Remarkable Announcement on Significant Fluctuation of the UTime's Share Price

SHENZHEN, China, Aug. 29, 2024 /PRNewswire/ -- 

Dear Investors, Analysts and Media:

Recently, UTime Ltd ("UTime") has experienced a period of unusual share price volatility in the capital markets. As a responsible company, we understand the concerns of market participants about such situations and believe that it is necessary to provide the public with transparent and formalized information in this regard.

First of all, the Board of Directors and management of the Company are highly concerned about the recent unusual volatility in the share price. We are working closely with the relevant authorities to ensure that all disclosures comply with regulatory requirements and to protect the interests of investors. Currently, the Company is operating normally and there has not been any event affecting the Company's fundamentals. And we have recently announced that we have formally entered the medical industry, entered into cooperation with renowned medical expert Dr. Ehud Baron and authoritative trial organizations, and plan to acquire a laboratory focusing on the development of monkeypox vaccine.

Secondly, we have noticed various speculations and rumors about the Company in the market, and would like to solemnly declare that, unless released through official channels, please do not believe in unconfirmed news. The Company will remain committed to creating value for shareholders and maintaining stable business growth.

In response to this share price volatility, the Company has initiated an internal investigation process to determine whether there is any leakage of undisclosed information or other factors that may affect the share price, and may engage lawyers to initiate a short-selling investigation process as necessary. Meanwhile, we will strengthen communication with investors to ensure the fairness and transparency of the market.

Finally, the Company calls on all investors to remain rational and not to be swayed by short-term market sentiment. We promise that once there is any new progress or information to be announced, we will notify you at the first time through formal channels.

Thank you for your understanding and support. The Company will continue to monitor the situation and provide updated information as necessary. Please stay tuned to our official announcement.

About UTime Limited

UTime Limited, established in 2008, provides cost-effective mobile devices to consumers globally and helps low-income individuals from established markets, including the United States, and emerging markets, such as India and countries in South Asia and Africa, have better access to updated mobile technology. Since 2024, UTime has been committed to transforming health and wellness through innovative medical wearable technologies. By leveraging cutting-edge research and strategic partnerships, UTime aims to provide effective solutions for disease prevention and health management on a global scale. For more information, visit the Company's website at http://www.utimeworld.com/.

Forward-Looking Statements

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors discussed in the "Risk Factors" section of the Company' annual report on Form 20-F filed with the U.S. Securities and Exchange Commission on July 30, 2024. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company specifically disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For more information, please contact:
Eaky Tan
eaky@westock.com