,151
)
6,319
January 1,
2022
Credited/
    (charged) to profit or loss
December 31,
2022
RMB'000
RMB'000
RMB'000
Leases
156
(
156
)
—
Expected credit losses on debt financial assets
5,068
(
5,068
)
—
Trade payables, accrual and provisions
2,512
(
2,512
)
—
Fair value adjustment
    arising from business combinations
(
1,417
)
1,417
—
Total
6,319
(
6,319
)
—
The
Group had tax losses arising in Mainland China of RMB
64,748,000
and RMB
9,133,000
as at December 31, 2022 and 2021, respectively,
that will expire in one to five years for offsetting against future taxable profits of the companies in which the losses arose.
Deferred
tax assets have not been recognised in respect of the tax losses as at December 31, 2022 and 2021 as the directors consider that
it is currently not probable that future taxable profits will be available against which the tax losses can be utilised.
Pursuant
to the PRC Corporate Income Tax Law, a
10
% withholding tax is levied on dividends declared to foreign investors from the foreign investment
enterprises established in Mainland China. A lower withholding tax rate may be applied if there is a tax treaty between Mainland China
and the jurisdiction of the foreign investors. For the Group, the applicable rate is
5
% or
10
%. The Group is therefore liable for withholding
taxes on dividends distributed by the subsidiaries established in Mainland China to foreign shareholders in respect of earnings generated.
F-
55
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
10. Income
tax (continued)
Deferred
tax (continued)
At
December 31, 2022 and 2021, the directors of the Company estimated that the retained earnings of the PRC subsidiaries and a joint
venture would be retained in Mainland China for use in future operations and investments. In the opinion of the directors, it is not
probable that these subsidiaries and a joint venture will distribute such earnings in the foreseeable future to their foreign shareholders.
The aggregate amounts of temporary differences for the undistributed earnings associated with the investments in subsidiaries and a joint
venture in Mainland China for which deferred tax liabilities have not been recognised were approximately
Nil
and RMB
217,324,000
at December 31,
2022 and 2021, respectively. The Group has determined that the undistributed profits of its PRC subsidiaries and a joint venture will
not be distributed in the foreseeable future.
11. Loss
per share
Basic
loss per share are calculated by dividing the loss for the year attributable to ordinary equity holders of the parent by the weighted
average number of ordinary shares outstanding during the year.
For
the year ended December 31, 2022, 2021 and 2020, the effects of all outstanding share options and unvested restricted shares were excluded
from the computation of diluted loss per share as their effects were anti-dilutive.
The
following table reflects the loss and share data used in the basic and diluted loss per share calculations:
2022
2021
2020
RMB'000
RMB'000
RMB'000
Loss
    attributable to ordinary equity holders of the parent for basic and diluted loss per share calculations
- Class A ordinary
    shares
(
644,224
)
(
42,792
)
(
10,642
)
- Class
    B ordinary shares
(
249,990
)
(
16,778
)
(
5,781
)
2022
2021
2020
Weighted average
    number of ordinary shares in issue during the year for basic and diluted loss per share calculations
- Class A ordinary
    shares
21,340,420
21,121,241
15,244,686
- Class
    B ordinary shares
8,281,098
8,281,098
8,281,098
F-
56
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
12.
Property, plant and equipment
Leasehold
improvements
Music
education
equipment
Furniture
and
fixtures
Office
equipment
Total
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
Cost
At January 1, 2021
4,136
18,226
335
879
23,576
Additions
425
53,830
6
166
54,427
Disposals
—
(
1,859
)
—
(
15
)
(
1,874
)
At December 31, 2021
4,561
70,197
341
1,030
76,129
Acquisition from business combinations (Note
    8)
—
—
—
8
8
Additions
—
155
—
3
158
Disposals
—
(
2,367
)
—
—
(
2,367
)
At December 31, 2022
4,561
67,985
341
1,041
73,928
Accumulated depreciation
At January 1, 2021
(
2,858
)
(
1,752
)
(
179
)
(
652
)
(
5,441
)
Depreciation charge for the year
(
804
)
(
9,710
)
(
72
)
(
123
)
(
10,709
)
Disposals
—
462
—
2
464
At December 31, 2021
(
3,662
)
(
11,000
)
(
251
)
(
773
)
(
15,686
)
Depreciation charge for the year
(
817
)
(
13,983
)
(
54
)
(
112
)
(
14,966
)
Disposals
—
692
—
—
692
At December 31, 2022
(
4,479
)
(
24,291
)
(
305
)
(
885
)
(
29,960
)
Accumulated impairment loss
At January 1, 2021
—
—
—
—
—
Impairment loss charge
    for the year
—
—
—
—
—
At December 31, 2021
—
—
—
—
—
Impairment loss charge
    for the year
—
(
34,858
)
—
—
(
34,858
)
At December 31, 2022
—
(
34,858
)
—
—
(
34,858
)
Net carrying amount
At December 31, 2022
82
8,836
36
156
9,110
At December 31, 2021
899
59,197
90
257
60,443
For
the year ended December 31, 2022, the impairment loss of RMB
34,858
represented the write-down of certain property, plant and
equipment to the recoverable amount as a result of obsolescence. This was recognised in the statement of profit or loss as other
losses. The recoverable amount of as at December 31, 2022 was based on fair value less costs of disposal.
F-
57
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
13.
Intangible assets
Software
Copyrights
Total
RMB'000
RMB'000
RMB'000
Cost
At
    January 1, 2021
391
276,863
277,254
Additions
    - acquired separately
64
237,557
237,621
At
    December 31, 2021
455
514,420
514,875
Additions
    - acquired separately
—
19,852
19,852
At
    December 31, 2022
455
534,272
534,727
Accumulated
    amortisation
At
    January 1, 2021
(
379
)
(
13,774
)
(
14,153
)
Charge
    for the year
(
30
)
(
8,392
)
(
8,422
)
At
    December 31, 2021
(
409
)
(
22,166
)
(
22,575
)
Charge
    for the year
(
23
)
(
18,603
)
(
18,626
)
At
    December 31, 2022
(
432
)
(
40,769
)
(
41,201
)
Accumulated
    impairment loss
At
    January 1, 2021
—
—
—
Charge
    for the year
—
—
—
At
    December 31, 2021
—
—
—
Charge
    for the year
—
(
427,314
)
(
427,314
)
At
    December 31, 2022
—
(
427,314
)
(
427,314
)
Net
    carrying amount
At
    December 31, 2022
23
66,189
66,212
At
    December 31, 2021
46
492,254
492,300
The
recoverable amount of copyrights of RMB
66189
as at December 31, 2022 has been determined based on a value in use calculation using cash
flow projections from financial budgets approved by senior management covering a five-year period. The projected cash flows have been
updated to reflect the decreased demand for subscriptions. The pre-tax discount rate applied to cash flow projections is
19.7
% as at
December 31, 2021 and
15.86
% as at December 31, 2022 and cash flows beyond the five-year period are extrapolated using a
3.0
% growth
rate as at December 31, 2021 and 2022. It was concluded that the carrying amount did not exceed the value in use. As a result of this
analysis, management has recognised an impairment charge of RMB
427,314
in the current year against intangible assets with carrying amounts
of RMB
492,254
as at December 31, 2021. The impairment charge is recorded within other losses in the statement of profit or loss.
