blackjackonlineforfun| QH.US received a notice from Nasdaq: it did not meet the minimum share price requirements and minimum market value requirements

Gronghui announced that QH.US on May 16thBlackjackonlineforfunThe company received a notice from the Nasdaq listing qualification Department on May 10, 2024, indicating that (1) the company does not meet the minimum bid requirements set out in rule 5450 (a) (1) of the NASDAQ listing rules, because the closing price of the company's American depositary has been less than $1.00 per ADS share ("minimum bid rule") for 30 consecutive trading days ("minimum bid rules"). And (2) during the last 30 working days prior to the date of issuance of the notice letter, the minimum market value of the Company's listed shares ("MVPHS") is less than US $15 million, which does not meet the requirements for continued listing as stipulated in the Nasdaq listing rules 5450 (b) (1) (the "MVPHS rules").

The notification letter has no direct impact on the company's listing on the NASDAQ global market. In accordance with rules 5810 (c) (3) (A) and 5810 (c) (3) (D) of the Nasdaq listing rules, the Company's compliance period is 180 calendar days, or until November 6, 2024 (the "compliance period") to restore compliance with the minimum bid rule and the MVPHS rule. If, at any time during the compliance period, the closing bid for each ADS for at least 10 consecutive trading days is at least $1.00, Nasdaq will provide the company with written confirmation of its compliance with the minimum bid rules, and the case will be closed. If at any time during the compliance period, the company's MVPHS closing price is 15.Blackjackonlineforfun, 000Blackjackonlineforfun, 000 or more, or 5 million or more (assuming that the company meets the NASDAQ continuous listing rulesBlackjackonlineforfunFor at least ten (10) consecutive working days, NASDAQ will provide the company with written confirmation of compliance with the MVPHS rules, and the matter will be closed.

If the company does not restore compliance with the minimum bid rule by November 6, 2024, the company may be eligible for additional time to restore compliance. To qualify, the company must submit an online transfer application to NASDAQ Capital Market no later than November 6, 2024, and submit a non-refundable application fee of US $5000, meet the requirements of continuous listing of public holdings and all other initial listing criteria except those of the Nasdaq Capital Market, and provide NASDAQ with written notice of its intention to make up for the deficiencies, including entry into force if necessary. Reverse stock split. As part of the review process, staff will decide whether they believe the company can make up for this deficiency. If the staff concludes that the company will not be able to make up for the defect, or if the company decides not to submit an application for transfer or make the necessary statements, Nasdaq will issue a notice stating that the company's securities will be delisted. If the company chooses to implement a reverse stock split, it must complete the split no later than ten (10) working days before November 6, 2024 or the expiration of the second compliance period (if approved). The company intends to monitor its ADS closing offer from now until November 6, 2024 and is considering its options, including adjusting the proportion of its Class A common shares to restore compliance with the minimum bid requirements under the Nasdaq listing rules.

If the company fails to resume compliance with the MVPHS rules by November 6, 2024, the company will receive a written notice informing it that its securities will be delisted. If such a notice is received, the company may appeal against Nasdaq's decision to delist its securities, but there is no guarantee that Nasdaq will approve the company's request to continue listing. Alternatively, the company may consider applying for the transfer of its securities to the Nasdaq capital market before the compliance period expires. In order to make the transfer, the company must submit an online transfer application, pay an application fee of $5000, and meet the continuing listing requirements of the NASDAQ capital market. The company intends to monitor its market value from now until November 6, 2024 and is evaluating available options to restore compliance and maintain its continued listing.

The company currently meets all other Nasdaq criteria for continuous listing. The notification letter does not affect the company's business operations, its SEC reporting requirements or contractual obligations.