F-
58
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
14.
Goodwill
Subscription and
licensing business
Smart music
learning business
Music events
and
performances
business
Total
RMB'000
RMB'000
RMB'000
RMB'000
Cost and net carrying amount at January 1, 2020
—
—
—
—
Acquisition from business combinations (Note 8)
1,610
—
235,615
237,225
Cost and net carrying amount at December 31, 2020,
January 1, 2021, and December 31, 2021
1,610
—
235,615
237,225
Acquisition from business combinations (Note 8)
—
764
—
764
Accumulated impairment loss
(
1,610
)
—
(
235,615
)
(
237,225
)
Cost and net carrying amount at December 31, 2022
—
764
—
764
Impairment
testing of goodwill
The
Group performed its annual impairment test at the end of each year in 2022 and 2021. As at December 31, 2022, the impact of global COVID-19
pandemic and the ongoing economic uncertainty, indicating a potential impairment of goodwill.
Goodwill
acquired through business combinations is allocated to the following CGUs for impairment testing:
●
Subscription
                                            and licensing business; and
●
Smart
                                            music learning business; and
●
Music
                                            events and performances business
Subscription
and licensing business
The
recoverable amount of the CGU is determined based on a value-in-use calculation using cash flow projections based on financial budgets
covering a five-year period approved by senior management. The pre-tax discount rate of capital applied to the cash flow projections
is
19.7
% as at December 31, 2021 and
15.86
% as at December 31, 2022. The growth rate used to extrapolate the cash flows beyond the five-year
period is
3
% as at December 31, 2021 and 2022.
The
following describes management's key assumptions in its subscription and licensing business CGU cash flow projections:
Budgeted
cash flows – the basis used to determine the budgeted cash flows is based on management's expectation of the business development.
Discount
rate – the discount rate used is before tax and reflects specific risks relating to the relevant unit.
Terminal
growth rate – the growth rate is based on management's expectation of the long-term forecast growth rate of the business.
Based
on the result of the impairment testing of goodwill, in the opinion of the directors, full impairment provision was considered necessary
for the Group's goodwill allocated to the subscription and licensing business CGU as at December 31, 2022. The impairment charge is recorded within other losses in the statement of profit or loss.
F-
59
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
14.
Goodwill (continued)
Smart
music learning business
The
recoverable amount of the CGU is determined based on a value-in-use calculation using cash flow projections based on financial budgets
covering a five-year period approved by senior management. The pre-tax discount rate of capital applied to the cash flow projections
is
19.7
% as at December 31, 2021 and
14.47
% as at December 31, 2022. The growth rate used to extrapolate the cash flows beyond the five-year
period is
3
% as at December 31, 2021 and 2022.
The
following describes management's key assumptions in its smart music learning business CGU cash flow projections:
Budgeted
cash flows – the basis used to determine the budgeted cash flows is based on management's expectation of the business development.
Discount
rate – the discount rate used is before tax and reflects specific risks relating to the relevant unit. A rise in the pre-tax
discount rate to
24.88
% (i.e., +
10.41
%) in the smart music learning business CGU would result in impairment.
Terminal
growth rate – the growth rate is based on management's expectation of the long-term forecast growth rate of the
business. A reduction by
10.2
% in the long-term growth rate would result in impairment.
Based
on the result of the impairment testing of goodwill, in the opinion of the directors, no impairment provision was considered necessary
for the Group's goodwill allocated to the smart music learning business CGU as at December 31, 2022.
Music
events and performances business
The
recoverable amount of the CGU is determined based on a value-in-use calculation using cash flow projections based on financial budgets
covering a five-year period approved by senior management. The pre-tax discount rate of capital applied to the cash flow projections
is
21.7
% as at December 31, 2021 and
13.56
% as at December 31, 2022. The terminal growth rate used to extrapolate the cash flows beyond
the
five
-year period is
3
% as at December 31, 2021 and 2022.
The
following describes the management's key assumptions in its music events and performances business CGU cash flow projections:
Budgeted
cash flows – the basis used to determine the budgeted cash flows is based on management's expectation of the business development.
Discount
rate – the discount rate used is before tax and reflects specific risks relating to the relevant unit.
Terminal
growth rate – the growth rate is based on management's expectation of the long-term forecast growth rate of the business.
Based
on the result of the impairment testing of goodwill, in the opinion of the directors, full impairment provision was considered necessary
for the Group's goodwill allocated to the Music events and performances business CGU as at December 31, 2022. The impairment charge is recorded within other losses in the statement of profit or loss.
F-
60
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
15.
Inventories, net
December 31,
2022
December 31,
2021
RMB'000
RMB'000
Finished goods
8,618
7,307
Less: provision
(
7,840
)
—
Inventories, net
778
7,307
During
2022, RMB
7,840
(2021:
nil
) was recognised as an expense for inventories carried at net realisable value. This is recognised in other
losses in the statement of profit or loss.
16.
Trade receivables, net
December 31,
2022
December 31,
2021
RMB'000
RMB'000
Trade receivables
Receivables from third-party customers
76,260
116,776
Allowance for ECLs
(
66,981
)
(
5,672
)
Total
    trade receivables
9,279
111,104
Trade
receivables are non-interest bearing and are generally on terms of 7 to 365 days.
The
movements in allowance for ECLs are as follows:
2022
2021
RMB'000
RMB'000
At the beginning of the year
(
5,672
)
(
10,818
)
Impairment losses, net
(
99,595
)
(
18,653
)
Amount written off as
    uncollectible
38,286
23,799
At
    the end of the year
(
66,981
)
(
5,672
)
17.
Prepayments, other receivables and other assets, net
December 31,
2022
December 31,
2021
RMB'000
RMB'000
Non-current
Prepayments
85
213
Deposits
110,127
94,858
Other receivables
24
146
Total
110,236
95,217
Current
Prepayments
27,628
29,368
Deposits
116
244
Other receivables
7,587
4,489
35,331
34,101
Less: provision
(
20
)
—
Total
35,311
34,101
Provisions
were
nil
and RMB
20
as of December 31, 2021 and 2022, respectively. The Group determined the allowance based on known troubled accounts,
historical experience, and other currently available evidence.
F-
61
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
17.
Prepayments, other receivables and other assets, net (continued)
The
movements in allowance for ECLs are as follows:
2022
2021
RMB'000
RMB'000
At the beginning of the year
—
*
—
Impairment losses, net
20
—
*
Amount written off as
    uncollectible
—
—
At
    the end of the year
20
—
*
*
Less than RMB
1,000
18.
Financial assets and financial liabilities
18.1
Financial assets
December 31,
2022
December 31,
2021
RMB'000
RMB'000
Financial assets at FVTPL
Non-current
Equity investment
    at FVTPL
—
1,000
Total
    non-current financial assets at FVTPL
—
1,000
Total
    financial assets
—
1,000
Financial
    assets at amortised cost
Current
Trade receivables (Note 16)
9,279
111,104
Financial assets included in prepayments, other
    receivables and other assets, net
7,683
4,733
Net investments in subleases
—
355
Amounts due from related parties, net
2,377
306
Amounts due from shareholders, net
99
100
Cash and cash equivalents
5,425
59,045
Total
    current financial assets at amortised cost
24,863
175,643
Non-current
Financial assets included
    in prepayments, other receivables and other assets
306
3,010
Total
    non-current financial assets at amortised cost
306
3,010
Total
    financial assets at amortised cost
25,169
178,653
Total
    financial assets
25,169
179,653
F-
62
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
18.
Financial assets and financial liabilities (continued)
18.2
Financial liabilities
Lease
liabilities and other financial liabilities at amortised cost, with carrying amounts that are reasonable approximations of fair values
December 31,
2022
December 31,
2021
RMB'000
RMB'000
Current
Trade payables
35,012
30,514
Financial liabilities included in other payables
    and accruals
12,046
20,381
Amount due to a related party
488
—
Amount due to a shareholder
325
325
Interest-bearing loans and borrowings
69,045
41,493
Lease liabilities
4,123
2,486
121,039
95,199
Non-current
Interest-bearing loans and borrowings
—
6,046
Lease liabilities
4,650
793
4,650
6,839
Total
125,689
102,038
18.3
Fair values and fair value hierarchy
The
Group assessed that the fair values of cash and cash equivalents, trade receivables, the current portion of financial assets included
in prepayments, other receivables and other assets, amounts due from related parties and shareholders, trade payables, amounts due to
a related party and a shareholder and the financial liabilities included in other payables and accruals approximate to their carrying
amounts largely due to the short-term maturities of these instruments.
The
non-current portion of financial assets included in prepayments, other receivables and other assets, and financial liabilities such as
interest-bearing loans and borrowings are measured at amortised cost. In the opinion of the directors, the fair values of these financial
assets and financial liabilities approximate to their carrying amounts.
The
Group invests in an unlisted investment measured at fair value through profit or loss. The Group has estimated the fair value of the
unlisted investment by
based on the valuation performed by DZValue Consulting Company Limited, an accredited independent
valuer who has valuation experience for similar financial instruments. A change in fair value for this unlisted investment of
RMB
1,000
was recognised in the statement of profit or loss during the year ended December 31, 2022.
The significant unobservable inputs used in the
valuation of unlisted equity investment, together with a quantitative sensitivity analysis as at December 31, 2022 are shown below:
Valuation technique
Significant unobservable inputs
Inputs
Sensitivity of the input to fair value
Market approach
Discount for lack of marketability
33.0
%(2021:-)
5% decrease in the discount would increase the fair value by RMB 2,000.
Discount rate
12.4
%(2021:-)
5% decrease in the discount rate would increase the fair value by RMB 150,000.
F-
63
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
18.
Financial assets and financial liabilities (continued)
18.3
Fair values and fair value hierarchy (continued)
The
fair value of an unlisted investment measured at fair value
through profit or loss as of December 31, 2022 is
Nil
(2021:
1,000
) and is categorized within Level
2 (2021: Level 2) of the fair value measurement hierarchy.
During
the years ended December 31, 2022 and 2021, there were no transfers of fair value measurements between Level 1 and Level 2, and Level
2 and Level 3.
The
following methods and assumptions were used to estimate the fair values :
The
fair values of the Group's interest-bearing loans and borrowings are determined by using the discounted cash flow method using
the discount rate currently available for instruments with similar terms, credit risk and remaining maturities as at the end of the reporting
period. The changes in fair value as a result of the Group's own non-performance risk as at December 31, 2022 and 2021 were assessed
to be insignificant. The fair values of the Group's interest-bearing loans and borrowings are approximate to the fair values based
on the discounted cash flows.
18.4
Financial instruments risk management objectives and policies
The
Group's principal financial liabilities comprise interest-bearing loans and borrowings, amounts due to a related party and a shareholder,
trade payables and other payables and accruals. The main purpose of these financial liabilities is to raise finance for the Group's
operations. The Group's principal financial assets include trade receivables, other receivables and cash and cash equivalents that
derive directly from its operations.
The
Group is exposed to foreign currency risk, credit risk and liquidity risk. The board of directors reviews and agrees policies for managing
each of these risks, which are summarised below.
F-
64
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
18.
Financial assets and financial liabilities (continued)
18.4
Financial instruments risk management objectives and policies (continued)
Foreign
currency risk
The
Group has transactional currency exposures. Such exposures mainly arise from cash and cash equivalents, a loan receivable from a Hong
Kong entity and trade payables to foreign suppliers in currencies other than the Group's functional currency.
The
following tables demonstrate the sensitivity at the end of the reporting period to a reasonably possible change in the United States
dollars ("US$") and HK$ exchange rates, with all other variables held constant, of the Group's loss before tax. The
impact on the Group's loss before tax is due to changes in the fair values of monetary assets and liabilities. The Group's
exposure to foreign currency risk for all other currencies is not material.
For the
    year ended December 31, 2022
Change
    in
exchange
rate
Effect
    on
loss
before tax
RMB'000
US$
+
5
%
(
461
)
-
5
%
461
HK$
+
5
%
—
-
5
%
—
For the
    year ended December 31, 2021
Change
    in
exchange
rate
Effect
    on
loss
before tax
RMB'000
US$
+
5
%
1,606
−
5
%
(
1,606
)
HK$
+
5
%
—
−
5
%
—
For the
    year ended December 31, 2020
Change
    in
exchange
rate
Effect
    on
profit
before tax
RMB'000
US$
+
5
%
(
608
)
−
5
%
608
HK$
+
5
%
—
−
5
%
—
Credit
risk
Credit
risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial
loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities,
including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.
Maximum
exposure and year-end staging
The
tables below show the credit quality and the maximum exposure to credit risk based on the Group's credit policy, which is mainly
based on past due information unless other information is available without undue cost or effort, and year-end staging classification
as at December 31, 2022 and 2021. The amounts presented are gross carrying amounts for financial assets.
F-
65
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
18.
Financial assets and financial liabilities (continued)
18.4
Financial instruments risk management objectives and policies (continued)
Credit
risk (continued)
As
at December 31, 2022
12-month
Expected
Credit
losses
Lifetime
    Expected Credit losses
Stage
    1
Stage
    2
Stage
    3
Simplified
approach
Total
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
Trade
    receivables
—
—
—
76,260
76,260
Financial
    assets included in prepayments, other
receivables and other assets—Normal*
7,989
—
—
—
7,989
Net
    investments in subleases—Normal*
—
—
—
—
—
Amounts
    due from related parties—Normal*
2,377
—
—
—
2,377
Amounts
    due from shareholders—Normal*
99
—
—
—
99
Cash
    and cash equivalents—not yet past due
5,425
—
—
—
5,425
15,890
—
—
76,260
92,150
As
at December 31, 2021
12-month
Expected
Credit
losses
Lifetime
    Expected Credit losses
Stage
    1
Stage
    2
Stage
    3
Simplified
approach
Total
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
Trade
    receivables
—
—
—
116,776
116,776
Financial
    assets included in prepayments, other receivables and other assets—Normal*
7,743
—
—
—
7,743
Net
    investments in subleases—Normal*
355
—
—
—
355
Amounts
    due from related parties—Doubtful*
306
—
2,000
—
2,306
Amounts
    due from shareholders—Normal*
100
—
—
—
100
Cash
    and cash equivalents—not yet past due
59,045
—
—
—
59,045
67,549
—
2,000
116,776
186,325
*
The credit quality of the financial assets included in prepayments, other receivables and other assets, net investments in subleases, and amounts due from related parties and shareholders is considered to be "normal" when they are not past due and there is no information indicating that the financial assets had a significant increase in credit risk since initial recognition. Otherwise, the credit quality of the financial assets is considered to be "doubtful".
F-
66
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
18.
Financial assets and financial liabilities (continued)
18.4
Financial instruments risk management objectives and policies (continued)
Credit
risk (continued)
Trade
receivables
Customer
credit risk is managed by each business unit subject to the Group's established policy, procedures and control relating to customer
credit risk management.
The
Group has significant credit risk concentration from its largest customers' trade receivables. The Group's largest customer's
trade receivables represents
52
% and
17
% of the Group's gross trade receivables as at December 31, 2022 and 2021, respectively.
The Group's five largest customers' trade receivables represent
74
% and
47
% of the Group's gross trade receivables
as at December 31, 2022and 2021, respectively.
An
impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses both on an aging basis
and specific basis. In evaluating the collectability of aging receivable balances, the matrix provision rates are based on days past
due for groupings of various customer segments with similar loss patterns. The calculation reflects the probability weighted outcome,
the time value of money and reasonable and supportable information that is available at the reporting date about past events, current
conditions and forecasts of future economic conditions. In evaluating the collectability of specific receivable balances, the Group considers
many factors, including the age of the balance, the customer's payment history, its current credit-worthiness and current economic
trends. Generally, trade receivables are written off if past due for more than one year and are subject to enforcement activity.
Set
out below is the information about the credit risk exposure on the Group's trade receivables using a provision matrix:
Days
    past due
Not
    overdue
1 - 90
days
91 - 180
Days
>181
    days
Total
December 31, 2022
Expected credit loss rate
49.8
%
86.31
%
97.12
%
97.41
%
87.83
%
Gross carrying amount (RMB'000)
14,529
3,258
8,496
49,977
76,260
Expected credit loss (RMB'000)
7,236
2,812
8,251
48,682
66,981
Days
    past due
Not
    overdue
1
                                            - 90
days
91
                                            - 180
Days
>181
    days
Total
December 31, 2021
Expected credit loss rate
2.80
%
3.30
%
7.66
%
16.47
%
4.86
%
Gross carrying amount (RMB'000)
65,102
22,232
19,686
9,756
116,776
Expected credit loss (RMB'000)
1,824
733
1,508
1,607
5,672
F-
67
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
18.
Financial assets and financial liabilities (continued)
18.4
Financial instruments risk management objectives and policies (continued)
Liquidity
risk
The
Group monitors its risk of a shortage of funds using a liquidity planning tool.
The
Group's objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans, other borrowings
and lease liabilities.
The
table below summarises the maturity profile of the Group's financial liabilities as at the end of the reporting period based on
the contractual undiscounted payments:
On
    demand
Less
                                            than
1
                                            year
>1
    year
Total
RMB'000
RMB'000
RMB'000
RMB'000
As at December 31, 2022
Interest-bearing loans and borrowings
30,000
42,680
—
72,680
Lease liabilities
—
4,194
5,032
9,226
Trade payables
—
35,012
—
35,012
Due to a shareholder
325
—
—
325
Due to a related party
—
488
—
488
Other payables and accruals
—
12,046
—
12,046
As at December 31, 2021
Interest-bearing loans and borrowings
10,000
34,804
6,205
51,009
Lease liabilities
—
2,571
811
3,382
Trade payables
—
30,514
—
30,514
Due to a shareholder
325
—
—
325
Other payables and accruals
—
20,381
—
20,381
Excessive
risk concentration
Concentrations
arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have
economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political
or other conditions. Concentrations indicate the relative sensitivity of the Group's performance to developments affecting a particular
industry.
Supplier
concentration risk – the Group's main operations are dependent upon one particularly large supplier. The Group purchases
copyright from the supplier with an amount of RMB
52,385
, RMB
210,887
and
nil
for transactions and ending balances of RMB
89,967
, RMB
96,703
and RMB
118,118
for prepayment as of December 31, 2020, 2021 and 2022, respectively.
The
Group's top 1 supplier accounted for
nil
,
63.6
% and
41
% of its purchase and for
85.7
%,
77.7
% and
76.7
% of its ending balances of
prepayment in the years ended December 31, 2020, 2021 and 2022, respectively.
F-
68
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
18.
Financial assets and financial liabilities (continued)
18.5
Changes in liabilities arising from financing activities
Interest-
    bearing
Due
Due to
loans
    and borrowings
Lease
    liabilities
to
    a shareholder
a
    related party
RMB'000
RMB'000
RMB'000
RMB'000
As at January 1, 2020
55,000
14,713
—
—
Changes from financing activities
5,000
(
4,688
)
—
7,177
Changes from operating activities
—
(
778
)
—
—
Acquisition of a subsidiary
—
—
325
—
Additions
—
5,682
—
—
Accretion of interest
—
2,561
—
—
As at December 31, 2020 and January 1, 2021
60,000
17,490
325
7,177
Changes from financing activities
(
12,461
)
(
3,648
)
—
(
7,177
)
Lease termination
—
(
14,379
)
—
—
Additions
—
2,734
—
—
Accretion of interest
—
1,082
—
—
As at December 31, 2021 and January 1, 2022
47,539
3,279
325
—
Changes from financing activities
21,506
(
1,309
)
—
488
Changes from operating activities
—
(
859
)
—
—
Lease termination
—
(
1,151
)
—
—
Additions
—
8,578
—
—
Accretion of interest
—
235
—
—
As at December 31, 2022
69,045
8,773
325
488
19.
Cash and cash equivalents
December 31,
2022
December 31,
2021
RMB'000
RMB'000
Cash and cash
    equivalents
5,425
59,045
At
December 31, 2022, the cash and cash equivalents of the Group denominated in RMB amounting to RMB
4,898,000
(2021: RMB
16,046,000
). The
RMB is not freely convertible into other currencies, however, under Mainland China's Foreign Exchange Control Regulations and Administration
of Settlement, Sale and Payment of Foreign Exchange Regulations, the Group is permitted to exchange RMB for other currencies through
banks authorised to conduct foreign exchange business.
F-
69
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
20.
Issued capital and reserves
The
authorised share capital consisted of
50,000,000
shares at a par value of US$
0.001
per share, of which
41,718,902
shares were designated
as Class A ordinary shares and
8,281,098
as Class B ordinary shares after the completion of the Company's initial public offering
("IPO") and such designation was retrospectively disclosed in the consolidated financial statements. The rights of the holders
of Class A and Class B ordinary shares are identical, except with respect to voting and conversion rights. Each share of Class A ordinary
shares is entitled to
one vote
per share and is not convertible into Class B ordinary shares under any circumstances. Each share of Class
B ordinary shares is entitled to ten votes per share and is
convertible
into one Class A ordinary share at any time by the holder thereof. Upon any transfer of Class B ordinary shares by a holder thereof to
any person or entity that is not an affiliate of the holder, such Class B ordinary shares are automatically and immediately converted
into an equal number of Class A ordinary shares. There was no transfer between Class A ordinary shares and Class B ordinary shares in
the years ended December 31, 2020, 2021 and 2022, respectively.
On
January 12, 2021, the Company completed its initial public offering and was listed on the New York Stock Exchange.
5,000,000
ordinary
shares were issued at a price of US$
10
per share for net proceeds after deducting underwriting discounts and commissions and other issuance
costs of approximately US$
46.5
million (equivalent to RMB
292,958,000
). After the initial public offering, there were
29,566,273
ordinary
shares outstanding, consisting of
21,285,625
Class A ordinary shares and
8,281,098
Class B ordinary shares, with par value US$
0.001
and
prepayments of listing expenses as at December 31, 2020 of US$
0.9
million (equivalent to RMB
5,510,000
) has been debited to capital reserve.
From
September to December 2021, the Company completed a treasury share repurchase from Tiger Brokers (NZ) Limited for an aggregate of
49,609
ordinary shares with a consideration of US$
199,000
(equivalent to RMB
1,274,000
). The total amount paid for the buy-back of the shares
has been debited to the capital reserve of the Company.
As
at December 31, 2021, there were
49,609
treasury shares outstanding (2020:
Nil
) for the distributions of share-based payments expenses
at exercise of share options as disclosed in Note 29 to the financial statements.
On
October 28, 2022, the company signed a financial advisory contract with FirsTrust China Ltd. The company hired FirsTrust China Ltd to
provide professional management, operations, and business development consulting services. The service period is from October 28, 2022,
to April 27, 2023, and the consulting fee is
500,000
common shares. According to the agreement, on November 22, 2022, the company issued
500,000
common shares at a closing price of $
0.693
per share to personnel designated by FirsTrust China Ltd to pay for the consulting
fees.
Statutory
restrictions
The
Company's ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries.
Relevant PRC statutory laws and regulations permit payments of dividends by the Company's subsidiaries, VIEs and subsidiaries of
the VIEs registered in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards
and regulations. The consolidated results of operations reflected in the consolidated financial statements prepared in accordance with
IFRSs differ from those reflected in the statutory financial statements of the Company's subsidiaries.
F-
70
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
20.
Issued capital and reserves (continued)
Statutory
restrictions (continued)
Under
PRC law, the Company's subsidiaries, VIEs and the subsidiaries of the VIEs located in the PRC (collectively referred as the "PRC
entities") are required to provide for certain statutory reserves, namely a general reserve, an enterprise expansion fund and a
staff welfare and bonus fund. The PRC entities are required to allocate at least
10
% of their after-tax profits on an individual company
basis as determined under China Accounting Standards ("CAS") to the statutory reserve and have the rights to discontinue
allocations to the statutory reserve if such reserve has reached
50
% of registered capital on an individual company basis. In addition,
the registered capital of the PRC entities is also restricted.
Amounts
restricted that include statutory reserve funds, as determined in accordance with CAS, were RMB
9,420,000
and RMB
9,420,000
as at December 31,
2022 and 2021, respectively.
21.
Trade payables
December 31,
2022
December 31,
2021
RMB'000
RMB'000
Trade payables
35,012
30,514
Terms
and conditions of the above financial liabilities are as follows:
●
Trade payables are non-interest-bearing and are normally settled on terms ranging from
1
to
30
days; and
●
For
                                            explanations on the Group's liquidity risk management processes, refer to Note 18.4.
22.
Contract liabilities
The
balance represented the receipts in advance from customers.
December 31,
2022
December 31,
2021
December 31,
2020
RMB'000
RMB'000
RMB'000
Deferred revenue
Subscriptions
    and licensing
13,197
12,050
13,827
Smart music education
7,868
11,784
11,074
Music
    Festival Events
38
38
—
Total
    contract liabilities
21,103
23,872
24,901
Current
20,688
23,506
24,314
Non-current
415
366
587
2022
2021
2020
RMB'000
RMB'000
RMB'000
Amount
    of revenue recognised in the respective reporting periods that was included in the contract liabilities at the beginning of the reporting
    period
20,960
20,821
13,874
Contract
liabilities include deferred revenue relating to the subscription and licensing of music content and music education products and services.
F-
71
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
23.
Interest-bearing loans and borrowings
Effective
interest rate
Maturity
December
    31, 2022
December
    31, 2021
Guaranteed
or pledged by
%
RMB'000
RMB'000
Current:
Secured RMB10 million bank loan
3.65 (2021: 4.25)
On demand (2021: On demand)
10,000
10,000
He Yu
Secured RMB10 million bank loan
5.50
On demand
10,000
—
He Yu
Secured RMB10 million bank loan
4.00
On demand
10,000
—
He Yu
Secured RMB28 million other borrowings
12
December 27, 2023
27,880
—
He Yu
Secured RMB10 million other borrowings
6.40
September 7, 2023
5,119
—
He Yu and Kuke's patent right(smart piano and its assembly method)
Unsecured RMB20 million other borrowings
Nil (2021: 12)
Nil (2021: December 31,2022)
—
20,000
—
Unsecured RMB23 million other borrowings
6.85 (2021: 6.85)
April 20, 2023 (2021: December 31,2022)
6,046
11,493
—
69,045
41,493
Non-current:
Unsecured RMB23 million other borrowings
Nil (2021: 6.85)
Nil (2021: April 20, 2023)
—
6,046
—
69,045
47,539
24.
Leases
Group
as a lessee
The
Group has lease contracts for various items of property, plant and equipment. Leases of a building and music education equipment generally
have lease terms between
3
and
5
years.
The
Group also has certain leases with lease terms of 12 months or less and leases with low value. The Group applies recognition exemptions
for "short-term leases" and "leases of low-value assets" for these leases.
F-
72
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
24.
Leases (continued)
Group
as a lessee (continued)
Set
out below are the carrying amounts of right-of-use assets recognised and the movements during the years:
Building
Music
education
equipment
Total
RMB'000
RMB'000
RMB'000
At January 1, 2021
4,318
10,600
14,918
Additions
2,259
475
2,734
Depreciation charge
(
3,443
)
(
696
)
(
4,139
)
Lease termination
(
74
)
(
10,379
)
(
10,453
)
At December 31, 2021
3,060
—
3,060
Additions
8,578
—
8,578
Depreciation charge
(
3,433
)
—
(
3,433
)
Lease termination
(
1,056
)
—
(
1,056
)
As December 31, 2022
7,149
—
7,149
Set
out below are the carrying amounts of lease liabilities and the movements during the years:
2022
2021
RMB'000
RMB'000
At January 1
3,279
17,490
Additions
8,578
2,734
Accretion of interest
235
1,082
Covid-19 - related rent concessions from a
    lessor
(
859
)
—
Lease termination
(
1,151
)
(
14,379
)
Payments
(
1,309
)
(
3,648
)
At December 31
8,773
3,279
Current
4,123
2,486
Non-current
4,650
793
The
following are the amounts recognised in profit or loss:
2022
2021
2020
RMB'000
RMB'000
RMB'000
Depreciation
    expense of right-of-use assets
3,433
4,139
4,480
Interest
    expense on lease liabilities
235
1,082
2,561
Covid-19-related
    rent concessions from a lessor
(
859
)
—
(
778
)
Expense
    relating to short term leases and leases of low-value assets included in administrative expenses
1,676
1,604
775
Total
    amount recognised in profit or loss
4,485
6,825
7,038
F-
73
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
24.
Leases (continued)
Group
as a lessee (continued)
The
total cash outflow for leases included in the statements of cash flows is as follows:
2022
2021
2020
RMB'000
RMB'000
RMB'000
Total cash outflow for leases
2,985
5,252
5,463
Group
as a lessor
The
Group entered into sub-lease agreements on its office. These leases have terms of three and a half years, which are equal to the lease
term of the head lease.
Future
minimum rentals receivable under non-cancellable finance leases as at each of the reporting dates are as follows:
December 31,
2022
December 31,
2021
RMB'000
RMB'000
Amounts receivable:
Within one
    year
—
357
Total future undiscounted minimum rentals receivables
—
357
Unearned finance income
—
(
2
)
Net investments in subleases
—
355
Current
—
355
Non-current
—
—
25.
Other payables and accruals
December 31,
2022
December 31,
2021
RMB'000
RMB'000
Accruals
11,934
10,372
Other payables
34,718
39,057
Payable to database suppliers
3,327
3,000
Interest payables
184
5,749
Total other payables and
    accruals
50,163
58,178
Current
50,163
58,178
Non-current
—
—
Other
payables are non-interest bearing and normally settled within one year.
F-
74
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
26.
Related party disclosures
Note 7
provides information about the Group's structure, including details of the subsidiaries. The following table provides the total
amount of transactions that are entered into with related parties for the relevant financial years.
Interest
    income on net investments in subleases
Revenue
    from a related party
Acquisition
    of a subsidiary
Copyright
    expenses
RMB'000
RMB'000
RMB'000
RMB'000
Shareholder of the Company
2022
—
—
—
—
2021
—
—
—
—
2020
—
—
174,944
—
BMF Culture*
2022
—
—
—
—
2021
—
—
—
—
2020
23
—
—
—
Naxos^
2022
—
—
—
5,203
2021
—
—
—
7,743
2020
—
—
—
—
*
A director of the Company is the controlling shareholder of Rosenkavalier, the parent company of BMF Culture. BMF Culture became a subsidiary of the Group since February 29, 2020. Further details are disclosed in note 8 to the consolidated financial statements.
^
Naxos refers to Naxos Global Distribution Limited, Naxos Rights International Limited and their affiliates and subsidiaries, of which a director of the Company is the controlling shareholder.
Outstanding
balances at December 31, 2022 and 2021 are unsecured and interest-free and repayable on demand. There have been no guarantees provided
or received for any related party receivables or payables
Net
    investments in subleases
Due
    from related parties /shareholders
Due
    to a related party/ a shareholder
RMB'000
RMB'000
RMB'000
Naxos One Holding Limited（Former
    Name: Shigoo Limited）#
2022
—
304
488
2021
—
306
—
Shareholders of the Company
2022
—
99
325
2021
—
100
325
Hoi Tung Chan^
2022
—
2,073
—
2021
—
—
—
#
A director of the Company is the controlling shareholder of Naxos One Holding Limited. The amount due from Naxos One Holding Limited was unsecured, interest-free and repayable on demand, while the amount due to Naxos One Holding Limited was unsecured, interest-free and repayable within one year.
^
Hoi
Tung Chan was the Chief Financial Officer of Kuke Music Holding Limited, who resigned its position on 12th May, 2023. The amount due
from Hoi Tung Chan was unsecured, interest-free and repayable on demand.
F-
75
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
26.
Related party disclosures (continued)
The
following table provides compensation of key management personnel of the Group:
2022
2021
2020
RMB'000
RMB'000
RMB'000
Short term employee benefits
4,239
7,833
7,875
Equity-settled share-based payment expenses
9,002
30,650
14,269
Post employment benefits
552
518
356
Total
                                            compensation paid to key management personnel
13,793
39,001
22,500
The
amounts disclosed in the table are the amounts recognised as an expense during the reporting periods related to key management personnel.
27.
Notes to the consolidated statements of cash flows
Major
non-cash transactions
(a)
During the year ended December 31, 2020, the Group acquired
100
% equity interest in Rosenkavalier by issuing
4,856,273
ordinary shares of the Company, which had a total value of RMB
284,000,000
(Note 8).
(b)
During
                                            the year ended December 31, 2020, the Group and two independent third parties entered
                                            into an agreement to offset the non-current loan receivable against a non-current loan payable.
                                            As a result, both the non-current loan receivable and non-current loan payable were derecognised
                                            through a non-cash transaction.
(c)
During the year ended December 31, 2022, the Group had non-cash additions to right-of-use assets and lease liabilities of RMB
8,578,000
(2021: RMB
2,259,000
) in respect of lease arrangements for
one
(2021: three) properties (Note 24).
(d)
During the year ended December 31, 2022, the Group entered into finance lease arrangements in respect of property, plant and equipment with a total capital value at the inception of the leases of
Nil
(2021: RMB
475,000
) (Note 24).
F-
76
KUKE
MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
28. Standards
issued but not yet effective
The
new and amended standards that are issued, but not yet effective, up to the date of issuance of the Group's financial statements
are disclosed below. The Group intends to adopt these new and amended standards, if applicable, when they become effective.
Amendments
        to IFRS 10 and IAS 28 (2011)
Sale
        or Contribution of Assets between an Investor and its Associate or Joint Venture
2
Amendments to IFRS 17
Initial
        Application of IFRS 17 and IFRS 9 – Comparative Information
1
Amendments to IAS 1
Classification of Liabilities as Current or Non-curren
1
Amendments to IAS 1 and
Disclosure of Accounting Policies
1
Amendments to IAS 8
Definition of Accounting Estimate
1
Amendments to IAS 12
Deferred
        Tax related to Assets and Liabilities arising from a Single Transaction
1
1.
Effective
                                            for annual periods beginning on or after 1 January 2023
2.
No
                                            mandatory effective date yet determined but available for adoption
The
adoption of the above new and amended standards and interpretations are not expected to have a material impact on the Group's financial
statements.
F-
77
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
29.
Share-based payments
Share
Option Agreement
In
October 2019, the Group entered into an agreement with a financial consultant ("Share Option Agreement"), pursuant to which
share options of the Company are granted to the financial consultant in respect of his services to the Group in the forthcoming years.
The maximum number of share options granted under the Share Option Agreement to the financial consultant is
3
% of the total number of
shares of the Company on the Listing Dates (as defined below). The exercise price of the share options is the offer price of the underlying
shares of the Company issued in the final financing arrangement prior to the Company's initial public offering ("IPO").
The share options can only be vested if (i) the financial consultant becomes an employee of the Group prior to the date of successful
listing of the Company's shares through the IPO (the "Listing Date"); and (ii) there is the successful listing of the
Company's shares through the IPO ("IPO Performance Condition"); and (iii) the financial consultant remains as an employee
of the Group over the vesting period as specified in the Share Option Agreement. All share options will be vested over 24 months
after the Listing Date.
Unexercised portion will be forfeited after
48
months after Listing Date. There are caps for share options to
be exercised in the periods as specified as below:
Vesting
    period of the relevant percentage of the options
Cap
    of options exercisable
After
    6 months since the Listing Date
1% of the total shares
After
    12 months since the Listing Date
2% of the total shares
After
    18 months since the Listing Date
2.5% of the total shares
After
    24 months since the Listing Date
3% of the total shares
There
are no cash settlement alternatives. The Group does not have a past practice of cash settlement for these share options. The Group accounts
for the share options granted under the Share Option Agreement as equity-settled share-based payments.
In
April 2020, the financial consultant was appointed as the Chief Financial Officer of the Group. The share options granted under the Share
Option Agreement remain effective and the terms of the share options remain unchanged, except that the exercise price of the share options
is now the higher of US$
7.5
million and the offer price of the underlying shares the Company issued in its last round of financing prior
to the Company's IPO.
(a)
The
                                            fair value of equity-settled share options granted during the year ended December 31, 2020,
                                            was estimated as at the date of grant using a binomial model, taking into account the terms
                                            and conditions upon which the options were granted.
The
following table lists the inputs to the model used:
Assumptions
Inputs
Dividend yield (%)
0
%
Expected volatility (%) (note)
49
%
Risk-free interest rate (%)
0.36
%
Suboptimal factor
2.5
Forfeiture rate
0
%
Option life (years)
4.78
Share price (US$ per share)
8.67
Note:
Expected
                                            volatility is determined by reference to a peer group of publicly traded companies. No other
                                            feature of the options granted was incorporated into the measurement of fair value.
F-
78
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
29.
Share-based payments (continued)
Share
Option Agreement
(continued)
(b)
The
                                            following table illustrates the number and weighted average exercise prices (WAEP) of, and
                                            movements in, share options during the year:
2022
WAEP
US$
2022
Number
                                            of options
2021
WAEP
US$
2021
Number
                                            of options
At January 1
8.46
887,002
8.46
887,002
Granted during the year
—
—
—
—
Forfeited during the year
—
—
—
—
Exercised during the year
—
—
—
—
Expired during the year
—
—
—
—
At December 31
8.46
887,002
8.46
887,002
(c)
The
                                            exercise prices and exercise periods of the share options outstanding as at the end of the
                                            reporting period are as follows:
2022
2021
Exercise
    period
Number
                                            of
options
Number
                                            of
options
Exercise price
US$
July 12, 2021 – January 12, 2025
295,667
295,667
8.46
January 12, 2022 – January 12, 2025
295,667
295,667
8.46
July 12, 2022 – January 12, 2025
147,834
147,834
8.46
January 12, 2023 – January 12, 2025
147,834
147,834
8.46
887,002
887,002
2020
ESOP Plan
The
Group adopted an equity incentive plan (the "2020 ESOP Plan") for grants of share options and restricted shares of the Company's
ordinary shares to directors, officers and employees of the Company and its subsidiaries.
In
October, 2020, the Group's board of directors approved the 2020 ESOP Plan. The maximum aggregate number of, ordinary shares that
may be issued pursuant to all awards under the 2020 ESOP Plan shall was
1,227,000
.
The 2020 ESOP Plan lapses on the tenth anniversary
of the grant date.
1,125,334
share options and
101,666
restricted shares were granted under the 2020 ESOP Plan, at an exercise price of US$
0.01
per share.
50
%,
30
%,
10
% and
10
% of the share options and restricted shares will vest on October 1, 2021, October 1, 2022, October 1, 2023 and October 1,
2024, respectively, on the condition that (i) directors, officers, employees and consultants of the Company remain in service; and (ii)
the Company completes its initial public offering within 12 months after the adoption of the 2020 ESOP Plan by the board of the directors.
(a)
The
                                            fair value of equity-settled share options and restricted shares granted during the year
                                            ended December 31, 2020, was estimated as at the date of grant using a binomial model, taking
                                            into account the terms and conditions upon which the options were granted.
F-
79
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
29.
Share-based payments (continued)
2020
ESOP Plan
(continued)
The
following table lists the inputs to the model used:
Assumptions
Inputs
Dividend yield (%)
0
%
Expected volatility (%) (note)
50
%
Risk-free interest rate (%)
0.88
%
Suboptimal factor
1.0
-
2.5
Forfeiture rate
0
%
Option life (years)
10
Share price (US$ per share)
9.03
Note:
Expected
                                            volatility is determined by reference to a peer group of publicly traded companies. No other
                                            feature of the options granted was incorporated into the measurement of fair value.
(b)
The
                                            following share options and restricted shares were outstanding under the 2020 ESOP Plan during
                                            the year:
2022
WAEP
US$
2022
Numbers of
options
2022
Number of
restricted shares
2021
WAEP
US$
2021
Numbers of
options
2021
Number of
restricted shares
At January 1, 2022
0.01
1,125,334
101,666
0.01
1,125,334
101,666
Granted during the year
—
—
—
—
—
—
Forfeited during the year
—
—
—
—
—
—
Exercised during the year
—
—
—
—
—
—
Expired during the year
—
—
—
—
—
—
At December 31, 2022
0.01
1,125,334
101,666
0.01
1,125,334
101,666
(c)
The
                                            exercise prices and exercise periods of the share options and restricted shares outstanding
                                            as at the end of the reporting period are as follows:
Exercise
    period
2022
Number of
options
2022
Number
                                            of
restricted shares
2021
Number of
options
2021
Number
                                            of
restricted shares
Exercise price
US$
October 1, 2021 – October 30, 2030
562,666
50,832
562,666
50,832
0.01
October 1, 2022 – October 30, 2030
337,600
30,500
337,600
30,500
0.01
October 1, 2023 – October 30, 2030
112,534
10,167
112,534
10,167
0.01
October 1, 2024 – October 30, 2030
112,534
10,167
112,534
10,167
0.01
1,125,334
101,666
1,125,334
101,666
The
fair values of the share options and restricted shares granted under the Share Option Agreement and 2020 ESOP Plan during the year were
US$
3,182,000
and US$
10,950,000
, respectively, of which the Group recognised a share-based payment expense of RMB
15,208,000
(equivalent
to approximately US$
2,205,000
) for the year ended December 31, 2022 (2021: RMB
53,933,000
(equivalent to approximately US$
8,360,000
)).
F-
80
KUKE
                                            MUSIC HOLDING LIMITED
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
29.
Share-based payments (continued)
2020
ESOP Plan
(continued)
At
the end of the reporting period, the Company had
2,012,336
and
101,666
share options and restricted shares outstanding. If the outstanding
share options and restricted shares were exercised in full, an additional
2,114,002
ordinary shares of the Company will be issued, resulting
in additional share capital of RMB
13,672
(equivalent to approximately US$
2,000
) and capital reserve of RMB
51,366,455
(equivalent to
approximately US$
7,514,000
) (before issue expenses), respectively.
30.
Commitments
The
Group had the following purchase commitments at the end of the reporting period which are not yet reflected in the financial statements.
December 31,
2022
December 31,
2021
RMB'000
RMB'000
Intangible assets
400
5,000
Music education equipment
—
6,091
400
11,091
31.
Events after the reporting period
In
March, 2023, the Group announced an agreement to acquire a
49
% equity interest in Singapore domiciled KOLO.Market, with an option to
acquire the remaining
51
%, in consideration of $
6,500,000
by issuing
4,333,333
shares at the issue price of $
1.5
each. This agreement's
contents replace the contents of the original agreement signed in February, 2022 which was cancelled. In May, 2023, Mr. Xiao Ruojun, who joined the
company in February 2023, will take over Mr. Chan's role and serve as the Financial Vice President of the Company.
F-81